<PAGE> PAGE 1
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000 C000000 0000949683
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000 F000000 Y
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000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NVEST FUNDS TRUST III
001 B000000 811-7345
001 C000000 6175781350
002 A000000 399 BOYLSTON ST
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 NVEST EQUITY INCOME FUND
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007 C010200 2
007 C020200 NVEST BULLSEYE FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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007 C011200 12
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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011 C03AA01 02116
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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013 B02AA01 MA
013 B03AA01 02110
014 A00AA01 NEW ENGLAND SECURITIES CORPORATION
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014 A00AA02 METLIFE SECURITIES, INC.
014 B00AA02 8-30447
014 A00AA03 AEW SECURITIES LTD PARTNERSHIP
014 B00AA03 8-45099
014 A00AA04 HARRIS ASSOCIATES SECURITIES. L.P.
014 B00AA04 8-19988
014 A00AA05 LOOMIS SAYLES DISTRIBUTORS, L.P.
014 B00AA05 8-01170
014 A00AA06 REICH & TANG DISTRIBUTORS, INC.
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014 A00AA07 FULCRUM FINANCIAL ADVISORS
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014 A00AA08 METRIC CAPITAL CORPORATION
014 B00AA08 8-016829
014 A00AA09 METROPOLITAN LIFE INSURANCE COMPANY
014 B00AA09 8-113613
<PAGE> PAGE 4
014 A00AA10 NATHAN LEWIS SECURITIES, INC.
014 B00AA10 8-025463
014 A00AA11 SECURITY FIRST FINANCIAL, INC
014 B00AA11 8-017973
014 A00AA12 STATE STREET RESEARCH INVESTMENT SERVICES INC
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<PAGE> PAGE 5
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<PAGE> PAGE 6
049 00AA00 N
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE SCOTT FITZHENRY
TITLE A.V.P. FUND ADMIN.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000949683
<NAME> NVEST FUNDS TRUST III
<SERIES>
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<NAME> NVEST EQUITY INCOME CLASS A
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000949683
<NAME> NVEST FUNDS TRUST III
<SERIES>
<NUMBER> 012
<NAME> NVEST EQUITY INCOME CLASS B
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<PAID-IN-CAPITAL-COMMON> 22,426,834
<SHARES-COMMON-STOCK> 564,038
<SHARES-COMMON-PRIOR> 943,205
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20,001
<ACCUMULATED-NET-GAINS> (238,645)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,654
<NET-ASSETS> 22,269,754
<DIVIDEND-INCOME> 667,327
<INTEREST-INCOME> 14,239
<OTHER-INCOME> 0
<EXPENSES-NET> 526,220
<NET-INVESTMENT-INCOME> 155,346
<REALIZED-GAINS-CURRENT> 470,948
<APPREC-INCREASE-CURRENT> (1,477,659)
<NET-CHANGE-FROM-OPS> (851,365)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,542
<DISTRIBUTIONS-OF-GAINS> 2,078
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,612
<NUMBER-OF-SHARES-REDEEMED> 443,688
<SHARES-REINVESTED> 1,909
<NET-CHANGE-IN-ASSETS> (379,167)
<ACCUMULATED-NII-PRIOR> 4,105
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 5,185
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196,897
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 700,801
<AVERAGE-NET-ASSETS> 12,201,000
<PER-SHARE-NAV-BEGIN> 17.62
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.1
<EXPENSE-RATIO> 2.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000949683
<NAME> NVEST FUNDS TRUST III
<SERIES>
<NUMBER> 013
<NAME> NVEST EQUITY INCOME CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 22,263,339
<INVESTMENTS-AT-VALUE> 22,324,903
<RECEIVABLES> 66,172
<ASSETS-OTHER> 16,194
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,407,269
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 137,515
<TOTAL-LIABILITIES> 137,515
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,426,834
<SHARES-COMMON-STOCK> 78,090
<SHARES-COMMON-PRIOR> 119,174
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20,001
<ACCUMULATED-NET-GAINS> (238,645)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,564
<NET-ASSETS> 22,269,754
<DIVIDEND-INCOME> 667,327
<INTEREST-INCOME> 14,239
<OTHER-INCOME> 0
<EXPENSES-NET> 526,220
<NET-INVESTMENT-INCOME> 155,346
<REALIZED-GAINS-CURRENT> 470,948
<APPREC-INCREASE-CURRENT> (1,477,659)
<NET-CHANGE-FROM-OPS> (851,365)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,872
<DISTRIBUTIONS-OF-GAINS> 306
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,838
<NUMBER-OF-SHARES-REDEEMED> 51,187
<SHARES-REINVESTED> 265
<NET-CHANGE-IN-ASSETS> (41,084)
<ACCUMULATED-NII-PRIOR> 4,105
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 5,185
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 196,897
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 700,801
<AVERAGE-NET-ASSETS> 1,705,200
<PER-SHARE-NAV-BEGIN> 17.63
