BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC, N-30D, 2000-12-28

BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC
N-30D, 2000-12-28

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

November 30, 2000

Dear Shareholder:

The continued trend of economic growth boosted by strong consumer
confidence, a tight labor market and inflation concerns caused the Federal
Reserve to aggressively tighten during the first part of the year. As a result,
the Fed raised the discount rate to 6.50% during the period in an attempt to
achieve its objective of engineering a "soft landing" for the explosive U.S.
economy. The third quarter of 2000 saw a sharp decline in market expectations
for further Fed tightenings amidst evidence of significant deceleration in
growth, peaking inflation pressures and a sharp reversal in the stock market
wealth effect globally.

The reduction in Fed tightening fears and the potential for a slower pace
of Treasury buybacks due to a more expansionary fiscal policy enabled high
quality spread product to outperform Treasuries in the third quarter of 2000.

Looking forward we believe that both consumers and corporations face
significant headwinds that suggest a likely GDP growth rate close to the Fed
target of 3.5%-4.0%. The risk, however, is even slower growth. While consumer
confidence is still high, a sharp reversal of the wealth effect year-to-date,
higher oil prices that have acted as a tax on the consumer and muted employment
growth should lead personal consumption growth to decline to 3.0%. We believe
that the Fed may eventually be required to ease interest rates to ensure a soft
landing. Monetary conditions are restrictive globally; in the absence of a
fiscal stimulus the Fed may have to ease policy moderately. The end scenario is
likely to be favorable to financial assets and the performance of spread assets
versus Treasuries.

This consolidated annual 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
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, 2000
Dear Shareholder:

We are pleased to present the audited consolidated annual report for The
BlackRock Broad Investment Grade 2009 Term Trust Inc. ("the Trust") for the
fiscal year ended October 31, 2000. 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 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. 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 year:

---------------------------------------------------
10/31/00 10/31/99 CHANGE HIGH LOW
--------------------------------------------------------------------------------
STOCK PRICE $11.9375 $11.4375 4.37% $12.375 $10.875
--------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $13.64 $13.64 -- $13.74 $12.89
--------------------------------------------------------------------------------
10-YEAR U.S. TREASURY NOTE 5.75% 6.02% (4.49)% 6.79% 5.58%
--------------------------------------------------------------------------------

THE FIXED INCOME MARKETS

The rapid expansion of U.S. GDP witnessed throughout much of the period
finally slowed dramatically in the third quarter. After expanding at nearly a
6.0% annualized rate in the first half of the year, growth in the third quarter
slowed to 3.0%. Higher oil prices and declines in global equity markets led to
declines in consumer spending, residential investment and manufacturing
activity. According to the minutes of the October 3, 2000 FOMC meeting, "Recent
data have indicated that the expansion of aggregate demand has moderated to a
pace closer to the enhanced rate of growth of the economy's potential to
produce. The more rapid advances in productivity also continue to help contain
costs and hold down underlying price pressures." The Federal Reserve raised the
discount rate by 0.25% at their meetings in November 1999, February 2000, and
March 2000 and raised the discount rate by 0.50% in May 2000 to bring the
current discount rate to 6.50%.

Treasury yields were inverted for much of the period as yields rose on the
short-end of the yield curve in response to the Fed's increases in the discount
rate, and yields on the long-end of the curve fell below the short-end in
reaction to the announcement that the Treasury will buy back $30 billion of
Treasuries with maturities ranging from 10 to 30 years. In the second half of
the period, concerns over rising inflation from a surge in oil prices, weaker
stock markets and signs of slower growth all caused the bond market to price in
a neutral Federal Reserve. This shift in market sentiment caused significant
yield curve disinversion during the third quarter of 2000. As the slower growth
scenario plays out, the curve is likely to steepen further. For the annual
period, the 10-year Treasury fell from 6.02% on October 31, 1999 to 5.75% on
October 31, 2000.

For the annual period ending October 31, 2000 mortgages posted positive
returns and outperformed the broader market. Mortgages as measured by the LEHMAN
BROTHERS MORTGAGE INDEX, posted a 7.56% total return versus 7.30% for the LEHMAN
BROTHERS AGGREGATE INDEX. GNMAs performed well during this period as mortgage
rates hovering near 8% throughout the year caused prepayments to decline and
resulted in an increased demand for GNMAs and other mortgage-backed securities.

2
<PAGE>

The investment grade corporate market appears healthy, with economic
fundamentals remaining positive for investment grade corporate bonds. Increased
uncertainty in the corporate market has been caused by stock market volatility,
poor liquidity, and increased leverage. The increasing leverage utilized by
corporations has sparked some credit quality concerns within the sector. While
the corporate sector has under performed Treasuries and other spread sectors for
much of 2000 we believe a soft landing will eventually benefit this sector most.
Our focus is on relatively higher quality credits, which have participated in
the widening but still offer solid fundamentals. The recovery in credits will
likely be led by more liquid higher quality credits rather than other credits
that have some risk of being "stranded credit." For the annual period,
corporates as measured by MERRILL LYNCH U.S. CORPORATE MASTER INDEX returned
7.32%, outperforming the LEHMAN BROTHERS AGGREGATE INDEX'S 7.30%.

