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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 2)
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)
April 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
365,800
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
365,800
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
365,800
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
6.90%
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 365,800 shares, which
represents 6.90% 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
2/1/99 100 11.25 3/2/99 6000 11.25
2/3/99 21,900 11.25 3/4/99 2500 11.1875
3/8/99 -1000 11.1875
3/8/99 1000 11.1875
3/11/99 4500 11.125
3/12/99 900 11.125
3/15/99 1600 11.125
3/16/99 500 11.0625
3/17/99 4500 11.0625
3/19/99 2600 11.125
3/22/99 9900 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
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.
April 6, 1999 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name/Title
