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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
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, 1998, we considered its internal control,
including control activities 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.
The management of All-American Term Trust Inc. is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control,
errors or fraud may occur and not be detected. Also, projection
of any evaluation of internal control 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 would not
necessarily disclose all matters in the internal control
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 one or more of the internal
control components does not reduce to a relatively low level
the risk that errors or fraud 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
and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above at
January 31, 1998.
This report is intended solely for the information and use of
the shareholders, board of directors and management of
All-American Term Trust Inc. and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
New York, New York
March 18, 1998
