INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
The BlackRock High Yield Trust
In planning and performing our audit of the
financial statements of The BlackRock High Yield
Trust (the "Trust") for the year ended October 31,
2000 (on which we have issued our report dated
December 8, 2000), we considered its internal
control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing
our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and
not to provide assurance on the Trust's internal
control.
The management of the Trust is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with accounting
principles generally accepted in the United States
of America. Those controls include the
safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in any internal
control, misstatements due to error or fraud may
occur and not be detected. Also, projections of
any evaluation of internal control to future
periods are subject to the risk that the internal
control may become inadequate because of changes
in conditions, or that the degree of compliance
with policies or procedures may deteriorate.
Our consideration of the Trust's internal control
would not necessarily disclose all matters in
internal control that might be material weaknesses
under standards established by the American
Institute of Certified Public Accountants. A
material weakness is a condition in which the
design or operation of one or more of the internal
control components does not reduce to a relatively
low level the risk that misstatements caused by
error or fraud in amounts that would be material
in relation to the financial statements being
audited may occur and not be detected within a
timely period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving the Trust's internal
control and its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of October
31, 2000.
This report is intended solely for the information
and use of management, the Board of Directors and
Shareholders of The BlackRock High Yield Trust,
and the Securities and Exchange Commission, and is
not intended to be and should not be used by
anyone other than these specified parties.
Deloitte & Touche
December 8, 2000
