BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC, N-30D, 1999-12-29

BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC
N-30D, 1999-12-29

Previous: EVERGREEN FIXED INCOME TRUST, NSAR-A, 1999-12-29

Next: HEMAGEN DIAGNOSTICS INC, 10KSB40, 1999-12-29

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------

November 30, 1999

Dear Shareholder:

After easing monetary policy three times during the fourth quarter of 1998,
the Federal Reserve reversed its trend by raising the Fed funds target rate 75
basis points (to 5.50%) over the course of 1999 in response to robust GDP, low
unemployment and rising equity prices. U.S. Treasury yields rose significantly
during the past twelve months, with the yield of the 30-year Treasury rising
above 6.00% for the first time since May 1998.

Despite the rise in Treasury yields, continued strong economic growth may
spur the Federal Reserve to proactively fight perceived inflation through
continued monetary policy tightening in 2000. Until the inflation picture
becomes clearer, we expect interest rates to remain largely range-bound.
Accordingly, we will continue to seek the most attractive relative value
opportunities and utilize our proprietary risk management systems to help the
Trust to achieve its investment objectives.

This report contains a summary of market conditions during the annual
period and a review of portfolio strategy by your Trust's managers in addition
to the Trust's audited financial statements and a detailed portfolio list of the
portfolio's holdings. Continued thanks for your confidence in BlackRock. We
appreciate the opportunity to help you achieve your long-term investment goals.

Sincerely,

/s/ Laurence D. Fink /s/ Ralph L. Schlosstein
- -------------------- ------------------------
Laurence D. Fink Ralph L. Schlosstein
Chairman President

1
<PAGE>

November 30, 1999

Dear Shareholder:

We are pleased to present the annual report for The BlackRock Broad
Investment Grade 2009 Term Trust Inc. ("the Trust") for the fiscal year ended
October 31, 1999. We would like to take this opportunity to review the Trust's
stock price and net asset value (NAV) performance, summarize market developments
and discuss recent portfolio management activity.

The Trust is a diversified, actively managed closed-end bond fund whose
shares are traded on the American Stock Exchange under the symbol "BCT". The
Trust's investment objective is to return $15 per share (its initial offering
price) to shareholders on or about December 31, 2009 while providing high
current income. Although there can be no guarantee, BlackRock is confident that
the Trust can achieve its investment objectives.

The Trust seeks these objectives by investing in investment grade fixed
income securities, including corporate debt securities, mortgage-backed
securities backed by U.S. Government agencies (such as Fannie Mae, Freddie Mac
or Ginnie Mae) and commercial mortgage-backed securities. Historically, the
Trust has been primarily invested in corporate debt securities and
collateralized mortgage obligations (CMOs). All of the Trust's assets must be
rated "BBB" by Standard & Poor's or "Baa" Moody's at time of purchase or be
issued or guaranteed by the U.S. government or its agencies.

The table below summarizes the performance of the Trust's stock price and
NAV over the past twelve months:

-----------------------------------------------------
10/31/99 10/31/98 CHANGE HIGH LOW
- --------------------------------------------------------------------------------
STOCK PRICE $11.4375 $13.25 (13.68)% $13.375 $11.1875
- --------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $13.64 $15.01 (9.13)% $15.01 $13.42
- --------------------------------------------------------------------------------
10-YEAR U.S. TREASURY NOTE 6.02% 4.61% 30.59% 6.24% 4.52%
- --------------------------------------------------------------------------------

THE FIXED INCOME MARKETS

The U.S. economy sustained its growth during the past twelve months, as
U.S. exports and manufacturing continued to rebound. Additionally, consumer
strength remains an important contributor to economic growth as low unemployment
and rising incomes fuel domestic demand. After lowering interest rates three
times in the second half of 1998, and despite inflation concerns as measured by
CPI and PPI remaining relatively benign, the Federal Reserve adopted a
tightening bias and raised its target for the Federal funds rate from 4.75% to
5.50% between June and November 1999. In a statement accompanying the latest
tightening on November 16, it was indicated that the Fed believes that growth
"continues in excess of the economy's growth potential"; nevertheless, the Fed
reversed their tightening stance by adopting a neutral bias.

After a brief rally in late 1998, Treasury yields rose dramatically during
1999. Over the period, the yield of the 30-year Treasury increased by 100 basis
points, closing at 6.16% on October 31. Bond prices, which move inversely to
their yields, were punished by the constant threat of inflation in response to
the strong economic data and the market's uncertainty over the Fed's policy
throughout the year. Recently, a weaker dollar, higher commodity prices and
strong gains in the U.S. and European equity markets have depressed overall
demand for fixed income securities.

2
<PAGE>

Mortgage security performance outpaced the broader domestic fixed income
markets during the period, as the LEHMAN BROTHERS MORTGAGE INDEX posted a 3.00%
total return versus the LEHMAN BROTHERS AGGREGATE INDEX's 0.53%. Factors
contributing to the strong relative performance of mortgages were higher
interest rates, which helped to alleviate prepayment fears, and a decrease in
new issuance that provided a favorable technical environment. Despite an
anticipated record level of new issuance in 1999 and concern that economic
momentum may recede at year-end, investment grade corporate bonds outperformed
U.S. Treasuries and the broader investment grade market during the period.
Corporate profits improved during the period, as did the ratio of ratings
upgrades to downgrades. However, BlackRock maintains a cautious view of the
corporate market, as the long-term upgrade/downgrade trend remains negative, and
higher commodity prices could squeeze corporate profits going forward. For the
period, the LEHMAN CORPORATE INDEX returned 0.68% versus a return of -0.82% for
the MERRILL LYNCH U.S. TREASURY MASTER INDEX and 0.53% for THE LEHMAN BROTHERS
AGGREGATE INDEX.

THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY

BlackRock actively manages the Trust's portfolio holdings consistent with
BlackRock's overall market outlook and the Trust's investment objectives. The
following chart compares the Trust's current and October 31, 1998 asset
composition:

- --------------------------------------------------------------------------------
SECTOR BREAKDOWN
- --------------------------------------------------------------------------------
COMPOSITION OCTOBER 31, 1999 OCTOBER 31, 1998
- --------------------------------------------------------------------------------
Agency Multiple Class Mortgage Pass-Throughs 21% 20%
- --------------------------------------------------------------------------------
Corporate Bonds 18% 18%
- --------------------------------------------------------------------------------
Interest-Only Mortgage-Backed Securities 15% 15%
- --------------------------------------------------------------------------------
Commercial Mortgage-Backed Securities 14% 16%
- --------------------------------------------------------------------------------
U.S. Gov't Securities 10% 5%
- --------------------------------------------------------------------------------
Inverse-Floating Rate Mortgages 9% 14%
- --------------------------------------------------------------------------------
Municipal Bonds 5% 5%
- --------------------------------------------------------------------------------
Asset Backed Securities 4% 4%
- --------------------------------------------------------------------------------
Principal-Only Mortgage-Backed Securities 3% 3%
- --------------------------------------------------------------------------------
Non-Agency Multiple Class Mortgage Pass-Throughs 1% --
- --------------------------------------------------------------------------------

The Trust maintained its focus on achieving its dual objectives of
returning its initial offering price of $15 upon termination and paying a
monthly dividend consistent with the December 31, 2009 termination date.
Accordingly, the Trust maintained its allocation to investment grade corporate
bonds, commercial mortgage-backed securities and structured CMOs, all of which
offer "bullet" maturity dates that match the termination date of the Trust and
yields above comparable maturity Treasury securities. As interest rates rose,
the Trust's U.S. Treasury allocation was modestly increased as selected mortgage
exposure was pared. Additionally, the credits of all Trust portfolio holdings
continued to be actively monitored as part of BlackRock's diligent credit review
process.

3
<PAGE>

We look forward to continuing to manage the Trust to benefit from the
opportunities available to investors in the fixed income markets as well as to
maintain the Trust's ability to meet its investment objectives. We thank you for
your investment in the BlackRock Broad Investment Grade 2009 Term Trust Inc.
Please feel free to contact our marketing center at (800) 227-7BFM (7236) if you
have specific questions which were not addressed in this report.

Sincerely yours,

/s/ Robert S. Kapito /s/ Michael P. Lustig
- ------------------------------------ ------------------------------------
Robert S. Kapito Michael P. Lustig
Vice Chairman and Portfolio Manager Director and Portfolio Manager
BlackRock Financial Management, Inc. BlackRock Financial Management, Inc.

