UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM N-PX

                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                    REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07386

           HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST, INC.
               (Exact name of registrant as specified in charter)

                   ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FLOOR
                          NEW YORK, NEW YORK 10006-1404
               (Address of principal executive offices) (Zip code)

                           CLIFFORD E. LAI, PRESIDENT
           HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST, INC.
                   ONE LIBERTY PLAZA, 165 BROADWAY, 36TH FLOOR
                         NEW YORK, NEW YORK, 10006-1404
                     (Name and address of agent for service)

Registrant's telephone number, including area code:    1 (800) Hyperion


Date of fiscal year end: December 31


Date of reporting period:  July 1, 2004 through June 30, 2005






Item 1.  Proxy Voting Record.

During  the  period  covered  by this  report,  the  Registrant  held no  voting
securities.


                                    SIGNATURES


     Pursuant to the  requirements  of the  Investment  Company Act of 1940, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

HYPERION 2005 INVESTMENT GRADE OPPORTUNITY TERM TRUST, INC.


By:  /s/ Clifford E. Lai
     --------------------
         Clifford E. Lai
         Principal Executive Officer

Date:  August 24, 2005