IAI RETIREMENT FUNDS INC
NSAR-B, 1996-02-23
Previous: MORGAN GRENFELL INVESTMENT TRUST, N-30D, 1996-02-23
Next: OFFITBANK INVESTMENT FUND INC, NSAR-B, 1996-02-23



<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000912252
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 IAI RETIREMENT FUNDS, INC.
001 B000000 811-8032
001 C000000 6123762600
002 A000000 3700 FIRST BANK PLACE, 601 2ND AVE S.
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
002 D020000 4327
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C020100 IAI REGIONAL PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 IAI RESERVE PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 IAI BALANCED PORTFOLIO
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 INVESTMENT ADVISERS, INC
008 B00AA01 A
008 C00AA01 801-3784
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4327
010 A00AA01 INVESTMENT ADVISERS, INC
010 B00AA01 8013784
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
<PAGE>      PAGE  2
010 C04AA01 4327
011 A00AA01 IAI SECURITIES
011 B00AA01 8-43310
011 C01AA01 MINNEAPOLIS
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4327
012 A00AA01 INVESTMENT ADVISERS, INC.
012 B00AA01 84-1664
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4327
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 IAI SECURITIES, INC.
014 B00AA01 8-43310
015 A00AA01 NORWEST BANK MINNESOTA, N.A.
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 C04AA01 0065
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   18
019 C00AA00 INVESTADVS
020 A000001 EXECUTION SERVICES
020 B000001 13-3747159
020 C000001      5
020 A000002 BLAIR, WM
020 B000002 36-2214610
020 C000002      2
020 A000003 DAIN BOSWORTH
020 B000003 41-0212020
020 C000003      2
020 A000004 TROSTER
020 B000004 13-5515160
020 C000004      1
020 A000005 DONALDSON LUFKIN
020 B000005 13-2741729
020 C000005      1
020 A000006 PIPER JAFFRAY
020 B000006 41-0953246
020 C000006      1
020 A000007 BAIRD, RW
020 B000007 39-6037917
020 C000007      1
<PAGE>      PAGE  3
020 A000008 SALOMON BROTHERS
020 B000008 13-3082694
020 C000008      1
020 A000009 MERRILL LYNCH
020 B000009 13-5674085
020 C000009      0
020 A000010 UBS SECURITIES
020 B000010 13-2932996
020 C000010      0
021  000000       20
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001      4102
022 D000001       528
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002      1742
022 D000002        84
022 A000003 SALOMON BROTHERS
022 B000003 13-3082694
022 C000003       955
022 D000003       306
022 A000004 TROSTER
022 B000004 13-5515160
022 C000004       366
022 D000004       222
022 A000005 FIRST BOSTON
022 B000005 13-5659485
022 C000005       389
022 D000005        60
022 A000006 DAIN BOSWORTH
022 B000006 41-0212020
022 C000006       228
022 D000006       111
022 A000007 BAIRD, RW
022 B000007 39-6037917
022 C000007       180
022 D000007       125
022 A000008 PIPER JAFFREY
022 B000008 41-0953246
022 C000008       173
022 D000008        49
022 A000009 CHASE MANHATTAN
022 B000009 13-3112953
022 C000009        94
022 D000009        99
022 A000010 DONALDSON
022 B000010 13-2741729
022 C000010       164
022 D000010        16
023 C000000       9242
<PAGE>      PAGE  4
023 D000000       1946
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
041  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
<PAGE>      PAGE  5
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00        0
077 A000000 Y
077 B000000 Y
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00     5000
081 A00AA00 Y
081 B00AA00  23
082 A00AA00 Y
082 B00AA00       75
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A010100       297
028 A020100         0
<PAGE>      PAGE  6
028 A030100         0
028 A040100         6
028 B010100       238
028 B020100         0
028 B030100         0
028 B040100        11
028 C010100       253
028 C020100         0
028 C030100         0
028 C040100         5
028 D010100       423
028 D020100         0
028 D030100         0
028 D040100        12
028 E010100       398
028 E020100         0
028 E030100         0
028 E040100         0
028 F010100       582
028 F020100         0
028 F030100         0
028 F040100         1
028 G010100      2191
028 G020100         0
028 G030100         0
028 G040100        35
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.650
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
<PAGE>      PAGE  7
048 K010100        0
048 K020100 0.000
055 A000100 N
055 B000100 N
056  000100 Y
057  000100 N
062 A000100 N
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
<PAGE>      PAGE  8
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100      5560
071 B000100      2992
071 C000100      1918
071 D000100  156
072 A000100 12
072 B000100       30
072 C000100       28
072 D000100        0
072 E000100        0
072 F000100       16
072 G000100        2
072 H000100        0
072 I000100        0
072 J000100        9
072 K000100        0
072 L000100        1
072 M000100        0
072 N000100        0
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        6
072 S000100        0
072 T000100        0
072 U000100        3
072 V000100        0
072 W000100        0
072 X000100       37
072 Y000100        7
<PAGE>      PAGE  9
072 Z000100       27
072AA000100      456
072BB000100       53
072CC010100      377
072CC020100        0
072DD010100        3
072DD020100        0
072EE000100        0
073 A010100   0.0157
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100       96
074 B000100        0
074 C000100      985
074 D000100        0
074 E000100        0
074 F000100     4023
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100        4
074 M000100       10
074 N000100     5118
074 O000100       10
074 P000100        3
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100        0
074 S000100        0
074 T000100     5105
074 U010100      360
074 U020100        0
074 V010100    14.16
074 V020100     0.00
074 W000100   0.0000
074 X000100        2
074 Y000100        0
075 A000100        0
