<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>sch13d.txt
<DESCRIPTION>SCHEDULE 13D
<TEXT>
                      SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 SCHEDULE 13D
                                (Rule 13d-101)

            INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                 RULE 13d-2(a)

                             BGT Subsidiary, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                    Common Stock, par value 0.01 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                     None
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                           J.P. Morgan Chase & Co.
                               270 Park Avenue
                              New York, NY 10017
                        Attn: Kathleen A. Juhase, Esq.

                                   Copy to:
                             Susan E. Cogan, Esq.
                          Simpson Thacher & Bartlett
                             425 Lexington Avenue
                              New York, NY 10017
                                 212-455-2000
--------------------------------------------------------------------------------
                 (Name, Address and Telephone Number of Person
               Authorized to Receive Notices and Communications)


                              November 30, 2001
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of This Statement)

     If the filing  person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f) or 13d-1(g), check the
following box [_].



<PAGE>




CUSIP No. None                      13D                       Page 2 of 6 Pages


________________________________________________________________________________
1.    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

      J.P. Morgan Chase & Co.
      13-2624428

________________________________________________________________________________
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

________________________________________________________________________________
3    SEC USE ONLY



________________________________________________________________________________
4    SOURCE OF FUNDS*

     AF

________________________________________________________________________________
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]



________________________________________________________________________________
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

________________________________________________________________________________
               7    SOLE VOTING POWER

  NUMBER OF         12,652,341

   SHARES      _________________________________________________________________
               8    SHARED VOTING POWER
BENEFICIALLY
                    0
  OWNED BY
               _________________________________________________________________
    EACH       9    SOLE DISPOSITIVE POWER

  REPORTING         12,652,341

   PERSON      _________________________________________________________________
               10   SHARED DISPOSITIVE POWER
    WITH
                    0

________________________________________________________________________________
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     12,652,341

________________________________________________________________________________
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

                                                                      [_]

________________________________________________________________________________
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     22%

________________________________________________________________________________
14   TYPE OF REPORTING PERSON*

     HC

________________________________________________________________________________


<PAGE>

CUSIP No. None                      13D                       Page 3 of 6 Pages


________________________________________________________________________________
1.    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

      J.P. Morgan Ventures Corporation
      13-3471824

________________________________________________________________________________
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

________________________________________________________________________________
3    SEC USE ONLY



________________________________________________________________________________
4    SOURCE OF FUNDS*

     WC

________________________________________________________________________________
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]



________________________________________________________________________________
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

________________________________________________________________________________
               7    SOLE VOTING POWER

  NUMBER OF         12,652,341

   SHARES      _________________________________________________________________
               8    SHARED VOTING POWER
BENEFICIALLY
                    0
  OWNED BY
               _________________________________________________________________
    EACH       9    SOLE DISPOSITIVE POWER

  REPORTING         12,652,341

   PERSON      _________________________________________________________________
               10   SHARED DISPOSITIVE POWER
    WITH
                    0

________________________________________________________________________________
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     12,652,341

________________________________________________________________________________
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

                                                                      [_]

________________________________________________________________________________
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     22%

________________________________________________________________________________
14   TYPE OF REPORTING PERSON*

     CO

________________________________________________________________________________



<PAGE>
CUSIP No. None                      13D                       Page 4 of 6 Pages

Item 1.           Security and Issuer.
                  -------------------

                  This statement of beneficial ownership on Schedule 13D (this
"Schedule 13D") relates to the common stock, par value $0.01 per share (the
"Common Stock"), of BGT Subsidiary, Inc., a Maryland corporation ("BGT"), and
is being filed pursuant to Rule 13d-1 under the Securities Exchange Act of
1934. The address of the principal executive offices of BGT is 345 Park Avenue,
New York, New York 10154.

