<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __ 2 )
THE BLACKROCK 2001 TERM TRUST INC.
--------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
--------------------------------------------------
(Title of Class of Securities)
092477108
---------------------------
(CUSIP Number)
JULY 1, 1999
---------------------------
(Date of Event which requires filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
(Continued on following page(s))
Page 1 of 26 Pages
<PAGE> 2
13G
CUSIP NO. 092477108 PAGE 2 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Progressive Corporation
34-0963169
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 15,244,000**
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
15,244,000**
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,244,000**
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
**Consists solely of shares held by its subsidiaries.
<PAGE> 3
13G
CUSIP NO. 092477108 PAGE 3 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Halcyon Insurance Company
34-1524319
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 20,000
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
20,000
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
13G
CUSIP NO. 092477108 PAGE 4 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Midland Risk Insurance Company
62-0484104
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 50,000**
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
50,000**
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000**
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO, HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Reported shares are held by Specialty Risk Insurance Company, a
wholly-owned subsidiary of Midland Risk Insurance Company.
<PAGE> 5
13G
CUSIP NO. 092477108 PAGE 5 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PC Investment Company
34-1576555
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 827,300
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
827,300
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
827,300
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO, a wholly-owned subsidiary of progressive Casualty
Insurance Company
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
13G
CUSIP NO. 092477108 PAGE 6 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Investment Company, Inc.
34-1378861
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 857,700
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
857,700
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
857,700
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 7
13G
CUSIP NO. 092477108 PAGE 7 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Casualty Insurance Company
34-6513736
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 6,781,200**
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
6,781,200**
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,781,200**
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Includes 3,180,700 shares held directly, and 827,300 shares held by PC
Investment Company and 2,773,200 shares held by Progressive Specialty
Insurance Company, its wholly-owned subsidiaries.
<PAGE> 8
13G
CUSIP NO. 092477108 PAGE 8 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive American Insurance Company
34-1094197
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 1,149,100
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
1,149,100
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,149,100
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.8%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 9
CUSIP NO. 092477108 PAGE 9 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Bayside Insurance Company
31-1193845
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 110,000
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
110,000
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
110,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 10
13G
CUSIP NO. 092477108 PAGE 10 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Classic Insurance Company
39-1453002
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Wisconsin
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 493,000
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
493,000
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 11
13G
CUSIP NO. 092477108 PAGE 11 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Mountain Insurance Company
93-0935623
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Wisconsin
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 140,000
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
140,000
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 12
13G
CUSIP NO. 092477108 PAGE 12 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Northern Insurance Company
34-1318335
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Wisconsin
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 904,800**
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
904,800**
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
904,800**
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN, HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Includes 815,000 shares held directly and 89,800 shares held by Progressive
Premier Insurance Company of Illinois, its wholly-owned subsidiary.
<PAGE> 13
13G
CUSIP NO. 092477108 PAGE 13 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Northwestern Insurance Company
91-1187829
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Washington
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 3,021,800
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
3,021,800
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,021,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 14
13G
CUSIP NO. 092477108 PAGE 14 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Preferred Insurance Company
34-1287020
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 502,400
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
502,400
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
502,400
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.4%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 15
13G
CUSIP NO. 092477108 PAGE 15 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Premier Insurance Company of Illinois
36-3789786
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 89,800
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
89,800
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
89,800
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 16
13G
CUSIP NO. 092477108 PAGE 16 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Southeastern Insurance Company
59-1951700
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Florida
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 203,500
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
203,500
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
203,500
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 17
13G
CUSIP NO. 092477108 PAGE 17 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Progressive Specialty Insurance Company
34-1172685
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,773,200
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
2,773,200
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,773,200
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 18
13G
CUSIP NO. 092477108 PAGE 18 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Specialty Risk Insurance Company
62-1444848
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Tennessee
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 50,000
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
50,000
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 19
13G
CUSIP NO. 092477108 PAGE 19 OF 26 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
United Financial Casualty Company
36-3298008
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Missouri
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 1,010,500
PERSON ---------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------
8 SHARED DISPOSITIVE POWER
1,010,500
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,010,500
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
|X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
.7%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IC, CO
- --------------------------------------------------------------------------------
v
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 20
Page 20 of 26 Pages
---- ----
SCHEDULE 13G
This Amendment No.2 to Schedule 13G is filed to correct errors that appeared in
Amendment No. 1. Specifically, the number of shares of Common Stock of the
Issuer beneficially owned by United Financial Casualty Company and The
Progressive Corporation as of July 1, 1999 were 1,010,500 and 14,301,400,
respectively, rather than 1,113,700 and 14,404,600 as previously reported. All
information has been updated to reflect the Reporting Persons' beneficial
ownership of the Issuer's Common Stock as of July 31, 1999.
