SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Rule 24f-2 Notice for
IAI Bond Fund and
IAI Institutional Bond Fund
(collectively, the "Funds")
separate portfolios of
IAI Investment Funds I, Inc.
File #2-59115
1. The Funds' most recent fiscal year ended
November 30, 1995.
2. No securities have been registered during the
fiscal year ended November 30, 1995, other
than pursuant to Rule 24f-2.
3. During the fiscal year ending November 30,
1995, 3,975,989 shares of Series A Common
Stock, representing interests in IAI Bond
Fund, with an approximate value of
$35,961,174, and 4,088,937 shares of Series B
Common Stock, representing interests in IAI
Institutional Bond Fund, with an approximate
value of $37,639,007 were sold in reliance
upon Rule 24f-2. During the same period, the
Fund redeemed 4,994,513 shares of Series A
Common Stock, representing interests in IAI
Bond Fund, with an approximate value of
$45,310,597 and 1,742,824 shares of Series B
Common Stock, representing interests in IAI
Institutional Bond Fund, with an approximate
value of $16,220,253, resulting in a net
increase of 1,327,589 shares of IAI
Investment Funds I, Inc. with an approximate
value of $12,069,331.
4. 1/29% of $12,069,331 is $4,162. Such amount
has been wired to the Commission's account at
Mellon Bank.
IAI Investment Funds I, Inc.
By________________________
William C. Joas
Its Secretary
Dated: January 22, 1996