Item 2.           Identity and Background.
                  -----------------------

                  This Schedule 13D is being filed on behalf of J.P. Morgan
Chase & Co., a Delaware Corporation ("Chase") and J.P Morgan Ventures
Corporation, a Delaware corporation ("Ventures" and collectively with Chase,
the "Reporting Persons"). The address of the principal executive offices of
each of the Reporting Persons is 270 Park Avenue, New York, New York 10017.
Ventures is a wholly-owned subsidiary of Chase. Chase is a bank holding
company. Ventures is principally engaged in investment activities.

                  Other than as set forth in this Schedule 13D, none of Chase
or the directors and executive officers of Ventures or Chase beneficially
own any of the shares of Common Stock and such persons disclaim beneficial
ownership as to the shares of Common Stock owned by Ventures.

                  During the last five years, neither the Reporting Persons
nor, to the best of the Reporting Persons' knowledge, any of the executive
officers or directors of the Reporting Persons have been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
have been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, Federal or State securities
laws or finding any violation with respect to such laws.

Item 3.           Source and Amount of Funds or Other Consideration.
                  -------------------------------------------------

                  The Common Stock was purchased for $121,042,415.88. The
source of funds used to purchase the shares of Common Stock reported herein
are general corporate funds of Ventures.

Item 4.           Purpose of the Transaction.
                  --------------------------

                  Pursuant to the Stock Purchase Agreement, dated as of
November 29, 2001, between The BlackRock Strategic Term Trust, Inc., BGT and
Ventures (the "Stock Purchase Agreement"), attached as Exhibit I, Ventures
acquired 12,652,341 shares of Common Stock. The purchase by Ventures of the
securities of BGT covered hereby was effected for investment purposes. Ventures
made a short-term investment in BGT with anticipated spread to other short-term
investments.

                  The Reporting Persons reserve the right, consistent with
applicable law, to acquire additional securities of BGT (whether through open
market purchases, block trades, private acquisitions, tender or exchange
offers or otherwise), to dispose of their securities of BGT, or to formulate
other purposes, plans or proposals regarding BGT or any of its securities, in
each case


<PAGE>
CUSIP No. None                      13D                       Page 5 of 6 Pages

in light of market conditions or other factors. Such actions could
result in one or more of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.

Item 5.           Interest in Securities of the Issuer.
                  ------------------------------------

                  The information set forth or incorporated by reference in
Items 2, 3 and 4 is hereby incorporated herein by reference.

                  Other than as set forth in Item 4, there have been no
transactions with respect to shares of Common Stock, within 60 days prior to
the date hereof, by the Reporting Persons.


Item 6.           Contracts, Arrangements, Understandings or Relationships with
                  Respect to Securities of the Issuer.
                  -------------------------------------------------------------

                  Other than the Stock Purchase Agreement, there are no
contracts, arrangements, understandings or relationships between the Reporting
Persons and any other person with respect to any securities of BGT.

Item 7.           Material to be Filed as Exhibits.
                  --------------------------------

         Exhibit             Description

1.                Stock Purchase Agreement, dated as of November 29, 2001, by
                  and among The BlackRock Strategic Term Trust Inc., BGT
                  Subsidiary, Inc. and J.P. Morgan Ventures Corporation.


                                  SIGNATURES

         After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.

                          J.P. MORGAN CHASE & CO

                          By: /s/ Kathleen A. Juhase
                              -------------------------------
                              Name:  Kathleen A. Juhase
                              Title: Assistant Secretary

                          J.P. MORGAN VENTURES CORPORATION


                          By:  /s/ Kathleen A. Juhase
                               -----------------------------
                               Name:  Kathleen A. Juhase
                               Title: Secretary
Dated: December 10, 2001


<PAGE>

CUSIP No. None                      13D                       Page 6 of 6 Pages


EXHIBIT INDEX

Exhibit           Description

1.                Stock Purchase Agreement, dated as of November 29, 2001, by
                  and among the BlackRock Strategic Term Trust Inc., BGT
                  Subsidiary, Inc. and J.P. Morgan Ventures Corporation.




</TEXT>
</DOCUMENT>