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
- --------------------------------------------------------------------------------
Symbol on American Stock Exchange: BCT
- --------------------------------------------------------------------------------
Initial Offering Date: June 17, 1993
- --------------------------------------------------------------------------------
Closing Stock Price as of 10/31/99: $11.4375
- --------------------------------------------------------------------------------
Net Asset Value as of 10/31/99: $13.64
- --------------------------------------------------------------------------------
Yield on Closing Stock Price as of 10/31/99 ($11.4375)1: 7.21%
- --------------------------------------------------------------------------------
Current Monthly Distribution per Share2: $ 0.06875
- --------------------------------------------------------------------------------
Current Annualized Distribution per Share2: $ 0.82500
- --------------------------------------------------------------------------------

1 Yield on Closing Stock Price is calculated by dividing the current annualized
distribution per share by the closing stock price per share.
2 The distribution is not constant and is subject to change.

4
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
- --------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--138.6%
MULTIPLE CLASS MORTGAGE
PASS-THROUGHS--44.3%
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage Participation
Certificates,
$ 2,293 Series 1353, Class 1353-S,
8/15/07, (ARM) ......................... $ 217,069
242++ Series 1506, Class 1506-S,
5/15/08, (ARM) ......................... 250,964
2,168++ Series 1510, Class 1510-G,
5/15/13 ................................ 2,140,813
400 Series 1534, Class 1534-IG,
2/15/10 ................................ 345,672
558 Series 1580, Class 1580-SD,
9/15/08 ................................ 534,544
600 Series 1601, Class 1601-SD,
10/15/08 ............................... 609,186
1,025++ Series 1626, Class 1626-SA,
12/15/08, (ARM) ........................ 738,994
236 Series 1637, Class 1637-LE,
12/15/23, (ARM) ........................ 191,786
500 Series 1688, Class 1688-S,
12/15/13, (ARM) ........................ 456,715
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
694++ Trust 1992-43, Class 43-E,
4/25/22 ................................ 698,504
50 Trust 1992-174, Class 174-S,
9/25/22, (ARM) ......................... 111,126
858 Trust 1992-190, Class 190-S,
11/25/07, (ARM) ........................ 776,882
1,000++ Trust 1993-49, Class 49-H,
4/25/13 ................................ 982,030
3,053+ Trust 1993-79, Class 79-PK,
4/25/22 ................................ 2,962,676
2,646+ Trust 1993-87, Class 87-J,
4/25/22 ................................ 2,417,015
1,000 Trust 1993-156, Class 156-SE,
10/25/19, (ARM) ........................ 959,310
589 Trust 1993-191, Class 191-SD,
10/25/08, (ARM) ........................ 512,912
593++ Trust 1993-202, Class 202-VB,
11/25/23, (ARM) ........................ 523,036
692++ Trust 1993-214, Class 214-SK,
12/25/08 ............................... 677,366
$ 500++ Trust 1994-13, Class 13-SJ,
2/25/09 ............................... $ 503,285
126 Trust 1994-37, Class 37-SC,
3/25/24, (ARM) ......................... 123,508
1,500++ Trust 1996-20, Class 20-SB,
10/25/08, (ARM) ........................ 397,031
A- 750 PaineWebber Mortgage Acceptance
Corp. IV, Series 1995-M1, Class D,
7.30%, 1/15/07** ....................... 742,988
------------
17,873,412
------------

INTEREST ONLY MORTGAGE-BACKED
SECURITIES--21.0%
AAA 14,094 CS First Boston Mortgage
Securities Corp.,
Series 1997-C1, Class AX,
4/20/22** .............................. 1,235,513
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage Participation
Certificates,
977 Series 65, Class 65-I,
8/15/20 ................................ 230,067
404 Series 141, Class 141-H,
5/15/21 ................................ 110,383
2,550 Series 1645, Class 1645-IB,
9/15/08 ................................ 425,059
2,085 Series 1900, Class 1900-SV,
8/15/08 ................................ 273,211
22,284 Series 1995, Class 1995-SB,
10/15/27 ............................... 29,638
1,038 Series 2061, Class 2061-JR,
9/20/22 ................................ 187,619
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
4,000 Trust 1993-138, Class 138-JK,
5/25/19 ................................ 421,320
12,000 Trust 1993-191, Class 191-S,
10/25/07, (ARM) ........................ 84,372
11,024 Trust 1993-208, Class 208-S,
2/25/23 ................................ 358,290
2,489 Trust 1993-223, Class 223-PT,
10/25/23 ............................... 318,923
1,332 Trust 1994-39, Class 39-PE,
1/25/23 ................................ 144,892
2,513 Trust 1994-42, Class 42-SO,
3/25/23 ................................ 283,433

See Notes to Financial Statements.

5
<PAGE>

- --------------------------------------------------------------------------------
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
- --------------------------------------------------------------------------------
Federal National Mortgage
Association, REMIC Pass-Through
Certificates, (cont'd)
$ 1,580 Trust 1996-20, Class 20-SL,
9/25/08 ................................ $ 391,335
1,250 Trust 1997-50, Class 50-HK,
8/25/27 ................................ 388,648
48,583 Trust 1997-81, Class 81-SD,
12/18/27 ............................... 68,089
1,500++ Trust 1997-90, Class 90-M,
1/25/28 ................................ 480,120
31 Trust G-21, Class 21-L,
7/25/21 ................................ 77,343
119 Trust G93-25, Class 25-J,
12/25/19 ............................... 332,055
AAA 19,672++ First Union-Lehman Brothers--
Bank of America,
Series 1998-C2, Class IO,
5/18/28 ................................ 727,459
AAA 22,731 GMAC Commercial Mortgage
Securities Inc., Series 1998-C2,
Class X, 8/15/23 ....................... 891,894
Government National Mortgage
Association,
984 Trust 1998-24, Class 24-IB,
5/20/23 ................................ 221,442
9,637 Trust 1999-27, Class 27-SD,
6/17/09 ................................ 361,393
AAA 5,873 Merrill Lynch Mortgage Investors, Inc.,
Series 1997-C2, Class IO,
12/10/29 ............................... 389,423
NR 156 Salomon Brothers Mortgage
Securities Inc. VI,
Series 1987-3, Class B,
10/23/17 ............................... 39,022
-----------
8,470,943
-----------
PRINCIPAL ONLY MORTGAGE-BACKED
SECURITIES--3.8%
205 Federal Home Loan Mortgage Corp.,
Multiclass Mortgage Participation
Certificates,
Series 1700, Class 1700-GA,
2/15/24 ................................ 154,103
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
1,341 Trust 1994-46, Class 46-D,
11/25/23 ............................... 1,028,359
66 Trust 1997-85, Class 85-LE,
10/25/23 ............................... 54,826
AAA 224 PaineWebber Mortgage
Acceptance Corp. IV,
Series 1993-5, Class A-14,
6/25/08 ................................ 178,082
NR $ 156 Salomon Brothers Mortgage
Securities Inc. VI,
Series 1987-3, Class A,
10/23/17 ............................... $ 129,666
-----------
1,545,036
-----------
COMMERCIAL MORTGAGE-BACKED
SECURITIES--18.3%
AAA 462 Citicorp Mortgage Securities, Inc.,
Series 1993-14, Class A-4,
3.623%, 11/25/23, (ARM) ................ 292,968
Aaa 500 Deutsche Mortgage and Asset
Receiving Corp.,
Series 1998-C1, Class A-2,
6.538%, 2/15/08 ........................ 471,931
BBB 500 DLJ Mortgage Acceptance Corp.,
Series 1997-CF1,
7.91%, 4/15/07** ....................... 467,605
Aa1 750 FDIC REMIC Trust, Mortgage
Pass-Through Certificates,
Series 1994-C1, Class 11-F,
8.70%, 9/25/25 ......................... 774,618
Aaa 500 GS Mortgage Securities Corp.,
Series 1996-PL, Class A-2,
7.41%, 2/15/27 ......................... 495,491
Merrill Lynch Mortgage Investors, Inc.,
BBB 500 Series 1995-C1, Class D,
7.986%, 5/25/15 ........................ 484,898
BBB 500 Series 1996-C1, Class D,
7.42%, 4/25/28 ......................... 478,959
AAA 290 Morgan Stanley Capital 1 Inc.,
Series 1996-WF1, Class A-3,
7.39%, 8/15/06** ....................... 291,989
AAA 445 Mortgage Capital Funding Inc.,
Series 1998-MC3, Class A-1,
6.00%, 11/18/31 ........................ 423,430
AAA 750 New York City Mortgage Loan Trust,
Multifamily Mortgage
Pass-Through,
Class A-2,
6.75%, 6/25/11** ....................... 712,148
BBB+ 600 Nomura Asset Capital Corp.,
Series 1993-M1, Class A-3,
7.64%, 11/25/03** ...................... 596,521
AAA 1,000 Prudential Securities Secured
Financing Corp.,
Series 1998-C1, Class A1-B,
6.506%, 7/15/08 ........................ 947,230
A 454 Resolution Trust Corp.,
Series 1994-C2, Class D,
8.00%, 4/25/25 ......................... 449,521
AAA 500 Structured Asset Securities Corp.,
Series 1996-CFL, Class B,
6.303%, 2/25/28 ........................ 496,719
-----------
7,384,028
-----------
See Notes to Financial Statements.

