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The molecular beam epitaxial growth and effect of low-temperature annealing on magnetic properties of (In, Al, Mn)As, a new type of ferromagnetic semiconductor, are reported. The growth is monitored in situ with the reflection high energy electron diffraction (RHEED), and a (2×4) pattern is observed for the (In, Al)As buffer layers, while change to (1×n) during and after growth of (In, Al, Mn)As epilayer. The post-growth annealing is performed at 210, 230, 250, 270, and 290°C for 2 hours in air. Magnetization curves confirm that all samples show a ferromagnetic state at 5 K. It should be noted that the coercivity of (In, Al, Mn)As is much lower than those of (Ga, Mn)As and (In, Ga, Mn)As. The Curie temperature TC is observed to increase with increasing annealing temperature when T<250°C and then decrease with temperature when T>250°C.