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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
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)
February 9, 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 5 pages)
There are no exhibits.
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SCHEDULE 13D
CUSIP No. 027654102 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
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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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7. SOLE VOTING POWER
276,600 shares
NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 276,600 shares
10. SHARED DISPOSITIVE POWER
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
276,600 shares
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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)
5.22%
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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 2 of 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 276,600 shares, which
represents 5.22% 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
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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.
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
Share
1/8/99 3,250 11.3125
1/11/99 10,000 11.25
1/12/99 500 11.25
1/13/99 600 11.25
1/15/99 6,000 11.25
1/19/99 1,900 11.25
1/20/99 2200 11.25
1/26/99 2,400 11.25
1/27/99 5,500 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.
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.
February 9, 1999 By: /s/ Scott Nasca
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Date Signature
Scott Nasca, Vice President
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Name/Title
