SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
The Blackrock 2001 Term Trust Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
092477108
(CUSIP Number)
Maud Mater
Senior Vice President, General Counsel and Secretary
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, Virginia 22102
(703) 903-2800
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 10, 1996
(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 Rule 13d-1(b)(3) or (4), check the following box: [_].
<PAGE>
CUSIP No. 092477108
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1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
Federal Home Loan Mortgage Corporation
52-0904874
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [_]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions)
WC
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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6) Citizenship or Place of Organization
United States
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Number of Shares Beneficially Owned by Each Reporting Person with:
7) Sole Voting Power
10,185,100 shares
8) Shared Voting Power
0
9) Sole Dispositive Power
10,185,100 shares
10) Shared Dispositive Power
0
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11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,185,100 shares
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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13) Percent of Class Represented by Amount in Row (11)
7.2%
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14) Type of Reporting Person (See Instructions)
CO
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<PAGE>
Item 1. Security and Issuer.
The title of the class of equity securities to which this statement relates is
Common Stock, par value $0.01 per share, of The Blackrock 2001 Term Trust Inc.
(the "Issuer").
The name and address of the principal executive offices of the Issuer are The
Blackrock 2001 Term Trust Inc., 1285 Avenue of the Americas, New York, New York
10019.
Item 2. Identity and Background.
This statement is filed by the Federal Home Loan Mortgage Corporation ("Freddie
Mac"), a corporation organized under the laws of the United States. Freddie
Mac's principal business is the purchase of residential mortgages and the
financing of such purchases primarily through the sale of mortgage-related
securities and unsecured debt. Freddie Mac's principal office is located at 8200
Jones Branch Drive, McLean, Virginia 22102. During the past five years, Freddie
Mac has not been convicted in any criminal proceeding, and has not been a party
to any civil proceeding as a result of which it was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
The directors of Freddie Mac are listed below.
<TABLE>
<CAPTION>
<S> <C>
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Name Principal Occupation or Employment
Name, Principal Business and Address of Employer (unless otherwise
indicated)
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Leland C. Brendsel Chairman of the Board and Chief Executive Officer
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, Virginia 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
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Dennis DeConcini Associate
Parry & Romani Associates, Inc.
233 Constitution Avenue, N.E.
Washington, D.C. 20002
(Government relations firm)
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John C. Etling Retired Vice Chairman
General Re Corporation
(Property-casualty reinsurer)
Residence address: 51 Driftwood Lane
Trumbull, Connecticut 06611
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Joel I. Ferguson President
WLAJ-TV
5815 S. Pennsylvania
Lansing, Michigan 48911
(Television station)
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David W. Glenn President and Chief Operating Officer
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, Virginia 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
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George D. Gould Vice Chairman
Klingenstein, Fields & Company, L.P.
787 Seventh Avenue, 6th Floor
New York, New York 10019
(Investment management firm)
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Jerry M. Hultin Chairman
Hultin & Associates, Inc.
4118 Faith Court
Alexandria, Virginia 22311
(Management consulting firm)
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Henry Kaufman President
Henry Kaufman & Company, Inc.
65 East 55th Street, 26th Floor
New York, New York 10022
(Economic and financial consulting and investment management firm)
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Maud Mater Senior Vice President - General Counsel and Secretary
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, Virginia 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
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John B. McCoy Chairman and Chief Executive Officer
BANC ONE CORPORATION 100 East Broad Street, 16th
Floor Columbus, Ohio 43215 (Bank holding company)
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James F. Montgomery Chairman
Great Western Financial Corporation
9200 Oakdale Avenue
Chatsworth, California 91311
(Savings and loan holding company)
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James B. Nutter President
James B. Nutter & Company
4153 Broadway
Kansas City, Missouri 64111
(Mortgage banking company)
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Russell E. Palmer Chairman and Chief Executive Officer
The Palmer Group
3600 Market Street, Suite 530
Philadelphia, Pennsylvania 19104
(Private investment firm)
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Ronald F. Poe Chairman and Chief Executive Officer
Dorman & Wilson, Inc
One North Lexington Avenue
White Plains, New York 10601
(Mortgage banking company)
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Donald J. Schuenke Retired Chairman
Northwestern Mutual Life Insurance Co.