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, 1999 asset
composition.

-------------------------------------------------------------------------------
SECTOR BREAKDOWN
-------------------------------------------------------------------------------
COMPOSITION OCTOBER 31, 2000 OCTOBER 31, 1999
-------------------------------------------------------------------------------
Agency Multiple Class Mortgage Pass-Throughs 21% 21%
-------------------------------------------------------------------------------
Interest-Only Mortgage-Backed Securities 21% 15%
-------------------------------------------------------------------------------
Adjustable & Inverse-Floating Rate Mortgages 18% 9%
-------------------------------------------------------------------------------
Corporate Bonds 17% 18%
-------------------------------------------------------------------------------
Commercial Mortgage-Backed Securities 6% 14%
-------------------------------------------------------------------------------
Principal-Only Mortgage-Backed Securities 6% 3%
-------------------------------------------------------------------------------
Municipal Bonds 5% 5%
-------------------------------------------------------------------------------
Asset Backed Securities 3% 4%
-------------------------------------------------------------------------------
U.S. Gov't Securities 3% 10%
-------------------------------------------------------------------------------
Non-Agency Multiple Class Mortgage Pass-Throughs --% 1%
-------------------------------------------------------------------------------

The Trust continued to focus on securities with final maturity dates (or
"bullet" maturities) that match the Trust's termination date of December 31,
2009. Over the annual period, the Trust decreased its exposure in U.S.
Treasuries and commercial mortgage-backed securities and reallocated assets to
adjustable and inverse-floating rate mortgages, which appear attractively valued
and match the cash flow objectives of the portfolio. The Trust will continue to
look to invest in spread product, which have increased yields relative to
Treasuries.

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,

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

--------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENTGRADE 2009 TERM TRUST INC.
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: BCT
--------------------------------------------------------------------------------
Initial Offering Date: June 17, 1993
--------------------------------------------------------------------------------
Closing Stock Price as of 10/31/00: $11.9375
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/00: $13.64
--------------------------------------------------------------------------------
Yield on Closing Stock Price as of 10/31/00 ($11.9375)(1): 6.91%
--------------------------------------------------------------------------------
Current Monthly Distribution per Share(2): $0.06875
--------------------------------------------------------------------------------
Current Annualized Distribution per Share(2): $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) Distribution is not constant and is subject to change.

4
<PAGE>

---------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
CONSOLIDATED PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2000
---------------------------------------------------------------------------
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
---------------------------------------------------------------------------

LONG-TERM INVESTMENTS--142.7%
MORTGAGE PASS-THROUGHS--0.6%
$ 273+ Federal National Mortgage Association,
6.50%, 7/01/29 ...................... $ 261,950
------------
AGENCY MULTIPLE CLASS MORTGAGE
PASS-THROUGHS--30.2%
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage
Participation Certificates,
2,168+ Series 1510, Class 1510-G,
5/15/13 ........................... 2,148,813
400+ Series 1534, Class 1534-IG,
2/15/10 ........................... 348,624
600+ Series 1601, Class 1601-SD,
10/15/08 .......................... 596,250
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
584+ Trust 1992-43, Class 43-E,
4/25/22 ........................... 588,335
1,000+ Trust 1993-49, Class 49-H,
4/25/13 ........................... 984,830
132 Trust 1993-69, Class 69-Z,
1/25/22 ........................... 126,408
3,053+ Trust 1993-79, Class 79-PK,
4/25/22 ........................... 2,971,193
3,146+ Trust 1993-87, Class 87-J,
4/25/22 ........................... 2,880,163
692+ Trust 1993-214, Class 214-SK,
12/25/08 .......................... 689,473
1,850 Trust 1993-223, Class 223-PT,
10/25/23 .......................... 203,831
643+ Trust 1994-13, Class 13-SJ,
2/25/09 ........................... 661,871
------------
12,199,791
------------
ADJUSTABLE & INVERSE FLOATING
RATE MORTGAGES--25.7%
AAA 462 Citicorp Mortgage Securities, Inc.,
Series 1993-14, Class A-4,
11/25/23 .......................... 154,425
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage
Participation Certificates,
333+ Series 1506, Class 1506-S,
5/15/08 ........................... 304,829
373+ Series 1580, Class 1580-SD,
9/15/08 ........................... 346,220
194 Series 1592, Class 1592-TB,
5/15/23 ........................... 122,020
287+ Series 1618, Class 1618-SA,
11/15/08 .......................... 284,843
1,025+ Series 1626, Class 1626-SA,
12/15/08 .......................... 712,795
232+ Series 1637, Class 1637-LE,
12/15/23 .......................... 181,780
500 Series 1688, Class 1688-S,
12/15/13 .......................... 475,000
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
43 Trust 1992-174, Class 174-S,
9/25/22 ........................... 86,290
858+ Trust 1992-190, Class 190-S,
11/25/07 .......................... 718,867
1,000+ Trust 1993-156, Class 156-SE,
10/25/19 .......................... 927,060
500 Trust 1993-167, Class 167-SL,
1/25/22 ........................... 432,187
605+ Trust 1993-173, Class 173-SA,
9/25/08 ........................... 471,767
12,000 Trust 1993-191, Class 191-S,
10/25/07 .......................... 41,256
589+ Trust 1993-191, Class 191-SD,
10/25/08 .......................... 462,487
600 Trust 1993-197, Class 197-SB,
10/25/08 .......................... 433,872
439+ Trust 1993-202, Class 202-VB,
11/25/23 .......................... 376,725
838 Trust 1993-209, Class 209-SG,
8/25/08 ........................... 767,970
498 Trust 1993-214, Class 214-SH,
12/25/08 .......................... 381,535
98 Trust 1994-37, Class 37-SC,
3/25/24 ........................... 95,167
Aaa 600 PaineWebber Mortgage
Acceptance Corp.,
Series 1994-6, Class A-9,
4/25/09 ........................... 438,375
Residential Funding Mortgage
Securities, Inc.,
AAA 1,165 Series 1993-S23, Class A-12,
6/25/08 ........................... 1,053,314
AAA 1,204 Series 1993-S23, Class A-16,
6/25/08 ........................... 1,080,320
------------
10,349,104
------------

