Exhibit 2

JOINT FILING AGREEMENT

This will confirm the agreement by and among all the undersigned that the Schedule 13D filed on or about this date with respect to the beneficial ownership by the undersigned of shares of common stock, par value $.01 per share, of Hyperion Collateralized Securities Fund, Inc. is being, and any and all amendments to such Schedule may be, filed on behalf of each of the undersigned. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument.

Dated: December 29, 2003

State Street Bank and Trust Company, as trustee for GMAM GROUP PENSION TRUST I (as directed by General Motors Investment Management Corporation)
By:	/s/    Michael Connors
	Name:    Michael Connors Title:      Vice President
GENERAL MOTORS INVESTMENT MANAGEMENT CORPORATION
By:	/s/    Duen-Li Kao
	Name:    Duen-Li Kao Title:      Managing Director, Global Fixed Income

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