<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912252
<NAME> IAI RETIREMENT FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> IAI Reserve Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> JUN-30-2000
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<INVESTMENTS-AT-VALUE> 558,377
<RECEIVABLES> 10,808
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 598,329
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<PAID-IN-CAPITAL-COMMON> 599,943
<SHARES-COMMON-STOCK> 60,211
<SHARES-COMMON-PRIOR> 64,276
<ACCUMULATED-NII-CURRENT> 442
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,394)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 593,612
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> (2,375)
<APPREC-INCREASE-CURRENT> 2,049
<NET-CHANGE-FROM-OPS> (326)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,819
<NUMBER-OF-SHARES-REDEEMED> (9,065)
<SHARES-REINVESTED> 2,181
<NET-CHANGE-IN-ASSETS> (48,304)
<ACCUMULATED-NII-PRIOR> 8,297
<ACCUMULATED-GAINS-PRIOR> (19)
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 1.14
</TABLE>
