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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 4)
Under the Securities and Exchange Act of 1934
AMERICAN MUNICIPAL TERM TRUST, INC. III
(CXT)
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(Name of Issuer)
Common Stock
(Title of Class of Securities)
027654102
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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. 027654102 SCHEDULE 13D 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 405,100
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 405,100
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
405,100
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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)
7.64%
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14 TYPE OF REPORTING PERSON*
IA
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*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
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Common Stock
American Municipal Term Trust, Inc. III
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 CXT
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
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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 CXT fit the investment guidelines for various
Accounts. Shares have been acquired since October 18, 1993.
ITEM 5 Interest in Securities of the Issuer
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a) As of the date of this Report, KIM owns 405,100 shares, which
represents 7.64% of the outstanding Shares. George W. Karpus,
(President of KIM) presently owns 6,500 shares purchased on February
27, 1997 at $9.315 per share (1000 shares), July 9 at $10.375 per
share (1000 shares), July 15,1998 at $11.00 per share (1,100
shares), and September 2 at $11.00 per share (1400 shares). Karpus
Management, Inc. owns 1,000 shares purchased on March 29 & 30, 1995
at a price of $9.125 per share. None of the other Principals
presently owns shares.
b) KIM has the sole power to dispose of and to vote all of such Shares
under limited powers of attorney.
Page 3 of 4 pages
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c) The first open market purchase occurred on October 18, 1993 as
previously reported. 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
4/8/99 -1650 11.125 5/3/99 100 11.125
4/9/99 -600 11.125 5/4/99 2800 11.125
4/15/99 500 11.125 5/5/99 700 11.125
4/20/99 3500 11.125 5/6/99 2600 11.125
4/22/99 200 11.125 5/7/99 100 11.125
4/23/99 2100 11.125 5/10/99 500 11.125
4/27/99 1000 11.1875 5/11/99 700 11.125
4/27/99 2200 11.125 5/12/99 1100 11.125
4/29/99 500 11.1875 5/13/99 3150 11.125
4/30/99 2500 11.1875 5/14/99 1600 11.125
4/30/99 1800 11.125 5/17/99 10400 11.125
5/18/99 500 11.125
5/19/99 1500 11.125
5/28/99 1500 10.8125
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
CXT 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.
June 7, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name/Title
Page 4 of 4 pages
