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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000894233
<NAME> ALL AMERICAN TERM TRUST
<SERIES>
<NUMBER> 1
<NAME> ALL AMERICAN TERM TRUST
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> FEB-01-1999
<PERIOD-END> JAN-31-2000
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<INVESTMENTS-AT-VALUE> 245563
<RECEIVABLES> 3449
<ASSETS-OTHER> 0
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<PAYABLE-FOR-SECURITIES> 55890
<SENIOR-LONG-TERM-DEBT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-CHANGE-IN-ASSETS> (12034)
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</TABLE>
All-American Term Trust - Annual NSAR
For period ending January 31, 2000
Exhibit 77Q1
File number 811-7352
At a Board of Directors meeting held on December 17, 1999, the
directors approved an amendment to the by-laws to increase the
number of shares stockholders need to call a special meeting to
a majority of the shares entitled to be cast and also to clarify who
has power to conduct and control stockholder meetings. See
amendments to the by-laws below:
BY-LAWS AMENDMENTS
The Fund's By-Laws were amended by adding the second
paragraph of Article II, Section 2:
"Special meetings of the
stockholders may be called by the
Secretary upon the written request of the
holders of shares entitled to vote a
majority of all the votes entitled to be cast
at such meeting, provided that (1) such
request shall state the purposes of such
meeting and the matters proposed to be
acted on, and (2) the stockholders
requesting such meeting shall have paid
to the Corporation the reasonably
estimated cost of preparing and mailing
the notice thereof, which the Secretary
shall determine and specify to such
stockholders.";
The Fund's By-Laws were amended to create Article II, Section
11, which read as follows:
"Section 11. Organization. At
every meeting of stockholders, the
Chairman of the Board, if there be one,
shall conduct the meeting or, in the case
of vacancy in office or absence of the
Chairman of the Board, one of the
following present shall conduct the
meeting in the order stated: the Vice
Chairman, if there be one, the President,
Vice Presidents, in their order of rank and
seniority, or, in the absence of such
Director or officers, a Chairman chosen
by the stockholders entitled to cast a
majority of the votes which all
stockholders present in person or by
proxy are entitled to cast, shall act as
Chairman, and the Secretary, or in his or
her absence, an assistant secretary, or in
the absence of both the Secretary and
assistant secretaries, a person appointed
by the Chairman shall act as Secretary of
the meeting. The order of business and
all other matters of procedure at any
meeting of stockholders shall be
determined by the Chairman of the
meeting. The Chairman of the meeting
may prescribe such rules, regulations and
procedures and take such action as, in
the discretion of such Chairman, are
appropriate for the proper conduct of the
meeting, including, without limitation, (a)
restricting admission to the time set for
the commencement of the meeting; (b)
limiting attendance at the meeting to
stockholders of record of the Corporation,
their duly authorized proxies or other
such persons as the Chairman of the
meeting may determine; (c) limiting
participation at the meeting on any matter
to stockholders of record of the
Corporation entitled to vote on any such
matter, their duly authorized proxies or
other such persons as the Chairman of
the meeting may determine; (d) limiting
the time allotted to questions or
comments by participants; (e)
maintaining order and security at the
meeting; and (f) recessing or adjourning
the meeting to a later date, time and
place announced by the Chairman of the
meeting. Unless otherwise determined
by the Chairman of the meeting,
meetings of stockholders shall not be
required to be held in accordance with
the rules of parliamentary procedure.";
The Funds' By-Laws were amended to add the
following phrase of the beginning of the second
sentence of Article II, Section 4:
"Subject to the rules established by the
Chairman of the stockholders' meeting,".
All-American Term Trust - Annual NSAR
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, 2000, 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, and
not to provide assurance on 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 internal control. Generally, internal controls
that are relevant to an audit pertain to the entitys
objective of preparing financial statements for
external purposes that are fairly presented in
conformity with generally accepted accounting
principles. Those internal controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in any internal
control, misstatements due to errors or fraud may
occur and not be detected. Also, projections of any
evaluation of internal control to future periods are
subject to the risk that internal control may become
inadequate because of changes in conditions, or that
the degree of compliance with the policies or
procedures may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in 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 specific 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 internal control,
including control activities for safeguarding
securities, and its operation that we consider to be
material weaknesses as defined above as of January
31, 2000.
This report is intended solely for the information
and use of the board of directors and management of
All American Term Trust, Inc. and the Securities
and Exchange Commission and is not intended to be
and should not be used by anyone other than these
specified parties.
ERNST & YOUNG LLP
March 14, 2000