See Notes to Consolidated Financial Statements.

5
<PAGE>

---------------------------------------------------------------------------
PRINCIPAL
RATING* AMOUNT VALUE
(UNAUDITED) (000) DESCRIPTION (NOTE 1)
---------------------------------------------------------------------------
INTEREST ONLY MORTGAGE-BACKED
SECURITIES--29.8%
Aaa $25,000 Chase Mortgage Finance Corp.,
Series 1999-S4, Class A-14,
4/25/29 ........................... $ 212,325
Credit Suisse First Boston Mortgage
Securities Corp.,
AAA 13,765 Series 1997-C1, Class AX,
4/20/22** ......................... 1,069,834
Aaa 32,607 Series 1998-1, Class A7,
9/25/28 ........................... 86,611
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage
Participation Certificates,
8 Series 65, Class 65-I,
8/15/20 ........................... 179,681
3 Series 141, Class 141-H,
5/15/21 ........................... 53,991
11 Series 1114, Class 1114-J,
7/15/06 ........................... 191,207
13 Series 1285, Class 1285-M,
5/15/07 ........................... 186,970
1,828 Series 1353, Class 1353-S,
8/15/07 ........................... 130,027
2,750+ Series 1645, Class 1645-IB,
9/15/08 ........................... 340,395
1,107 Series 1747, Class 1747-I,
6/15/23 ........................... 165,869
2,085 Series 1900, Class 1900-SV,
8/15/08 ........................... 135,521
18,834 Series 1995, Class 1995-SB,
10/15/27 .......................... 29,569
2,420+ Series 2039, Class 2039-PI,
2/15/12 ........................... 354,272
600+ Series 2049, Class 2049-LC,
10/15/23 .......................... 140,625
870 Series 2061, Class 2061-JR,
9/20/22 ........................... 136,089
2,477 Series 2075, Class 2075-IB,
12/15/21 .......................... 407,144
2,426+ Series 2140, Class 2140-UK,
9/15/11 ........................... 348,731
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
2 Trust G-21, Class 21-L,
7/25/21 ........................... 57,473
119 Trust G93-25, Class 25-J,
12/25/19 .......................... 277,376
3,881 Trust 299, Class 2,
5/01/28 ........................... 1,154,424
9 Trust 1991-72, Class 72-H,
7/25/06 ........................... 195,009
3,440 Trust 1993-138, Class 138-JK,
5/25/19 ........................... 204,778
1,557 Trust 1993-194, Class 194-PV,
6/25/08 ........................... 170,736
8,525 Trust 1993-208, Class 208-S,
2/25/23 ........................... 154,507
30 Trust 1993-49, Class 49-L,
4/25/13 ........................... 487,527
874 Trust 1994-39, Class 39-PE,
1/25/23 ........................... 90,533
2,044 Trust 1994-42, Class 42-SO,
3/25/23 ........................... 194,940
1,500+ Trust 1996-20, Class 20-SB,
10/25/08 .......................... 265,313
1,574+ Trust 1996-20, Class 20-SL,
9/25/08 ........................... 262,233
19,927 Trust 1997-57, Class 57-SG,
4/25/24 ........................... 292,685
17,791 Trust 1997-78, Class 78-SR,
10/18/27 .......................... 272,422
47,267 Trust 1997-81 Class 81-SD,
12/18/27 .......................... 92,714
1,500+ Trust 1997-90, Class 90-M,
1/25/28 ........................... 438,930
1,223+ Trust 1998-30, Class 30-QG,
12/18/25 .......................... 343,958
1,829+ Trust 1998-43, Class 43-YI,
7/18/28 ........................... 254,930
AAA 22,475 GMAC Commercial Mortgage
Securities Inc.,
Series 1998-C2, Class X,
8/15/23 ........................... 829,300
Government National Mortgage
Association,
845 Trust 1998-24, Class 24-IB,
5/20/23 ........................... 171,080
8,930 Trust 1999-27, Class 27-SD,
6/17/09 ........................... 189,756
Aaa 5,797 Merrill Lynch Mortgage Investors, Inc.,
Series 1997-C2, Class IO,
12/10/29 .......................... 359,409
Aaa 3,174 Norwest Asset Securities Corp.,
Series 1998-5, Class A-5,
3/25/28 ........................... 384,899
AAA 1,427 PNC Mortgage Securities Corp.,
Series 1998-8, Class 4X,
10/25/13 .......................... 242,560
Residential Funding Mortgage
Securities, Inc.,
AAA 6,981 Series 1993-S44, Class A-4,
11/25/23 .......................... 305,422
AAA 13,589 Series 1998-S19, Class A8,
8/25/28 ........................... 118,902
NR 118 Salomon Brothers Mortgage
Securities Inc. VI,
Series 1987-3, Class B,
10/23/17 .......................... 29,001
------------
12,009,678
------------