6
<PAGE>

- --------------------------------------------------------------------------------
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
- --------------------------------------------------------------------------------
CORPORATE BONDS--24.5%
FINANCE & BANKING--9.1%
A3 $ 500 Amsouth Bancorporation,
6.75%, 11/01/25 .......................... $ 485,880
A+ 600 Equitable Life Assured Society,
6.95%, 12/01/05** ........................ 587,357
A 400 Lehman Brothers Holding Inc.,
Series A, 6.75%, 9/24/01 ................. 397,721
A+ 500 Metropolitan Life Insurance Co.,
6.30%, 11/01/03** ........................ 481,430
Aa3 1,000 Morgan Stanley Group, Inc.,
10.00%, 6/15/08 .......................... 1,169,360
A- 500 PaineWebber Group, Inc.,
8.875%, 3/15/05 .......................... 527,777
-----------
3,649,525
-----------
INDUSTRIALS--8.3%
A2 100 American Airlines, Inc., Secured
Equipment Trust, Series 1990-M,
10.44%, 3/04/07 .......................... 113,658
A1 1,000 Dow Capital BV,
9.20%, 6/01/10 ........................... 1,121,480
A+ 500 Ralcorp Holdings, Inc.,
8.75%, 9/15/04 ........................... 537,170
A- 500 Ralston Purina Co.,
9.25%, 10/15/09 .......................... 556,335
BBB- 500 Seagram Joseph E. & Sons, Inc.,
7.00%, 4/15/08 ........................... 481,110
AA- 500 Tele-Communications, Inc.,
8.25%, 1/15/03 ........................... 520,225
-----------
3,329,978
-----------
UTILITIES--2.6%
A 500 360 Communications Co.,
7.50%, 3/01/06 ........................... 504,055
Baa2 500 Ohio Edison Co.,
8.625%, 9/15/03 .......................... 525,390
-----------
1,029,445
-----------
YANKEE--4.5%
BBB- 500 Empresa Electric Guacolda SA,
7.95%, 4/30/03** ......................... 475,000
BBB+ 170 Empresa Electric Pehuenche,
7.30%, 5/01/03 ........................... 165,123
A- 500 Israel Electric Corp. Ltd.,
7.25%, 12/15/06** ........................ 483,290
Baa2 1,000 Petrozuata Finance Inc.,
Series A, 7.63%, 4/01/09** ............... 708,200
-----------
1,831,613
-----------
9,840,561
-----------
ASSET-BACKED SECURITIES--5.0%
AAA $ 1,230 Chase Credit Card Master Trust,
Series 1997-5, Class A,
6.194%, 8/15/05 ........................ $ 1,215,194
A 253 Global Rated Eligible Asset Trust,
Series 1998-A, Class A-1,
7.33%, 9/15/07**/@ ..................... 75,834
AA 459 Pegasus Aviation Lease Securitization,
Series 1999-1, Class A-1,
6.30%, 3/25/29** ....................... 444,710
Structured Mortgage Asset
ResidentialTrust,
A 612 Series 1997-2,
8.24%, 3/15/06**/@ ..................... 134,549
A 674 Series 1997-3,
8.57%, 4/15/06**/@ ..................... 148,382
-----------
2,018,669
-----------
U.S GOVERNMENT AND AGENCY
SECURITIES--14.1%
625 Small Business Administration
Participation Certificate,
Series 1998-10, Class 10-A,
6.12%, 2/01/08 ......................... 588,769
U.S. Treasury Notes,
1,200++ 4.75%, 11/15/08 ........................ 1,086,000
2,710++ 5.50%, 5/15/09 ......................... 2,599,486
1,030+ 6.00%, 8/15/09 ......................... 1,028,548
385 6.625%, 5/15/07 ........................ 395,045
-----------
5,697,848
-----------
TAXABLE MUNICIPAL BONDS--7.6%
AA- 500 Fresno California Pension
Obligation,
Series 1994, 7.80%, 6/01/14 .............. 503,660
AAA 500 Kern County California Pension
Obligation,
6.98%, 8/15/09 ......................... 494,425
Los Angeles County California
Pension Obligation,
AAA 1,000 Series A, 8.62%, 6/30/06 ................. 1,084,750
AAA 500 Series D, 6.97%, 6/30/08 ................. 496,430
AAA 500 Orleans Parish Louisiana
School Board,
Series A, 6.60%, 2/01/08 ................. 485,110
-----------
3,064,375
-----------

See Notes to Financial Statements.

7
<PAGE>

- ----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Private placements restricted as to resale.
+ Partial principal amount pledged as collateral for reverse repurchase
agreements.
++ Entire principal amount pledged as collateral for reverse repurchase
agreements.
@ Illiquid securities representing 0.64% of portfolio assets.

- --------------------------------------------------------------------------------
KEY TO ABBREVIATIONS:

ARM - Adjustable Rate Mortgage.
LIBOR - London InterBank Offer Rate.
REMIC - Real Estate Mortgage Investment Conduit.
- --------------------------------------------------------------------------------

See Notes to Financial Statements.

8
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999
- --------------------------------------------------------------------------------

ASSETS
Investments, at value
(cost $57,154,636) (Note 1) ............................... $ 55,904,169)
Cash ........................................................ 47,333
Interest receivable ......................................... 786,751
Interest rate cap, at value
(amortized cost $74,244) (Notes 1 & 3) .................... 59,015
------------
56,797,268
------------
LIABILITIES
Reverse repurchase agreements (Note 4) ...................... 16,303,950
Interest payable ............................................ 46,969
Investment advisory fee payable (Note 2) .................... 18,745
Administration fee payable (Note 2) ......................... 5,112
Other accrued expenses ...................................... 77,939
------------
16,452,715
------------
NET ASSETS .................................................. $ 40,344,553
============
Net assets were comprised of:
Common stock:
Par value (Note 5) ...................................... $ 29,571
Paid-in capital in excess of par ........................ 40,614,255
------------
40,643,826
------------
Undistributed net investment income ....................... 2,044,948
Accumulated net realized loss ............................. (1,078,525)
Net unrealized depreciation ............................... (1,265,696)
------------
Net assets, October 31, 1999 .............................. $ 40,344,553
============
Net asset value per share:
($40,344,553 / 2,957,093 shares of
common stock issued and outstanding) ...................... $ 13.64)
============

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------

NET INVESTMENT INCOME
Income
Interest (net of premium amortization of
$2,121,295 and interest expense of
$962,152) ................................................. $ 3,257,037
------------
Operating Expenses
Investment advisory ....................................... 231,176
Administration ............................................ 63,048
Reports to shareholders ................................... 28,000
Custodian ................................................. 17,000
Directors ................................................. 14,000
Transfer agent ............................................ 11,000
Audit ..................................................... 7,000
Legal ..................................................... 7,000
Miscellaneous ............................................. 55,224
------------
Total operating expenses .................................. 433,448
------------
Net investment income before excise tax ..................... 2,823,589
Excise tax .................................................. 66,603
------------
Net investment income ....................................... 2,756,986
------------

REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (NOTE 3)
Net realized gain (loss) on:
Investments ............................................... (387,717)
Futures ................................................... (267,854)
Swaps ..................................................... (20,283)
Short sales ............................................... 854,219
Written options ........................................... 130,250
308,615
Net change in unrealized
appreciation (depreciation) on:
Investments ............................................... (4,932,815)
Interest rate cap ......................................... 66,562
Futures ................................................... 26,542
Swaps ..................................................... (7,443)
Short sales ............................................... 3,112
Written options ........................................... 241,437
------------
(4,602,605)
------------
Net loss on investments ..................................... (4,293,990)
------------

NET DECREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................................... $ (1,537,004)
============

See Notes to Financial Statements.

