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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
General Motors Investment Management Corporation
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(Last) (First) (Middle)
767 Fifth Aenue
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(Street)
New York NY 10153
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Lend Lease Hyperion High-Yield CMBS Fund, Inc. (no Ticker or Trading Symbol)
3. IRS or Social Security Number of Reporting Person
(Voluntary) 382903925
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4. Statement for Month/Year October/2000
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5. If Amendment, Date of Original (Month/Year)
---------------------------------
6. Relationship of Reporting Person to Issuer (Check all applicable)
___ Director ___ Officer _X_ 10% Owner ___ Other
(give title below) (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
__X_ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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Common Stock 10/16/2000 J 0 N/A N/A 0 N/A N/A
(See explanation
below with
respect to this
line 1.)
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Common Stock 10/16/2000 J 9,298 A $10.43/share 4,905,661 I (See explanation
below with
respect to this
line 2.)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the form is filed by more than one reporting person, See Instruction
4(b)(v).
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Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
---------------------------------------------------
Code V (A) (D)
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Security ficial
(Instr. ficially Direct Owner-
-------------------------------------------- 5) Owned (D) or ship
Date Expira- Amount or at End Indi- (Instr.
Exer- tion Title Number of of rect (1) 4)
cisable Date Shares Month
(Instr. 4) (Instr. 4)
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</TABLE>
Explanation of Responses:
The Promark Defined Benefit High Yield Bond Fund Portfolio of the General Motors
Employes Global Group Pension Trust (the "Holding Trust"), a trust under and for
the benefit of certain employee benefit plans (the "Plans") of the General
Motors Corporation, Delphi Automotive Systems Corporation and their respective
affiliates, holds the securities (the "Securities") referred to in line 2 of
Table I. The reporting person ("GMIMCo") 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. General Motors Trust Company ("GMTC") is the trustee with respect to
the Holding Trust. Line 1 of Table I relates to GMIMCo's and GMTC's status as a
10% beneficial owner without pecuniary interest with respect to the Securities.
Line 2 of Table I relates to the status of the Holding Trust, on behalf of which
GMIMCo is making the report reflected on such line, as a 10% beneficial owner
that may have a pecuniary interest in the Securities. This filing should not be
deemed an admission that any of GMIMCo, GMTC or the Holding Trust is the
beneficial owner of the Securities.
Pursuant to a subscription agreement dated March 15, 2000, Holding Trust
committed to pay $39 million in exchange for shares of common stock in one or
more payments, as required by the Issuer. Pursuant to the subscription
agreement, the Issuer may require full or partial payment of the commitment
amount at any time until the termination date of the Issuer. The termination
date of the Issuer is expected to be December 31, 2001, unless more than 75% of
the Issuer's shareholders agree to extend its duration. Holding Trust paid $14.5
million to the Issuer on April 27, 2000 in exchange for 1,432,806 shares of
common stock, $6 million on June 28, 2000 in exchange for 587,084 shares of
common stock and $17.5 million on July 31, 2000 in exchange for 1,715,686 shares
of common stock, in partial satisfaction of the commitment amount. The number of
shares of common stock Holding Trust will receive in exchange for each
subsequent payment pursuant to the subscription agreement will be determined by
the then current net asset value of the shares. Based on the net asset value of
the shares as of October 12, 2000, payment of the remaining $1 million
commitment of Holding Trust would result in the acquisition of 95,877 more
shares.
On May 15, 2000 the Holding Trust reinvested a cash dividend of $111,739.84
earned on shares of the Issuer's common stock then held by the Holding Trust in
exchange for 11,196 additional shares of the Issuer's common stock.
On August 15, 2000 the Holding Trust reinvested a cash dividend of $529,219
earned on shares of the Issuer's common stock then held by Holding Trust in
exchange for 51,884 additional shares of the Issuer's common stock.
On October 16, 2000 the Holding Trust reinvested a cash dividend of $96,977
earned on shares of the Issuer's common stock then held by Holding Trust in
exchange for 9,298 additional shares of the Issuer's common stock.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Tony Duen-Li Kao 11/03/00
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Tony Duen-Li Kao Date
Managing Director, North American Fixed Income
General Motors Investment Management Corporation
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