See Notes to Consolidated Financial Statements.

6
<PAGE>

PRINCIPAL ONLY MORTGAGE-BACKED
SECURITIES--8.2%
Federal Home Loan Mortgage Corp.,
Multiclass Mortgage
Participation Certificates,
$ 200 Series 1700, Class 1700-GA,
2/15/24 ........................... $ 157,835
747+ Series 1857, Class 1857-PK,
11/15/23 .......................... 636,956
Federal National Mortgage
Association, REMIC Pass-Through
Certificates,
306 Trust 1994-25, Class 25-C,
11/25/23 .......................... 254,223
1,341+ Trust 1994-46, Class 46-D,
11/25/23 .......................... 1,083,649
489 Trust 1996-54, Class 54-A,
4/25/21 ........................... 426,836
683 Trust 1996-54, Class 54-G,
4/25/23 ........................... 441,440
62 Trust 1997-85, Class 85-LE,
10/25/23 .......................... 52,344
AAA 175 PaineWebber Mortgage
Acceptance Corp. IV,
Series 1993-5, Class A-14,
6/25/08 ........................... 139,728
NR 118 Salomon Brothers Mortgage
Securities Inc. VI,
Series 1987-3, Class A,
10/23/17 .......................... 98,973
------------
3,291,984
------------
COMMERCIAL MORTGAGE-BACKED
SECURITIES--8.6%
AAA 173 Citicorp Mortgage Securities, Inc.,
Series 1998-3, Class A6,
6.75%, 5/25/28 .................... 170,135
BBB 500 DLJ Mortgage Acceptance Corp.,
Series 1997-CF1, Class B1,
7.91%, 4/15/07** .................. 468,304
Merrill Lynch Mortgage Investors, Inc.,
A 500 Series 1995-C1, Class D,
7.90%, 5/25/15 .................... 506,851
BBB 500 Series 1996-C1, Class D,
7.42%, 4/25/28 .................... 486,795
AAA 750 New York City Mortgage Loan
Trust, Multifamily,
Series 1996, Class A-2,
6.75%, 6/25/11** .................. 709,922
AAA 1,000 Prudential Securities Secured
` Financing Corp.,
Series 1998-C1, Class A1-B,
6.506%, 7/15/08 ................... 959,000
BBB 159 Resolution Trust Corp.,
Series 1994-C2, Class D,
8.00%, 4/25/25 .................... 157,317
------------
3,458,324
------------
ASSET-BACKED SECURITIES--3.8%
AAA 1,230+ Chase Credit Card Master Trust,
Series 1997-5, Class A,
6.194%, 8/15/05 ................... 1,218,458
NR 251 Global Rated Eligible Asset Trust,
Series 1998-A, Class A-1,
7.33%, 3/15/06 @/@@ ............... 62,856
Structured Mortgage Asset
Residential Trust,
NR 608 Series 1997-2,
8.24%, 3/15/06 @/@@ ............... 121,605
NR 674 Series 1997-3,
8.57%, 4/15/06 @/@@ ............... 134,892
------------
1,537,811
------------
U.S GOVERNMENT AND AGENCY
SECURITIES--3.5%
526 Small Business Administration
Participation Certificate,
Series 1998-10, Class 10-A,
6.12%, 2/01/08 .................... 495,304
U.S. Treasury Notes,
535+ 5.875%, 10/31/01 .................. 532,742
385+ 6.625%, 5/15/07 ................... 400,762
------------
1,428,808
------------
TAXABLE MUNICIPAL BONDS--7.6%
AAA 500 Fresno California Pension
Obligation, Series 1994,
7.80%, 6/01/14 ...................... 493,355
AAA 500 Kern County California
Pension Obligation,
6.98%, 8/15/09 ...................... 493,520
Los Angeles County California
Pension Obligation,
AAA 1,000 Series A, 8.62%, 6/30/06 ............ 1,076,800
AAA 500 Series D, 6.97%, 6/30/08 ............ 496,055
AAA 500 Orleans Parish Louisiana
School Board,
Series A, 6.60%, 2/01/08 ............ 485,810
------------
3,045,540
------------
CORPORATE BONDS--24.7%
FINANCE & BANKING--9.0%
A3 500 AmSouth Bancorporation,
6.75%, 11/01/25 ..................... 479,055
A+ 600 Equitable Life Assured Society,
6.95%, 12/01/05** ................... 589,398
A 400 Lehman Brothers Holding, Inc.,
Series A, 6.75%, 9/24/01 ............ 397,240
A+ 500 Metropolitan Life Insurance Co.,
6.30%, 11/01/03** ................... 489,370
AA- 1,000 Morgan Stanley Group, Inc.,
10.00%, 6/15/08 ..................... 1,144,790
BBB+ 500 PaineWebber Group, Inc.,
8.875%, 3/15/05 ..................... 532,578
------------
3,632,431
------------

