SC 13D/A 1 axt04-01.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities and Exchange Act of 1934 (Amendment No. 24) AMERICAN MUNICIPAL TERM TRUST, INC. (AXT) (Name of Issuer) Common Stock (Title of Class of Securities) 027652106 (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, 2001 (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. ITEM 1 Security and Issuer Common Stock American Municipal Term Trust, Inc. First American Asset Management 601 2nd Avenue South MPFP 2016 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 AXT 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 a) 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 AXT fit the investment guidelines for various Accounts. Shares have been acquired since February 18, 1994. b) Karpus supports the Fund's Board of Directors' recommendation to vote for approval of a plan of Liquidation and Dissolution for the Fund, which would provide for the sale of all of the assets of the Fund and the distribution of the proceeds to Fund Shareholders on or shortly before April 15, 2001. This proposal will be voted on at the annual meeting on August 3, 2000. ITEM 5 Interest in Securities of the Issuer a) As of the date of this Report, KIM owns 1,311,675 shares, which represents 15.51% of the outstanding Shares. George W. Karpus, (President of KIM) presently owns 74,600 shares purchased on August 20, 1997 at $11.125 per share (2000 shares), November 11 & 12 at $10.9375 per share (3000 shares), May 4, 1998 at $11.3125 per share (1500 shares), September 1 and 8, 1998 at $11.375 per share (2500 shares), April 19 and 20, 2000 at $10.3125 per share (1450 shares), June 1, 2, 5, 21, & 26, 2000 at $10.4375 (8500 shares), July 17, 18, 19, & 20 at $10.4375 (10,000 shares), August 24, 25, 28, & 29, 2000 at $10.4375 per share (10,000 shares), September 22, 26, 28 & 29 at $10.375 (9950 shares), September 29, 2000 at 10.4375/share (500 shares), October 2, 3, 4, 5, 6, & 9 at 10.375/share (11550 shares), October 12 at 10.4375/share (4500 shares), October 18 & 19, 2000 at 10.25/share (3200 shares), November 1 at 10.25/share (1500 shares), December 22 & 26, 2000 at 10.125/share (1,950 shares), and January 24, 2001 at 10.25/share (2500 shares). Karpus Management, Inc. presently owns 56,850 shares purchased November 22, 1999 at 10.3125 per share (2000 shares), November 27, 2000 at 10.3125/share (3000 shares), November 29, 2000 at 10.25/share (3000 shares), December 1, 22, & 26 at 10.125/share (5350 shares), January 24 at 10.25 (2500 shares), 29 at 10.27 (3000 shares), at 10.30 (2500 shares), and at 10.28 (100 shares), and 31, 2001 at 10.28 (900 shares) and at 10.29 (11,500 shares), February 6 at 10.22 (900 shares), 16, 21, & 22 at 10.27 (2100 shares), and March 9 & 21 at 10.23 (6000 shares), 9 at 10.20 (3000 shares), 13 at 10.24 (1000 shares) and 23 at 10.25 (10,000 shares). 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 February 18, 1994. 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 2/6/01 900 10.22 3/9/01 6000 10.25 2/16/01 800 10.27 3/13/01 1000 10.24 2/21/01 1200 10.27 3/21/01 3000 10.25 2/22/01 100 10.27 3/23/01 10000 10.27 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 AXT 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, 2001 By:________________________ Date Signature George W. Karpus President Name/Title