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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. III
(CXT)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
027654102
(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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CUSIP No. 027654102 SCHEDULE 13D 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
377,850
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
377,850
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
377,850
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
7.13%
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. III
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 none of 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 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
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
a) As of the date of this Report, KIM owns 377,850 shares,
which represents 7.13% 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.
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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.
<TABLE>
<CAPTION>
Date Shares Price Per Date Shares Price Per
Share Share
<S> <C> <C> <C> <C> <C>
3/2/99 6000 11.25 4/8/99 -1650 11.125
3/4/99 2500 11.1875 4/9/99 -600 11.125
3/8/99 -1000 11.1875 4/15/99 500 11.125
3/8/99 1000 11.1875 4/20/99 3500 11.125
3/11/99 4500 11.125 4/22/99 200 11.125
3/12/99 900 11.125 4/23/99 2100 11.125
3/15/99 1600 11.125 4/27/99 1000 11.1875
3/16/99 500 11.0625 4/27/99 2200 11.125
3/17/99 4500 11.0625 4/29/99 500 11.1875
3/19/99 2600 11.125 4/30/99 2500 11.1875
3/22/99 9900 11.125 4/30/99 1800 11.125
3/23/99 13100 11.125
3/24/99 1800 11.125
3/26/99 5200 11.125
3/29/99 14100 11.125
</TABLE>
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
CXT 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
