<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>s214250.txt
<DESCRIPTION>EXHIBIT (I)
<TEXT>
                                                                Exhibit (i)
                                                                -----------


                                                                    ANNEX A

                                                      ATTORNEY WORK PRODUCT
                                                PRIVILEGED AND CONFIDENTIAL


                              BLACKROCK FUNDS
                         DEFERRED COMPENSATION PLAN

         The Board of Trustees of each of the participating management
investment companies listed on Schedule A (as such schedule may be amended
from time to time) attached hereto and made a part hereof (each a
"Participating Fund" and collectively, the "Participating Funds"), hereby
establishes this BlackRock Funds Deferred Compensation Plan, effective as
of February 24, 2000 (the "Plan"). The purpose of the Plan is to provide
eligible trustees of Participating Funds, the opportunity to defer the
receipt of all or a portion of the amounts payable to them as compensation
for services rendered as members of the Board of Trustees of the respective
funds.

1.       DEFINITIONS

                  1.1 Definitions. Unless a different meaning is plainly
implied by the context, the following terms as used in the Plan shall have
the following meanings:

         The term "Advisor" shall mean BlackRock Advisors, Inc. and its
affiliates.

         The term "Board" shall mean the Board of Trustees of each
respective Participating Fund.

         The term "Deferral Account" shall mean a book entry account
maintained to reflect an Eligible Trustee's compensation deferred as
provided in Section 2.4 of the Plan.

         The term "Eligible Investment" shall mean a fund managed by the
Advisor and designated by the Participating Funds from time to time as an
investment medium that may be chosen by an Eligible Trustee in which such
Trustee's Deferral Account may be deemed to be invested, provided that any
Eligible Investment that is a term trust and also the Participating Fund
from which an Eligible Trustee's deferred compensation is paid, is not an
Eligible Investment that may be chosen by such Trustee as an investment
medium for such deferred compensation.

         The term "Eligible Trustee" shall mean a member of the Board who
is not an "interested person" of a Participating Fund or of BlackRock, as
such term is defined under Section 2(a)(1) of the Investment Company Act of
1940, as amended (the "1940 Act").

         The term "Exchange" shall mean the principal stock exchange on
which common shares of an Eligible Investment trade.

         The term "Fair Market Value" shall mean, with respect to a date,
on a per share basis, the closing price of an Eligible Investment, as
reported on the consolidated tape of the Exchange on such date or, if the
Exchange is closed on such date, the next succeeding date on which it is
open.

         The term "Participating Funds" shall mean those registered
investment management companies for which the Advisor serves or will serve
in the future as investment manager, whether existing at the time of
adoption of the Plan or established at a later date, designated by each
respective Board as a fund from which compensation may be deferred by an
Eligible Trustee. Participating Funds shall be listed on Schedule A to the
Plan, provided that failure to list a Participating Fund on Schedule A
shall not affect its status as a Participating Fund.

         The term "Valuation Date" shall mean the last business day of each
calendar quarter and any other day upon which the Participating Fund makes
valuations of the Deferral Accounts.

                  1.2 Trustees and Directors. Where appearing in the Plan,
"Trustee" shall also refer to "Director" and "Board of Trustees" shall also
refer to "Board of Directors."

                  1.3 Separate Plan for each Participating Fund. The Plan
is drafted, and shall be construed, as a separate Plan between each
Eligible Trustee and each Participating Fund.

2.       DEFERRALS

                  2.1 Deferral Elections.

                         (a) An Eligible Trustee participating in the Plan
(a "Participant") may elect to defer receipt of all, or a specified dollar
amount or percentage of the compensation (including fees for attending
meetings) earned by such Eligible Trustee for serving as a member of the
Board or as a member of any committee (or subcommittee of such committee)
of the Board of which such Eligible Trustee from time to time may be a
member (the "Deferred Compensation"). Expenses of attending meetings of the
Board, committees of the Board or subcommittees of such committees or other
reimbursable expenses may not be deferred.

                         (b) Deferrals shall be withheld from each payment
of compensation by the Participating Fund to the Participant based upon the
percentage or dollar amount elected by the Participant under Section 2.3
hereof.

                         (c) The Participant may cancel or modify the
amount of such Participant's Deferred Compensation on a prospective basis
by submitting to the Participating Fund a revised election to defer form.
Such change will be effective as of the first day of the calendar year
following the date such revision is submitted.