See Notes to Consolidated Financial Statements.

7
<PAGE>

INDUSTRIALS--8.2%
A2 $ 100 American Airlines, Inc., Secured
Equipment Trust,
Series 1990-M,
10.44%, 3/04/07 ..................... $ 111,863
A1 1,000 Dow Capital BV,
9.20%, 6/01/10 ...................... 1,106,550
A- 500 Ralcorp Holdings, Inc.,
8.75%, 9/15/04 ...................... 531,120
A3 500 Ralston Purina Co.,
9.25%, 10/15/09 ..................... 544,082
BBB- 500 Seagram Joseph E. & Sons, Inc.,
7.00%, 4/15/08 ...................... 511,855
AA- 500 TCI Communications, Inc.,
8.25%, 1/15/03 ...................... 506,400
------------
3,311,870
------------
UTILITIES--2.5%
A 500 Alltel Corp.,
7.50%, 3/01/06 ...................... 499,485
Baa1 500 Ohio Edison Co.,
8.625%, 9/15/03 ..................... 518,235
------------
1,017,720
------------
YANKEE--5.0%
BBB- 500 Empresa Electric Guacolda SA,
7.95%, 4/30/03** .................... 486,642
BBB+ 170 Empresa Electric Pehuenche,
7.30%, 5/01/03 ...................... 166,886
A- 500 Israel Electric Corp., Ltd.,
7.25%, 12/15/06** ................... 467,870
Baa2 1,000 Petrozuata Finance Inc.,
Series A, 7.63%, 4/01/09** .......... 883,125
------------
2,004,523
------------
9,966,544
------------
Total long-term investments
(cost $58,930,484) .................. 57,549,534
------------
SHORT-TERM INVESTMENT--2.0%
DISCOUNT NOTE
800 Federal Home Loan Bank, Discount Note,
6.40%, 11/01/00
(cost $800,000) ..................... 800,000
------------

Total investments--144.7%
(cost $59,730,484) .................. 58,349,534
Liabilities in excess of other
assets--(44.7)% ..................... (18,028,346)
------------
NET ASSETS--100% ...................... $ 40,321,188
============

-----------------------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
+ Entire or partial principal amount pledged as collateral for reverse
repurchase agreements or financial futures contracts.
@ Illiquid securities representing 0.79% of net assets.
@@ Security is restricted as to public resale. The securities were acquired in
1997 and have an aggregate current cost of $431,065.

---------------------------------------------------------
KEY TO ABBREVIATIONS
REMIC -- Real Estate Mortgage Investment Conduit.
---------------------------------------------------------

See Notes to Consolidated Financial Statements.

<PAGE>

------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
CONSOLIDATED STATEMENT OF
ASSETS AND LIABILITIES
OCTOBER 31, 2000
------------------------------------------------------------------------

ASSETS
Investments, at value
(cost $59,730,484) (Note 1) ..................... $58,349,534
Cash .............................................. 226,693
Receivable for investments sold ................... 4,843,750
Interest receivable ............................... 783,510
Interest rate cap, at value
(amortized cost $71,419) (Notes 1 & 3) .......... 44,399
Other assets (Note 1) 3,721
------------
64,251,607
------------

LIABILITIES
Reverse repurchase agreements (Note 4) ............ 18,850,213
Payable for investments purchased ................. 4,831,250
Interest payable .................................. 81,311
Investment advisory fee payable (Note 2) .......... 18,841
Administration fee payable (Note 2) ............... 5,138
Due to broker--variation margin
(Notes 1 & 3) ................................... 875
Deferred directors fees (Note 1) .................. 1,501
Other accrued expenses ............................ 141,290
------------
23,930,419
------------
NET ASSETS ........................................ $40,321,188
============

Net assets were comprised of:
Common stock:
Par value (Note 5) .............................. $ 29,571
Paid-in capital in excess of par ................ 40,550,589
------------
40,580,160

Undistributed net investment income ............... 2,362,038
Accumulated net realized loss ..................... (1,184,875)
Net unrealized depreciation ....................... (1,436,135)
------------
Net assets, October 31, 2000 ...................... $40,321,188
============

Net asset value per share:
($40,321,188 / 2,957,093 shares of
common stock issued and outstanding) ............ $ 13.64
============

------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
CONSOLIDATED STATEMENT OF
OPERATIONS
YEAR ENDED OCTOBER 31, 2000
------------------------------------------------------------------------

