<PAGE> PAGE 1
000 B000000 01/31/96
000 C000000 0000894233
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ALL AMERICAN TERM TRUST INC.
001 B000000 811-7352
001 C000000 2127132000
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-13219
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PIANEWEBBER INCORPORATED
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PNC BANK
012 B000001 84-000000
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19809
013 A000001 ERNST & YOUNG
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10172
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 NORTH QUINCY
015 C020001 MA
015 C030001 02171
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 67
019 C000000 PAINEWEBBR
020 A000001 PAINEWEBBER INCORPORATED
020 C000001 1
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 1
022 A000001 DONALDSON, LUFKIN AND JENRETTE
022 B000001 13-2741729
022 C000001 766687
022 D000001 771189
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
022 C000002 115885
022 D000002 102898
022 A000003 SALOMON BROTHERS INC.
022 B000003 13-3082694
022 C000003 189190
022 D000003 21223
022 A000004 NOMURA SECURITIES INTERNATIONAL INC.
022 B000004 113-264226
022 C000004 188420
022 D000004 7851
022 A000005 LEHMAN BROTHERS
022 C000005 93365
022 D000005 92043
022 A000006 FIRST CHICAGO CAPITAL MARKETS
022 B000006 36-3595942
022 C000006 161748
022 D000006 3989
022 A000007 YAMAICHI SECURITIES
<PAGE> PAGE 3
022 C000007 155756
022 D000007 0
022 A000008 MORGAN STANLEY & CO.
022 C000008 134284
022 D000008 13649
022 A000009 STATE STREET BANK & TRUST
022 C000009 93202
022 D000009 0
022 A000010 DAIWA
022 C000010 87492
022 D000010 0
023 C000000 2133283
023 D000000 1101359
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
<PAGE> PAGE 4
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
<PAGE> PAGE 5
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 N
060 A000000 Y
060 B000000 Y
061 000000 1500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 43.1
062 O000000 9.1
062 P000000 85.7
062 Q000000 0.0
<PAGE> PAGE 6
062 R000000 0.0
063 A000000 0
063 B000000 8.7
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1119885
071 B000000 1125296
071 C000000 270063
071 D000000 415
072 A000000 12
<PAGE> PAGE 7
072 B000000 18370
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 1734
072 G000000 0
072 H000000 0
072 I000000 16
072 J000000 80
072 K000000 22
072 L000000 41
072 M000000 6
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 31
072 S000000 25
072 T000000 0
072 U000000 46
072 V000000 0
072 W000000 16
072 X000000 2017
072 Y000000 0
072 Z000000 16353
072AA000000 0
072BB000000 3832
072CC010000 17322
072CC020000 0
072DD010000 15283
072DD020000 0
072EE000000 0
073 A010000 1.1200
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 1972
074 C000000 0
074 D000000 271288
074 E000000 0
074 F000000 35
074 G000000 0
074 H000000 0
074 I000000 382
074 J000000 6602
074 K000000 0
074 L000000 4054
074 M000000 108
074 N000000 284441
074 O000000 87170
<PAGE> PAGE 8
074 P000000 150
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 124
074 S000000 0
074 T000000 196997
074 U010000 13707
074 U020000 0
074 V010000 14.37
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 192694
076 000000 13.25
077 A000000 Y
077 B000000 Y
077 Q020000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 45000
081 A000000 Y
081 B000000 69
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 0164401099
087 A030000 AAT
088 A000000 N
088 B000000 N
<PAGE> PAGE 9
088 C000000 N
088 D000000 N
SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000894233
<NAME> ALL AMERICAN TERM TRUST
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1996
<PERIOD-START> FEB-01-1995
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 271946
<INVESTMENTS-AT-VALUE> 273677
<RECEIVABLES> 10656
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 95
<TOTAL-ASSETS> 284441
<PAYABLE-FOR-SECURITIES> 87170
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 274
<TOTAL-LIABILITIES> 87444
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205598
<SHARES-COMMON-STOCK> 13707
<SHARES-COMMON-PRIOR> 13707
<ACCUMULATED-NII-CURRENT> 2342
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (12674)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1731
<NET-ASSETS> 196997
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18370
<OTHER-INCOME> 0
<EXPENSES-NET> (2017)
<NET-INVESTMENT-INCOME> 16353
<REALIZED-GAINS-CURRENT> (3832)
<APPREC-INCREASE-CURRENT> 17322
<NET-CHANGE-FROM-OPS> 29843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15283)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14560
<ACCUMULATED-NII-PRIOR> 1272
<ACCUMULATED-GAINS-PRIOR> (8842)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1734
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2017
<AVERAGE-NET-ASSETS> 192694
<PER-SHARE-NAV-BEGIN> 13.31
<PER-SHARE-NII> 1.19
<PER-SHARE-GAIN-APPREC> 0.99
<PER-SHARE-DIVIDEND> (1.12)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.37
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For the year ended January 31, 1996 Exhibit 77Q(2)
File Number 811-7352
All-American Term Trust Inc.
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 Number of Transactions Not
Name Position with Fund Late Reports* Reported on Timely Basis
Margo N. Alexander President 1 0
Richard Q. Armstrong Director 1 0
Richard R. Burt Director 1 0
Thomas Libassi Vice President 1 0
C. William Maher Vice President & 1 0
Asst. Treasurer
Dennis McCauley Vice President 1 0
Mark Tincher Vice President 1 0
Paul H. Schubert Vice President & 1 0
Assistant Treasurer
* Each report related solely to such person having been
elected an officer of the Fund.
A Form 4 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 Number of Transactions Not
Name Position with Fund Late Reports* Reported on Timely Basis
John R. Torell III Director 1 1
Board of Directors
All-American Term Trust Inc.
In planning and performing our audit of the financial statements
of All-American Term Trust Inc.for the year ended January 31, 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 All-American Term Trust 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 arelatively low level the risk that errors or
irregularitiesin 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 January 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
March 8, 1996