9
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
STATEMENT OF CASH FLOWS
YEAR ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------

RECONCILIATION OF NET DECREASE IN
NET ASSETS RESULTING FROM OPERATIONS
TO NET CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net decrease in net assets resulting from
operations ................................................ $ (1,537,004)
------------
Decrease in investments ..................................... 3,281,713
Net realized gain ........................................... (308,615)
Decrease in unrealized appreciation ......................... 4,602,605
Decrease in interest rate cap ............................... 32,222
Increase in interest receivable ............................. (32,339)
Decrease due to broker-variation margin ..................... 1,700
Decrease in other assets .................................... 6,197
Decrease in interest payable ................................ (146,195)
Increase in accrued expenses and other
liabilities ............................................... 31,511
------------
Total adjustments ......................................... 7,468,799
------------
Net cash flows provided by operating activities ............. $ 5,931,795
============

INCREASE (DECREASE) IN CASH
Net cash flows provided by operating activities ............ $ 5,931,795)
------------
Cash flows used
for financing activities:
Decrease in reverse repurchase agreements ................. (3,466,136)
Cash dividends paid ....................................... (2,513,313)
------------
Net cash flows used for financing activities ................ (5,979,449)
------------
Net decrease in cash ....................................... (47,654)
Cash at beginning of year .................................. 94,987
------------
Cash at end of year ........................................ $ 47,333
============

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
STATEMENTS OF CHANGES IN
NET ASSETS
- --------------------------------------------------------------------------------

YEAR ENDED OCTOBER 31,
-----------------------------
1999 1998
----------- -----------

INCREASE (DECREASE) IN ~NET ASSETS
Operations:
Net investment income .................... $ 2,756,986) $ 3,533,934)
Net realized gain
on investments ......................... 308,615 498,937
Net change in unrealized
appreciation (depreciation) ............ (4,602,605) 212,726
----------- -----------
Net increase (decrease) in net
assets resulting from
operations ............................. (1,537,004) 4,245,597
Dividends from
net investment income .................. (2,513,313) (2,661,192)
----------- -----------
Total increase (decrease) ................ (4,050,317) 1,584,405

NET ASSETS
Beginning of year .......................... 44,394,870 42,810,465
----------- -----------
End of year ................................ $40,344,553 $44,394,870
=========== ===========

See Notes to Financial Statements.

10
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year ...................... $ 15.01) $ 14.48 $ 13.46 $ 13.40 $ 11.94
------ ------ ------ ------ ------
Net investment income (net of interest expense of
$0.33, $0.36, $0.36, $0.35, and $0.68) .93 1.20 1.10 1.00 .85
Net realized and unrealized gain (loss) on investments. (1.45) .23 .82 (.03) 1.60
------ ------ ------ ------ ------
Net increase (decrease) from investment operations ...... (.52) 1.43 1.92 .97 2.45
------ ------ ------ ------ ------
Dividends and distributions:
Dividends from net investment income .................. (.85) (.90) (.90) (.91) (.85)
Distributions from paid-in capital..................... -- -- -- -- (.14)
------ ------ ------ ------ ------
Total dividends and distributions........................ (.85) (.90) (.90) (.91) (.99)
------ ------ ------ ------ ------
Net asset value, end of year*............................ $ 13.64 $ 15.01 $ 14.48 $ 13.46 $ 13.40
====== ====== ====== ====== ======
Per share market value, end of year*..................... $ 11.44 $ 13.25 $ 12.13 $ 11.00 $ 11.13
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN+ ................................ (7.68)% 17.15% 19.05% 6.67% 22.43%
RATIOS TO AVERAGE NET ASSETS:
Operating Expenses# ..................................... 1.03% 1.01% 1.02% 1.12% 1.00%
Net investment income ................................... 6.58% 8.13% 8.03% 7.59% 6.78%
SUPPLEMENTAL DATA:
Average net assets (in thousands) ....................... $41,909 $ 43,482 $ 40,416 $38,786 $ 37,080
Portfolio turnover ...................................... 25% 25% 36% 58% 116%
Net assets, end of year (in thousands) .................. $40,345 $ 44,395 $42,810 $39,805 $ 39,634
Reverse repurchase agreements outstanding,
end of year (in thousands) ............................ $16,304 $19,770 $20,363 $18,081 $ 18,489
Asset coverage++......................................... $ 3,475 $ 3,246 $ 3,102 $ 3,209 $ 3,144
</TABLE>

* Net asset value and market value are published in BARRON'S on Saturday
and THE WALL STREET JOURNAL each Monday.
# The ratios of operating expenses, including interest expense and excise
tax, to average net assets were 3.49%, 3.51%, 3.65%, 3.81%, and 6.42%,
for the years indicated above, respectively.
+ Total investment return is calculated assuming a purchase of common
stock at the current market price on the first day and a sale at the
current market price on the last day of the year reported. Dividends
and distributions, if any, are assumed for purposes of this
calculation, to be reinvested at prices obtained under the Trust's
dividend reinvestment plan. Total investment return does not reflect
brokerage commissions.
++ Per $1,000 of reverse repurchase agreements outstanding.

The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for each of the years indicated. This
information has been determined based upon financial information provided in the
financial statements and market value data for the Trust's shares.

See Notes to Financial Statements.

11
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
& ACCOUNTING
POLICIES

The BlackRock Broad Investment Grade 2009 Term Trust Inc. (the "Trust"), a
Maryland corporation, is a diversified, closed-end management investment
company. The investment objective of the Trust is to manage a portfolio of fixed
income securities that will return $15 per share to investors on or shortly
before December 31, 2009 while providing high monthly income. The ability of
issuers of debt securities held by the Trust to meet their obligations may be
affected by economic developments in a specific industry or region. No assurance
can be given that the Trust's investment objective will be achieved.

The following is a summary of significant accounting policies followed by
the Trust.

SECURITIES VALUATION: The Trust values mortgage-backed and asset-backed
securities, interest rate swaps, caps, floors and non-exchange traded options
and other debt securities on the basis of current market quotations provided by
dealers or pricing services approved by the Trust's Board of Directors. In
determining the value of a particular security, pricing services may use certain
information with respect to transactions in such securities, quotations from
dealers, market transactions in comparable securities, various relationships
observed in the market between securities, and calculated yield measures based
on valuation technology commonly employed in the market for such securities.
Exchange-traded options are valued at their last sales price as of the close of
options trading on the applicable exchanges. In the absence of a last sale,
options are valued at the average of the quoted bid and asked prices as of the
close of business. A futures contract is valued at the last sale price as of the
close of the commodities exchange on which it trades unless the Trust's Board of
Directors determines that such price does not reflect its fair value, in which
case it will be valued at its fair value as determined by the Trust's Board of
Directors. Any securities or other assets for which such current market
quotations are not readily available are valued at fair value as determined in
good faith under procedures established by and under the general supervision and
responsibility of the Trust's Board of Directors.

Short-term securities which mature in 60 days or less are valued at
amortized cost, if their term to maturity from date of purchase is 60 days or
less. Short-term securities with a term to maturity greater than 60 days from
the date of purchase are valued at current market quotations until maturity or
disposition.

In connection with transactions in repurchase agreements, the Trust's
custodian takes possession of the underlying collateral securities, the value of
which at least equals the principal amount of the repurchase
transaction, including accrued interest. To the extent that any repurchase
transaction exceeds one business day, the value of the collateral is
marked-to-market on a daily basis to ensure the adequacy of the collateral. If
the seller defaults and the value of the collateral declines or if bankruptcy
proceedings are commenced with respect to the seller of the security,
realization of the collateral by the Trust may be delayed or limited.

OPTION SELLING/PURCHASING: When the Trust sells or purchases an option, an
amount equal to the premium received or paid by the Trust is recorded as a
liability or an asset and is subsequently adjusted to the current market value
of the option written or purchased. Premiums received or paid from writing or
purchasing options which expire unexercised are treated by the Trust on the
expiration date as realized gains or losses. The difference between the premium
and the amount paid or received on effecting a closing purchase or sale
transaction, including brokerage commissions, is also treated as a realized gain
or loss. If an option is exercised, the premium paid or received is added to the
proceeds from the sale or cost of the purchase in determining whether the Trust
has realized a gain or a loss on investment transactions. The Trust, as writer
of an option, may have no control over whether the underlying securities may be
sold (call) or purchased (put) and as a result bears the market risk of an
unfavorable change in the price of the security underlying the written option.

Options, when used by the Trust, help in maintaining a targeted duration.
Duration is a measure of the price sensitivity of a security or a portfolio to
relative changes in interest rates. For instance, a duration of "one" means that
a portfolio's or a security's price would be expected to change by approximately
one percent with a one percent change in interest rates, while a duration of
five would imply that the price would move approximately five percent in
relation to a one percent change in interest rates.

