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002 A000000 1285 AVENUE OF THE AMERICAS
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 40,621
<INVESTMENTS-AT-VALUE> 40,739
<RECEIVABLES> 524
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<TOTAL-ASSETS> 41,299
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<TOTAL-LIABILITIES> 64
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<APPREC-INCREASE-CURRENT> (258)
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 549
<ACCUMULATED-GAINS-PRIOR> (4,205)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 413
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 590
<AVERAGE-NET-ASSETS> 41,267
<PER-SHARE-NAV-BEGIN> 9.81
<PER-SHARE-NII> 0.60
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</TABLE>
Board of Directors
Triple A and Government Series - 1997, Inc.
In planning and performing our audit of the financial statements of
Triple A and Government Series - 1997, Inc. for the year ended June 30, 1996,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of Triple A and Government Series - 1997, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
August 12, 1996
For period ending June 30, 1996 Attachment 77C
--------------
File Number 811-6656
Triple A and Government - 1997, Inc.
A special meeting of shareholders was held on April 11, 1996, at which
the following proposals were approved:
To vote for or against the following changes to the Fund's fundamental
investment restrictions and policies (the enumeration below follows that
used in the related proxy statement):
Shares
Shares Voted Voted Shares
For Against Abstain
--- ------- -------
1. Modification of Fundamental
Restriction on Portfolio Diversification
for Diversified Funds 1,769,493 5,600 123,440
2. Modification of Fundamental Restriction
on Concentration 1,749,466 5,900 143,167
3. Modification of Fundamental Restriction
on Senior Securities and
Borrowing 1,763,001 5,600 129,932
4. Modification of Fundamental Restriction
on Making Loans 1,760,866 11,200 126,467
5. Modification of Fundamental Restriction
on Underwriting Securities 1,759,001 7,600 131,932
6. Modification of Fundamental Restriction
on Real Estate Investments 1,758,666 14,400 125,467
7. Modification of Fundamental Restriction
on Investing in Commodities 1,759,693 16,900 121,940
9. Elimination of Fundamental Restriction
on Margin Transactions 1,767,666 3,400 127,467
10.Elimination of Fundamental Restriction
on Short Sales 1,759,566 10,400 128,567
11.Elimination of Fundamental Restriction
on Investments in Oil, Gas
and Mineral Leases and Programs 1,763,601 5,500 129,432
12.Elimination of Fundamental Restriction
on Investments in Other
Investment Companies 1,758,056 10,510 129,967
In addition to the item noted above, the Fund's shareholders elected
board members. Pursuant to Instruction 2 of Sub-item 77C of Form N-SAR, it is
not necessary to provide in this exhibit details concerning shareholder action
on this proposal since there were no solicitations in opposition to the
registrant's nominees and all of the nominees were elected.
A more complete description of the proposal referred to above is
hereby incorporated by reference to the Fund's proxy material relating to the
Special Meeting of Shareholders dated February 28, 1996. These Schedule 14A
materials were filed with the Securities and Exchange Commission via EDGAR on
February 29, 1996; the accession code number was 0000950112-96-000633.
Exhibit 77Q(2)
--------------
For the year ended June 30, 1996
File Number 811-6656
A Form 3 was filed late by the following officers as required by Section 16(a)
of the Exchange Act during the most recent or prior fiscal years.
Number of Transactions
Number of Not Reported on Timely
Name Position with Fund Late Reports Basis
- ---- ------------------ ------------- ----------------------
Gigi L. Capes Vice President & 1 0
Assistant Treasurer
Richard Q. Armstrong Director 1 0
Richard R. Burt Director 1 0
T. Kirkham Barneby Vice President 1 0
C. William Maher Vice President & 1 0
Assistant Treasurer
Dennis McCauley Vice President 1 0
Nirmal Singh Vice President 1 0
Craig Varrelman Vice President 1 0
Margo Alexander President 1 0
Paul Schubert Vice President & 1 0
Assistant Treasurer
Paul B. Guenther President 1 0
