<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0001068232
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 BGT SUBSIDIARY, INC.
001 B000000 811-8949
001 C000000 2123921600
002 A000000 2 WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BLACKROCK FINANCIAL MANAGEMENT INC.
008 B000001 A
008 C000001 801-32183
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10154
010 A000001 MORGAN STANLEY DEAN WITTER ADVISORS INC.
010 B000001 11745
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10048
012 A000001 MORGAN STANLEY DEAN WITTER TRUST FSB
012 B000001 84-1785
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07302
013 A000001 DELOITTE & TOUCHE
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10048
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 26
019 C000000 BLACKSTONE
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 144
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 55
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 199
022 A000001 AUBREY G. LANSTON
022 B000001 13-5552129
022 C000001 3140257
022 D000001 0
022 A000002 SALOMON SMITH BARNEY INC.
022 B000002 13-3082694
022 C000002 2459879
022 D000002 236071
022 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 B000003 13-2741729
022 C000003 1674206
022 D000003 3919
022 A000004 COMMERZBANK
022 B000004 N/A
022 C000004 1464219
022 D000004 0
022 A000005 PAINE WEBBER INC.
022 B000005 13-2638166
022 C000005 1032709
022 D000005 0
022 A000006 LEHMAN BROTHES INC.
022 B000006 13-2518466
022 C000006 1019604
022 D000006 6917
022 A000007 PRUDENTIAL SECURITIES INC.
<PAGE> PAGE 3
022 B000007 22-2347336
022 C000007 484985
022 D000007 67997
022 A000008 CANTOR FITZGERALD
022 B000008 95-1786286
022 C000008 446640
022 D000008 0
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000009 13-5674085
022 C000009 0
022 D000009 199066
022 A000010 STATE STREET BANK
022 B000010 04-1867445
022 C000010 82350
022 D000010 0
023 C000000 11804848
023 D000000 513970
024 000000 Y
024 000000 Y
025 A000001 MERRILL LYNCH INC.
025 B000001 13-5674085
025 C000001 D
025 D000001 15846
025 A000002 PAINE WEBBER
025 B000002 13-2638166
025 C000002 D
025 D000002 13734
025 A000003 LEHMAN BROTHERS INC.
025 B000003 13-2518466
025 C000003 D
025 D000003 10714
025 A000004 NATIONSBANK
025 B000004 56-2058405
025 C000004 D
025 D000004 9961
025 A000005 SALOMON SMITH BARNEY INC.
025 B000005 13-3082694
025 C000005 D
025 D000005 9194
025 A000006 CS FIRST BOSTON
025 B000006 13-5659485
025 C000006 D
025 D000006 7483
025 A000007 MORGAN STANLEY CAPITAL
025 B000007 13-2655998
025 C000007 D
025 D000007 5168
025 A000008 GOLDMAN SACHS GROUP
025 B000008 13-5108880
025 C000008 D
025 D000008 4854
<PAGE> PAGE 4
025 A000009 PRUDENTIAL SECURITES INC.
025 B000009 22-2347336
025 C000009 D
025 D000009 1514
025 A000010 DELETE
025 D000010 0
025 A000011 DELETE
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
<PAGE> PAGE 5
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.450
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
<PAGE> PAGE 6
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 Y
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 1.4
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 20.9
062 N000000 56.1
062 O000000 0.0
062 P000000 25.7
062 Q000000 27.5
062 R000000 0.0
063 A000000 0
063 B000000 0.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
<PAGE> PAGE 7
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 448766
071 B000000 362004
071 C000000 638470
071 D000000 57
072 A000000 12
072 B000000 37638
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 2413
072 G000000 534
072 H000000 0
072 I000000 0
072 J000000 167
<PAGE> PAGE 8
072 K000000 0
072 L000000 0
072 M000000 83
072 N000000 0
072 O000000 1953
072 P000000 0
072 Q000000 0
072 R000000 131
072 S000000 29
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 223
072 X000000 5533
072 Y000000 0
072 Z000000 32105
072AA000000 0
072BB000000 1635
072CC010000 0
072CC020000 15044
072DD010000 22000
072DD020000 0
072EE000000 2704
073 A010000 0.3830
073 A020000 0.0000
073 B000000 0.0470
073 C000000 0.0000
074 A000000 512
074 B000000 0
074 C000000 7451
074 D000000 680723
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 26
074 J000000 0
074 K000000 0
074 L000000 13126
074 M000000 0
074 N000000 701838
074 O000000 0
074 P000000 3112
074 Q000000 0
074 R010000 165314
074 R020000 7266
074 R030000 0
074 R040000 3304
074 S000000 0
074 T000000 522842
074 U010000 57511
<PAGE> PAGE 9
074 U020000 0
074 V010000 9.09
074 V020000 0.00
074 W000000 0.0000
074 X000000 1
074 Y000000 0
075 A000000 0
075 B000000 536231
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION INSURANCE COMPANY OF PITTSBURG
080 C000000 1700
081 A000000 Y
081 B000000 25
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 10
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A030000 BGTS
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE BARRY FINK
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
BGT SUBSIDIARY INC.
ANNUAL FDS
12-31-1999
</LEGEND>
<CIK> 0001068232
<NAME> BGT SUBSIDIARY INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 703,138,525
<INVESTMENTS-AT-VALUE> 688,200,172
<RECEIVABLES> 5,643,931
<ASSETS-OTHER> 7,993,518
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 701,837,621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 165,314,125
<OTHER-ITEMS-LIABILITIES> 13,681,029
<TOTAL-LIABILITIES> 178,995,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 516,845,146
<SHARES-COMMON-STOCK> 57,510,639
<SHARES-COMMON-PRIOR> 57,510,639
<ACCUMULATED-NII-CURRENT> 16,205,202
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,836,238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,044,119)
<NET-ASSETS> 522,842,467
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37,637,969
<OTHER-INCOME> 0
<EXPENSES-NET> 5,532,476
<NET-INVESTMENT-INCOME> 32,105,493
<REALIZED-GAINS-CURRENT> (1,634,882)
<APPREC-INCREASE-CURRENT> (30,720,854)
<NET-CHANGE-FROM-OPS> (250,243)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,000,000)
<DISTRIBUTIONS-OF-GAINS> (2,704,333)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (24,954,576)
<ACCUMULATED-NII-PRIOR> 4,146,964
<ACCUMULATED-GAINS-PRIOR> 9,175,453
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,946,549
<INTEREST-EXPENSE> 6,068,532
<GROSS-EXPENSE> 11,601,008
<AVERAGE-NET-ASSETS> 536,230,996
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.57)
<PER-SHARE-DIVIDEND> (0.38)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.09
<EXPENSE-RATIO> 0.67
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholder of
BGT Subsidiary, Inc.
In planning and performing our audit of the financial
statements of BGT Subsidiary, Inc. (the "Trust") for the
year ended December 31, 1999 (on which we have issued our
report dated February 11, 2000), we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, and not to provide assurance on the Trust's internal
control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control,
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of changes in
conditions, or that the degree of compliance with policies
or procedures may deteriorate.
Our consideration of the Trust's internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the Trust's internal control and its operation, including
controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31,
1999.
This report is intended solely for the information and use
of management, the Board of Directors of BGT Subsidiary,
Inc., and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than
these specified parties.
Deloitte & Touche LLP
New York, New York
February 11, 2000
