<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000882418
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 AMERICAN MUNICIPAL TERM TRUST III
001 B000000 811-6516
001 C000000 6123421163
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55402
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PIPER CAPITAL MANAGEMENT INCORPORATED
008 B000001 A
008 C000001 801-20165
008 D010001 MINNEAPOLIS
008 D020001 MN
008 D030001 55402
010 A000001 PIPER CAPITAL MANAGEMENT INCORPORATED
010 B000001 811-20165
010 C010001 MINNEAPOLIS
010 C020001 MN
010 C030001 55402
011 A000001 PIPER JAFFRAY INC.
011 B000001 8-15204
011 C010001 MINNEAPOLIS
011 C020001 MN
011 C030001 55402
012 A000001 INVESTORS FIDUCIARY TRUST COMPANY
012 B000001 85-00535
012 C010001 KANSAS CITY
<PAGE> PAGE 2
012 C020001 MO
012 C030001 64105
012 C040001 1716
013 A000001 KPMG PEAT MARWICK
013 B010001 MINNEAPOLIS
013 B020001 MN
013 B030001 55402
014 A000001 PIPER JAFFRAY INC.
014 B000001 8-15204
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 C040001 1716
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018 000000 Y
019 A000000 Y
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020 C000006 0
020 C000007 0
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022 A000001 NUVEEN & CO
022 B000001 36-2639476
022 C000001 4600
022 D000001 3900
022 A000002 SMITH BARNEY/SHEARSON
022 B000002 13-2869611
022 C000002 1237
022 D000002 2177
022 A000003 LEHMAN BROS
022 B000003 13-2518466
022 C000003 1726
022 D000003 1032
022 A000004 OPPENHEIMER & CO
022 B000004 13-2798343
022 C000004 0
022 D000004 1096
022 A000005 GOLDMAN, SACHS & CO
022 B000005 13-5108880
022 C000005 1039
022 D000005 0
<PAGE> PAGE 3
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 1000
022 D000006 0
022 A000007 DAIN BOSWORTH
022 B000007 41-0212020
022 C000007 330
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022 A000008 PAINE WEBBER JACKSON & CURTIS
022 B000008 13-2638166
022 C000008 0
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022 D000010 0
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023 D000000 8465
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026 H000000 N
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
088 D000000 Y
SIGNATURE MARK ANDERSON
TITLE ACCT ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 77736048
<INVESTMENTS-AT-VALUE> 84172693
<RECEIVABLES> 1153190
<ASSETS-OTHER> 46665
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85372548
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36463
<TOTAL-LIABILITIES> 36463
<SENIOR-EQUITY> 26600000
<PAID-IN-CAPITAL-COMMON> 49484420
<SHARES-COMMON-STOCK> 5300000
<SHARES-COMMON-PRIOR> 5300000
<ACCUMULATED-NII-CURRENT> 2430448
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 384572
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6436645
<NET-ASSETS> 85336085<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2460744
<OTHER-INCOME> 0
<EXPENSES-NET> 311363
<NET-INVESTMENT-INCOME> 2149381
<REALIZED-GAINS-CURRENT> 306498
<APPREC-INCREASE-CURRENT> 143689
<NET-CHANGE-FROM-OPS> 2599568
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1727894<F2>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 871674
<ACCUMULATED-NII-PRIOR> 2008961
<ACCUMULATED-GAINS-PRIOR> 78074
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313860
<AVERAGE-NET-ASSETS> 84333350
<PER-SHARE-NAV-BEGIN> 10.92
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> .33<F3>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>NET ASSETS APPLICABLE TO COMMON STOCK IS $58,736,085.
<F2>DISTRIBUTIONS FROM NET INVESTMENT INCOME APPLICABLE TO COMMON STOCK IS
$1,258,750 AND APPLICABLE TO PREFERRED STOCK IS $469,144.
<F3>DIVIDENDS PER SHARE FROM NET INVESTMENT INCOME APPLICABLE TO COMMON STOCK IS
$0.24 AND APPLICABLE TO PREFERRED STOCK IS $0.09.
</FN>
</TABLE>
