<PAGE> PAGE 1
000 B000000 10/31/2000
000 C000000 0000806128
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 IAI INVESTMENT FUND III, INC.
001 B000000 811-4904
001 C000000 4142873572
002 A000000 615 E. MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 IAI INTERNATIONAL FUND
007 C030100 Y
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
008 A00AA02 IAI INTERNATIONAL
008 B00AA02 S
008 C00AA02 801-999999
008 D01AA02 LONDON
008 D05AA02 ENGLAND
010 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
010 B00AA01 85-11357
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
<PAGE> PAGE 2
011 A00AA01 RAFFERTY CAPITAL MARKETS, INC.
011 B00AA01 8-40605
011 C01AA01 WHITE PLAINS
011 C02AA01 NY
011 C03AA01 10605
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 KPMG LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45202
015 E01AA01 X
015 A00AA02 THE CHASE MANHATTAN BANK
015 B00AA02 C
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 11245
015 E01AA02 X
015 A00AA03 THE CHASE MANHATTAN BANK
015 B00AA03 C
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 MERITA BANK PLC
015 B00AA04 S
015 C01AA04 HELSINKI
015 D01AA04 FINLAND
015 E04AA04 X
015 A00AA05 BNP PARIBAS, S.A.
015 B00AA05 S
015 C01AA05 PARIS
015 D01AA05 FRANCE
015 E04AA05 X
015 A00AA06 CREDIT AGRICOLE INDOSUEZ
015 B00AA06 S
015 C01AA06 PARIS
015 D01AA06 FRANCE
015 E04AA06 X
015 A00AA07 SOCIETE GENERALE
015 B00AA07 S
015 C01AA07 PARIS
015 D01AA07 FRANCE
015 E04AA07 X
<PAGE> PAGE 3
015 A00AA08 DRESDNER BANK AG
015 B00AA08 S
015 C01AA08 FRANKFURT
015 D01AA08 GERMANY
015 E04AA08 X
015 A00AA09 THE CHASE MANHATTAN BANK
015 B00AA09 S
015 C01AA09 HONG KONG
015 D01AA09 HONG KONG
015 E04AA09 X
015 A00AA10 THE HONG KONG AND SHANGHAI BANKING CORP LTD
015 B00AA10 S
015 C01AA10 HONG KONG
015 D01AA10 HONG KONG
015 E04AA10 X
015 A00AA11 BNP PARIBAS S.A.
015 B00AA11 S
015 C01AA11 MILAN
015 D01AA11 ITALY
015 E04AA11 X
015 A00AA12 THE FUJI BANK, LIMITED
015 B00AA12 S
015 C01AA12 TOKYO
015 D01AA12 JAPAN
015 E04AA12 X
015 A00AA13 THE BANK OF TOKYO-MITSUBISHI LIMITED
015 B00AA13 S
015 C01AA13 TOKYO
015 D01AA13 JAPAN
015 E04AA13 X
015 A00AA14 ABN AMRO BANK N.V.
015 B00AA14 S
015 C01AA14 DE BREDA
015 D01AA14 NETHERLANDS
015 E04AA14 X
015 A00AA15 FORTIS BANK (NEDERLAND) N.V.
015 B00AA15 S
015 C01AA15 AMSTERDAM
015 D01AA15 NETHERLANDS
015 E04AA15 X
015 A00AA16 CHASE MANHATTAN BANK CMB, S.A.
015 B00AA16 S
015 C01AA16 MADRID
015 D01AA16 SPAIN
015 E04AA16 X
015 A00AA17 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA17 S
015 C01AA17 STOCKHOLM
015 D01AA17 SWEDEN
015 E04AA17 X
015 A00AA18 UBS AG
<PAGE> PAGE 4
015 B00AA18 S
015 C01AA18 ZURICH
015 D01AA18 SWITZERLAND
015 E04AA18 X
015 A00AA19 STANDARD CHARTERED BANK
015 B00AA19 S
015 C01AA19 BANGKOK
015 D01AA19 THAILAND
015 E04AA19 X
015 A00AA20 THE CHASE MANHATTAN BANK
015 B00AA20 S
015 C01AA20 BANGKOK
015 D01AA20 THAILAND
015 E04AA20 X
015 A00AA21 THE CHASE MANHATTAN BANK
015 B00AA21 S
015 C01AA21 LONDON
015 D01AA21 UNITED KINGDOM
015 E04AA21 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 15
019 C00AA00 INVESTADVS
020 A000001 TIR SECURITIES
020 C000001 32
020 A000002 WARBURN DILLON READ
020 C000002 36
020 A000003 GOLDMAN SACHS & COMPANY
020 C000003 20
020 A000004 HSBC SECURITIES, INC.
020 C000004 13
020 A000005 HONG KONG SHANGHAI BANCORP
020 C000005 7
020 A000006 SALOMON BROTHERS
020 C000006 6
020 A000007 MORGAN STANLEY & COMPANY
020 C000007 5
020 A000008 KLIENWORT BENSON
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020 A000009 MERRILL LYNCH
020 C000009 3
020 A000010 ING BARINGS
020 C000010 2
021 000000 137
022 A000001 CHASE MANHATTAN
022 C000001 3033
022 D000001 10304
022 A000002 HSBC SECURITIES, INC
022 C000002 6820
022 D000002 6959
022 A000003 WARBURG DILLON READ
<PAGE> PAGE 5
022 C000003 138
022 D000003 18
022 A000004 GOLDMAN SACHS
022 C000004 99
022 D000004 25
022 A000005 CREDIT SUISSE FIRST BOSTON LTD
022 C000005 17
022 D000005 81
022 A000006 ING BARINGS, FR
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022 D000006 92
022 C000007 0
022 D000007 0
022 C000008 0
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022 C000010 0
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024 00AA00 N
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<PAGE> PAGE 6
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045 00AA00 Y
046 00AA00 N
047 00AA00 Y
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051 00AA00 N
<PAGE> PAGE 7
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
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054 L00AA00 Y
054 M00AA00 Y
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<PAGE> PAGE 8
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
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<PAGE> PAGE 11
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SIGNATURE CHRISTINE GRAY
TITLE ASSISTANT SECRETARY
