<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE SUSAN J HAEDT
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> IAI RESERVE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 68856
<INVESTMENTS-AT-VALUE> 68695
<RECEIVABLES> 400
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69152
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6
<TOTAL-LIABILITIES> 6
<SENIOR-EQUITY> 70
<PAID-IN-CAPITAL-COMMON> 71052
<SHARES-COMMON-STOCK> 7008
<SHARES-COMMON-PRIOR> 5495
<ACCUMULATED-NII-CURRENT> 78
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1877
<ACCUM-APPREC-OR-DEPREC> (178)
<NET-ASSETS> 69146
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1918
<OTHER-INCOME> 0
<EXPENSES-NET> 273
<NET-INVESTMENT-INCOME> 1645
<REALIZED-GAINS-CURRENT> (489)
<APPREC-INCREASE-CURRENT> (439)
<NET-CHANGE-FROM-OPS> 717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1587
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10134
<NUMBER-OF-SHARES-REDEEMED> 8778
<SHARES-REINVESTED> 157
<NET-CHANGE-IN-ASSETS> 14172
<ACCUMULATED-NII-PRIOR> 20
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1387
<GROSS-ADVISORY-FEES> 238
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283
<AVERAGE-NET-ASSETS> 66799
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT 99.77C
On March 21, 1996, a special meeting of the
shareholders of IAI Funds V, Inc., IAI Reserve Fund (the
"Fund") was held. In addition to the approval of auditors,
continuation of the current advisory contract and the
election of directors the meeting also addressed the
approval of a new Management Agreement.
The Management Agreement provides that IAI will provide
or arrange for the provision of services needed by the Fund.
These services include investment advisory, administrative
and other miscellaneous shareholder services. The
Management Agreement does not compensate IAI for any
distribution services it may arrange for the Fund. The
Management Agreement further provides that IAI will pay all
of the Fund's expenses except brokerage commissions and
other expenditures in connection with the purchase and sale
of portfolio securities, interest expense and any taxes and
extraordinary expenses specifically approved by a majority
of the Fund's disinterested director's. Finally, the basis
for calculating the fees under the Management Agreement is
average daily net assets. The switch from average month-end
net assets to average daily net assets is expected to have a
negligible effect on the dollar amount of the total fees and
expenses the Fund pays. The new, all-inclusive fee, as a
percentage of the Fund's average daily net assets, that the
Fund will pay IAI under the Management Agreement is equal to
.85% .
The result of the proxy ballot is as follows: IAI
Reserve Fund had 4,532,361 shares voted for the new
Management Agreement and 16,041 shares voted against the new
Management Agreement.
