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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 2)
Under the Securities and Exchange Act of 1934
AMERICAN MUNICIPAL TERM TRUST, INC. II
(BXT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
027653104
(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
(Name, Address, and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 6, 1999
(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. [ ]
(Page 1 of 4 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 027653104 Page 2 of 4 Pages
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
2. Check the Appropriate Box if a Member of a Group* (a) / /
(b) /X/
3. SEC Use Only
4. Source of Funds*
AF
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) / /
6. Citizenship or Place of Organization
New York
7. Sole Voting Power
430,950
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
430,950
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
430,950
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
5.86%
14. Type of Reporting Person*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
Common Stock
American Municipal Term Trust, Inc. II
Piper Capital Management, Inc.
Piper Jaffray Tower
222 South 9th Street
Minneapolis, MN 55402
ITEM 2 Identity and Background
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
KIM, an independent investment advisor, has accumulated shares
of BXT 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 BXT fit the investment guidelines for various
Accounts. Shares have been acquired since August 12, 1993.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 430,950 shares, which
represents 5.86% of the outstanding Shares. George W. Karpus,
(President of KIM) presently owns 6,500 shares purchased on
March 31, 1997 at $10.625 per share (1000 shares), June 20 &
23 at $10.875 per share (2000 shares), July 2 at $10.75 per
share (100 shares), August 25 at $11.00 per share (2000
shares), and August 10,1998 at $11.1875 per share (1400
shares). Karpus Management, Inc. owns 1,000 shares purchased
on August 12, 1993 at a price of $10.625 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 August 12, 1993.
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
2/1/99 100 11.5625 3/9/99 2000 11.3125
2/4/99 3400 11.5625 3/11/99 5800 11.3125
2/5/99 5800 11.5625 3/12/99 3200 11.3125
2/8/99 3400 11.5625 3/18/99 2000 11.25
2/9/99 2700 11.5625 3/19/99 3000 11.25
2/23/99 400 11.5 3/22/99 5000 11.25
2/24/99 3600 11.5 3/25/99 500 11.25
3/26/99 600 11.25
3/26/99 2000 11.3125
3/29/99 1700 11.25
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.
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 BXT securities.
ITEM 7 Materials to be Filed as Exhibits
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.
April 6, 1999 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name/Title
