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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 2)
AMERICAN MUNICIPAL TERM TRUST, INC.
(AXT)
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
027652106
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(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
14 Tobey Village Office Park
Pittsford, New York 14534
(716) 586-4680
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(Name, Address, and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 7, 1999
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(Date of Event which Requires Filing of this Statement)
If the person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [ ]
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(Page 1 of 4 pages)
There are no exhibits.
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CUSIP No. 027652106 Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Karpus Management, Inc. d/b/a Karpus Investment Management
I.D.: #16-1290558
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7 SOLE VOTING POWER
SHARES 509,975
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 509,975
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
509,975
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.03%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDES BOTH SIDES OF THE COVER PAGE, RESONSES TO ITEMS 1-7
(INCLUDNG EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
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Common Stock
American Municipal Term Trust, Inc.
Piper Capital Management, Inc.
Piper Jaffray Tower
222 South 9th Street
Minneapolis, MN 55402
ITEM 2 Identity and Background
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a) Karpus Management, Inc. d/b/a Karpus Investment Management
("KIM")
George W. Karpus, President, Director and Controlling Stockholder
JoAnn VanDegriff, Vice President and Director
Sophie Karpus, Director
b) 14 Tobey Village Office park
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension and profit sharing plans, corporations,
endowments, trust and others, specializing in conservative asset
management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff, or Sophie
Karpus ("the Principals") or KIM has been convicted in the
past five years of any criminal proceeding (excluding
traffic violations).
e) During the last five years noneof the principals or KIM
has been a party to a civil proceeding as a result of
which any of them is subject to a judgment, decree or
final order enjoining future violations of or prohibiting
or mandating activities subject to, federal or state
securities laws or finding any violation with respect
to such laws.
f) Each of the Principals is a United States citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
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KIM, an independent investment advisor, has accumulated shares
of AXT on behalf of accounts that are managed by KIM ("the
Accounts") under limited powers of attorney. All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4 Purpose of Transaction
----------------------
KIM has purchased Shares for investment purposes. Being
primarily a fixed income manager, with a specialty focus in
the closed end fund sector, the profile of AXT fit the
investment guidelines for various Accounts. Shares have
been acquired since February 18, 1994.
ITEM 5 Interest in Securities of the Issuer
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a) As of the date of this Report, KIM owns 509,975 shares, which
represents 6.03% of the outstanding Shares. George W. Karpus,
(President of KIM) presently owns 9,000 shares purchased on
August 20, 1997 at $11.125 per share (2000 shares), November
11 & 12 at $10.9375 per share (3000 shares), May 4, 1998 at
$11.3125 per share (1500 shares), and September 1 and 8,
1998 at $11.375 per share (2500 shares). JoAnn Van Degriff
owns 750 shares purchased on October 1, 1997 at a price of
$10.9375 per share. None of the other Principals presently
owns shares.
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b) KIM has the sole power to dispose of and to vote all of
such Shares under limited powers of attorney.
c) The first open market purchase occurred on February 18, 1994. Open
market purchases for the last 60 days for the Accounts. There
have been no dispositions and no acquisitions, other than by
such open market purchases, during such period unless
indicated.
Date Shares Price Per Date Shares Price Per
Share Share
4/6/99 4000 11.1875 5/3/99 900 11.125
4/9/99 -750 11.125 5/4/99 2000 11.125
4/9/99 6300 11.125 5/5/99 2100 11.125
4/12/99 1300 11.125 5/6/99 1800 11.125
4/13/99 400 11.125 5/11/99 2500 11.125
4/19/99 1000 11.1875 5/12/99 1650 11.125
4/21/99 3800 11.125 5/13/99 3300 11.125
4/22/99 3100 11.125 5/14/99 7200 11
4/26/99 1000 11.125 5/14/99 12700 11.125
4/27/99 800 11.125 5/18/99 2100 11
4/28/99 4000 11.1875 5/20/99 1400 11
4/28/99 3400 11.125 5/21/99 1000 11
4/29/99 700 11.125 5/25/99 1000 11
4/30/99 4300 11.125 5/26/99 4800 11.0625
5/27/99 5000 11.0625
5/28/99 -100 11.125
5/28/99 1500 11.0625
The Accounts have the right to receive all dividends
from, any proceeds from the sale of the Shares. KIM reserves
the right to further accumulate or sell shares. None of the
Accounts has an interest in shares constituting more than 5% of
the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships
with Respect to Securities of the Issuer.
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Except as described above, there are no contracts, arrangements,
understandings or relationships of any kind among the Principals and
KIM and between any of them and any other person with respect to any
of AXT securities.
ITEM 7 Materials to be Filed as Exhibits
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Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
Karpus Management, Inc.
By: /s/ George W. Karpus
June 7, 1999 ---------------------------
- ------------ Signature
Date George W. Karpus, President
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Name/Title
