INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
The BlackRock 2001 Term Trust Inc.
In planning and performing our audit of the financial statements
of The BlackRock 2001 Term Trust Inc. (the "Trust") for the year
ended June 30, 2000 (on which we have issued our report dated
August 7, 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 generally accepted
accounting principles. 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 June 30, 2000.
This report is intended solely for the information and use of
management, the Board of Directors of The BlackRock 2001 Term
Trust Inc., and the Securities and Exchange Commission, and is not
intended to be and should not be used by anyone other than these
specified parties.
August 7, 2000
