<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2005-12-31</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000895415</issuerCik>
        <issuerName>HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST INC</issuerName>
        <issuerTradingSymbol>HTO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001286402</rptOwnerCik>
            <rptOwnerName>BORDNER GREGORY S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Dirctor of Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242530</rptOwnerCik>
            <rptOwnerName>BOTTA PATRICIA ANN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Director of Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242531</rptOwnerCik>
            <rptOwnerName>CARTER ANDREW M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Vice Chair of Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242532</rptOwnerCik>
            <rptOwnerName>DOLAN JOHN HERBERT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President of the Issuer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242535</rptOwnerCik>
            <rptOwnerName>DOODIAN THOMAS FRANCIS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Treasurer of the Issuer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242538</rptOwnerCik>
            <rptOwnerName>DRAKE RODMAN L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242541</rptOwnerCik>
            <rptOwnerName>FEENEY JOHN JAY JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>M Director of Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001273887</rptOwnerCik>
            <rptOwnerName>HYPERION CAPITAL MANAGEMENT INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Issuer's Advisor</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001304853</rptOwnerCik>
            <rptOwnerName>Kim Daniel S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Secretary &amp; CCO of the Issuer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242542</rptOwnerCik>
            <rptOwnerName>LAI CLIFFORD E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HYPERION CAPITAL MANAGEMENT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FL</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006-1404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President of the Issuer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>The Fund was liquidated on December 5, 2005.</remarks>

    <ownerSignature>
        <signatureName>Gregory S. Bordner</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Patricia A. Botta</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Andrew M. Carter</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>John H. Dolan</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Thomas F. Doodian</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Rodman L. Drake</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>John J. Feeney, Jr.</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Hyperion Capital Management, Inc.</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Daniel S. Kim</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Clifford E. Lai</signatureName>
        <signatureDate>2006-01-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
