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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 5)
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)
July 7, 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
409,250
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
409,250
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
409,250
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
7.72%
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 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
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 409,250 shares,
which represents 7.72% 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.
Date Shares Price Per Date Shares Price Per
Share Share
5/3/99 100 11.125 6/8/99 1400 10.6875
5/4/99 2800 11.125 6/16/99 -3750 10.4375
5/5/99 700 11.125 6/17/99 -1500 10.5
5/6/99 2600 11.125 6/22/99 2500 10.5625
5/7/99 100 11.125 6/23/99 6500 10.5625
5/10/99 500 11.125 6/29/99 -1000 10.5
5/11/99 700 11.125
5/12/99 1100 11.125
5/13/99 3150 11.125
5/14/99 1600 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.
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.
July 7, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name/Title