Item 1(a) Name of Issuer:
- --------- ---------------
The name of the issuer is The BlackRock 2001 Term Trust Inc.
(the "Issuer").
Item 1(b) Address of Issuer's Principal Executive Offices:
- --------- ------------------------------------------------
The address of the Issuer's principal executive offices is
1285 Avenue of the Americas, New York, New York 10019.
Item 2(a) Name of Person Filing:
- --------- ----------------------
This statement is filed jointly by the following parties
(collectively, the "Reporting Persons"): (a) Halcyon Insurance
Company, an Ohio corporation,(b) Midland Risk Insurance
Company, a Tennessee corporation,(c) PC Investment Company, a
Delaware corporation, (d) Progressive American Insurance
Company, a Florida corporation, (e) Progressive Bayside
Insurance Company, a Florida corporation, (f) Progressive
Casualty Insurance Company, an Ohio corporation,(g)
Progressive Classic Insurance Company, a Wisconsin
corporation, (h) Progressive Investment Company, Inc., a
Delaware corporation, (i) Progressive Mountain Insurance
Company, a Colorado corporation (j) Progressive Northern
Insurance Company, a Wisconsin corporation, (k) Progressive
Northwestern Insurance Company, a Washington corporation, (l)
Progressive Preferred Insurance Company, an Ohio corporation,
(m) Progressive Premier Insurance Company of Illinois, an
Illinois corporation, (n) Progressive Southeastern Insurance
Company, a Florida corporation, (o) Progressive Specialty
Insurance Company, an Ohio corporation, (p) Specialty Risk
Insurance Company, a Tennessee corporation, and (q) United
Financial Casualty Company, a Missouri corporation
(collectively, the "Subsidiaries"), and The Progressive
Corporation, an Ohio corporation, by virtue of its direct or
indirect ownership of all of the outstanding capital stock of
the Subsidiaries.
All of the outstanding shares of PC Investment Company and
Progressive Specialty Insurance Company are owned by
Progressive Casualty Insurance Company; all of the outstanding
shares of Specialty Risk Insurance Company are owned by
Midland Risk Insurance Company and all of the outstanding
shares of Progressive Premier Insurance Company of Illinois
are owned by Progressive Northern Insurance Company. Except as
noted in the preceding sentence, all of the outstanding shares
of each of the Subsidiaries is owned directly by The
Progressive Corporation.
Item 2(b) Address of Principal Business Office or, if none, Residence:
- --------- ------------------------------------------------------------
The address of the principal business office of each of the
Reporting Persons is as follows:
Reporting Person Business Address
---------------- ----------------
The Progressive Corporation 6300 Wilson Mills Road
Mayfield Village, OH 44143
Halcyon Insurance Company 6300 Wilson Mills Road
Mayfield Village, OH 44143
<PAGE> 21
<TABLE>
<CAPTION>
Page 21 of 26 Pages
---- ----
Reporting Person Business Address
---------------- ----------------
<S> <C>
Midland Risk Insurance Company 965 Ridgelake Blvd., Suite 201
Memphis, TN 38120
PC Investment Company 801 West Street
Wilmington, DE 19801
Progressive American Insurance Company 4030 Crescent Park Dr., Bldg. B
Riverview, FL 33569
Progressive Bayside Insurance Company 4030 Crescent Park Dr., Bldg. B
Riverview, FL 33569
Progressive Casualty Insurance Company 6300 Wilson Mills Road
Mayfield Village, OH 44143
Progressive Classic Insurance Company 44 East Mifflin Street
Madison, WI 53703
Progressive Investment Company, Inc. 801 West Street
Wilmington, DE 19801
Progressive Mountain Insurance Company 2075 Research Parkway, Suite A
Colorado Springs, CO 80920
Progressive Northern Insurance Company 44 East Mifflin Street
Madison, WI 53703
Progressive Northwestern Insurance 200 112th Ave., NE, Suite 200
Company Bellevue, Washington 98004
Progressive Preferred Insurance Company 6300 Wilson Mills Road
Mayfield Village, OH 44143
Progressive Premier Insurance Company 333 East Butterfield Road, Suite
of Illinois 220, Lombard, IL 60148
Progressive Southeastern Insurance 4030 Crescent Park Dr., Bldg. B
Company Riverview, FL 33569
Progressive Specialty Insurance Company 6300 Wilson Mills Road
Mayfield Village, OH 44143
Specialty Risk Insurance Company 965 Ridgelake Blvd., Suite 201
Memphis, TN 38120
United Financial Casualty Company 11457 Olde Cabin Rd, Suite 235
St. Louis, MO 63141
Item 2(c) Citizenship:
Reporting Person State Of Incorporation
---------------- ----------------------
The Progressive Corporation Ohio
Halcyon Insurance Company Ohio
Midland Risk Insurance Company Tennessee
PC Investment Company Delaware
Progressive American Insurance Company Florida
Progressive Bayside Insurance Company Florida
Progressive Casualty Insurance Company Ohio
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
Page 22 of 26 Pages
---- ----
Reporting Person State Of Incorporation
---------------- ----------------------
<S> <C>
Progressive Classic Insurance Company Wisconsin
Progressive Investment Company, Inc. Delaware
Progressive Mountain Insurance Company Colorado
Progressive Northern Insurance Company Wisconsin
Progressive Northwestern Insurance Company Washington
Progressive Preferred Insurance Company Ohio
Progressive Premier Insurance Company of Illinois Illinois
Progressive Southeastern Insurance Company Florida
Progressive Specialty Insurance Company Ohio
Specialty Risk Insurance Company Tennessee
United Financial Casualty Company Missouri
</TABLE>
Item 2(d) Title of Class of Securities:
- --------- -----------------------------
The class of securities which is the subject of this Schedule
13G is the Common Shares, $.01 par value per share, of the
Issuer.
