IAI INVESTMENT FUNDS V INC
NSAR-B, 1996-03-29
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<PAGE>      PAGE  1
000 B000000 01/31/96
000 C000000 0000782977
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 INVESTMENT FUND V, INC.
001 B000000 811-4463
001 C000000 6123762600
002 A000000 3700 FIRST BANK PLACE, 601 2ND AVE SOUTH
002 B000000 MINNEAPOLIS
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010 A00AA01 INVESTMENT ADVISERS, INC.
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011 A00AA01 IAI SECURITIES, INC.
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<PAGE>      PAGE  2
011 C02AA01 MN
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013 A00AA01 KPMG PEAT MARWICK, LLP
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014 A00AA01 IAI SECURITIES, INC.
014 B00AA01 8-43310
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<PAGE>      PAGE  3
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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>                   12-MOS
<FISCAL-YEAR-END>                          JAN-31-1996
<PERIOD-START>                             FEB-01-1995
<PERIOD-END>                               JAN-31-1996
<INVESTMENTS-AT-COST>                            59385
<INVESTMENTS-AT-VALUE>                           59662
<RECEIVABLES>                                      312
<ASSETS-OTHER>                                      29
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   60003
<PAYABLE-FOR-SECURITIES>                          4990
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           38
<TOTAL-LIABILITIES>                               5028
<SENIOR-EQUITY>                                     55
<PAID-IN-CAPITAL-COMMON>                         56026
<SHARES-COMMON-STOCK>                             5495
<SHARES-COMMON-PRIOR>                             7812
<ACCUMULATED-NII-CURRENT>                           20
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          1387
<ACCUM-APPREC-OR-DEPREC>                           261
<NET-ASSETS>                                     54974
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 4777
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     642
<NET-INVESTMENT-INCOME>                           4135
<REALIZED-GAINS-CURRENT>                         (155)
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<NET-CHANGE-FROM-OPS>                             4962
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         4076
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          18896
<NUMBER-OF-SHARES-REDEEMED>                      21617
<SHARES-REINVESTED>                                404
<NET-CHANGE-IN-ASSETS>                         (22299)
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<ACCUMULATED-GAINS-PRIOR>                            0
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<PER-SHARE-NII>                                    .56
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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