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Filed pursuant to Rule 497(e)
Registration No. 33-10207
SUPPLEMENT DATED AUGUST 1, 1995
TO THE JOINT PROSPECTUS DATED JUNE 1, 1995 OF
IAI DEVELOPING COUNTRIES FUND
AND
IAI INTERNATIONAL FUND
(SEPARATE PORTFOLIOS OF IAI INVESTMENT FUNDS III, INC.)
The following is added to the first paragraph under "Additional
Information":
To reduce the volume of mail you receive, only one copy of most Fund
reports, such as the Funds' Annual Report, may be mailed to your household (same
surname, same address). Please call IAI Mutual Fund Shareholder Services at
1-800-945-3863 if you wish to receive additional shareholder reports.
