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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 Avenue
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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. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary) 382903925
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4. Statement for Month/Year July/2000
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5. If Amendment, Date of Original (Month/Year)
---------------------------------
6. Relationship of Reporting Person(s) 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>
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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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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 7/31/2000 J 0 N/A N/A 0 N/A N/A
(See
explaination
below with
respect to
this line
1.)
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Common Stock 7/31/2000 J 1,689,189 A $10.36/share 4,817,982 I (See
explaination
below with
respect to
this line
2.)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, See Instruction 4(b)(v) SEC 1474 (7-96)
</TABLE>
<PAGE>
Form 4 (continued)
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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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)
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<S> <C> <C> <C> <C> <C> <C>
Obligation to buy Common Stock $10.36/share 7/31/2000 J 0 0
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Obligation to buy Common Stock $10.36/share 7/31/2000 J 0 1,689,189
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</TABLE>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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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- Securities ficial
(Instr. ficially Bene- Owner-
-------------------------------------------- 5) Owned ficially ship
Date Expira- Amount or at End Owned at (Instr.
Exer- tion Title Number of of End of 4)
cisable Date Shares Month Month(1)
(Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
See below. See below. Common Stock 0 See below. See below. N/A N/A. See below.
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See below. See below. 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 Table I and Table 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 Table I and line 2 of Table II relate 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 1,689,189 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 July 28, 2000, payment of the remaining $1 million commitment of Holding Trust
would result in the acquisition of 96,525 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 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).
Michael E. Klehm Date
Chief Operating Officer
General Motors Investment
Management Corporation
Page 2
SEC 1474 (7-96)
</TABLE>
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
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