================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. _)*
Capital Trust
- --------------------------------------------------------------------------------
(Name of Issuer)
Class A Common Shares of Beneficial Interest, 140920109
par value $1.00 per share.
- -------------------------------------------------- ----------------------------
(Title of class of securities) (CUSIP number)
July 28, 1998
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant
to which this Schedule is filed:
[x] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page should be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
(Page 1 of 10 Pages)
================================================================================
NYFS05...:\40\72240\0350\21\SCH8078L.040
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------ -----------------------------------------
CUSIP No. 140920109 13G Page 2 of 10 pages
- ------------------------------------------------------ -----------------------------------------
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 NAMES OF REPORTING PERSONS: General Motors Investment Management
Corporation
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY):
- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF Delaware
ORGANIZATION:
- -------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER: 4,273,500(1)
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 4,273,500(1)
REPORTING
--------------------------------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY 4,273,500(1)
OWNED BY EACH REPORTING PERSON:
- -------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
- -------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 19%(1)(2)(3)
- -------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON: IA
- -------------------------------------------------------------------------------------------------------
(1) Consists of 4,273,500 shares which may be acquired upon conversion of the
securities described in Item 4
(2) Assumes issuance of 4,273,500 shares upon conversion of the securities
described in Item 4
(3) Based upon 18,229,650 shares outstanding as reported in Issuer's Form 10-Q
for the quarter ended March 31, 1998
<PAGE>
- ------------------------------------------------------ -----------------------------------------
CUSIP No. 140920109 13G Page 3 of 10 pages
- ------------------------------------------------------ -----------------------------------------
- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: General Motors Salaried Employes Pension
Trust
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY):
- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF Delaware
ORGANIZATION:
- -------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------------------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY 2,136,750(1)(2)(3)
OWNED BY EACH REPORTING PERSON:
- -------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
- -------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 9.5%(1)(2)(3)
- -------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON: EP
- -------------------------------------------------------------------------------------------------------
(1) Consists of 2,136,750 shares which may be acquired upon conversion of the
securities described in Item 4
(2) Assumes issuance of 2,136,750 shares upon conversion of the securities
described in Item 4
(3) Based upon 18,229,650 shares outstanding as reported in Issuer's Form 10-Q
for the quarter ended March 31, 1998
<PAGE>
- ------------------------------------------------------ -----------------------------------------
CUSIP No. 140920109 13G Page 4 of 10 pages
- ------------------------------------------------------ -----------------------------------------
- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS: General Motors Hourly-Rate Employes
Pension Trust
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY):
- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [_]
(b) [x]
- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF Delaware
ORGANIZATION:
- -------------------------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
--------------------------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------------------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER: 0
- -------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY 2,136,750(1)(2)(3)
OWNED BY EACH REPORTING PERSON:
- -------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES [_]
CERTAIN SHARES:
- -------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 9.5%(1)(2)(3)
- -------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON: EP
- -------------------------------------------------------------------------------------------------------
</TABLE>
(1) Consists of 2,136,750 shares which may be acquired upon conversion of the
securities described in Item 4
(2) Assumes issuance of 2,136,750 shares upon conversion of the securities
described in Item 4
(3) Based upon 18,229,650 shares outstanding as reported in Issuer's Form 10-Q
for the quarter ended March 31, 1998
<PAGE>
SCHEDULE 13G
------------
Item 1
(a) Name of Issuer:
CAPITAL TRUST
(b) Address of Issuer's Principal Executive Offices:
605 Third Avenue, 26th Floor
New York, NY 10016
Item 2
(a) Name of Person Filing:
(1) General Motors Hourly-Rate Employes Pension Trust ("Trust I")
(2) General Motors Salaried Employes Pension Trust ("Trust II)
(3) General Motors Investment Management Corporation ("GMIMCo")
Trust I, Trust II and GMIMCo are referred to herein collectively as
the "Reporting Persons". A joint filing agreement of the Reporting
Persons is attached hereto as Exhibit I.
(b) Address of Principal Business Office or, if None, Residence:
(1) and (2) c/o Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
(3) 767 Fifth Avenue
New York, NY 10153
(c) Citizenship:
(1) New York
(2) New York
(3) Delaware
Page 5 of 10
<PAGE>
(d) Title of Class of Securities:
Class A Common Shares of Beneficial Interest
(e) CUSIP Number: 140920109
Item 3
(1) Trust I - (f) [x] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(2) Trust II - (f) [x] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F).
(3) GMIMCo - (e) [x] An investment adviser in accordance with Rule
13d- 1(b)(1)(ii)(E);
Item 4 Ownership.