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.11
<EXPENSE-RATIO> 2.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000949683
<NAME> NVEST FUNDS TRUST III
<SERIES>
<NUMBER> 021
<NAME> NVEST BULLSEYE CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 18,104,717
<INVESTMENTS-AT-VALUE> 21,843,139
<RECEIVABLES> 1,461,151
<ASSETS-OTHER> 780
<OTHER-ITEMS-ASSETS> 13,579
<TOTAL-ASSETS> 23,318,649
<PAYABLE-FOR-SECURITIES> 703,403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,182
<TOTAL-LIABILITIES> 778,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,776,359
<SHARES-COMMON-STOCK> 609,972
<SHARES-COMMON-PRIOR> 763,124
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,626)
<ACCUMULATED-NET-GAINS> 3,026,909
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,738,422
<NET-ASSETS> 22,540,064
<DIVIDEND-INCOME> 174,670
<INTEREST-INCOME> 27,009
<OTHER-INCOME> 0
<EXPENSES-NET> 416,472
<NET-INVESTMENT-INCOME> (214,793)
<REALIZED-GAINS-CURRENT> 3,877,349
<APPREC-INCREASE-CURRENT> 2,400,768
<NET-CHANGE-FROM-OPS> 6,063,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156,650
<NUMBER-OF-SHARES-REDEEMED> 309,802
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (153,152)
<ACCUMULATED-NII-PRIOR> (397)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (96,059)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,354
<AVERAGE-NET-ASSETS> 8,921,600
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 4.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.29
<EXPENSE-RATIO> 1.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000949683
<NAME> NVEST FUNDS TRUST III
<SERIES>
<NUMBER> 022
<NAME> NVEST BULLSEYE CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 18,104,717
<INVESTMENTS-AT-VALUE> 21,843,139
<RECEIVABLES> 1,461,151
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,579
<TOTAL-ASSETS> 23,317,869
<PAYABLE-FOR-SECURITIES> 703,403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,182
<TOTAL-LIABILITIES> 778,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,776,359
<SHARES-COMMON-STOCK> 571,667
<SHARES-COMMON-PRIOR> 683,811
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,626)
<ACCUMULATED-NET-GAINS> 3,026,909
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,738,422
<NET-ASSETS> 22,539,284
<DIVIDEND-INCOME> 174,670
<INTEREST-INCOME> 27,009
<OTHER-INCOME> 0
<EXPENSES-NET> 416,472
<NET-INVESTMENT-INCOME> (214,793)
<REALIZED-GAINS-CURRENT> 3,877,349
<APPREC-INCREASE-CURRENT> 2,400,768
<NET-CHANGE-FROM-OPS> 6,063,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,642
<NUMBER-OF-SHARES-REDEEMED> 264,786
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (112,144)
<ACCUMULATED-NII-PRIOR> (397)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (96,059)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,354
<AVERAGE-NET-ASSETS> 8,120,400
<PER-SHARE-NAV-BEGIN> 12.60
<PER-SHARE-NII> (0.19)
<PER-SHARE-GAIN-APPREC> 4.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.10
<EXPENSE-RATIO> 2.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000052136
<NAME> NVEST FUNDS TRUST 3
<SERIES>
<NUMBER> 023
<NAME> NVEST BULLSEYE FUND CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 18,104,717
<INVESTMENTS-AT-VALUE> 21,843,139
<RECEIVABLES> 1,461,151
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 13,579
<TOTAL-ASSETS> 23,317,869
<PAYABLE-FOR-SECURITIES> 703,403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,182
<TOTAL-LIABILITIES> 778,585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,776,359
<SHARES-COMMON-STOCK> 129,719
<SHARES-COMMON-PRIOR> 237,180
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,626)
<ACCUMULATED-NET-GAINS> 3,026,909
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,738,422
<NET-ASSETS> 22,539,284
<DIVIDEND-INCOME> 174,670
<INTEREST-INCOME> 27,009
<OTHER-INCOME> 0
<EXPENSES-NET> 416,472
<NET-INVESTMENT-INCOME> (214,793)
<REALIZED-GAINS-CURRENT> 3,877,349
<APPREC-INCREASE-CURRENT> 2,400,768
<NET-CHANGE-FROM-OPS> 6,063,324
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,629
<NUMBER-OF-SHARES-REDEEMED> 125,090
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (107,461)
<ACCUMULATED-NII-PRIOR> (397)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (96,059)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,354
<AVERAGE-NET-ASSETS> 2,314,800
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> 4.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.09
<EXPENSE-RATIO> 2.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
To the Shareholders and
Board of Trustees of
Nvest Funds Trust III
In planning and performing our audit of the financial statements of Nvest Funds
Trust III (formerly the New England Funds Trust III) for the year ended December
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of Nvest Funds Trust III is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Board of Nvest Funds Trust III and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Boston, MA
February 11, 2000
