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<PAGE> PAGE 2
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SIGNATURE STEVE KEANE
TITLE ASST. GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<NAME> Liberty Term Trust 1999
<SERIES>
<NUMBER> 011
<NAME> Liberty Term Trust 1999
<S> <C>
<PERIOD-TYPE> 12 Month
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> "38,090,527"
<INVESTMENTS-AT-VALUE> "39,219,098"
<RECEIVABLES> "217,379"
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> "1,821"
<TOTAL-ASSETS> "39,438,298"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "4,742"
<TOTAL-LIABILITIES> "4,742"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "44,213,991"
<SHARES-COMMON-STOCK> "4,318,718"
<SHARES-COMMON-PRIOR> "4,365,418"
<ACCUMULATED-NII-CURRENT> "227,671"
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> "(6,136,677)"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "1,128,571"
<NET-ASSETS> "39,433,556"
<DIVIDEND-INCOME> "824,325"
<INTEREST-INCOME> "1,378,298"
<OTHER-INCOME> 0
<EXPENSES-NET> "351,588"
<NET-INVESTMENT-INCOME> "1,851,035"
<REALIZED-GAINS-CURRENT> "845,310"
<APPREC-INCREASE-CURRENT> "(224,695)"
<NET-CHANGE-FROM-OPS> "2,471,650"
<EQUALIZATION> n/a
<DISTRIBUTIONS-OF-INCOME> "(1,710,615)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> "(46,700)"
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> "590,015"
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<ACCUMULATED-GAINS-PRIOR> "(6,919,203)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "174,939"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "456,290"
<AVERAGE-NET-ASSETS> "38,879,610"
<PER-SHARE-NAV-BEGIN> 8.900
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<PER-SHARE-DIVIDEND> 0.000
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</TABLE>
LIBERTY TERM TRUST, INC. - 1999
Amendment #2
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2, 3 & 4 from Article V, OFFICERS, AGENTS AND EMPLOYEES,
and replace with the following:
Section 1. GENERAL PROVISIONS. The Officers of the Corporation
shall be a President, one or more Vice Presidents, a Treasurer,
and a Secretary. The Board of Directors, in its discretion, may
elect or appoint a Chairman of the Board of Directors and other
Officers or agents, including one or more Assistant Vice
Presidents, one or more Assistant Secretaries, and one or more
Assistant Treasurers. A Vice President, the Secretary or the
Treasurer may appoint an Assistant Vice President, an Assistant
Secretary or an Assistant Treasurer, respectively, to serve until
the next election of Officers. Two or more offices may be held by
a single person except the offices of President and Vice President
may not be held by the same person concurrently. It shall not be
necessary for any Director or any Officer to be a holder of shares
in any Series or Class of the Corporation.
Section 2. ELECTION, TERM OF OFFICE AND QUALIFICATIONS. The
Officers shall be elected annually by the Board of Directors at
its Annual Meeting. Each Officer shall hold office for one year
and until the election and qualification of his successor, or
until earlier resignation or removal. The Chairman of the Board
of Directors, if there is one, shall be elected annually by and
from the Directors, and serve until a successor is so elected and
qualified, or until earlier resignation or removal.
Section 3. REMOVAL. Any Officer elected by the Board of
Directors or whose appointment has been ratified by the Board of
Directors may be removed with or without cause at any time by a
majority vote of all of the Directors. Any other employee of the
Corporation may be removed or dismissed at any time by the
President.
Section 4. RESIGNATIONS. Any Officer may resign at any time by
giving written notice to the Board of Directors. Any such
resignation shall take effect at the time specified therein or, if
no time is specified, at the time of receipt. Unless otherwise
specified , the acceptance of such resignation shall not be
necessary to make it effective.
Section 5. VACANCIES. Any vacancy in any of the offices, whether
by resignation, removal or otherwise, may be filled for the
unexpired portion of the term by the President. A vacancy in the
office of Assistant Vice President may be filled by a Vice
President; in the office of by the Secretary; or in the office of
Assistant Treasurer by the Treasurer. Any appointment to fill any
vacancy shall serve subject to ratification by the Board of
Directors at its next Regular Meeting.
Renumber the following Sections of Article V as follows:
Section 5. Compensation will be Section 6. Compensation
Section 6. Bonds or Other Security will be Section 7. Bonds or Other
Security
Section 7. President will be Section 8. President
Section 8. Vice President will be Section 9. Vice President
Section 9. Treasurer will be Section 10. Treasurer
Section 10. Secretary will be Section 11. Secretary
and
Section 11. Delegation of Duties will be Section 12. Delegation of
Duties
Item 77Q: Exhibits
Item 77Q(a)(ii)
Liberty Term Trust, Inc. - 1999
Amendment #3
to the By-Laws
(effective February 27, 1998)
Delete the second paragraph of Section 8 Voting of Article II, Meetings of
Stockholders, and replace with the following:
Section 7. PROXIES. Any Stockholder entitled to vote at any
meeting of Stockholders may vote either in person or by proxy, but
no proxy which is dated more than eleven months before the meeting
named therein shall be accepted unless otherwise provided in the
proxy. Every proxy shall be in writing and signed by the
Stockholder or his duly authorized agent or be in such other form
as may be permitted by the Maryland General Corporation Law,
including electronic transmissions from the Stockholder or his
authorized agent. Authorization may be given orally, in writing,
by telephone, or by other means of communication. A copy,
facsimile transmission or other reproduction of the writing or
transmission may be substituted for the original writing or
transmission for any purpose for which the original transmission
could be used. Every proxy shall be dated, but need not be
sealed, witnessed or acknowledged. Where Shares are held of
record by more than one person, any co-owner or co-fiduciary may
appoint a proxy holder, unless the Secretary of the Corporation is
notified in writing by any co-owner or co-fiduciary that the
joinder of more than one is to be required. All proxies shall be
filed with and verified by the Secretary or an Assistant Secretary
of the Corporation, or the person acting as Secretary of the
Meeting. Unless otherwise specifically limited by their term, all
proxies shall entitle the holders thereof to vote at any
adjournment of such meeting but shall not be valid after the final
adjournment of such meeting.
Item 77Q: Exhibits
Item 77Q(a)(iii)
Liberty Term Trust, Inc. - 1999
Amendment #4
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meetings from Article II - Meetings of
Stockholders and replace it with the following:
Section 3. PLACE OF MEETINGS. All meetings of the Stockholders
of the Corporation shall be held at such place within or without
the State of Maryland as may be fixed by the Board of Directors.
Current as of: 8/18/94
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
Liberty Term Trust, Inc.-1999
In planning and performing our audit of the financial statements of
Liberty Term Trust, Inc.-1999 for the year ended December 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, and not to provide
assurance on the internal control.
The management of Liberty Term Trust, Inc.-1999 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 December 31,
1998.
This report is intended solely for the information and use of the board
of trustees and management of Liberty Term Trust, Inc.-1999 and the
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
Boston, Massachusetts
February 12, 1999
