<PAGE> PAGE 1
000 A000000 04/30/99
000 C000000 0000806128
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<PAGE> PAGE 2
010 C03AA01 53202
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE MARGARET GREIFENKAMP
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> IAI Investment Fund III, Inc.
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<NAME> IAI International Fund
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