INLAND MONTHLY INCOME FUND III INC
POS AM, 1997-07-10
REAL ESTATE INVESTMENT TRUSTS
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<PAGE>   1


    As filed with the Securities and Exchange Commission on July 10, 1997
                                                      REGISTRATION NO. 333-6459

===============================================================================




                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                          -------------------------

                                POST-EFFECTIVE
                               AMENDMENT NO. 4
                                      TO
                                  FORM S-11
                            REGISTRATION STATEMENT
                                    Under
                          The Securities Act of 1933
                          -------------------------

                        INLAND REAL ESTATE CORPORATION
       (Exact name of registrant as specified in governing instruments)
                          -------------------------

                            2901 Butterfield Road
                          Oak Brook, Illinois 60521
                   (Address of principal executive offices)
                          -------------------------

                             Robert H. Baum, Esq.
                        Inland Real Estate Corporation
                            2901 Butterfield Road
                          Oak Brook, Illinois 60521
                    (Name and address of agent for service)
                          -------------------------

                               With a copy to:
                           Michael J. Choate, Esq.
                           Shefsky & Froelich Ltd.
                          444 North Michigan Avenue
                                  Suite 2500
                           Chicago, Illinois 60611
                          -------------------------




==============================================================================








<PAGE>   2


                        INLAND REAL ESTATE CORPORATION
                        POST-EFFECTIVE AMENDMENT NO. 4



                           DEREGISTRATION OF SHARES


     Inland Real Estate Corporation (the "Company") filed a Registration
Statement on Form S-11 which was declared effective on July 24, 1996 pursuant
to which the Company registered 11,375,000 shares of common stock (the
"Shares") and 375,000 warrants to purchase 375,000 Shares (the "Warrants"). Of
the 11,375,000 Shares registered, 10,000,000 Shares were offered on a "best
efforts" basis, 1,000,000 Shares were offered for distribution to individuals
participating in the Company's Distribution Reinvestment Program (the "DRP")
and 375,000 Shares were issuable upon the exercise of the Warrants.

     As of July 10, 1997, the Company had offered and sold all 10,000,000
Shares available for distribution on a "best efforts" basis. An additional
273,178.57 Shares were issued to individuals participating in the DRP. No
Warrants were issued in connection with this offering. The Company has
determined to terminate, as of July 10, 1997, the offering of Shares evidenced
by this Registration Statement and hereby deregisters the remaining 726,821.43
Shares which were registered for distribution to individuals participating in
the Company's DRP, the 375,000 Warrants and the 375,000 Shares issuable upon
the exercise of the Warrants.




<PAGE>   3


                                  SIGNATURES


     Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-11 and has duly caused this
Post-Effective Amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Oak Brook,
State of Illinois, on the 10th day of July, 1997.



                               INLAND REAL ESTATE CORPORATION



                               By: /s/Robert D. Parks
                                   --------------------------------------------
                                   Title: President, Chief Executive Officer,
                                          Chief Operating Officer and Chairman
                                          of the Board of Directors





<PAGE>   4


      Pursuant to the requirements of the Securities Act of 1933, as amended,
this Post-Effective Amendment to the Registration Statement has been signed by
the following persons in the capacities and on the dates indicated:


<TABLE>
<CAPTION>

            Name                        Title                       Date
            ----                        -----                       ----
<S>                            <C>                              <C>

/s/          *                 President, Chief Executive       July 10, 1997
  --------------------------   Officer, Chief Operating 
Robert D. Parks                Officer and Chairman of the
                               Board of Directors


/s/          *                 Director                         July 10, 1997
  --------------------------
G. Joseph Cosenza


/s/          *                 Secretary, Treasurer and         July 10, 1997
  --------------------------   Chief Financial Officer
Kelly Tucek                    (Principal Accounting 
                               Officer)


/s/          *                 Director                         July 10, 1997
  --------------------------
Roland W. Burris

 
/s/          *                 Director                         July 10, 1997
  --------------------------
Joel G. Herter


/s/          *                 Director                         July 10, 1997
  --------------------------
Heidi N. Lawton


</TABLE>


      Robert D. Parks, the undersigned attorney-in-fact, by signing his name
below, does hereby sign this Post-Effective Amendment No. 4 to the Registration
Statement on behalf of the above-indicated Officers and Directors of Inland
Real Estate Corporation (constituting all the Directors) pursuant to powers of
attorney executed by such persons and heretofore filed with the Securities and
Exchange Commission.


*By: /s/Robert D. Parks
  --------------------------
Robert D. Parks 
As attorney-in-fact



















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