777 East Wisconsin Avenue, Suite 3015
Milwaukee, Wisconsin 53202
(Life insurance company)
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Christina Seix Chairman, President and Chief Investment Officer
Seix Investment Advisors, Inc.
Whiteweld Corporate Center
300 Tice Boulevard
Woodcliff, New Jersey 07675
(Investment management firm)
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William J. Turner Chairman and Chief Executive Officer
Turner & Partners, Inc.
7425 Bay Colony Drive
Naples, Florida 33963
(Management services affiliate of private investment firm)
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Harriet F. Woods President
Harriett Woods Productions
7147 Princeton Avenue
St. Louis, Missouri 63130
(Media firm)
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</TABLE>
Except for Messrs. Brendsel and Glenn and Ms. Mater, who are also directors
listed above, the executive officers of Freddie Mac are listed below. In all
cases, the name and address of their employer is the Federal Home Loan Mortgage
Corporation, 8200 Jones Branch Drive, McLean, Virginia 22102, the principal
business of which is described in response to Item 2 above.
<TABLE>
<CAPTION>
<S> <C>
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Name Principal Occupation or Employment
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John P. Gibbons Executive Vice President and Chief Financial Officer
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Michael K. Stamper Executive Vice President - Risk Management
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David A. Andrukonis Senior Vice President and General Manager - Seller Division
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Henry J. Cassidy Senior Vice President - Single-Family Risk Management
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John D. Fisk Senior Vice President - Investor and Dealer Services
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Stephen T. Hopkins Senior Vice President and National Sales Director
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Melvin M. Kann Senior Vice President and General Auditor
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William I. Ledman Senior Vice President - Information Systems and Services
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Ronald J. Majewicz Senior Vice President and Corporate Controller
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Candice D. Mendenhall Senior Vice President - Human Resources
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Gregory J. Parseghian Senior Vice President - Corporate Finance
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Paul T. Peterson Senior Vice President - Servicer Division
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Ann B. Schnare Senior Vice President - Corporate Relations (Interim)
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Thomas J. Watt Senior Vice President - Multifamily Housing
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</TABLE>
During the past five years, none of Freddie Mac's directors or executive
officers has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors), or has been a party to any civil proceeding
as a result of which he or she was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
All of Freddie Mac's directors and executive officers are citizens of the United
States.
Item 3. Source and Amount of Funds or Other Consideration.
Freddie Mac purchased 10,185,100 shares of the Issuer's common stock in a series
of transactions over a period beginning May 17, 1996, for an aggregate purchase
price of $77,696,738. These purchases were made with general working capital of
Freddie Mac.
Gregory J. Parseghian, Senior Vice President - Corporate Finance of Freddie Mac,
purchased 70,000 shares of the Issuer's common stock in a series of transactions
over a period beginning July 24, 1995 and ending August 21, 1995, for an
aggregate purchase price of $516,250. These purchases were made for cash.
Item 4. Purpose of Transaction.
Freddie Mac's purchases of the Issuer's common stock were made solely for
investment purposes. Freddie Mac from time to time may acquire additional shares
of the common stock and may sell any or all of the shares it has purchased,
depending on market conditions and the relative attractiveness of other
investment opportunities.
Mr. Parseghian's purchases of the Issuer's common stock were made solely for
investment purposes, with the intention of holding the shares until the Issuer
is liquidated.
Neither Freddie Mac nor Mr. Parseghian has any plans or proposals relating to
(a) the acquisition by any other person of additional securities of the Issuer,
or the disposition of securities of the Issuer, (b) extraordinary corporate
transactions involving the Issuer or any of its subsidiaries, (c) sales or
transfers of material amounts of assets of the Issuer or any of its
subsidiaries, (d) changes in the Issuer's board of directors or management, (e)
material changes in the Issuer's capitalization or dividend policy, (f) material
changes in the Issuer's business or corporate structure, (g) changes in the
Issuer's charter, bylaws or other governing instruments, or other actions which
may impede the acquisition of control of the Issuer by any person, or (h)
delisting or termination of registration of any class of the Issuer's
securities.
Item 5. Interest in Securities of the Issuer.
Freddie Mac beneficially owns, with sole voting and dispositive power,
10,185,000 shares of the Issuer's common stock, representing 7.2% of the total
shares outstanding, determined on the basis of the Issuer's June 30, 1996 Annual
Report.
