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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
</TABLE>
All-American Term Trust Inc.
N-SAR Exhibits
Item 77 (Q)(1)
For period ending January 31, 1999
File number 811-7352
At a Board of Directors meeting held
on November 11, 1998, the directors
approved an amendment to the by-laws
concerning submission of shareholder
proposals. See amendment to the by-laws below:
BY-LAWS AMENDMENT
RESOLVED: That Sections 9 and 10 of Article
II of the Fund's By-Laws be, and they hereby are,
amended to read as follows:
Section 9. NOMINATION. Subject to the
rights of holders of any class or series of stock
having a preference over the Corporation's common
stock as to dividends or upon liquidation,
nominations for the election of directors may
be made by the Board of Directors or a committee
appointed by the Board of Directors or by any
stockholder who is entitled to vote for the
election of directors. However, any such stockholder
may nominate a director only by notice in writing
delivered or mailed by first class United States
mail, postage prepaid, to the Secretary of the
Corporation, and received by the Secretary not
less than (i) with respect to any nomination to
be introduced at an annual meeting of
stockholders, one hundred and twenty days in
advance of the anniversary of the date the
Corporation's proxy statement was first released
to stockholders in connection with the previous
year's annual meeting, and (ii) with respect
to any nomination to be introduced at a special
meeting of stockholders, the close of business
on the seventh day following the date on which
notice of such meeting is first given to
stockholders. Each such notice shall set forth:
(a) the name and address of the stockholder who
intends to make the nomination and of the person
or persons to be nominated; (b) a representation
that the stockholder is a holder of record or
beneficial owner of stock of the Corporation
entitled to vote at such meeting (together with
such proof thereof as would meet the requirements
for proposals that are to be included in the
Corporation's proxy statements pursuant to Rule
14a-8 under the Securities Exchange Act of 1934,
as amended, or any successor to such Rule) and
intends to appear in person or by proxy at the
meeting to nominate the person or persons specified
in the notice; (c) the class and number of shares
of stock held of record, owned beneficially and
represented by proxy by such stockholder as of
the record date for the meeting (if such date
shall then have been made publicly available)
and as of the date of such notice. The chairperson
of the meeting may refuse to acknowledge a
nomination by any stockholder that is not made in
compliance with the foregoing procedure.
Section 10. STOCKHOLDER PROPOSAL.
Any stockholder who is entitled to vote in the
election of directors may submit to the Board of
Directors proposals to be considered for submission
to the stockholders of the Corporation for their
vote. The introduction of any stockholder proposal
that the Board of Directors decides should be voted
on by the stockholders of the Corporation, shall be
made by notice in writing delivered or mailed by
first class United States mail, postage prepaid, to
the Secretary of the Corporation, and received by the
Secretary not less than (i) with respect to any
proposal to be introduced at an annual meeting of
stockholders, one hundred and twenty days in advance
of the anniversary of the date the Corporation's
proxy statement was first released to stockholders
in connection with the previous year's annual
meeting, and (ii) with respect to any proposal to
be introduced at a special meeting of stockholders,
the close of business on the seventh day following
the date on which notice of such meeting is first
given to stockholders. Each such notice shall set
forth: (a) the proposal to be introduced; (b) the
name and address of the stockholder who intends to
make the proposal; (c) a representation that the
stockholder is a holder of record or beneficial
owner of stock of the Corporation entitled to vote
at such meeting (together with such proof thereof
as would meet the requirements for proposals that
are to be included in the Corporation's proxy
statements pursuant to Rule 14a-8 under the
Securities Exchange Act of 1934, as amended, or
any successor to such Rule) and intends to appear
in person or by proxy at the meeting to introduce
the proposal or proposals, specified in the notice;
and (d) the class and number of shares of stock held
of record, owned beneficially and represented by
proxy by such stockholder as of the record date
for the meeting (if such date shall then have been
made publicly available) and as of the date of
such notice. The chairperson of the meeting may
refuse to acknowledge the introduction of any
stockholder proposal not made in compliance with
the foregoing procedure.
e r Internal Correspondence r
Phone: 212 773 3000
New York, New York 10019
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, 1999, 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
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 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 and its operation, including controls
for safeguarding securities, that we consider to be
material weaknesses as defined above at January 31,
1999.
This report is intended solely for the information
and use of the directors 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 17, 1999
Page 2
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