SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No 7)
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)
September 8, 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.
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 411,000 shares, which
represents 7.75% 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.
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
7/13/99
- -2000
10.625
8/2/99
- -400
10.6875
7/19/99
2400
10.625
8/11/99
3000
10.5
7/21/99
1600
10.625
7/23/99
- -2500
10.625
7/29/99
- -350
10.6875
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.
September 8, 1999 By:________________________
Date Signature
George W. Karpus, President
Name/Title