Option selling and purchasing is used by the Trust to effectively hedge
more volatile positions, or collections of positions, so that changes in
interest rates do not change the duration of the portfolio unexpectedly. In
general, the Trust uses options to hedge a long or short position or an overall
portfolio that is longer or shorter than the benchmark security. A call option
gives the purchaser of the option the right

12
<PAGE>

(but not obligation) to buy, and obligates the seller to sell (when the option
is exercised), the underlying position at the exercise price at any time or at a
specified time during the option period. A put option gives the holder the right
to sell and obligates the writer to buy the underlying position at the exercise
price at any time or at a specified time during the option period. Put options
can be purchased to effectively hedge a position or a portfolio against price
declines if a portfolio is long. In the same sense, call options can be
purchased to hedge a portfolio that is shorter than its benchmark against price
changes. The Trust can also sell (or write) covered call options and put options
to hedge portfolio positions.

The main risk that is associated with purchasing options is that the option
expires without being exercised. In this case, the option expires worthless and
the premium paid for the option is considered the loss. The risk associated with
writing call options is that the Trust may forego the opportunity for a profit
if the market value of the underlying position increases and the option is
exercised. The risk in writing put options is that the Trust may incur a loss if
the market value of the underlying position decreases and the option is
exercised. In addition, as with futures contracts, the Trust risks not being
able to enter into a closing transaction for the written option as the result of
an illiquid market.

INTEREST RATE SWAPS: In an interest rate swap, one investor pays a floating rate
of interest on a notional principal amount and receives a fixed rate of interest
on the same notional principal amount for a specified period of time.
Alternatively, an investor may pay a fixed rate and receive a floating rate.
Rate swaps are efficient as asset/liability management tools. In more complex
swaps, the notional principal amount may decline (or amortize) over time.

During the term of the swap, changes in the value of the swap are
recognized as unrealized gains or losses by "marking-to-market" to reflect the
market value of the swap. When the swap is terminated, the Trust will record a
realized gain or loss equal to the difference between the proceeds from (or cost
of) the closing transaction and the Trust's basis in the contract, if any.

The Trust is exposed to credit loss in the event of non-performance by the
other party to the swap. However, the Trust closely monitors swaps and does not
anticipate non-performance by any counterparty.

SWAP OPTIONS: Swap options are similar to options on securities except that
instead of selling or purchasing the right to buy or sell a security, the writer
or purchaser of the swap option is granting or buying the right to enter into a
previously agreed upon interest rate swap agreement at any time before the
expiration of the option. Premiums received or paid from writing or purchasing
options are recorded as liabilities or assets and are subsequently adjusted to
the current market value of the option written or purchased. Premiums received
or paid from writing or purchasing options which expire unexercised are treated
by the Trust on the expiration date as realized gains or losses. The difference
between the premium and the amount paid or received on effecting a closing
purchase or sale transaction, including brokerage commission, is also treated as
a realized gain or loss. If an option is exercised, the premium paid or received
is added to the proceeds from the sale or cost of the purchase in determining
whether the Trust has realized a gain or loss on investment transactions.

The main risk that is associated with purchasing swap options is that the
swap option expires without being exercised. In this case, the option expires
worthless and the premium paid for the swap option is considered the loss. The
main risk that is associated with the writing of a swap option is the market
risk of an unfavorable change in the value of the interest rate swap underlying
the written swap option.

Swap options may be used by the Trust to manage the duration of the Trust's
portfolio in a manner similar to more generic options described above.

FINANCIAL FUTURES CONTRACTS: A futures contract is an agreement between two
parties to buy and sell a financial instrument for a set price on a future date.
Initial margin deposits are made upon entering into futures contracts and can be
either cash or securities. During the period the futures contract is open,
changes in the value of the contract are recognized as unrealized gains or
losses by "marking-to-market" on a daily basis to reflect the market value of
the contract at the end of each day's trading. Variation margin payments are
made or received, depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Trust records a realized gain or loss
equal to the difference between the proceeds from (or cost of) the closing
transaction and the Trust's basis in the contract.

Financial futures contracts, when used by the Trust, help in maintaining a
targeted duration. Futures contracts can be sold to effectively shorten an
otherwise longer duration portfolio. In the same sense, futures contracts can be
purchased to lengthen a portfolio that is shorter than its duration target.
Thus, by buying or selling futures contracts, the Trust can effectively "hedge"
more volatile positions so that changes in interest rates do not change the
duration of the portfolio unexpectedly.

The Trust may invest in financial futures contracts primarily for the
purpose of hedging its existing portfolio securities

13
<PAGE>

or securities the Trust intends to purchase against fluctuations in value caused
by changes in prevailing market interest rates. Should interest rates move
unexpectedly, the Trust may not achieve the anticipated benefits of the
financial futures contracts and may realize a loss. The use of futures
transactions involves the risk of imperfect correlation in movements in the
price of futures contracts, interest rates and the underlying hedged assets. The
Trust is also at risk of not being able to enter into a closing transaction for
the futures contract because of an illiquid secondary market. In addition, since
futures are used to shorten or lengthen a portfolio's duration, there is a risk
that the portfolio may have temporarily performed better without the hedge or
that the Trust may lose the opportunity to realize appreciation in the market
price of the underlying positions.

SHORT SALES: The Trust may make short sales of securities as a method of hedging
potential price declines in similar securities owned. When the Trust makes a
short sale, it may borrow the security sold short and deliver it to the
broker-dealer through which it made the short sale as collateral for its
obligation to deliver the security upon conclusion of the sale. The Trust may
have to pay a fee to borrow the particular securities and may be obligated to
pay over any payments received on such borrowed securities. A gain, limited to
the price at which the Trust sold the security short, or a loss, unlimited as to
dollar amount, will be recognized upon the termination of a short sale if the
market price is greater or less than the proceeds originally received.

SECURITIES LENDING: The Trust may lend its portfolio securities to qualified
institutions. The loans are secured by collateral at least equal, at all times,
to the market value of the securities loaned. The Trust may bear the risk of
delay in recovery of, or even loss of rights in, the securities loaned should
the borrower of the securities fail financially. The Trust receives compensation
for lending its securities in the form of interest on the loan. The Trust also
continues to receive interest on the securities loaned, and any gain or loss in
the market price of the securities loaned that may occur during the term of the
loan will be for the account of the Trust.

INTEREST RATE CAPS: Interest rate caps are similar to interest rate swaps,
except that one party agrees to pay a fee, while the other party pays the
excess, if any, of a floating rate over a specified fixed or floating rate.

Interest rate caps are intended to both manage the duration of the Trust's
portfolio and its exposure to changes in short term rates. Owning interest rate
caps reduces the portfolio's duration, making it less sensitive to changes in
interest rates from a market value perspective. The effect on income involves
protection from rising short term rates, which the Trust experiences primarily
in the form of leverage.

The Trust is exposed to credit loss in the event of non-performance by the
other party to the interest rate cap. However, the Trust does not anticipate
non-performance by any counterparty.

Transactions fees paid or received by the Trust are recognized as assets or
liabilities and amortized or accreted into interest expense or income over the
life of the interest rate cap. The asset or liability is subsequently adjusted
to the current market value of the interest rate cap purchased or sold. Changes
in the value of the interest rate cap are recognized as unrealized gains and
losses.

INTEREST RATE FLOORS: Interest rate floors are similar to interest rate swaps,
except that one party agrees to pay a fee, while the other party pays the
deficiency, if any, of a floating rate under a specified fixed or floating rate.

Interest rate floors are used by the Trust to both manage the duration of
the portfolio and its exposure to changes in short-term interest rates. Selling
interest rate floors reduces the portfolio's duration, making it less sensitive
to changes in interest rates from a market value perspective. The Trust's
leverage provides extra income in a period of falling rates. Selling floors
reduces some of that advantage by partially monetizing it as an up front payment
which the Trust receives.

The Trust is exposed to credit loss in the event of non-performance by the
other party to the interest rate floor. However, the Trust does not anticipate
non-performance by any counterparty.

Transactions fees paid or received by the Trust are recognized as assets or
liabilities and amortized or accreted into interest expense or income over the
life of the interest rate floor. The asset or liability is subsequently adjusted
to the current market value of the interest rate floor purchased or sold.
Changes in the value of the interest rate floor are recognized as unrealized
gains and losses.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Realized and unrealized gains and losses are
calculated on the identified cost basis. Interest income is recorded on the
accrual basis and the Trust accretes discount or amortizes premium on securities
purchased using the interest method.

FEDERAL INCOME TAXES: It is the Trust's intention to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute sufficient amounts of its taxable income to
shareholders. Therefore, no

14
<PAGE>

Federal income tax provision is required. As part of a tax planning strategy,
the Trust intends to retain a portion of its taxable income and pay an excise
tax on the undistributed amounts.

