<PAGE>
FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
OMB APPROVAL
-----------------------------
[_] CHECK THIS BOX IF NO LONGER OMB NUMBER: 3235-0287
SUBJECT TO SECTION 16. FORM 4 Expires: September 30, 1998
OR FORM 5 OBLIGATIONS MAY Estimated average burden
CONTINUE. SEE INSTRUCTION 1(b). hours per response ...... 0.5
-----------------------------
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person*
Fink Laurence D.
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
BlackRock Financial Management, Inc.
- --------------------------------------------------------------------------------
(Street)
345 Park Avenue
- --------------------------------------------------------------------------------
(City) (State) (Zip)
New York, NY 10154
- --------------------------------------------------------------------------------
2. Issuer Name and Ticker or Trading Symbol
The BlackRock High Yield Trust (BHY)
- --------------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
- --------------------------------------------------------------------------------
4. Statement for Month/Year
12/98
- --------------------------------------------------------------------------------
5. If Amendment, Date of Original (Month/Year)
- --------------------------------------------------------------------------------
6. Relationship of Reporting Person to Issuer
(Check all applicable)
X Director 10% Owner
----- -----
Officer X Other
----- (give title below) ----- (specify below)
Chairman/CEO fo sub-adviser
-------------------------------
- --------------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
-------
Form filed by More than One Reporting Person.
-------
<TABLE>
<CAPTION>
TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action action or Disposed of (D) Securities Form: of Indirect
Date Code Beneficially Direct Beneficial
(Instr. 8) (Instr. 3,4 and 5) Owned at (D) or Ownership
(Month/ ------------ -------------------------- End of Month Indirect (Instr. 4)
Day/ (A) or (Instr. 3 (I)
Year) Code V Amount (D) Price and 4) (Instr. 4)
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
shares of
beneficial interest 12/18/98 P 1000 A $15 1000 D
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
- -------------------------- ---------- ------ ---- -------- ------ ------ -------------- ------------ -------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
<PAGE>
FORM 4 (CONTINUED)
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day/ (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month/Day/
Security Year)
--------------- -------------------------- -------------------
Date
Exer- Expiration
Code V (A) (D) cisable Date
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
- ------------------------------- -------------- -------------- -------- ----- --------------- ---------- -------- ----------
<CAPTION>
7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership Form 11. Nature of Indirect
Underlying Securities Security (Instr. 5) Securities Beneficially of Derivative Security: Beneficial Ownership
(Instr. 3 and 4) Owned at End of Month Direct (D) or (Instr. 4)
- ------------------------ (Instr. 4) Indirect (I) (Instr. 4)
Title Amount or
Number of
Shares
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
<S> <C> <C> <C> <C> <C>
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
- ----------- ----------- ---------------------- -------------------------- --------------------------- ------------------------
</TABLE>
EXPLANATION OF RESPONSES:
/s/ Bartholomew A. Battista 1/8/99
-------------------------------- --------------
Attorney-in-fact
** Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
SEC 1474 (7-96)
<PAGE>
EXHIBIT 24
POWER OF ATTORNEY
The undersigned, being a person required to file a statement under Section 16(a)
of the Securities Exchange Act of 1934 (the "1934 Act") with respect to The
BlackRock High Yield Trust, a Delaware business trust, hereby authorizes,
designates and appoints Robert P. Connolly, Daniel R. Waltcher and Bartholomew
A. Battista, and each of them, to act severally as attorneys-in-fact to execute
and file statements on Form 3, Form 4 and Form 5 and any successor forms adopted
by the Securities Exchange Commission, as required by the 1934 Act and the
Investment Company Act of 1940 and the rules thereunder, and to take such other
actions as such attorneys-in-fact may deem necessary or appropriate in
connection with such statements, hereby confirming and ratifying all actions
that such attorneys-in-fact have taken or may take in reliance hereon. This
power of attorney shall continue in effect until the undersigned no longer has
an obligation to file statements under the section cited above, or until
specifically terminated in writing by the undersigned.
IN WITNESS WHEREOF, the undersigned has duly executed this power of attorney on
the January 7 day of January, 1999.
By: /s/Laurence D. Fink
-------------------
Laurence D. Fink
