IAI INVESTMENT FUNDS V INC
NSAR-B, 1998-04-01
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<PAGE>      PAGE  1
000 B000000 01/31/98
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
002 C000000 MN
002 D010000 55402
002 D020000 4327
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 IAI RESERVE FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 INVESTMENT ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-3784
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55402
008 D04AA01 4327
010 A00AA01 INVESTMENT ADVISERS, INC.
010 B00AA01 8013784
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55402
010 C04AA01 4327
011 A00AA01 IAI SECURITIES, INC.
011 B00AA01 8-43310
011 C01AA01 MINNEAPOLIS
<PAGE>      PAGE  2
011 C02AA01 MN
011 C03AA01 55402
011 C04AA01 4327
012 A00AA01 INVESTMENT ADVISERS, INC.
012 B00AA01 84-1664
012 C01AA01 MINNEAPOLIS
012 C02AA01 MN
012 C03AA01 55402
012 C04AA01 4327
013 A00AA01 KPMG PEAT MARWICK, LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
014 A00AA01 IAI SECURITIES, INC.
014 B00AA01 8-43310
015 A00AA01 NORWEST BANK MINNESOTA, N.A.
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55479
015 C04AA01 0065
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
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020 C000001      9
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020 C000002      5
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020 A000004 LEHMAN
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020 C000004      4
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020 C000005      4
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020 C000006      4
020 A000007 DONALDSON LUFKIN
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020 C000007      3
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020 C000008      3
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<PAGE>      PAGE  3
020 B000009 13-5108880
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022 A000001 MERRILL LYNCH
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022 A000008 BARCLAYS
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022 C000008     31641
022 D000008      7788
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022 A000010 FIRST CHICAGO
022 B000010 36-3595942
022 C000010     20525
022 D000010      1001
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
054 D00AA00 N
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077 A000000 Y
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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062 Q000100   1.8
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063 B000100  1.5
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070 I020100 N
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070 J020100 Y
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<PAGE>      PAGE  8
070 O010100 N
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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-31-1998
<PERIOD-START>                             FEB-01-1997
<PERIOD-END>                               JAN-31-1998
<INVESTMENTS-AT-COST>                            34787
<INVESTMENTS-AT-VALUE>                           35000
<RECEIVABLES>                                      281
<ASSETS-OTHER>                                      27
<OTHER-ITEMS-ASSETS>                               154
<TOTAL-ASSETS>                                   35462
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           13
<TOTAL-LIABILITIES>                                 13
<SENIOR-EQUITY>                                     36
<PAID-IN-CAPITAL-COMMON>                         37424
<SHARES-COMMON-STOCK>                             3592
<SHARES-COMMON-PRIOR>                             6082
<ACCUMULATED-NII-CURRENT>                           50
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                          2246
<ACCUM-APPREC-OR-DEPREC>                           186
<NET-ASSETS>                                     35450
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 3216
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     456
<NET-INVESTMENT-INCOME>                           2759
<REALIZED-GAINS-CURRENT>                         (470)
<APPREC-INCREASE-CURRENT>                          230
<NET-CHANGE-FROM-OPS>                             2520
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         2715
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           8639
<NUMBER-OF-SHARES-REDEEMED>                      11400
<SHARES-REINVESTED>                                271
<NET-CHANGE-IN-ASSETS>                         (24674)
<ACCUMULATED-NII-PRIOR>                             18
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                        1788
<GROSS-ADVISORY-FEES>                              456
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    462
<AVERAGE-NET-ASSETS>                             53706
<PER-SHARE-NAV-BEGIN>                             9.88
<PER-SHARE-NII>                                    .52
<PER-SHARE-GAIN-APPREC>                          (.02)
<PER-SHARE-DIVIDEND>                               .51
<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>


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