DIVIDENDS AND DISTRIBUTIONS: The Trust declares and pays dividends and
distributions monthly first from net investment income, then from realized
short-term capital gains and other sources, if necessary. Net long-term capital
gains, if any, in excess of loss carryforwards may be distributed annually.
Dividends and distributions are recorded on the ex-dividend date.

RECLASSIFICATION OF CAPITAL ACCOUNTS: Effective January 1, 1994, the Trust began
accounting and reporting for permanent differences between financial and tax
reporting in accordance with the American Institute of Certified Public
Accountants' Statement of Position 93-2: Determination, Disclosure and Financial
Statement of Income, Capital Gain and Return of Capital Distributions by
Investment Companies. The effect of adopting the Statement for the year ended
October 31, 1999 was to increase undistributed net investment income and
decrease paid-in capital in excess of par by $66,603. Net investment income, net
realized losses and net assets were not affected by this change.

ESTIMATES: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

NOTE 2 AGREEMENTS

The Trust has an Investment Advisory Agreement with BlackRock Financial
Management, Inc. (the "Adviser"), a wholly-owned subsidiary of BlackRock
Advisors, Inc., which is a wholly-owned subsidiary of BlackRock, Inc., which in
turn is an indirect majority-owned subsidiary of PNC Bank Corp. The Trust has an
Administration Agreement with Princeton Administrators, L.P. (the
"Administrator"), an indirect wholly-owned affiliate of Merrill Lynch & Co.,
Inc.

The investment fee paid to the Adviser is computed weekly and payable
monthly at an annual rate of 0.55% of the Trust's average weekly net assets. The
administration fee paid to the Administrator is also computed weekly and payable
monthly at an annual rate of 0.15% of the Trust's average weekly net assets.

Pursuant to the agreements, the Adviser provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust. The
Administrator pays occupancy and certain clerical and accounting costs of the
Trust. The Trust bears all other costs and expenses.

NOTE 3. PORTFOLIO
SECURITES
Purchases and sales of investment securities, other than short-term investments
and dollar rolls, for the year ended October 31, 1999 aggregated $14,891,486 and
$15,275,931, respectively.

The Trust may invest in securities which are not readily marketable,
including those which are restricted as to disposition under securities law
("restricted securities"). At October 31, 1999, the Trust held 14% of its
portfolio assets in securities restricted as to resale.

The Trust may from time to time purchase in the secondary market certain
mortgage pass-through securities packaged or master serviced by PNC Mortgage
Securities Corp. (or Sears Mortgage if PNC Mortgage Securities Corp. succeeded
to rights and duties of Sears) or mortgage related securities containing loans
or mortgages originated by PNC Bank or its affiliates, including Midland Loan
Services, Inc. It is possible under certain circumstances, PNC Mortgage
Securities Corp. or its affiliates, including Midland Loan Services, Inc. could
have interests that are in conflict with the holders of these mortgage backed
securities, and such holders could have rights against PNC Mortgage Securities
Corp. or its affiliates, including Midland Loan Services, Inc.

The federal income tax basis of the Trust's investments at October 31, 1999
was $57,303,991, and accordingly, net unrealized depreciation for federal income
tax purposes was $1,399,822 (gross unrealized appreciation--$1,042,134, gross
unrealized depreciation--$2,441,956).

For Federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1999 of approximately ~$930,000 which will expire in 2003.
Accordingly, no capital gain distribution is expected to be paid to shareholders
until net gains have been realized in excess of such amount.

The Trust entered into an interest rate cap. Under this agreement, the
Trust receives the excess, if any, of a floating rate over a fixed rate. The
Trust paid a transaction fee for the agreement. Details of the cap are as
follows:

NOTIONAL VALUE AT
AMOUNT FIXED FLOATING TERMINATION AMORTIZED OCTOBER 31, UNREALIZED
(000) RATE RATE DATE COST 1999 DEPRECIATION
-------- ----- -------- ---------- ------- -------- -----------
$5,000 6.00% 3 month LIBOR 2/19/02 $74,244 $59,015 $(15,229)
========
NOTE 4. BORROWINGS
REVERSE REPURCHASE AGREEMENTS: The Trust may enter into reverse repurchase
agreements with qualified, third party broker-dealers as determined by and under
the direction of

15
<PAGE>

the Trust's Board of Directors. Interest on the value of reverse repurchase
agreements issued and outstanding is based upon competitive market rates at the
time of issuance. At the time the Trust enters into a reverse repurchase
agreement, it will establish and maintain a segregated account with the lender,
the value of which at least equals the principal amount of the reverse
repurchase transactions including accrued interest.

The average daily balance of reverse repurchase agreements outstanding for the
year ended October 31, 1999 was approximately $18,654,126 at a weighted average
interest rate of approximately 5.12%. The maximum amount of reverse repurchase
agreements outstanding at any month-end during the year was $20,394,998 as of
March 31, 1999 which was 30% of total assets.

DOLLAR ROLLS: The Trust may enter into dollar rolls in which the Trust sells
securities for delivery in the current month and simultaneously contracts to
repurchase substantially similar (same type, coupon and maturity) securities on
a specified future date. During the roll period the Trust forgoes principal and
interest paid on the securities. The Trust will be compensated by the interest
earned on the cash proceeds of the initial sale and by the lower repurchase
price at the future date. The Trust did not enter into any dollar roll
transactions during the year ended October 31, 1999.

NOTE 5 CAPITAL
There are 200 million shares of $.01 par value common stock authorized. Of the
2,957,093 shares outstanding at October 31, 1999, the Adviser owned 7,093
shares.

NOTE 6. DIVIDENDS
Subsequent to October 31, 1999, the Board of Directors of the Trust declared
dividends from undistributed earnings of $0.06875 per share payable November 30,
1999, to shareholders of record on November 15, 1999.

16
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------

The Shareholders and Board of Directors of
The BlackRock Broad Investment
Grade 2009 Term Trust Inc.:

We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The BlackRock Broad Investment
Grade 2009 Term Trust Inc. (the "Trust") as of October 31, 1999 and the
related statements of operations and of cash flows for the year then ended
and of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned at October 31, 1999 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of The
BlackRock Broad Investment Grade 2009 Term Trust Inc. at October 31, 1999 and
the results of its operations, its cash flows, the changes in its net assets
and the financial highlights for the respective stated periods in conformity
with generally accepted accounting principles.

/s/ DELOITTE & TOUCHE LLP
- --------------------------
Deloitte & Touche LLP

New York, New York
December 13, 1999

17
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
TAX INFORMATION
- --------------------------------------------------------------------------------

We wish to advise you as to the federal tax status of dividends and
distributions paid by the Trust during its fiscal year ended October 31, 1999.
During the fiscal year ended October 31, 1999, the Trust paid dividends
totalling $.85 per share all of which is taxable as ordinary income. For federal
income tax purposes, the aggregate of any dividends and short-term capital gains
distributions you received are reportable in your 1999 federal income tax return
as ordinary income. Further, we wish to advise you that your income dividends do
not qualify for the dividends received deduction.
For the purpose of preparing your 1999 annual federal income tax return,
however, you should report the amounts as reflected on the appropriate Form 1099
DIV which will be mailed to you in January 2000.

- --------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------

Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"),
shareholders may elect to have all distributions of dividends and capital gains
reinvested by State Street Bank and Trust Company (the "Plan Agent") in Trust
shares pursuant to the Plan. Shareholders who do not participate in the Plan
will receive all distributions in cash paid by check in United States dollars
mailed directly to the shareholders of record (or if the shares are held in
street or other nominee name, then to the nominee) by the transfer agent, as
dividend disbursing agent.
The Plan Agent serves as agent for the shareholders in administering the
Plan. After the Trust declares a dividend or determines to make a capital gain
distribution, the Plan Agent will, as agent for the participants, receive the
cash payment and use it to buy Trust shares in the open market on the American
Stock Exchange or elsewhere, for the participants' accounts. The Trust will not
issue any new shares in connection with the Plan.
Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive certificates for whole Trust shares and a cash
payment will be made for any fraction of a Trust share.
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any federal, state or local income taxes that
may be payable on such dividends or distributions.
The Trust reserves the right to amend or terminate the Plan as applied to
any dividend or distribution paid subsequent to written notice of the change
sent to all shareholders of the Trust at least 90 days before the record date
for the dividend or distribution. The Plan also may be amended or terminated by
the Plan Agent upon at least 90 days' written notice to all shareholders of the
Trust. All correspondence concerning the Plan should be directed to the Plan
Agent at (800) 699-1BFM. The addresses are on the front of this report.

18
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------

There have been no material changes in the Trust's investment objectives or
policies that have not been approved by the shareholders or to its charter or
by-laws or in the principal risk factors associated with investment in the
Trust. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trust's portfolio.