NET INVESTMENT INCOME
Income
Interest (net of premium
amortization of $2,384,835 and interest
expense of $1,069,684) .......................... $ 3,342,831
------------
Operating expenses
Investment advisory ............................. 218,030
Legal ........................................... 65,000
Administration .................................. 59,463
Independent accountants ......................... 48,500
Reports to shareholders ......................... 46,500
Custodian ....................................... 37,500
Transfer agent .................................. 15,000
Directors ....................................... 13,500
Miscellaneous ................................... 11,547
------------
Total operating expenses ........................ 515,040
------------
Net investment income before excise tax ........... 2,827,791
Excise tax ........................................ 135,000
------------
Net investment income ............................. 2,692,791
------------

REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized loss on:
Investments ..................................... (106,350)
------------

Net change in unrealized
appreciation (depreciation) on:
Investments ..................................... (130,483)
Futures ......................................... (28,165)
Interest rate cap ............................... (11,791)
------------
(170,439)
------------
Net loss on investments ........................... (276,789)
------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......................... $ 2,416,002
============

See Notes to Consolidated Financial Statements.

9
<PAGE>

-------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED OCTOBER 31, 2000
-------------------------------------------------------------------

RECONCILIATION OF NET INCREASE IN
NET ASSETS RESULTING FROM OPERATIONS
TO NET CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net increase in net assets resulting from
operations ....................................... $ 2,416,002
------------
Increase in investments ............................ (2,710,363)
Increase in receivable for securities sold ......... (4,843,750)
Increase in payable for securities purchased ....... 4,831,250
Net realized loss .................................. 106,350
Increase in unrealized depreciation ................ 170,439
Decrease in interest rate cap ...................... 2,825
Decrease in interest receivable .................... 3,241
Increase due to broker-variation margin ............ 875
Increase in other assets ........................... (3,721)
Increase in interest payable ....................... 34,342
Increase in accrued expenses and other
liabilities ...................................... 64,974
------------
Total adjustments ................................ (2,343,538)
------------
Net cash flows provided by operating activities .... $ 72,464
============

INCREASE (DECREASE) IN CASH
Net cash flows provided by operating activities .... $ 72,464
------------
Cash flows provided by financing activities:
Increase in reverse repurchase agreements ........ 2,546,263
Cash dividends paid .............................. (2,439,367)
------------
Net cash flows provided by financing activities .... 106,896
------------
Net increase in cash ............................. 179,360
Cash at beginning of year ........................ 47,333
------------
Cash at end of year .............................. $ 226,693
============

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

YEAR ENDED OCTOBER 31,
---------------------
2000 1999
------ ------
INCREASE (DECREASE) IN
NET ASSETS
Operations:
Net investment income .......... $ 2,692,791 $2,756,986
Net realized gain (loss) ....... (106,350) 308,615
Net change in unrealized
depreciation ................. (170,439) (4,602,605)
----------- -----------
Net increase (decrease) in net
assets resulting from
operations ................... 2,416,002 (1,537,004)
Dividends from
net investment income ........ (2,439,367) (2,513,313)
----------- -----------
Total decrease ................. (23,365) (4,050,317)

NET ASSETS
Beginning of year ................ 40,344,553 44,394,870
----------- -----------
End of year (including
undistributed net investment
income of $2,362,038 and
$2,044,948, respectively) ...... $40,321,188 $40,344,553
=========== ===========

See Notes to Consolidated Financial Statements.

10
<PAGE>

--------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of year ................................ $ 13.64 $ 15.01 $ 14.48 $ 13.46 $ 13.40
------- ------- ------- ------- -------
Net investment income (net of interest expense of
$0.36, $0.33, $0.36, $0.36 and $0.35) ......................... .91 .93 1.20 1.10 1.00
Net realized and unrealized gain (loss) on investments .......... (.09) (1.45) .23 .82 (.03)
------- ------- ------- ------- -------
Net increase (decrease) from investment operations ................ .82 (.52) 1.43 1.92 .97
------- ------- ------- ------- -------
Dividends from net investment income .............................. (.82) (.85) (.90) (.90) (.91)
------- ------- ------- ------- -------
Net asset value, end of year* ..................................... $ 13.64 $ 13.64 $ 15.01 $ 14.48 $ 13.46
======= ======= ======= ======= =======
Per share market value, end of year* .............................. $ 11.94 $ 11.44 $ 13.25 $ 12.13 $ 11.00
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN+ .......................................... 12.11% (7.68)% 17.15% 19.05% 6.67%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS:
Operating expenses ................................................ 1.31% 1.03% 1.01% 1.02% 1.12%
Operating expenses and interest expense ........................... 4.02% 3.33% 3.44% 3.65% 3.81%
Operating expenses, interest expense, and excise taxes ............ 4.36% 3.49% 3.51% 3.65% 3.81%
Net investment income ............................................. 6.83% 6.58% 8.13% 8.03% 7.59%

SUPPLEMENTAL DATA:
Average net assets (in thousands) ................................. $39,425 $41,909 $43,482 $40,416 $38,786
Portfolio turnover ................................................ 36% 25% 25% 36% 58%
Net assets, end of year (in thousands) ............................ $40,321 $40,345 $44,395 $42,810 $39,805
Reverse repurchase agreements outstanding,
end of year (in thousands) ...................................... $18,850 $16,304 $19,770 $20,363 $18,081
Asset coverage++ .................................................. $ 3,139 $ 3,475 $ 3,246 $ 3,102 $ 3,209
</TABLE>

----------
* Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
+ 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 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 Consolidated Financial Statements.