Item 2(e) Cusip Number:
- --------- -------------
The CUSIP number for such class of securities is 092477108
Item 3. Not Applicable.
- ------
Item 4. Ownership (as of July 31, 1999)
- ------ ---------
<TABLE>
<CAPTION>
(a) Amount Beneficially Owned: No. of Shares
-------------------------- -------------
<S> <C>
The Progressive Corporation 15,244,000(1)
Subsidiaries
------------
Halcyon Insurance Company 20,000
Midland Risk Insurance Company 50,000(2)
PC Investment Company 827,300
Progressive American Insurance Company 1,149,100
Progressive Bayside Insurance Company 110,000
Progressive Casualty Insurance Company 6,781,200(3)
Progressive Classic Insurance Company 493,000
Progressive Investment Company, Inc. 857,700
Progressive Mountain Insurance Company 140,000
Progressive Northern Insurance Company 904,800(4)
Progressive Northwestern Insurance Company 3,021,800
Progressive Preferred Insurance Company 502,400
Progressive Premier Insurance Company of Ill 89,800
Progressive Southeastern Insurance Company 203,500
Progressive Specialty Insurance Company 2,773,200
---------
(1)Consists solely of shares held by the Subsidiaries listed herein.
(2)Includes 0 shares held directly and 50,000 shares held by Specialty
Risk Insurance Company, its wholly-owned subsidiary.
(3)Includes 3,180,700 shares held directly and 827,300 shares held by PC
Investment Company and 2,773,200 shares held by Progressive Specialty Insurance
Company, its wholly-owned subsidiaries.
(4)Includes 815,000 shares held directly and 89,800 shares held by
Progressive Premier Insurance Company of Illinois, its wholly-owned subsidiary.
</TABLE>
<PAGE> 23
Page 23 of 26 Pages
---- ----
Amount Beneficially Owned: No. of Shares
-------------------------- -------------
Specialty Risk Insurance Company 50,000
United Financial Casualty Company 1,010,500
-----------
TOTAL: 15,244,000(5)
(b) Percent of Class 10.7%
- ---------------------
(c) Number of shares as to which the person has
-------------------------------------------
<TABLE>
<CAPTION>
(i) (ii) (iii) (iv)
Sole Power Shared Power Sole Power Shared Power
to Vote to Vote to Dispose to Dispose
or to or to or to or to
Direct Direct Direct the Direct the
the Vote the Vote Disposition Disposition
--------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
The Progressive Corporation 0 15,244,000(1) 0 15,244,000(1)
SUBSIDIARIES
Halcyon Insurance Company 0 20,000 0 20,000
Midland Risk Insurance Company 0 50,000(2) 0 50,000(2)
PC Investment Company 0 827,300 0 827,300
Progressive American Insurance Company 0 1,149,100 0 1,149,100
Progressive Bayside Insurance Company 0 110,000 0 110,000
Progressive Casualty Insurance Company 0 6,781,200(3) 0 6,781,200(3)
Progressive Classic Insurance Company 0 493,000 0 493,000
Progressive Investment Company, Inc. 0 857,700 0 857,700
Progressive Mountain Insurance Company 0 140,000 0 140,000
Progressive Northern Insurance Company 0 904,800(4) 0 904,800(4)
Progressive Northwestern Insurance Company 0 3,021,800 0 3,021,800
Progressive Preferred Insurance Company 0 502,400 0 502,400
Progressive Premier Insurance Company
of Illinois 0 89,800 0 89,800
- --------
(5)Computed without duplication of reported shares.