YEAR 2000 READINESS DISCLOSURE. The Trust has evaluated its information
technology infrastructure for Year 2000 compliance. Substantially all of the
Trust's information systems are supplied by the Adviser. The Adviser advised the
Trust that it has evaluated whether such systems are year 2000 compliant and
that it expects to incur costs of up to approximately one million dollars to
complete such evaluation and to make any modifications to its systems as may be
necessary to achieve Year 2000 compliance. The Adviser advised the Trust that it
has fully tested its systems for Year 2000 compliance. The Trust may be required
to bear a portion of such cost incurred by the Adviser in this regard. The
Adviser advised the Trust that it does not anticipate any material disruption in
the operations of the Trust as a result of any failure by the Adviser to achieve
Year 2000 compliance. There can be no assurance that the costs will not exceed
the amount referred to above or that the Trust will not experience a disruption
in operations.

The Adviser has advised the Trust that it is continuing to evaluate the
Year 2000 compliance of various suppliers of the Adviser and the Trust. The
Adviser advised the Trust that it has communicates with such suppliers to
determine their Year 2000 compliance status and the extent to which the Adviser
or the Trust could be affected by any supplier's Year 2000 compliance issues. To
date the Adviser received responses from substantially all such suppliers with
respect to their Year 2000 compliance. However there can be no assurance that
the systems of such suppliers, who are beyond the Trust's control, will be Year
2000 compliant. In the event that any of the Trust's significant suppliers do
not successfully and timely achieve Year 2000 compliance, the Trust's business
or operations could be adversely affected. The Adviser advised the Trust that it
has prepared a contingency plan for Year 2000 compliance by its suppliers. There
can be no assurance that such contingency plan will be successful in preventing
a disruption of the Trust's operations.

The Trust is designating this disclosure as its Year 2000 readiness
disclosure for all purposes under the Year 2000 Information and Readiness
Disclosure Act and the foregoing information shall constitute a Year 2000
Readiness Statement for purposes of that Act.

19
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------

THE TRUST'S INVESTMENT OBJECTIVE
The BlackRock Broad Investment Grade 2009 Term Trust's investment objective is
to manage a portfolio of fixed income securities that will return $15 per share
(the initial public offering price per share) to investors on or about December
31, 2009 while providing high monthly income.

WHO MANAGES THE TRUST?
BlackRock Financial Management, Inc. ("BlackRock") is an SEC-registered
investment adviser. As of September 30, 1999, BlackRock and its affiliates
managed over $148 billion on behalf of taxable and tax-exempt clients worldwide.
Strategies include fixed income, equity and cash and may incorporate both
domestic and international securities. Domestic fixed income strategies utilize
the government, mortgage, corporate and municipal bond sectors. BlackRock
manages twenty-three closed-end funds that are traded on either the New York or
American stock exchanges, and a $24 billion family of open-end equity and bond
funds. BlackRock manages over 487 accounts, domiciled in the United States and
overseas.

WHAT CAN THE TRUST INVEST IN?
The Trust may invest in all fixed income securities rated investment grade or
higher ("AAA", "AA", "A" or "BBB"). Examples of securities in which the Trust
may invest include U.S. government and government agency securities, zero coupon
securities, mortgage-backed securities, corporate debt securities, asset-backed
securities, U.S. dollar-denominated foreign debt securities and municipal
securities. Under current market conditions, BlackRock expects that the primary
investments of the Trust will be U.S. government securities, securities backed
by government agencies (such as mortgage-backed securities), corporate debt
securities and privately issued mortgage-backed securities.

WHAT IS THE ADVISER'S INVESTMENT STRATEGY?

The Adviser will seek to meet the Trust's investment objective by managing
the assets of the Trust so as to return the initial offering price ($15 per
share) at maturity. The Adviser will implement a conservative strategy that will
seek to closely match the maturity of the assets of the portfolio with the
future return of the initial investment on or about December 31, 2009. At the
Trust's termination, BlackRock expects that the value of the securities which
have matured, combined with the value of the securities that are sold will be
sufficient to return the initial offering price to investors. On a continuous
basis, the Trust will seek its objective by actively managing its assets in
relation to market conditions, interest rate changes and, importantly, the
remaining term to maturity of the Trust.
In addition to seeking the return of the initial offering price, the Trust also
seeks to provide high monthly income to investors. The portfolio managers will
attempt to achieve this objective by investing in securities that provide
competitive income. In addition, leverage will be used (in an amount up to
331/3% of the total assets) to enhance the income of the portfolio. In order to
maintain competitive yields as the Trust approaches maturity and depending on
market conditions, the Adviser will attempt to purchase securities with call
protection or maturities as close to the Trust's maturity date as possible.
Securities with call protection should provide the portfolio with some degree of
protection against reinvestment risk during times of lower prevailing interest
rates. Since the Trust's primary goal is to return the initial offering price at
maturity, any cash that the Trust receives prior to its maturity date (i.e. cash
from early and regularly scheduled payments of principal on mortgage-backed
securities) will be reinvested in securities with maturities which coincide with
the remaining term of the Trust. Since shorter-term securities typically yield
less than longer-term securities, this strategy will likely result in a decline
in the Trust's income over time. However, the Adviser will attempt to maintain a
yield which is competitive with a comparable maturity Treasury at the same point
on the curve (i.e. if the Trust has three years left until its maturity, the
Adviser will attempt to maintain a yield at a spread over a 3-year Treasury). It
is important to note that the Trust will be managed so as to preserve the
integrity of the return of the initial offering price.

HOW ARE THE TRUST'S SHARES PURCHASED AND SOLD? DOES THE TRUST PAY DIVIDENDS
REGULARLY?

The Trust's shares are traded on the American Stock Exchange which provides
investors with liquidity on a daily basis. Orders to buy or sell shares of the
Trust must be placed through a registered broker or financial adviser. The Trust
pays monthly dividends which are typically paid on the last business day of the
month. For shares held in the shareholder's name,

20
<PAGE>

dividends may be reinvested in additional shares of the Trust through the
Trust's transfer agent, State Street Bank & Trust Company. Investors who wish to
hold shares in a brokerage account should check with their financial adviser to
determine whether their brokerage firm offers dividend reinvestment services.

LEVERAGE CONSIDERATIONS IN A TERM TRUST
Under current market conditions, leverage increases the income earned by the
Trust. The Trust employs leverage primarily through the use of reverse
repurchase agreements and dollar rolls. Leverage permits the Trust to borrow
money at short-term rates and reinvest that money in longer-term assets which
typically offer higher interest rates. The difference between the cost of the
borrowed funds and the income earned on the proceeds that are invested in
longer-term assets is the benefit to the Trust from leverage. In general, the
portfolio is typically leveraged at approximately 331/3% of total assets.
Leverage also increases the duration (or price volatility of the net assets) of
the Trust, which can improve the performance of the Trust in a declining rate
environment, but can cause net assets to decline faster than the market in a
rapidly rising rate environment. BlackRock's portfolio managers continuously
monitor and regularly review the Trust's use of leverage and the Trust may
reduce, or unwind, the amount of leverage employed should BlackRock consider
that reduction to be in the best interests of the shareholders.

SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO TERM TRUSTS
The Trust is intended to be a long-term investment and is not a short-term
trading vehicle.

RETURN OF INITIAL INVESTMENT. Although the objective of the Trust is to return
its initial offering price upon termination, there can be no assurance that this
objective will be achieved.

DIVIDEND CONSIDERATIONS. The income and dividends paid by the Trust are likely
to decline to some extent over the term of the Trust due to the anticipated
shortening of the dollar-weighted average maturity of the Trust's assets.

INTEREST-ONLY SECURITIES (IO). The yield to maturity on an IO class is extremely
sensitive to the rate of principal payments (including prepayments) on the
related underlying Mortgage Assets, and a rapid rate of principal payments may
have a material adverse effect on such security's yield to maturity. If the
underlying Mortgage Assets experience greater than anticipated prepayments of
principal, the Trust may fail to recoup fully its initial investment in these
securities even if the securities are rated AAA by S&P or Aaa by Moody's.

LEVERAGE. The Trust utilizes leverage through reverse repurchase agreements and
dollar rolls, which involves special risks. The Trust's net asset value and
market value may be more volatile due to its use of leverage.

MARKET PRICE OF SHARES. The shares of closed-end investment companies such as
the Trust trade on the American Stock Exchange (AMEX symbol: BCT) and as such
are subject to supply and demand influences. As a result, shares may trade at a
discount or a premium to their net asset value.