075 B000100     2448
076  000100     0.00
028 A010200        45
028 A020200         3
028 A030200         0
028 A040200        38
028 B010200        12
028 B020200         2
<PAGE>      PAGE  10
028 B030200         0
028 B040200        77
028 C010200       389
028 C020200         3
028 C030200         0
028 C040200        92
028 D010200       223
028 D020200         4
028 D030200         0
028 D040200        98
028 E010200         7
028 E020200         3
028 E030200         0
028 E040200       243
028 F010200       110
028 F020200         3
028 F030200         0
028 F040200        76
028 G010200       786
028 G020200        18
028 G030200         0
028 G040200       624
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.450
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
055 A000200 N
055 B000200 N
<PAGE>      PAGE  11
056  000200 Y
057  000200 N
062 A000200 Y
062 B000200  11.5
062 C000200  84.3
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200  92
063 B000200  0.0
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
<PAGE>      PAGE  12
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200 12
072 B000200       41
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200        3
072 G000200        1
072 H000200        0
072 I000200        1
072 J000200        4
072 K000200        0
072 L000200        0
072 M000200        0
072 N000200        0
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200        6
072 S000200        0
072 T000200        0
072 U000200        3
072 V000200        0
072 W000200        0
072 X000200       18
072 Y000200       12
072 Z000200       35
072AA000200        0
072BB000200        0
072CC010200        0
072CC020200        0
072DD010200       35
072DD020200        0
072EE000200        0
<PAGE>      PAGE  13
073 A010200   0.4791
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200       27
074 B000200        0
074 C000200      809
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200        0
074 M000200        9
074 N000200      845
074 O000200        0
074 P000200        0
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200        1
074 S000200        0
074 T000200      844
074 U010200       84
074 U020200        0
074 V010200    10.05
074 V020200     0.00
074 W000200   0.0000
074 X000200        2
074 Y000200        0
075 A000200        0
075 B000200      726
076  000200     0.00
028 A010300        27
028 A020300         0
028 A030300         0
028 A040300         5
028 B010300        27
028 B020300         0
028 B030300         0
028 B040300         9
028 C010300        93
028 C020300         0
028 C030300         0
028 C040300        31
028 D010300       182
028 D020300         0
<PAGE>      PAGE  14
028 D030300         0
028 D040300         1
028 E010300        88
028 E020300         0
028 E030300         0
028 E040300         1
028 F010300        53
028 F020300         0
028 F030300         0
028 F040300         3
028 G010300       470
028 G020300         0
028 G030300         0
028 G040300        50
028 H000300         0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.650
048 A010300        0
048 A020300 0.000
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
048 D020300 0.000
048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
048 H010300        0
048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
048 K010300        0
048 K020300 0.000
055 A000300 N
055 B000300 N
056  000300 Y
057  000300 N
062 A000300 N
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
<PAGE>      PAGE  15
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300   0
063 B000300  0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 Y
066 G000300 N
067  000300 Y
068 A000300 N
068 B000300 N
069  000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
<PAGE>      PAGE  16
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300       626
071 B000300       161
071 C000300       287
071 D000300   56
072 A000300 12
072 B000300       11
072 C000300        2
072 D000300        0
072 E000300        0
072 F000300        2
072 G000300        0
072 H000300        0
072 I000300        1
072 J000300        6
072 K000300        0
072 L000300        0
072 M000300        0
072 N000300        0
072 O000300        0
072 P000300        0
072 Q000300        0
072 R000300        6
072 S000300        0
072 T000300        0
072 U000300        3
072 V000300        0
072 W000300        0
072 X000300       18
072 Y000300       13
072 Z000300        9
072AA000300       19
072BB000300        8
072CC010300       28
072CC020300        0
072DD010300        3
072DD020300        0
072EE000300        0
073 A010300   0.0916
073 A020300   0.0000
073 B000300   0.0000
073 C000300   0.0000
<PAGE>      PAGE  17
074 A000300      100
074 B000300        0
074 C000300        0
074 D000300      278
074 E000300       13
074 F000300      362
074 G000300        0
074 H000300        0
074 I000300        0
074 J000300        0
074 K000300        0
074 L000300        3
074 M000300        8
074 N000300      764
074 O000300        0
074 P000300        0
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300        0
074 S000300        0
074 T000300      764
074 U010300       65
074 U020300        0
074 V010300    11.78
074 V020300     0.00
074 W000300   0.0000
074 X000300        2
074 Y000300        0
075 A000300        0
075 B000300      374
076  000300     0.00
SIGNATURE   SUSAN J HAEDT                                
TITLE       CONTROLLER          
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 03
   <NAME> IAI BALANCED PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                              625
<INVESTMENTS-AT-VALUE>                             653
<RECEIVABLES>                                        3
<ASSETS-OTHER>                                     108
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                     764
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      1
<PAID-IN-CAPITAL-COMMON>                           716
<SHARES-COMMON-STOCK>                               65
