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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-04-029267.txt : 20040603
<SEC-HEADER>0001181431-04-029267.hdr.sgml : 20040603
<ACCEPTANCE-DATETIME>20040603120844
ACCESSION NUMBER:		0001181431-04-029267
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040601
FILED AS OF DATE:		20040603

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HYPERION COLLATERALIZED SECURITIES FUND INC
		CENTRAL INDEX KEY:			0001269357
		IRS NUMBER:				200362193
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	MAIL ADDRESS:	
		STREET 1:		ONE LIBERTY PLAZA
		STREET 2:		165 BROADWAY 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006-1404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HYPERION COLLATERALIZED SECURITIES FLOATING RATE FUND INC
		DATE OF NAME CHANGE:	20031106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GENERAL MOTORS INVESTMENT MANAGEMENT CORP
		CENTRAL INDEX KEY:			0000883422
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21466
		FILM NUMBER:		04846303

	BUSINESS ADDRESS:	
		STREET 1:		STATE STREET BANK
		STREET 2:		1 ENTERPRISE DRIVE
		CITY:			QUINCY
		STATE:			MA
		ZIP:			02171

	MAIL ADDRESS:	
		STREET 1:		STATE STREET BANK
		STREET 2:		1 ENTERPRISE DRIVE
		CITY:			QUINCY
		STATE:			MA
		ZIP:			02171
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd44402.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001269357</issuerCik>
        <issuerName>HYPERION COLLATERALIZED SECURITIES FUND INC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000883422</rptOwnerCik>
            <rptOwnerName>GENERAL MOTORS INVESTMENT MANAGEMENT CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 FIFTH AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-06-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>0</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-06-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20892552.24</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.12</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35725431.95</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">N/A (see explanation below with respect to this lin 2.)</footnote>
    </footnotes>

    <remarks>On June 1, 2004, GMAM Group Pension Trust I (the &quot;GMAM I Trust&quot;), a group trust

organized for the benefit of certain trusts under certain employee benefit plans

(the &quot;Plans&quot;) for General Motors Corporation, acquired 5,928,853.75 shares of

Common Stock of the Issuer for $60 million. After such acquisition, the GMAM I

Trust holds an aggregate of 20,892,552.24 shares of Common Stock of the

Issuer referred to in line 2 under Column 4 of Table 1 (the &quot;GMAM I Shares&quot;).

GMAM Investment Funds Trust (the &quot;GIFT Trust&quot;), another group trust organized

for the benefit of certain trusts under certain Plans, holds 14,832,879.71 shares

of Common Stock of the Issuer. Line 2 under Column 5 of Table 1 relates to the

total shares of Common Stock held collectively by the GMAM I Trust and the GIFT

Trust and such shares are referred to herein as the &quot;Securities.&quot; The reporting

person (&quot;GMIMCo&quot;) has retained under the Employee Retirement Income Security

Act of 1974, as amended, the power to direct the voting and disposition of the

Securities although it has no pecuniary interest therein. State Street Bank and Trust

Company is the trustee (the &quot;Trustee&quot;) with respect to the GMAM I Trust. Because of

the Trustee's limited role in the voting and disposition of the GMAM I Shares, beneficial

ownership of such Securities by the Trustee is disclaimed. Line 1 of Table 1 relates to

GMIMCo's status as a 10% beneficial owner without pecuniary interest with respect

to the Securities. Line 2 of Table 1 relates to the status of the GMAM I Trust, on behalf

of which GMIMCo is making the report reflected on such line under Column 4 as a 10%

beneficial owner of the GMAM I Shares.</remarks>

    <ownerSignature>
        <signatureName>/s/ Duen-Li Kao Managing Director, Global Fixed Income General Motors Investment Management Corporation</signatureName>
        <signatureDate>2004-06-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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