Mr. Parseghian beneficially owns, with sole voting and dispositive power, 70,000
shares of the Issuer's common stock, representing 0.05% of the total shares
outstanding, determined on the basis of the Issuer's June 30, 1996 Annual
Report.
Apart from Mr. Parseghian, none of the directors or other executive officers of
Freddie Mac named in Item 2 of this statement beneficially owns any shares of
the Issuer's common stock.
Freddie Mac originally purchased 3,768,000 shares of the Issuer's common stock,
for a purchase price of $7.5625 per share, on May 17, 1996, and purchased an
additional 429,000 shares, for a purchase price of $7.5000 per share, on June
18, 1996. Thereafter, Freddie Mac continued to purchase additional share of the
Issuer's common stock, which shares aggregated 5% of the total shares
outstanding (determined on the basis of the Issuer's June 30, 1996 Annual
Report) on September 10, 1996. The following table lists Freddie Mac's purchases
of shares of the Issuer's common stock within 60 days prior to September 10,
1996 and subsequent to September 10, 1996. All of Freddie Mac's purchases of
shares of the Issuer's common stock were effectuated in open market transactions
through registered broker-dealers.
Date of Transaction Number of Shares Purchased Purchase Price Per Share
- ------------------- -------------------------- ------------------------
7/12/96 265,700 $7.5000
7/19/96 8,200 $7.5000
7/23/96 216,000 $7.6250
7/25/96 104,600 $7.6250
7/26/96 61,000 $7.6250
7/29/96 20,500 $7.6250
7/30/96 100,000 $7.6250
8/1/96 60,000 $7.6250
8/2/96 5,000 $7.6250
8/2/96 299,100 $7.7500
8/5/96 157,000 $7.7500
8/6/96 150,000 $7.7500
8/7/96 56,900 $7.7500
8/8/96 136,000 $7.7500
8/8/96 260,000 $7.7500
8/13/96 10,000 $7.6250
8/19/96 30,000 $7.6250
8/21/96 30,000 $7.6250
8/23/96 65,600 $7.6250
8/26/96 55,500 $7.6250
8/27/96 104,100 $7.6250
8/28/96 18,500 $7.6250
8/29/96 80,900 $7.6250
8/30/96 48,900 $7.6250
9/3/96 172,000 $7.6250
9/4/96 50,000 $7.6250
9/5/96 97,400 $7.6250
9/6/96 56,800 $7.6250
9/9/96 109,200 $7.6250
9/10/96 137,800 $7.6250
9/11/96 126,900 $7.6250
9/12/96 6,000 $7.5000
9/13/96 189,900 $7.6250
9/16/96 91,000 $7.6250
9/17/96 84,500 $7.6250
9/18/96 103,000 $7.6250
9/19/96 148,000 $7.6250
9/20/96 124,900 $7.6250
9/23/96 105,000 $7.6250
9/24/96 110,000 $7.6250
9/26/96 58,000 $7.6250
9/27/96 47,500 $7.6250
9/27/96 587,400 $7.7500
9/30/96 30,100 $7.7500
10/1/96 99,000 $7.7500
10/2/96 120,600 $7.7500
10/3/96 79,000 $7.7500
10/4/96 55,800 $7.7500
10/7/96 73,200 $7.7500
10/8/96 42,400 $7.7500
10/9/96 83,500 $7.7500
10/10/96 9,000 $7.6250
10/11/96 1,000 $7.6250
10/11/96 269,000 $7.7500
10/14/96 35,200 $7.7500
10/15/96 37,200 $7.7500
10/16/96 82,200 $7.7500
10/17/96 137,100 $7.7500
10/18/96 85,000 $7.7500
Mr. Parseghian's purchases of the common stock were made through his personal
brokerage account.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships among
Freddie Mac and any of the persons named in Item 2, or between Freddie Mac or
any such person and any other person, with respect to securities of the Issuer,
other than the placement from time to time of limit orders with registered
broker-dealers for the purchase of shares of the Issuer's common stock at
specified prices.
Item 7. Material to be Filed as Exhibits.
None.
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: October 31, 1996
FEDERAL HOME LOAN MORTGAGE CORPORATION
By:
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John P. Gibbons
Executive Vice President and Chief Financial Officer
