SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
March 31, 1997
(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 1) Federal Home Loan Mortgage Corporation
S.S. or I.R.S. Identification Nos. of Above I.R.S. Identification No. 52-0904874
Persons
2) Check the Appropriate Box if a Member of a Group 2) Not applicable
(See Instructions)
(a)
(b)
3) SEC Use Only 3)
4) Source of Funds (See Instructions) 4) WC
5) Check if Disclosure of Legal Proceedings is 5) Not applicable
Required Pursuant to Items 2(d) or 2(e)
6) Citizenship or Place of Organization 6) United States
Number of Shares Beneficially Owned by Each
Reporting Person with:
7) Sole Voting Power 7) 11,254,600 shares
8) Shared Voting Power 8) 0
9) Sole Dispositive Power 9) 11,254,600 shares
10) Shared Dispositive Power 10) 0
11) Aggregate Amount Beneficially Owned by Each 11) 11,254,600 shares
Reporting Person
12) Check if the Aggregate Amount in Row (11) 12) Not applicable
Excludes Certain Shares (See Instructions)
13) Percent of Class Represented by Amount in Row 13) 7.9%
(11)
14) Type of Reporting Person (See Instructions) 14) CO
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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., 345 Park Avenue, New York, New York 10154.
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. John C. Etling, Retired Vice
Chairman of General Re Corporation, a property-casualty reinsurer, was a member
of Freddie Mac's Board of Directors until his death on January 11, 1997.
Name Principal Occupation or Employment
Name, Principal Business and Address of Employer
Leland C. Brendsel Chairman of the Board and Chief Executive Officer
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, VA 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
Dennis DeConcini Associate
Parry & Romani Associates, Inc.
233 Constitution Avenue, N.E.
Washington, D.C. 20002
(Government relations firm)
Joel I. Ferguson President
WLAJ-TV
5815 S. Pennsylvania
Lansing, Michigan 48911
(Television station)
David W. Glenn President and Chief Operating Officer
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, VA 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
<PAGE>
George D. Gould Vice Chairman
Klingenstein, Fields & Company, L.P.
787 Seventh Avenue, 6th Floor
New York, New York 10019
(Investment management firm)
Jerry M. Hultin Chairman
Hultin & Associates, Inc.
4118 Faith Court
Alexandria, Virginia 22311
(Management consulting firm)
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)
Maud Mater Senior Vice President - General Counsel and
Secretary
Federal Home Loan Mortgage Corporation
8200 Jones Branch Drive
McLean, VA 22102
(See first paragraph in response to Item 2 above for
description of principal business.)
John B. McCoy Chairman and Chief Executive Officer
BANC ONE CORPORATION 100 East Broad Street, 16th
Floor Columbus, Ohio 43215 (Bank holding company)
James F. Montgomery Chairman
Great Western Financial Corporation
9200 Oakdale Avenue
Chatsworth, California 91311
(Savings and loan holding company)
James B. Nutter President
James B. Nutter & Company
4153 Broadway
Kansas City, Missouri 64111
(Mortgage banking company)
Russell E. Palmer Chairman and Chief Executive Officer
The Palmer Group
3600 Market Street, Suite 530
Philadelphia, Pennsylvania 19104
(Private investment firm)
Ronald F. Poe Chairman and Chief Executive Officer
Dorman & Wilson, Inc
One North Lexington Avenue
White Plains, New York 10601
(Mortgage banking company)
Donald J. Schuenke Retired Chairman
Northwestern Mutual Life Insurance Co.
777 East Wisconsin Avenue, Suite 3015
Milwaukee, Wisconsin 53202
(Life insurance company)
<PAGE>
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)
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)
Harriet F. Woods President
Harriett Woods Productions
7147 Princeton Avenue
St. Louis, Missouri 63130
(Media firm)
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, VA 22102, the principal business
of which is described in response to Item 2 above.