                  2.2  Manner of Election.

                         (a) An Eligible Trustee shall elect to participate
in the Plan and defer compensation by completing, signing and filing with
the Participating Fund an election to defer in such written form as may be
prescribed (the "Election"). The Election shall include:

                             (i)     The amount or percentage of
                                     compensation to be deferred;

                             (ii)    The method of payment of Deferred
                                     Compensation (i.e., in a lump sum or
                                     the number of installments);

                             (iii)   The time or times of payment of the
                                     Deferred Compensation;

                             (iv)    The Eligible Investments selected by
                                     the Trustee for the Deferred
                                     Compensation; and

                             (v)     Any beneficiary(ies) designated by the
                                     Eligible Trustee pursuant to Section
                                     3.2 of the Plan.

                         (b) Each Eligible Trustee's receipt of
compensation shall be deferred until the first to occur of any of the
following events:

                             (i)     The date which such Eligible Trustee
                                     ceases to be a Trustee of the
                                     Participating Fund;

                             (ii)    A date selected by such Eligible
                                     Trustee as specified on the Trustee's
                                     Election;

                             (iii)   A date on which some future event
                                     occurs which is not within the
                                     Eligible Trustee's control, as
                                     specified on the Trustee's Election;

                             (iv)    Upon the death of the Eligible
                                     Trustee;

                             (v)     In the sole discretion of the
                                     Participating Fund, upon disability or
                                     financial hardship of the Eligible
                                     Trustee;

                             (vi)    The effective date of the sale or
                                     liquidation of the Participating Fund
                                     or to comply with applicable law; or

                             (vii)   Upon termination of the Plan in
                                     accordance with Section 4.5 hereof.

                  2.3 Period of Deferrals.

                         (a) Any Election by an Eligible Trustee pursuant
to the Plan shall be irrevocable from and after the date on which such
Election is filed with the Participating Fund and shall be effective to
defer compensation of an Eligible Trustee as follows:

                             (i)     As to any Eligible Trustee in office
                                     on the effective date of the Plan who
                                     files an Election no later than thirty
                                     (30) days after such effective date,
                                     such Election shall be effective to
                                     defer any compensation which is earned
                                     by the Eligible Trustee after the date
                                     of the filing of the Election, or the
                                     effective date of the Plan, if later;

                             (ii)    As to any individual who becomes an
                                     Eligible Trustee after the effective
                                     date of the Plan and who files an
                                     Election within thirty (30) days of
                                     becoming an Eligible Trustee, such
                                     Election shall be effective to defer
                                     any compensation which is earned by
                                     the Eligible Trustee after the date of
                                     the filing of the Election, or the
                                     effective date of the Plan, if later;
                                     and

                             (iii)   As to any other Eligible Trustee, the
                                     Election shall be effective to defer
                                     any compensation that is earned from
                                     and after the first day of the
                                     calendar year next succeeding the
                                     calendar year in which the Election is
                                     filed.

                         (b) A Participant may revoke such Participant's
Election at any time by filing a written notice of termination with the
Participating Fund. Any compensation earned by the Participant after
receipt of the notice by the Participating Fund shall be paid currently and
no longer deferred as provided in the Plan.

                         (c) A Participant who has filed a notice to
terminate deferral of compensation may thereafter again file a new Election
pursuant to Section 2.2(a) hereof effective for any calendar year
subsequent to the calendar year in which the new Election is filed.

                  2.4 Valuation of Deferral Account.

                         (a) Each Participating Fund shall establish a
Deferral Account to which will be credited in an amount equal to the
Participant's Deferred Compensation under the Plan. Any compensation earned
by the Participant which the Participant has elected to defer will be
credited to the Deferral Account on the date such amounts otherwise would
have been payable to such Participant. On each Valuation Date, each
Deferral Account will be credited or debited (as described in subsection
(b) below) with the amount that would have been realized had the Deferral
Account been invested in the Eligible Investments designated by the
Participant. The Deferral Account shall be debited to reflect any
distributions as of the date such distributions are made in accordance with
Section 3 of the Plan.

                         (b) Each Participating Fund shall adjust the
Participant's Deferral Account to reflect a value which would have been
earned as if the amount of Deferred Compensation represented by such
Deferral Account had been invested and reinvested in shares of the Eligible
Investments designated by the Participant as follows:

                  The value of each account will be determined by reference
                  to the number of the shares of the Eligible Investment
                  that the Deferred Compensation would have purchased (or
                  sold) at the then Fair Market Value per share on the date
                  such amounts are credited to (or debited from) the
                  Deferral Account (less any brokerage fees payable upon
                  the acquisition of shares of such in the open market) as
                  well as the Fair Market Value of shares that would have
                  been acquired through reinvestment of dividends and
                  capital gains distributed.

                         (c)  As of each Valuation Date, income, gain and loss
equivalents (determined as if the Deferral Accounts are invested in the
manner set forth in Section 2.2(a) hereof) attributable to the period
following the next preceding Valuation Date shall be credited to and/or
debited from the Participant's Deferral Account.