(1)Consists solely of shares held by the Subsidiaries listed herein.
(2)Includes 0 shares held directly and 50,000 shares held by Specialty
Risk Insurance Company, its wholly-owned subsidiary.
(3)Includes 3,180,700 shares held directly and 827,300 shares held by PC
Investment Company and 2,773,200 shares held by Progressive Specialty Insurance
Company, its wholly-owned subsidiaries.
(4)Includes 815,000 shares held directly and 89,800 shares held by
Progressive Premier Insurance Company of Illinois, its wholly-owned subsidiary.
</TABLE>
<PAGE> 24
Page 24 of 26 Pages
---- ----
<TABLE>
<CAPTION>
(i) (ii) (iii) (iv)
Sole Power Shared Power Sole Power Shared Power
to Vote to Vote to Dispose to Dispose
or to or to or to or to
Direct Direct Direct the Direct the
the Vote the Vote Disposition Disposition
--------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Progressive Southeastern Insurance Company 0 203,500 0 203,500
Progressive Specialty Insurance Company 0 2,773,200 0 2,773,200
Specialty Risk Insurance Company 0 50,000 0 50,000
United Financial Casualty Company 0 1,113,700 0 1,113,700
--------- --------------
TOTALS 0 15,244,000(5) 0 15,244,000(5)
--------- ------------ ----------------
</TABLE>
Item 5 Ownership of Five Percent or Less of a Class:
- ------ --------------------------------------------
Not Applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
- ------ ---------------------------------------------------------------
Not Applicable.
Item 7 Identification and Classification of the Subsidiary Which
- ------ ----------------------------------------------------------
Acquired the Security Being Reported on By the Parent Holding
--------------------------------------------------------------
Company:
--------
Not Applicable.
Item 8 Identification and Classification of Members of the Group:
- ------ ---------------------------------------------------------
Not Applicable.
Item 9 Notice of Dissolution of Group:
- ------ ------------------------------
Not Applicable.
Item 10 Certifications:
- ------- ---------------
By signing below we certify that, to the best of our knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
- --------
(5)Computed without duplication of reported shares.
<PAGE> 25
Page 25 of 26 Pages
---- ----
SIGNATURE
---------
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned hereby certify that the information set forth in this statement is
true, complete and correct.
Date: August 10, 1999
The Progressive Corporation
Halcyon Insurance Company
PC Investment Company
Progressive American Insurance Company
Progressive Bayside Insurance Company
Progressive Casualty Insurance Company
Progressive Classic Insurance Company
Progressive Investment Company, Inc.
Progressive Mountain Insurance Company
Progressive Northern Insurance Company
Progressive Northwestern Insurance Company
Progressive Preferred Insurance Company
Progressive Premier Insurance Company of Illinois
Progressive Southeastern Insurance Company
Progressive Specialty Insurance Company
United Financial Casualty Company
By: /S/ DAVID M. SCHNEIDER
-----------------------
David M. Schneider
Secretary
Midland Risk Insurance Company
Specialty Risk Insurance Company
By: /S/ DAVID M. SCHNEIDER
-----------------------
David M. Schneider
Assistant Secretary
<PAGE> 26
Page 26 of 26 Pages
---- ----
EXHIBIT A
This Exhibit A to Amendment No. 2 to Schedule 13G is filed pursuant to the
requirements of Rules 13d-1(c) and 13d-1(k)(1). The undersigned hereby agree
that the Amendment No. 2 to the Schedule 13G to which this Exhibit is attached
is filed on behalf of each of the undersigned.
Dated: August 10, 1999
The Progressive Corporation
Halcyon Insurance Company
PC Investment Company
Progressive American Insurance Company
Progressive Bayside Insurance Company
Progressive Casualty Insurance Company
Progressive Classic Insurance Company
Progressive Investment Company, Inc.
Progressive Mountain Insurance Company
Progressive Northern Insurance Company
Progressive Northwestern Insurance Company
Progressive Preferred Insurance Company
Progressive Premier Insurance Company of Illinois
Progressive Southeastern Insurance Company
Progressive Specialty Insurance Company
United Financial Casualty Company
By: /S/ DAVID M. SCHNEIDER
----------------------
David M. Schneider
Secretary
Midland Risk Insurance Company
Specialty Risk Insurance Company
By: /S/ DAVID M. SCHNEIDER
----------------------
David M. Schneider
Assistant Secretary
