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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 3)
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)
May 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
479,600
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
479,600
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
479,600
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
6.52%
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
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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
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a) As of the date of this Report, KIM owns 479,600 shares, which
represents 6.52% 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
3/9/99 2000 11.3125 4/1/99 2800 11.25
3/11/99 5800 11.3125 4/5/99 8600 11.25
3/12/99 3200 11.3125 4/6/99 1200 11.25
3/18/99 2000 11.25 4/7/99 2900 11.25
3/19/99 3000 11.25 4/14/99 11750 11.25
3/22/99 5000 11.25 4/15/99 -500 11.25
3/25/99 500 11.25 4/16/99 3500 11.1875
3/26/99 600 11.25 4/16/99 1400 11.25
3/26/99 2000 11.3125 4/20/99 2000 11.25
3/29/99 1700 11.25 4/21/99 8000 11.25
4/22/99 1000 11.25
4/23/99 200 11.25
4/26/99 600 11.25
4/27/99 500 11.25
4/28/99 2700 11.25
4/30/99 2000 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.
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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 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.
May 6, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name/Title
