SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Rule 24f-2 Notice for
IAI Investment Funds V, Inc. (the "Fund")
File #33-1361
1. The Fund's most recent fiscal year ended January
31, 1996.
2. No securities have been registered during the
fiscal year ended January 31, 1996, other than
pursuant to Rule 24f-2.
3. During the fiscal year ending January 31, 1996,
19,299,896 shares of Series A Common Stock, with
an approximate value of $192,600,122 were sold in
reliance upon Rule 24f-2. During the same period,
the Fund redeemed 21,617,432 shares of Series A
Common Stock, with an approximate value of
$215,784,491, resulting in a net decrease of
2,317,536 shares of the Fund with an approximate
value of $23,184,369.
4. Due to the fact that the Fund experienced a net
decrease in assets during the fiscal year ending
January 31, 1996, no registration fees are due
pursuant to Rule 24f-2(c).
IAI Investment Funds V, Inc.
By________________________
William C. Joas
Its Secretary
Dated: March 26, 1996
