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FORM 4
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[_] Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may
continue. See Instruction 1(b).
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response......... 0.5
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(Print or Type Responses)
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<S> <C>
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol
General Motors Investment Management Corporation Lend Lease Hyperion High-Yield CMBS Fund, Inc. (no Ticker or
Trading Symbol)
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(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for April/2000
Number of Reporting Month/Year
Person (Voluntary)
767 Fifth Avenue
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(Street) 382903925 5. If Amendment,
Date of Original
New York NY 10153 Month/Year)
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(City) (State) (Zip) Table 1 - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A)
(Instr. 3) action action or Disposed of (D)
Date Code
(Instr. 8) (Instr. 3, 4 and 5)
(Month/
Day/ -----------------------------------------------------------
Year) (A) or
Code V Amount (D) Price
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Common Stock 4/27/2000 J 0 N/A N/A
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Common Stock 4/27/2000 J 1,432,806 A $10.12/share
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<S> <C> <C> <C>
6. Relationship of Reporting Person to Issuer
(Check all applicable)
Director X 10% Owner
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Officer (give Other (specify below)
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title below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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5. Amount of 6. Owner- 7. Nature
Securities ship of In-
Beneficially Form: direct
Owned at Direct Bene-
End of (D) or ficial
Month Indirect Owner-
(I) ship
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
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N/A
(See explanation
below with respect to
0 N/A this line 1.)
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(See explanation
below with respect to
2,530,512 I this line 2.)
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Reminder: Report on a separate line for each class of securities (Over)
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, SEC 1474 (7-96)
See Instruction 4(b)(v).
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FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or
Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of posed of (D) (Month/Day/
Deriv- (Month/ Year)
ative Day/ (Instr. 3, 4, and 5)
Security Year) -----------------------
--------------------------------------- Date Expira-
Exer- tion
cisable Date
Code V (A) (D)
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Obligation to buy Common Stock $10.12/share 4/27/2000 J 0 0 See below. See below.
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Obligation to buy Common Stock $10.12/share 4/27/2000 J 0 1,432,806 See below. See below.
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<S> <C> <C> <C> <C>
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7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Na-
lying Securities of of Deriv- ship ture
Deriv- ative Form of In-
(Instr. 3 and 4) ative Secur- of De- direct
Secur- ities rivative Bene-
ity Bene- Secu- ficial
ficially rity Own-
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5) at End (D) or
Amount or of Indi- (Instr. 4)
Number of Month rect (I)
Shares
Title (Instr. 4) (Instr. 4)
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Common Stock 0 See below. See below. N/A N/A. See below.
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Common Stock See below. See below. See below. I See below.
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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 General Motors
Corporation, Delphi Automotive Systems Corporation and their respective
affiliates, holds the securities (the "Securities") referred to in line 2 of
Table I and reduced the obligation referred to in line 2 of Table II. 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 each of Tables I and II relates to GMIMCo's and GMTC's status as a 10%
beneficial owner without pecuniary interest with respect to the Securities. Line
2 of each such Table 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. On April 27, 2000,
Holding Trust paid $14.5 million to the Issuer in exchange for 1,432,806 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 April 28, 2000, payment of the remaining $24.5 million
commitment of Holding Trust would result in the acquisition of 2,425,742 more
shares.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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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.
Page 2
SEC 1474 (7-96)
