<PAGE> PAGE 1
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000 D000000 N
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000 J000000 A
001 A000000 AMERICAN MUNICIPAL TERM TRUST III
001 B000000 811-6516
001 C000000 6123421150
002 A000000 222 SOUTH NINTH STREET
002 B000000 MINNEAPOLIS
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008 A000001 PIPER CAPITAL MANAGEMENT INCORPORATED
008 B000001 A
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010 A000001 PIPER CAPITAL MANAGEMENT INCORPORATED
010 B000001 811-20165
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011 A000001 PIPER JAFFRAY INC.
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011 C030001 55402
012 A000001 INVESTORS FIDUCIARY TRUST COMPANY
012 B000001 85-00535
012 C010001 KANSAS CITY
<PAGE> PAGE 2
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022 C000002 856
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<PAGE> PAGE 3
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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
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SIGNATURE SHUSHMA PATEL
TITLE ACCT ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 78870227
<INVESTMENTS-AT-VALUE> 86714549
<RECEIVABLES> 1119593
<ASSETS-OTHER> 138457
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87972599
<PAYABLE-FOR-SECURITIES> 856967
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36346
<TOTAL-LIABILITIES> 893313
<SENIOR-EQUITY> 26609000
<PAID-IN-CAPITAL-COMMON> 49484420
<SHARES-COMMON-STOCK> 5300000
<SHARES-COMMON-PRIOR> 5300000
<ACCUMULATED-NII-CURRENT> 2844032
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 306512
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7844322
<NET-ASSETS> 87079286<F1>
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2445401
<OTHER-INCOME> 0
<EXPENSES-NET> 308079
<NET-INVESTMENT-INCOME> 2137322
<REALIZED-GAINS-CURRENT> 306514
<APPREC-INCREASE-CURRENT> (591974)
<NET-CHANGE-FROM-OPS> 1851862
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1737202<F2>
<DISTRIBUTIONS-OF-GAINS> 2170<F3>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 112490
<ACCUMULATED-NII-PRIOR> 2443912
<ACCUMULATED-GAINS-PRIOR> 2168
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108026
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 311709
<AVERAGE-NET-ASSETS> 87136616
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0.33<F4>
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.41
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Net Assets for common was 60,479,286 and preferred was 26,600,000
<F2>Distribution of Income for common was 1,258,750 and preferred was 478,452
<F3>Distribution of gains for preferred was 2,170
<F4>Per share Dividend for Common was 0.24 and preferred was 0.09
</FN>
</TABLE>