The Reporting Persons do not own any Class A Common Shares of Beneficial
Interest. Their beneficial ownership results from their ownership of Step Up
Convertible Trust Preferred Securities issued by CT Convertible Trust I (and not
by the Issuer) (the "Preferred Securities"). The Preferred Securities may be
converted into 8.25% Step Up Convertible Junior Subordinated Debentures of the
Issuer (the "Debentures") at the rate of one Preferred Security for each $1,000
principal amount of Debentures, and the Debentures are convertible into Class A
Common Shares of Beneficial Interest of the Issuer at an initial rate of 85.47
shares per $1,000 principal amount of Debentures, subject to antidilution
adjustments.
(a) Amount Beneficially Owned:
(1) Trust I: 2,136,750 shares [1]
(2) Trust II: 2,136,750 shares [1]
(3) GMIMCo: 4,273,500 shares [1]
(b) Percent of Class (based upon 18,229,650 shares outstanding as
reported in Issuer's Form 10-Q for the quarter ended March 31, 1998):
(1) 9.5% [1]
(2) 9.5% [1]
(3) 19% [1]
Page 6 of 10
<PAGE>
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote [2]
(1) Trust I: 0
(2) Trust II: 0
(3) GMIMCo: 4,273,500
(ii) Shared power to vote or to direct the vote
-0-
(iii) Sole power to dispose or to direct the disposition of [2]
(1) Trust I: 0
(2) Trust II: 0
(3) GMIMCo: 4,273,500
(iv) Shared power to dispose or to direct the disposition of
-0-
[1] Trust I and Trust II are pension trusts formed pursuant to the laws of the
State of New York and the United States of America under and for the
benefit of certain employee benefit plans of General Motors Corporation
("GM") and its subsidiaries. These shares may be deemed to be owned
beneficially by GMIMCo, a wholly-owned subsidiary of GM. GMIMCo is
registered as an investment advisor under the Investment Advisers Act of
1940. GMIMCo's principal business is providing investment advice and
investment management services with respect to the assets of certain
employee benefit plans of GM and its subsidiaries (the "Plans") and with
respect to the assets of certain direct and indirect subsidiaries of GM and
associated entities. GMIMCo is serving as investment manager with respect
to these shares and in that capacity it has the sole power to direct Mellon
Bank, N.A., as the Trustee for Trust I and Trust II (the "Trustee"), as to
the voting and disposition of these shares. Because of the Trustee's
limited role, beneficial ownership of the shares by the Trustee is
disclaimed.
[2] Trust I and Trust II invest in a variety of investment media, including
publicly traded and privately placed securities. Such investments could
include Common Shares and/or other securities of the Issuer in addition to
those referred to in this Statement ("Additional Securities"). The
investment and voting decisions regarding any Additional Securities which
might be owned by such Trusts are made by the trustees thereof or unrelated
investment managers, who, in so acting, act independently of the
Page 7 of 10
<PAGE>
Reporting Persons (although the appointment of the trustees and the
investment managers is subject to authorization of GMIMCo). The Reporting
Persons do not have or share voting power or investment power over any
Additional Securities which might be held by such Trusts. No information
regarding any such holdings by such Trusts is contained in this Statement.
Item 5 Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8 Identification and Classification of Members of the Group.
Not applicable.
Item 9 Notice of Dissolution of Group.
Not applicable.
Item 10 Certifications.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any transaction
having that purpose or effect.
Page 8 of 10
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
GENERAL MOTORS SALARIED EMPLOYES
PENSION TRUST
MANAGEMENT CORPORATION
By: General Motors Investment Management
Corporation, Investment Manager
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
GENERAL MOTORS HOURLY-RATE
EMPLOYES PENSION TRUST
By: General Motors Investment Management
Corporation, Investment Manager
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
GENERAL MOTORS INVESTMENT
MANAGEMENT CORPORATION
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
August 7, 1998
Page 9 of 10
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
1 Joint Filing Agreement
Page 10 of 10
Exhibit 1
JOINT FILING AGREEMENT
This will confirm the agreement by and between all of the undersigned
that the Schedule 13G filed on or about this date with respect to the beneficial
ownership by the undersigned of Class A Common Shares of Beneficial Interest of
Capital Trust 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: August 7, 1998
GENERAL MOTORS SALARIED EMPLOYES
PENSION TRUST
MANAGEMENT CORPORATION
By: General Motors Investment Management
Corporation, Investment Manager
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
GENERAL MOTORS HOURLY-RATE
EMPLOYES PENSION TRUST
By: General Motors Investment Management
Corporation, Investment Manager
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
GENERAL MOTORS INVESTMENT
MANAGEMENT CORPORATION
By: /s/ R. Charles Tschampion
----------------------------------------
Name: R. Charles Tschampion
Title: Managing Director
