Exhibit 17(f) YOUR VOTE IS IMPORTANT! UNLESS VOTING BY TELEPHONE OR INTERNET, PLEASE SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. Your Proxy Vote is important! And now you can Vote your Proxy on the PHONE or the INTERNET. It saves Money! Telephone and Internet voting saves postage costs. Savings which can help minimize expenses. It saves Time! Telephone and Internet voting is instantaneous - 24 hours a day. It's Easy! Just follow these simple steps: 1. Read your proxy statement and have it at hand. 2. Call toll-free 1-866-241-6192 or go to website: https://vote.proxy-direct.com 3. Follow the recorded or on-screen directions. 4. Please do not mail your Proxy Card when you vote by phone or Internet. Please detach at perforation before mailing. PROXY BLACKROCK ULTRASHORT MUNICIPAL PORTFOLIO PROXY A PORTFOLIO OF BLACKROCK FUNDS(SM) SPECIAL MEETING OF SHAREHOLDERS - August 22, 2006 This Proxy is Solicited on Behalf of Board of Trustees The undersigned hereby appoints Robert Connolly, Brian Kindelan and Anne Ackerley, and each of them, attorneys and proxies for the undersigned, with full power of substitution and revocation, to vote the undersigned's shares at the Special Meeting of Shareholders of the BlackRock UltraShort Municipal Portfolio (the "BlackRock Fund"), a portfolio of BlackRock Funds, to be held at the Omni Berkshire Place, 21 East 52nd Street, New York, New York 10022, on Tuesday, August 22, 2006 at 11:00 a.m., Eastern time, and at any adjournments thereof, upon the matters set forth in the Notice of Special Meeting and Proxy Statement dated June 15, 2006 and upon all other matters properly coming before said Special Meeting. VOTE VIA THE INTERNET: https://vote.proxy-direct.com VOTE VIA THE TELEPHONE: 1-866-241-6192 ----------------------- --------------- 999 9999 9999 999 ----------------------- --------------- Note: Please sign exactly as your name appears at left. Joint owners each should sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by President or authorized officer. If a partnership, please sign in partnership name by authorized person. ---------------------------------------------------- Signature ---------------------------------------------------- Signature of joint owner, if any ---------------------------------------------------- Date YES NO I PLAN TO ATTEND THE MEETING. |_| |_| CHANGE OF ADDRESS AND/OR COMMENTS MARK HERE AND INDICATE ON REVERSE: |_| YOUR VOTE IS IMPORTANT! UNLESS VOTING BY TELEPHONE OR INTERNET, PLEASE SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. Please detach at perforation before mailing. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example: |X| FOR AGAINST ABSTAIN 1. To approve an Agreement and Plan of |_| |_| |_| Reorganization (the "Reorganization Agreement") pursuant to which the BlackRock Fund would transfer substantially all of its assets and certain stated liabilities to Short-Term Portfolio (the "ML Fund"), a series of Merrill Lynch Municipal Bond Fund, Inc., in exchange solely for Investor A, Institutional, Service and BlackRock Shares of the ML Fund, which will be distributed by the BlackRock Fund to the holders of its shares in complete liquidation. 2. To transact such other business as may properly be presented at the Special Meeting or any adjournment thereof. Address Change/Comments: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PLEASE SIGN, DATE AND RETURN THIS PROXY CARD IN THE ENCLOSED ENVELOPE.