<SHARES-COMMON-PRIOR>                               20
<ACCUMULATED-NII-CURRENT>                            9
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             10
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            28
<NET-ASSETS>                                       764
<DIVIDEND-INCOME>                                    2
<INTEREST-INCOME>                                   11
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       5
<NET-INVESTMENT-INCOME>                              9
<REALIZED-GAINS-CURRENT>                            11
<APPREC-INCREASE-CURRENT>                           28
<NET-CHANGE-FROM-OPS>                               47
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            3
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             52
<NUMBER-OF-SHARES-REDEEMED>                          7
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                             558
<ACCUMULATED-NII-PRIOR>                              3
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           1
<GROSS-ADVISORY-FEES>                                2
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     20
<AVERAGE-NET-ASSETS>                               374
<PER-SHARE-NAV-BEGIN>                            10.22
<PER-SHARE-NII>                                    .09
<PER-SHARE-GAIN-APPREC>                           1.56
<PER-SHARE-DIVIDEND>                               .09
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.78
<EXPENSE-RATIO>                                    1.7
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 01
   <NAME> IAI REGIONAL PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                             4609
<INVESTMENTS-AT-VALUE>                            5008
<RECEIVABLES>                                        4
<ASSETS-OTHER>                                     106
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    5118
<PAYABLE-FOR-SECURITIES>                            10
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            3
<TOTAL-LIABILITIES>                                 13
<SENIOR-EQUITY>                                      4
<PAID-IN-CAPITAL-COMMON>                          4275
<SHARES-COMMON-STOCK>                              360
<SHARES-COMMON-PRIOR>                               81
<ACCUMULATED-NII-CURRENT>                           28
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            399
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           399
<NET-ASSETS>                                      5105
<DIVIDEND-INCOME>                                   28
<INTEREST-INCOME>                                   30
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      31
<NET-INVESTMENT-INCOME>                             27
<REALIZED-GAINS-CURRENT>                           403
<APPREC-INCREASE-CURRENT>                          377
<NET-CHANGE-FROM-OPS>                              808
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            3
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            284
<NUMBER-OF-SHARES-REDEEMED>                          5
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                            4239
<ACCUMULATED-NII-PRIOR>                              3
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           4
<GROSS-ADVISORY-FEES>                               16
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     40
<AVERAGE-NET-ASSETS>                              2448
<PER-SHARE-NAV-BEGIN>                            10.62
<PER-SHARE-NII>                                    .06
<PER-SHARE-GAIN-APPREC>                            3.5
<PER-SHARE-DIVIDEND>                               .02
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.16
<EXPENSE-RATIO>                                   1.37
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 02
   <NAME> IAI RESERVE PORTFOLIO
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                              809
<INVESTMENTS-AT-VALUE>                             809
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                      36
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                     845
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            1
<TOTAL-LIABILITIES>                                  1
<SENIOR-EQUITY>                                      1
<PAID-IN-CAPITAL-COMMON>                           841
<SHARES-COMMON-STOCK>                               84
<SHARES-COMMON-PRIOR>                               54
<ACCUMULATED-NII-CURRENT>                            2
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                       844
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                   41
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       6
<NET-INVESTMENT-INCOME>                             35
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                               36
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           35
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            110
<NUMBER-OF-SHARES-REDEEMED>                         84
<SHARES-REINVESTED>                                  3
<NET-CHANGE-IN-ASSETS>                             300
<ACCUMULATED-NII-PRIOR>                              1
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                3
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     19
<AVERAGE-NET-ASSETS>                               726
<PER-SHARE-NAV-BEGIN>                            10.03
<PER-SHARE-NII>                                    .48
<PER-SHARE-GAIN-APPREC>                            .02
<PER-SHARE-DIVIDEND>                               .48
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.05
<EXPENSE-RATIO>                                   1.03
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission