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ALL-AMERICAN TERM TRUST INC.
SUPPLEMENT TO PROSPECTUS DATED JUNE 1, 1995
The following replaces the second full paragraph appearing under the caption
"Management of the Trust - Investment Advisory and Administration Arrangements"
on page 27:
Thomas J. Libassi, Mary B. King and Julieanna Berry are responsible for the
day-to-day management of the Trust's portfolio. Mr. Libassi is a senior vice
president of Mitchell Hutchins. From June 1986 to May 1994, he was a vice
president of Keystone Custodian Funds with portfolio management responsibility
for high yield debt securities. Mrs. King is a first vice president and
portfolio manager for Mitchell Hutchins. She also is a vice president of the
Trust and of other investment companies for which Mitchell Hutchins or
PaineWebber serves as investment adviser. Mrs. King has been employed by
Mitchell Hutchins as a portfolio manager for the last six years. Mrs. King has
held her Trust responsibilities since its inception. Mr. Libassi has held his
Trust responsibility since May 1994. Ms. Berry is a vice president and portfolio
manager of Mitchell Hutchins. She is a vice president of an investment company
for which Mitchell Hutchins or PaineWebber serves as investment adviser. Ms.
Berry has been employed by Mitchell Hutchins as a portfolio manager since 1989.
Ms. Berry has held her Trust responsibilities since February 1996.
Dated: March 13, 1996