                  2.5 Investment of Deferral Account Balance.

                         (a) The Participating Funds shall from time to
time designate one or more funds eligible for investment. A Participant, at
the time of Election, shall have the right to select from the then-current
list of Eligible Investments one or more Eligible Investments in which
amounts deferred shall be deemed invested as set forth in Section 3. The
Participant may select from the Eligible Investments to which all or part
of the amounts in the Deferral Account shall be deemed to be invested.

                         (b) The Participant shall make investment
designations at the time such Participant files the Election with the
Participating Fund which shall remain effective until another valid
direction has been made by the Participant as herein provided. The
Participant may amend the investment designations only once each calendar
year by giving written notice at least thirty (30) days prior to the end of
such calendar year. A timely change to a Participant's investment
designation shall become effective as soon as practicable following receipt
of notice by the Participating Fund.

                         (c) The Eligible Investments deemed to be made
available to the Participant, and any restrictions or limitation on the
maximum or minimum percentages of the Participant's Deferral Account that
may be invested in any Eligible Investment, shall be the same as from
time-to-time communicated to the Participant.

                         (d) A Participant may elect to transfer Deferred
Compensation from one Eligible Investment to a different Eligible
Investment, provided that in no event may any such election become
effective sooner than six (6) months following the last date on which
Deferred Compensation was allocated to the former Eligible Investment, and
the Participant shall not be permitted to defer any compensation earned
after such date to such former Eligible Investment for a period of six (6)
months from the date of such transfer. A transfer election shall be made by
written notice signed by the Participant and filed with the Participating
Fund.

                         (e) Notwithstanding the foregoing, the
Participating Funds may, from time to time, remove any fund from or add any
fund to the list of Eligible Investments. If the Participating Funds
discontinue an Eligible Investment, the Participant shall complete and file
an election to transfer the amounts deferred in the discontinued Eligible
Investment to such other then- current Eligible Investment. In the event
that the Participant shall fail to timely elect a new Eligible Investment,
such amounts shall be transferred to an Eligible Investment that the
Participating Fund deems appropriate.

                         (f) Except as provided below, the Participant's
Deferral Account shall be deemed to be invested in accordance with the
Participant's Election, provided such Election conforms to the provisions
of this Section. If -

                             (i)     the Participant does not furnish
                                     complete, written investment
                                     instructions; or

                             (ii)    the written investment instructions
                                     from the Participant are unclear,


the Participant's Deferral Account shall be deemed to be invested in such
other then-current Eligible Investments as the Participating Funds shall
select, until such time as the Participant shall provide complete
investment instructions.

3.       DISTRIBUTIONS FROM DEFERRAL ACCOUNT

                  3.1 Distribution Election.

                  The aggregate value of a Participant's Deferral Account
will be paid in a lump sum or in ten (10) or fewer annual installments, as
specified in the Participant's Election (or Elections). Distributions will
be made as of the first business day of January of the calendar year
following the calendar year in which the Participant ceases being a Trustee
or on such other dates as the Participant may specify in such Election (or
Elections), which shall not be earlier than six (6) months following the
Election.

                         (a) If a Participant elects installment payments,
the unpaid balance in the Participant's Deferral Account shall continue to
accrue earnings and dividend equivalents, computed in accordance with the
provisions of Section 2.4(b), and shall be prorated and paid over the
installment period. The amount of the first payment shall be a fraction of
the then Fair Market Value of such Participant's Deferral Account, the
numerator of which is one, and the denominator of which is the total number
of installments. The amount of each subsequent payment shall be a fraction
of the then Fair Market Value of the Participant's Deferral Account
remaining after the prior payment, the numerator of which is one and the
denominator of which is the total number of installments elected minus the
number of installments previously paid.

                         (b) All payments shall be in cash; provided,
however if a lump sum payment is elected, the Participant may elect to
receive payment in full and fractional shares of the Eligible Investments
selected by such Participant at Fair Market Value at the time of payment of
the amounts credited to the Participant's Deferral Account. Any such
election shall be filed in writing by the Participant with the
Participating Fund at least ten (10) business days prior to the date which
such payment is to be made.

                         (c) A Participant may at any time, and from time
to time, change any distribution election applicable to such Participant's
Deferral Account, provided that no election to change the timing of any
distribution shall be effective unless it is made in writing and received
by the Participating Fund at least six (6) months prior to the earlier of
(i) the time at which the Participant ceases to be a Trustee or (ii) the
time such distribution shall commence.

                  3.2 Death Prior to Complete Distribution. In the event of
a Participant's death prior to distribution of all amounts in such
Participant's Deferral Account, notwithstanding any Election made by the
Participant and notwithstanding any other provision set forth herein, the
value of such Deferral Account shall be paid in a lump sum in accordance
with the provisions of the Plan as soon as reasonably possible to the
Participant's designated beneficiary(ies) (the "Beneficiary") or, if such
Beneficiary(ies) does not survive the Participant or no beneficiary is
designated, to such Participant's estate. Any Beneficiary(ies) so
designated by a Participant may be changed at any time by notice in writing
from such Participant to the Participating Fund. All payments under this
subsection shall otherwise be paid in accordance with Section 3.1 hereof.