11
<PAGE>

--------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT
GRADE 2009 TERM TRUST INC.
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 1. ORGANIZATION The BlackRock Broad Investment Grade 2009 Term
& ACCOUNTING Trust Inc. (the "Trust"), a Maryland corporation,
POLICIES 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.

On December 3, 1999, the Trust transferred a substantial portion of its
total assets to a 100% owned regulated investment company subsidiary called BCT
Subsidiary, Inc. These consolidated financial statements include the operations
of both the Trust and its wholly-owned subsidiary after elimination of all
intercompany transactions and balances.

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. Short-term securities are
valued at amortized cost. 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.

REPURCHASE AGREEEMENTS: 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"
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 (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

12
<PAGE>

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.
Interest 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 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

13
<PAGE>

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 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.

14
<PAGE>

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.

Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from accounting
principles generally accepted in the United States of America.

RECLASSIFICATION OF CAPITAL ACCOUNTS: The Trust accounts for and reports
distributions to shareholders in accordance with the American Institute of
Certified Public Accountants' Statement of Position 93-2: Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies. For the year ended
October 31, 2000, the Trust increased undistributed net investment income and
decreased paid-in capital in excess of par by $63,666 due to certain expenses
not being deductible for tax purposes. Net investment income, net realized
losses and net assets were not affected by this change.

ESTIMATES: The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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.

DEFERRED COMPENSATION PLAN: Under a deferred compensation plan approved by the
Board of Directors on February 24, 2000, non-interested Directors may elect to
defer receipt of all or a portion of their annual compensation.

Deferred amounts earn a return as though equivalent dollar amounts had been
invested in common shares of other BlackRock funds selected by the Directors.
This has the same economic effect as if the Directors had invested the deferred
amounts in such other BlackRock funds.

The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of the Trust. The
Trust may, however, elect to invest in common shares of those funds selected by
the Directors in order to match its deferred compensation obligations.

NOTE 2. AGREEMENTS The Trust has an Investment Advisory Agreement with
BlackRock Advisors, Inc. (the "Advisor"), which is
a wholly-owned subsidiary of BlackRock, Inc., which in turn is an indirect
majority-owned subsidiary of PNC Financial Services Group, Inc. 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 advisory fee paid to the Advisor 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 Advisor 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 Purchases and sales of investment securities, other
SECURITIES than short-term investments and dollar rolls, for
the year ended October 31, 2000 aggregated
$23,751,160 and $19,946,606, 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, 2000, the Trust held
14% of its net 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, that 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, 2000
was $59,759,537, and accordingly, net unrealized depreciation for federal income
tax purposes was $1,410,003 (gross unrealized appreciation--$1,259,644, gross
unrealized depreciation--$2,669,647).

15
<PAGE>

For Federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 2000 of approximately $1,015,000, of which $929,000 expires in
2003 and $86,000 expires in 2008. Accordingly, no capital gain distribution is
expected to be paid to shareholders until net gains have been realized in excess
of such amount. Details of open financial futures contracts at October 31, 2000
are as follows:

VALUE AT VALUE AT
NUMBER OF EXPIRATION TRADE OCTOBER 31, UNREALIZED
CONTRACTS TYPE DATE DATE 2000 DEPRECIATION
--------- ---------- ---- ------------ ------------ ---------
Short
Position: June
10 Eurodollar 2001 $(2,311,210) $(2,339,375) $(28,165)
========
The Trust holds 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 at October 31, 2000
are as follows:

NOTIONAL VALUE AT
AMOUNT FIXED FLOATING TERMINATION AMORTIZED OCTOBER 31, UNREALIZED
(000) RATE RATE DATE COST 2000 DEPRECIATION
------ ----- ----- ------- ------- ------- ---------
3 Month
$5,000 6.00% LIBOR 2/19/02 $71,419 $44,399 $(27,020)
========

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 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, 2000 was approximately $16,526,683 at a weighted
average interest rate of approximately 6.47%. The maximum amount of reverse
repurchase agreements outstanding at any month-end during the period was
$18,850,213 as of October 31, 2000 which was 29% 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, 2000.

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, 2000, the Adviser owned 7,093 shares.

NOTE 6. DIVIDENDS Subsequent to October 31, 2000, the Board of
Directors of the Trust declared dividends from
undistributed earnings of $0.06875 per share payable November 30, 2000 to
shareholders of record on November 15, 2000.

