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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. IRS or Social Security Number of Reporting Person
(Voluntary) 382903925
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4. Statement for Month/Year August/2000
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5. If Amendment, Date of Original (Month/Year) July/2000
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6. Relationship of Reporting Person to Issuer (Check all applicable)
___ Director ___ Officer X 10% Owner ___ Other
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(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
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____ 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) (Instr. 8) Owned at Direct Bene-
(Month/ ----------------------------------------------- End of (D) or ficial
Day/ Month Indirect Owner-
Year) 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>
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Common Stock 7/31/2000 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 7/31/2000 J 1,715,686 A $10.20/share 4,844,479 I (See explanation
below with
respect to this
line 2.)
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Common Stock 8/15/2000 J 0 N/A N/A 0 N/A N/A (See
explanation
below with
respect to
this line 3.)
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Common Stock 8/15/00 J 51,884 N/A $10.20/share 4,896,363 I N/A (See
explanation
below with
respect to
this line 4.)
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</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Reminder: Report on a separate line for each class of securities benefically (Over)
owned directly or indirectly. SEC 1474 (7-96)
* If the form is filed by more than one reporting person, See Instruction
4(b)(v).
</TABLE>
<PAGE>
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
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
Obligation to buy Common Stock $10.20/share 7/31/2000 J 0 0
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Obligation to buy Common Stock $10.20/share 7/31/2000 J 0 1,715,686
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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 Direct Owner-
-------------------------------------------- 5) Owned (D) or ship
Date Expira- Amount or at End Indirect (Instr.
Exer- tion Title Number of of (I) 4)
cisable Date Shares Month
(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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</TABLE>
<TABLE>
<CAPTION>
<S> <C>
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 lines 2 and 4
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. Lines 1
and 3 of Table I and line 1 of Table II relate to GMIMCo's and GMTC's status as
a 10% beneficial owner without pecuniary interest with respect to the
Securities. Lines 2 and 4 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 1,715,686 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 July 28, 2000, payment of the remaining $1 million commitment
of Holding Trust would result in the acquisition of 98,039 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.
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 additional shares of the Issuer's common stock.
** International misstatements or omisions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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Michael E. Klehm Date
Chief Operating Officer
General Motors Investment Management Corporation
</TABLE>
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