Toronto-Dominion entities report 777 MVT preferred shares in BlackRock fund (NYSE: MVT)
Rhea-AI Filing Summary
BlackRock MuniVest Fund II, Inc. reported a large preferred stake held by a Toronto-Dominion affiliate. Toronto Dominion Investments LLC, together with related TD entities, filed an initial ownership statement for 777 Variable Rate Muni Term Preferred Shares of the fund. The footnotes explain that these shares were acquired directly from the fund by Toronto Dominion Investments LLC at a purchase price of $100,173.1232819 per share, reflecting a $100,000 liquidation preference plus accrued dividends, with the other TD entities holding their interests indirectly through the ownership chain.
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Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Variable Rate Muni Term Preferred Shares | -- | -- | -- |
Footnotes (1)
- The 777 Variable Rate Muni Term Preferred Shares ("Shares") reported as acquired in Table I represent Variable Rate Muni Term Preferred Shares of BlackRock MuniVest Fund II, Inc. (the "Issuer") beneficially owned by Toronto Dominion Investments LLC ("TDI"). The Shares were acquired from the Issuer for a purchase price of $100,173.1232819 per share (which includes a liquidation preference of $100,000.00 per share and accrued dividends of $173.1232819 per share). TDI is a wholly owned subsidiary of The Toronto-Dominion Bank ("TD Bank"). This statement is jointly filed by TD Bank, TDI, Toronto Dominion Holdings (U.S.A.), Inc. ("TDH"), and TD Group US Holdings LLC ("TD GUS"). The Shares are owned directly by TDI. TDH is the sole owner of TDI and TD GUS is the sole owner of TDH. TD Bank is the sole owner of TD GUS. TD Bank, TDH, and TD GUS hold an indirect interest in the Shares by virtue of their ownership of TDI. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
FAQ
What does the Form 3 for MVT disclose about Toronto Dominion Investments, Inc.?
The Form 3 shows that Toronto Dominion Investments LLC beneficially owns 777 Variable Rate Muni Term Preferred Shares of BlackRock MuniVest Fund II, Inc. These shares are reported as acquired and form the basis of the firm’s status as a ten percent owner in the fund.
What security did Toronto Dominion Investments LLC acquire in BlackRock MuniVest Fund II (MVT)?
The filing identifies 777 Variable Rate Muni Term Preferred Shares of BlackRock MuniVest Fund II, Inc. as beneficially owned by Toronto Dominion Investments LLC. These preferred shares carry a stated liquidation preference and variable rate terms as described in the fund’s capital structure.
Why are multiple Toronto-Dominion entities listed as ten percent owners in the MVT Form 3?
Multiple entities are listed because the preferred shares are held by a subsidiary within a corporate group. Toronto Dominion Investments LLC owns the shares directly, while its parent companies are deemed ten percent owners through their indirect ownership and therefore are included as reporting persons.