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<PAGE> PAGE 3
011 A000006 ADVEST, INC.
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011 C020006 CT
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011 A000007 CROWELL, WEEDEN & CO.
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SIGNATURE JOSEPH SULLIVAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890336
<NAME> HYPERION 1997 TERM TRUST INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 597105584
<INVESTMENTS-AT-VALUE> 601939073
<RECEIVABLES> 9834800
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38541
<TOTAL-ASSETS> 611812414
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190446919
<TOTAL-LIABILITIES> 190446919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 551949302
<SHARES-COMMON-STOCK> 57363927
<SHARES-COMMON-PRIOR> 60555227
<ACCUMULATED-NII-CURRENT> 11401413
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (146818709)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4833489
<NET-ASSETS> 421365495
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19441665
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 13226559
<REALIZED-GAINS-CURRENT> (5072568)
<APPREC-INCREASE-CURRENT> 10023854
<NET-CHANGE-FROM-OPS> 18177845
<EQUALIZATION> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (16837369)
<ACCUMULATED-NII-PRIOR> 10756323
<ACCUMULATED-GAINS-PRIOR> (141746141)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 4582377
<GROSS-EXPENSE> 6215106
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<PER-SHARE-NAV-BEGIN> 7.24
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> (0.22)
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<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 170428008
<AVG-DEBT-PER-SHARE> 2.89
</TABLE>
EXHIBIT 99.2 - PURSUANT TO ITEM 77.E
The Trust, certain of its directors, and the Advisor have been named as
defendants in Karpus v. Hyperion Capital Management, Inc., et al., a
purported class action brought on behalf of Trust's shareholders that
was filed in the United States District Court, Southern District of New
York on June 21, 1996 (File No. 96-CIV-4671). Plaintiff's original
complaint was dismissed by the District Court on November 15, 1996 with
leave to replead. The amended complaint alleges (as did the original)
that the Trust failed to adhere to a fundamental policy set forth in the
registration statement by failing to continue to reduce the sensitivity
to changes in interest rates of the Trust portfolio beginning in mid-
1995, that this failure was reckless behavior on the part of the
Defendants, and that these actions constitute a violation of the 1940
Act and are also breaches of fiduciary duty and trust. The amended
complaint seeks unspecified monetary damages, an accounting and other
relief. The amended complaint adds the allegation that the statement in
the registration statement regarding the reduction of sensitivity to
changes in interest rates was an untrue statement of material fact,
and a violation of the 1940 Act. Defendants believe that the claims are
without merit, and intend to defend the claims vigorously. Whether or
not the plaintiff prevails, however, the Trust may be obligated to
indemnify and advance litigation expenses to one or more of the
defendants under the terms and conditions of various indemnity
provisions of the Trust's Investment Advisory Agreement and its Articles
of Incorporation, and the amounts of such indemnification and expenses
could be material. The ultimate outcome of this litigation is not
presently determinable.
