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:

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     PLEASE SIGN, DATE AND RETURN THIS PROXY CARD IN THE ENCLOSED ENVELOPE.