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SIGNATURE GRACE TORRES
TITLE TREASURER
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholder of
BAT Subsidiary, Inc.
In planning and performing our audit of the
financial statements of BAT Subsidiary, Inc. (the
"Trust") for the year ended December 31, 1999 (on
which we have issued our report dated February 11,
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 the Trust's internal control.
The management of the Trust 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 any internal
control, misstatements due to error 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 the internal
control may become inadequate because of changes
in conditions, or that the degree of compliance
with policies or procedures may deteriorate.
Our consideration of the Trust's 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 internal
control components does not reduce to a relatively
low level the risk that misstatements caused by
error 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 Trust's internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information
and use of management, the Board of Directors of
BAT Subsidiary, 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.
Deloitte & Touche LLP
New York, New York
February 11, 2000
For the year ended December 31, 1999
File number 811-08951
EXHIBIT 77J
Reclassification of Capital Accounts
The Trust accounts for and reports distributions
to shareholders in accordance with the American
Institute of Certified Public Accountant's
Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. The effect
caused by applying this statement was to decrease
paid-in capital and increase undistributed net
investment income by $174,875 due to certain
expenses not being deductible for tax purposes.
Net investment income, net realized gains and net
assets were not affected by this change.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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