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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 consolidated statement of assets and
liabilities, including the consolidated portfolio of investments, of The
BlackRock Broad Investment Grade 2009 Term Trust Inc. (the "Trust") as of
October 31, 2000 and the related consolidated 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 consolidated financial highlights
for each of the five years in the period then ended. These consolidated
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
consolidated financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. 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, 2000 by correspondence with the custodian and
brokers; where replies were not received, we performed other auditing
procedures. 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 consolidated 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, 2000
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 accounting principles generally accepted in the United States of America.

/s/ DELOITTE & TOUCHE LLP
-------------------------
New York, New York
December 8, 2000

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--------------------------------------------------------------------------------
THE BLACKROCK BROAD INVESTMENT GRADE 2009 TERM TRUST INC.
TAX INFORMATION
--------------------------------------------------------------------------------

We wish to advise you as to the federal tax status of dividends paid by the
Trust during its fiscal year ended October 31, 2000.

During the fiscal year ended October 31, 2000, the Trust paid dividends
totalling $0.8250 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 2000 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 2000 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 2001.

--------------------------------------------------------------------------------
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.

--------------------------------------------------------------------------------
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.

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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 Advisors, Inc. ("BlackRock") is an SEC-registered investment advisor.
As of September 30, 2000, the Advisor and its affiliates (together, "BlackRock")
managed $191 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-two closed-end funds that are traded on either the New York or
American stock exchanges, and a $28 billion family of funds. BlackRock managed
670 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 ADVISOR'S INVESTMENT STRATEGY?

The Advisor 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 Advisor will implement a 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 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 Advisor will attempt to purchase securities with call
protection or projected 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 Advisor
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 Advisor 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 advisor. 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,

19
<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 THE 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. The Advisor'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 the Advisor 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.

INVERSE FLOATING RATE MORTGAGE-BACKED SECURITIES: ARMs with interest rates that
adjust at periodic intervals in the opposite direction from the market rate of
interest to which they are indexed. An inverse floater may be considered to be
leveraged to the extent that its interest rate may vary by a magnitude that
exceeds the magnitude of the change in the index rate of interest.

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 up to 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.

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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
OBLIGATIONS (CMOS): mortgage 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
BACKED SECURITIES (CMBS): by 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.

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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
MORTGAGE: at 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
AGREEMENTS: sells 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.

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--------------------------------------------------------------------------------
BLACKROCK ADVISORS, INC.
AN OVERVIEW
--------------------------------------------------------------------------------

BlackRock Advisor, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of September 30, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $191 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. BlackRock manages twenty-two
closed-end funds that are traded on either the New York or American stock
exchanges, and a $28 billion family of open-end funds. BlackRock managed 670
accounts, domiciled in the United States and overseas.

BlackRock's fixed income product was introduced in 1988 by a team of
highly seasoned fixed income professionals. These professionals had extensive
experience creating, analyzing and trading a variety of fixed income
instruments, including the most complex structured securities. In fact, several
individuals at BlackRock were responsible for developing many of the major
innovations in the mortgage-backed and asset-backed securities markets,
including the creation of the first CMO, the floating rate CMO, the
senior/subordinated pass-through and the multi-class asset-backed security.

BlackRock is unique among asset management and advisory firms in the
emphasis it places on the development of proprietary analytical capabilities.
Over one quarter of the firm's professionals are dedicated to the design,
maintenance and use of these systems, which are not otherwise available to
investors. BlackRock's proprietary analytical tools are used for evaluating, and
designing fixed income investment strategies for client portfolios. Securities
purchased include mortgages, corporate bonds, municipal bonds and a variety of
hedging instruments.

BlackRock has developed investment products that respond to investors'
needs and has been responsible for several major innovations in closed-end
funds. In fact, BlackRock introduced the first closed-end mortgage fund, the
first taxable and tax-exempt closed-end funds to offer a finite term, the first
closed-end fund to achieve a AAA rating by Standard & Poor's, and the first
closed-end fund to invest primarily in North American Government securities.
Currently, BlackRock's closed-end funds have dividend reinvestment plans, which
are designed to provide ongoing demand for the stock in the secondary market.
BlackRock manages a wide range of investment vehicles, each having specific
investment objectives and policies.

In view of our continued desire to provide a high level of service to all
our shareholders, BlackRock maintains a toll-free number for your questions. The
number is (800) 227-7BFM (7236). We encourage you to call us with any questions
that you may have about your BlackRock funds and we thank you for the continued
trust that you place in our abilities.

IF YOU WOULD LIKE FURTHER INFORMATION
PLEASE DO NOT HESITATE TO CALL BLACKROCK AT (800) 227-7BFM

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---------
BLACKROCK
---------

DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
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
Anne Ackerley, SECRETARY

INVESTMENT ADVISOR
BlackRock Advisors, Inc.
400 Bellevue Parkway
Wilmington, DE 19809
(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 ACCOUNTANTS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10022

LEGAL COUNSEL - INDEPENDENT DIRECTORS
Debevoise & Plimpton
875 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

---------
BLACKROCK
THE ---------
BROAD INVESTMENT
GRADE 2009
TERM TRUST INC.
---------------------------
CONSOLIDATED
ANNUAL REPORT
OCTOBER 31, 2000

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