<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D-A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Lend Lease Hyperion High-Yield CMBS Fund, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
Not applicable.
(CUSIP Number)
Ellen Oster, Esq., 767 Fifth Avenue, New York, NY 10153, (212) 418-6126
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 27, 2000
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of (S)(S)240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (S)240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall 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 purpose 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).
<PAGE>
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
General Motors Employes Global Group Pension Trust
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
--------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See
Item 5 below)
--------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
0
--------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See Item 5
below)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,530,512 shares, with a commitment to acquire 2,425,742 additional
shares. (See Item 5 below)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2,530,512 shares represent 96% of the issued and outstanding shares
as of the date of filing.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
EP
- --------------------------------------------------------------------------------
<PAGE>
1 NAME OF REPORTING PERSON
General Motors Investment Management Corporation
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 382903925
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
--------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See Item 5
below)
- --------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
0
- -------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See Item 5
below)
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,530,512 shares, with a commitment to acquire 2,425,742 additional
shares. (See Item 5 below)
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2,530,512 shares represent 96% of the issued and outstanding
shares as of the date of filing.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA, CO
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
General Motors Trust Company
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Hampshire
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
0
------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See Item 5
below)
------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
0
------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
2,530,512 shares, with a
commitment to acquire 2,425,742
additional shares. (See Item 5
below)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,530,512 shares, with a commitment to acquire 2,425,742 additional
shares. (See Item 5 below)
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (SEE INSTRUCTIONS)
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2,530,512 shares represent 96% of the issued and outstanding shares
as of the date of filing.
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
BK
- -------------------------------------------------------------------------------
<PAGE>
This amendment Number 1 amends and supplements the Statement on Schedule 13D
(the "Schedule 13D") filed by General Motors Employes Global Group Pension
Trust, (the "Trust") a trust formed pursuant to the laws of the State of New
York under and for the benefit of certain employee benefit plans of General
Motors Corporation ("GM"), Delphi Automotive Systems ("Delphi") and their
respective affiliates (the "Plans"); General Motors Investment Management
Corporation, a Delaware corporation ("GMIMCo"); and General Motors Trust
Company, a chartered trust company formed pursuant to the laws of the State of
New Hampshire which is the trustee with respect to the Trust ("GMTC" and,
together with the Trust and GMIMCo, the "Reporting Persons"). Capitalized terms
used and not defined in this Amendment have the meanings set forth in the
Schedule 13D, and Appendices and Exhibits filed with the Schedule 13D are
incorporated herein by reference. Items 3, 4 and 5 are hereby amended and
supplemented as follows.
Item 3. Source and Amount of Funds or Other Consideration
The Trust paid $11 million to the Fund on March 16, 2000 and an additional
$14.5 million on April 27, 2000 in exchange for shares of common stock. The
Trust has committed to pay an additional $24.5 million in exchange for shares of
common stock (as described in Item 5). The source of the consideration is the
assets of certain of the Plans.
Item 4. Purpose of Transaction
The purpose of this transaction is to acquire an interest in a non-
diversified closed-end management investment company whose investment objective
is to provide high total return by investing in securities backed by real estate
debt. As of May 1, 2000, GMTC managed for the benefit of the Trust an aggregate
of 2,530,512 Shares, representing 96% of the 2,624,537 then issued and
outstanding shares. Pursuant to a subscription agreement dated March 15, 2000
(the "Subscription Agreement"), the Trust has committed to pay the Fund an
additional $24.5 million in one or more payments prior to the termination of the
Fund. (See Item 5 below)
Except as set forth herein, none of the Reporting Persons, GM or, to the
best knowledge of the Reporting Persons, any person identified on Appendix A has
any plans or proposals that would result in or relate to any of the transactions
described in paragraphs (a) through (j) of Item 4 of Schedule 13D.
The various trusts established under the Plans invest in a variety of
investment media, including publicly traded and privately placed securities.
Such investments could include 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 GMIMCo and/or GMTC (although
the appointment of such investment managers is subject to authorization of and
termination by GMIMCo) and/or GMTC. No information regarding any such holdings
by such trusts under the Plans is contained in this statement.
<PAGE>
Item 5. Interest in Securities of the Issuer
(a)-(b) On May 1, 2000, GMTC managed for the benefit of the Trust an
aggregate of 2,530,512 Shares, representing approximately 96% of the 2,624,537
then issued and outstanding Shares. Pursuant to the Subscription Agreement, the
Trust has committed to pay the Fund an additional $24.5 million in one or more
payments, as required by the Fund, in exchange for Shares. Pursuant to the
Subscription Agreement, the fund may require payment at any time prior to the
termination date of the Fund. The termination date of the Fund is expected to
be December 31, 2001, unless more than 75% of the Fund's shareholders agree to
extend the Fund's duration. The number of Shares of common stock the Trust will
receive upon payment(s) pursuant to the Subscription Agreement will be
determined by the then current net asset value of the Shares. As of the date of
this filing, based on the net asset value of the Shares as of April 28, 2000,
the payment of the full $24.5 million commitment would result in the acquisition
by the Trust of 2,425,742 more Shares. As of the date of this statement, each
of the Trust, by virtue of its ownership of the Shares, and GMIMCo and GMTC, by
virtue of their shared voting and dispositive power over the Shares, may be
deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the "Act")) all Shares the Trust
has and may acquire. Pursuant to Rule 13d-4, the Reporting persons expressly
declare that the filing of this statement shall not be construed as an admission
that any such Person is, for the purposes for (S)(S)13(d) or 13(g) of the Act,
the beneficial owner of any securities covered by this statement.
Neither GM nor, to the best knowledge of the Reporting Persons, any of the
persons named in Appendix A owns beneficially (as that term is defined in Rule
13d-3 under the Act) any Shares.
(c) None of the Reporting Persons, GM or, to the best knowledge of the
Reporting Persons, any person named in Appendix A, has effected any transactions
in the Shares during the past 60 days.
(d) GMIMCo as the named fiduciary of the Plans with respect to investments
has the authority to direct the Trustee to make payments from the Trust (which
may include dividends from or proceeds from the sale of Shares held by the
Trust) to other trusts under the Plans and to other persons.
(e) Not applicable.
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GENERAL MOTORS EMPLOYES GLOBAL GROUP PENSION TRUST (by
General Motors Trust Company, as trustee)
By: __________________________________
Name: Tony Duen-Li Kao
Title: Managing Director, North American Fixed
Income, General Motors Trust Company
Date: May __, 2000.
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GENERAL MOTORS INVESTMENT MANAGEMENT
CORPORATION
By: __________________________________
Name: Tony Duen-Li Kao
Title: Managing Director, North American Fixed
Income
Date: May __, 2000.
<PAGE>
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
GENERAL MOTORS TRUST COMPANY
By: __________________________________
Name: Tony Duen-Li Kao
Title: Managing Director, North American Fixed
Income
Date: May __, 2000.