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES. The cash flow and yield
characteristics of these securities differ from traditional debt securities. The
major differences typically include more frequent payments and the possibility
of prepayments which will change the yield to maturity of the security.

CORPORATE DEBT SECURITIES. The value of corporate debt securities generally
varies inversely with changes in prevailing market interest rates. The Trust may
be subject to certain reinvestment risks in environments of declining interest
rates.

ZERO COUPON SECURITIES. Such securities receive no cash flows prior to maturity;
therefore, interim price movement on the securities are generally more sensitive
to interest rate movements than securities that make periodic coupon payments.
These securities appreciate in value over time and can play an important role in
helping the Trust achieve its primary objectives.

ILLIQUID SECURITIES. The Trust may invest in securities that are illiquid,
although under current market conditions the Trust expects to do so to only a
limited extent. These securities involve special risks.

NON-U.S. SECURITIES. The Trust may invest less than 10% of its total assets in
non-U.S. dollar-denominated securities which involve special risks such as
currency, political and economic risks, although under current market conditions
the Trust does not do so.

ANTITAKEOVER PROVISIONS. Certain antitakeover provisions will make a change in
the Trust's business or management more difficult without the approval of the
Trust's Board of Directors and may have the effect of depriving shareholders of
an opportunity to sell their shares at a premium above the prevailing market
price.

21
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
GLOSSARY
- --------------------------------------------------------------------------------

ADJUSTABLE RATE MORTGAGE- Mortgage instruments with interest rates that
BACKED SECURITIES (ARMs): adjust at periodic intervals at a fixed amount
over the market levels of interest rates as
reflected in specified indexes. ARMS are backed by
mortgage loans secured by real property.

ASSET-BACKED SECURITIES: Securities backed by various types of receivables
such as automobile and credit card receivables.

CLOSED-END FUND: Investment vehicle which initially offers a fixed
number of shares and trades on a stock exchange.
The fund invests in a portfolio of securities in
accordance with its stated investment objectives
and policies.

COLLATERALIZED MORTGAGE Mortgage-backed securities which separate mortgage
OBLIGATIONS (CMOs): pools into short-, medium-, and long-term
securities with different priorities for receipt
of principal and interest. Each class is paid a
fixed or floating rate of interest at regular
intervals. Also known as multiple-class mortgage
pass-throughs.

COMMERCIAL MORTGAGE Mortgage-backed securities secured or backed by
BACKED SECURITIES (CMBS): mortgage loans on commercial properties.

DISCOUNT: When a fund's net asset value is greater than its
stock price the fund is said to be trading at a
discount.

DIVIDEND: Income generated by securities in a portfolio and
distributed to shareholders after the deduction of
expenses. This Trust declares and pays dividends
on a monthly basis.

DIVIDEND REINVESTMENT: Shareholders may elect to have all dividends and
distributions of capital gains automatically
reinvested into additional shares of the Trust.

FHA: Federal Housing Administration, a government
agency that facilitates a secondary mortgage
market by providing an agency that guarantees
timely payment of interest and principal on
mortgages.

FHLMC: Federal Home Loan Mortgage Corporation, a publicly
owned, federally chartered corporation that
facilitates a secondary mortgage market by
purchasing mortgages from lenders such as savings
institutions and reselling them to investors by
means of mortgage-backed securities. Obligations
of FHLMC are not guaranteed by the U.S.
government, however; they are backed by FHLMC's
authority to borrow from the U.S. government. Also
known as Freddie Mac.

FNMA: Federal National Mortgage Administration, a
publicly owned, federally chartered corporation
that facilitates a secondary mortgage market by
purchasing mortgages from lenders such as savings
institutions and reselling them to investors by
means of mortgage-backed securities. Obligations
of FNMA are not guaranteed by the U.S. government,
however; they are backed by FNMA's authority to
borrow from the U.S. government. Also known as
Fannie Mae.

GNMA: Government National Mortgage Association, a U.S.
government agency that facilitates a secondary
mortgage market by providing an agency that
guarantees timely payment of interest and
principal on mortgages. GNMA's obligations are
supported by the full faith and credit of the U.S.
Treasury. Also known as Ginnie Mae.

GOVERNMENT SECURITIES: Securities issued or guaranteed by the U.S.
government, or one of its agencies or
instrumentalities, such as GNMA, FNMA and FHLMC.

22
<PAGE>

INTEREST-ONLY SECURITIES: Mortgage securities including CMBS that receive
only the interest cash flows from an underlying
pool of mortgage loans or underlying pass-through
securities. Also known as a STRIP.

INVERSE-FLOATING RATE Mortgage instruments with coupons that adjust at
MORTGAGE: periodic intervals according to a formula which
sets inversely with a market level interest rate
index.

MARKET PRICE: Price per share of a security trading in the
secondary market. For a closed-end fund, this is
the price at which one share of the fund trades on
the stock exchange. If you were to buy or sell
shares, you would pay or receive the market price.

MORTGAGE DOLLAR ROLLS: A mortgage dollar roll is a transaction in which
the Trust sells mortgage-backed securities for
delivery in the current month and simultaneously
contracts to repurchase substantially similar
(although not the same) securities on a specified
future date. During the "roll" period, the Trust
does not receive principal and interest payments
on the securities, but is compensated for giving
up these payments by the difference in the current
sales price (for which the security is sold) and
lower price that the Trust pays for the similar
security at the end date as well as the interest
earned on the cash proceeds of the initial sale.

MORTGAGE PASS-THROUGHS: Mortgage-backed securities issued by Fannie Mae,
Freddie Mac or Ginnie Mae.

NET ASSET VALUE (NAV): Net asset value is the total market value of all
securities and other assets held by the Trust,
plus income accrued on its investments, minus any
liabilities including accrued expenses, divided by
the total number of outstanding shares. It is the
underlying value of a single share on a given day.
Net asset value for the Trust is calculated weekly
and published in BARRON'S on Saturday and THE WALL
STREET JOURNAL on Monday.

PRINCIPAL-ONLY SECURITIES: Mortgage securities that receive only the
principal cash flows from an underlying pool of
mortgage loans or underlying pass-through
securities. Also known as STRIPS.

PROJECT LOANS: Mortgages for multi-family, low- to middle-income
housing.

PREMIUM: When a fund's stock price is greater than its net
asset value, the fund is said to be trading at a
premium.

REMIC: A real estate mortgage investment conduit is a
multiple-class security backed by mortgage-backed
securities or whole mortgage loans and formed as a
trust, corporation, partnership, or segregated
pool of assets that elects to be treated as a
REMIC for federal tax purposes. Generally, FNMA
REMICs are formed as trusts and are backed by
mortgage-backed securities.

RESIDUALS: Securities issued in connection with
collateralized mortgage obligations that generally
represent the excess cash flow from the mortgage
assets underlying the CMO after payment of
principal and interest on the other CMO securities
and related administrative expenses.

REVERSE REPURCHASE In a reverse repurchase agreement, the Trust sells
AGREEMENTS: securities and agrees to repurchase them at a
mutually agreed date and price. During this time,
the Trust continues to receive the principal and
interest payments from that security. At the end
of the term, the Trust receives the same
securities that were sold for the same initial
dollar amount plus interest on the cash proceeds
of the initial sale.

STRIPPED MORTGAGE-BACKED Arrangements in which a pool of assets is
SECURITIES: separated into two classes that receive different
proportions of the interest and principal
distributions from underlying mortgage-backed
securities. IO's and PO's are examples of strips.

23
<PAGE>
[BLACKROCK LOGO]
DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
Ralph L. Schlosstein

OFFICERS
Ralph L. Schlosstein, PRESIDENT
Scott Amero, VICE PRESIDENT
Keith T. Anderson, VICE PRESIDENT
Michael C. Huebsch, VICE PRESIDENT
Robert S. Kapito, VICE PRESIDENT
Richard M. Shea, VICE PRESIDENT/TAX
Henry Gabbay, TREASURER
James Kong, ASSISTANT TREASURER
Karen H. Sabath, SECRETARY

INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM

ADMINISTRATOR
Princeton Administrators, L.P.
P.O. Box 9095
Princeton, NJ 08543-9095
(800) 543-6217

CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM

INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022

This report is for shareholder information. This is not a prospectus
intended for use in the purchase or sale of any securities.

THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
c/o Princeton Administrators, L.P.
P.O. Box 9095
Princeton, NJ 08543-9095
(800) 543-6217

The [BLACKROCK LOGO]
Broad Investment
Grade 2009
Term Trust Inc.
- --------------------------------------------------------------------------------
Annual Report
October 31, 1999

[RECYCLE LOGO] Printed on recycled paper 092472-10-6