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Name Principal Occupation or Employment
John P. Gibbons Executive Vice President and Chief Financial Officer
Michael K. Stamper Executive Vice President - Risk Management
David A. Andrukonis Senior Vice President and General Manager - Seller Division
Henry J. Cassidy Senior Vice President - Single-Family Risk Management
John D. Fisk Senior Vice President - Investor and Dealer Services
Stephen T. Hopkins Senior Vice President and National Sales Director
Melvin M. Kann Senior Vice President and General Auditor
William I. Ledman Senior Vice President - Information Systems and Services
Ronald J. Majewicz Senior Vice President and Corporate Controller
Candice D. Mendenhall Senior Vice President - Human Resources
Gregory J. Parseghian Senior Vice President - Corporate Finance
Paul T. Peterson Senior Vice President - Servicer Division
Ann B. Schnare Senior Vice President - Corporate Relations (Interim)
Thomas J. Watt Senior Vice President - Multifamily Housing
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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 reported the purchase of 10,185,100 shares of the Issuer's common
stock in a Schedule 13D filed on November 1, 1996. Freddie Mac has now purchased
an additional 1,069,500 shares of the Issuer's common stock, for an aggregate
purchase price of $8,540,362.50. These purchases were made with general working
capital of Freddie Mac.
David W. Glenn, President of Freddie Mac, purchased 1,050 shares of the Issuer's
common stock in transactions on January 2, 1997 and January 14, 1997 for an
aggregate purchase price of $8,268.75. Mr. Glenn's spouse also purchased 1,050
shares of the Issuer's common stock in transactions on January 2, 1997 and
January 14, 1997 for an aggregate purchase price of $8,268.75. These purchases
were made for cash.
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.
The purchases of the Issuer's common stock by Mr. and Mrs. Glenn and Mr.
Parseghian were made solely for investment purposes, with the intention of
holding the shares until the Issuer is liquidated.
Neither Freddie Mac, Mr. and Mrs. Glenn, 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,
11,254,600 shares of the Issuer's common stock, representing 7.9% of the total
shares outstanding, determined on the basis of the Issuer's January 31, 1997
Semi-Annual Report.
Mr. Glenn beneficially owns, with sole voting and dispositive power, 1,050
shares of the Issuer's common stock, representing 0.0007% of the total shares
outstanding, determined on the basis of the Issuer's January 31, 1997
Semi-Annual Report. Mr. Glenn disclaims beneficial ownership of the 1,050 shares
of the Issuer's common stock beneficially owned by his spouse.
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 January 31, 1997
Semi-Annual Report.
Apart from Messrs. Glenn and 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's purchases of the Issuer's common stock not previously reported in
the Schedule 13D filed on November 1, 1996 are listed in the table below. All of
these purchases were effectuated in open market transactions through registered
broker-dealers.
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Date of Transaction Number of Shares Purchased Purchase Price Per Share
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9/27/96 11,000 $7.625
1/27/97 4,000 $7.750
1/28/97 3,000 $7.750
2/7/97 1,000 $7.875
2/10/97 8,000 $7.875
2/11/97 15,000 $7.875
2/12/97 11,000 $7.875
2/13/97 13,500 $7.875
2/14/97 13,500 $7.875
2/18/97 2,000 $7.875
2/19/97 4,000 $7.875
2/20/97 3,000 $7.875
3/3/97 7,100 $7.875
3/4/97 27,400 $8.000
3/5/97 37,800 $8.000
3/6/97 38,700 $8.000
3/7/97 51,300 $8.000
3/10/97 32,800 $8.000
3/11/97 35,500 $8.000
3/12/97 146,800 $8.000
3/13/97 270,700 $8.000
3/14/97 69,400 $8.000
3/17/97 32,500 $8.000
3/18/97 10,000 $8.000
3/19/97 9,000 $8.000
3/20/97 22,500 $8.000
3/21/97 25,000 $8.000
3/24/97 14,000 $8.000
3/25/97 15,500 $8.000
3/26/97 23,000 $8.000
3/27/97 71,000 $8.000
3/31/97 40,500 $8.000
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Mr. and Mrs. Glenn's purchases of the Issuer's common stock were made through
their broker for their Individual Retirement Accounts. Mr. Parseghian's
purchases of the Issuer's 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, I certify
that the information set forth in this statement is true, complete and correct.
Date: April 7, 1997
Signature: /s/ John P. Gibbons
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Name/Title: John P. Gibbons
Executive Vice President and Chief Financial Officer