                  3.3 Payment in Discretion of Participating Funds.

                  Amounts deferred hereunder, based on the then adjusted
value of the Participant's Deferral Account as of the Valuation Date next
following, may become payable to the Participant in the discretion of the
Participating Fund:

                         (a) Disability. If the Participating Fund finds on
the basis of medical evidence satisfactory to it that the Participant is
prevented from engaging in any suitable gainful employment or occupation
and that such disability will be permanent and continuous during the
remainder of such Participant's life, the Participating Fund shall
distribute the amounts in the Participant's Deferral Account in a lump sum
or in the number of installments previously selected by the Participant.

                         (b) Financial Hardship. If the Participant
requests and if the Participant provides evidence of financial hardship,
the Participating Fund may, in its sole and absolute discretion, permit a
distribution of all or a portion of the Participant's Deferral Account
prior to the date on which payments would have commenced under Section 3.1.

                  3.4 Acceleration of Payments.

                         (a) In the event of the liquidation, dissolution
or winding up of a Participating Fund or the distribution of all or
substantially all of a Participating Fund's assets and property to its
shareholders (for this purpose a sale, conveyance or transfer of a
Participating Fund's assets to a trust, partnership, association or another
corporation in exchange for cash, shares or other securities with the
transfer being made subject to, or with the assumption by the transferee
of, the liabilities of such Participating Fund shall not be deemed a
termination of such Participating Fund or such a distribution), the entire
unpaid balance of the Participant's Deferral Account of such Participating
Fund shall be paid in a lump sum as of the effective date thereof.

                         (b) The Participating Funds are empowered to
accelerate the payment of deferred amounts to all Participants and
Beneficiaries in the event that there is a change in law which would have
the effect of adversely affecting such persons rights and benefits under
the Plan if acceleration did not occur.

4.       MISCELLANEOUS

                  4.1 Statements of Account.

                  The Participating Funds will furnish each Participant
with a statement setting forth the value of such Participant's Deferral
Account as of the end of each calendar year and all credits and debits of
such Deferral Account during such year. Such statements will be furnished
no later than sixty (60) days after the end of each calendar year.

                  4.2 Rights in Deferral Account.

                  Credits to the Deferral Accounts shall (i) remain part of
the general assets of the Participating Funds, (ii) at all times be the
sole and absolute property of the Participating Funds and (iii) in no event
be deemed to constitute a fund, trust or collateral security for the
payment of the Deferred Compensation to which Participants are entitled
from such Deferral Accounts. The right of the Participant or any
Beneficiary or estate to receive future payment of Deferred Compensation
under the provisions of the Plan shall be an unsecured claim against the
general assets of the Participating Funds, if any, available at the time of
payment. A Participating Fund shall not reserve or set aside funds for the
payment of its obligations hereunder by any form of trust, escrow, or
similar arrangement. The arrangement described in this Plan shall be
"unfunded" for U.S. federal income tax purposes and for purposes of the
Employee Retirement Security Income Act of 1974, as amended.

                  4.3 Non-Assignability.

                  The rights and benefits of Participants under the Plan
and any other person or persons to whom payments may be made pursuant to
the Plan shall not be subject to alienation, assignment, pledge, transfer
or other disposition, except as otherwise provided by law.

                  4.4 Interpretation and Administration.

                         (a) The Participating Funds shall have the general
authority to interpret, construe and implement provisions of the Plan and
to adopt, alter and repeal such administrative rules, guidelines and
practices governing the Plan as shall be from time to time, deemed
advisable. Any determination by the Participating Funds shall be final and
conclusive.

                  4.5 Amendment and Termination.

                  The Participating Funds may in their sole discretion
amend or terminate the Plan at any time. No amendment or termination shall
adversely affect any then existing deferred amounts or rights under the
Plan. Upon termination of the Plan, the remaining balance of the
Participant's Deferral Account shall be paid to the Participant (or to a
beneficiary, as the case may be), in a lump sum as soon as practicable but
no more than thirty (30) days following termination of the Plan.

                  4.6 Incapacity.

                  If the Participating Funds shall receive satisfactory
evidence that the Participant or any Beneficiary entitled to receive any
benefit under the Plan is, at the time when such benefit becomes payable, a
minor, or is physically or mentally incompetent to receive such benefit and
to give a valid release therefor, and that another person or an institution
is then maintaining or has custody of the Participant or Beneficiary and
that no guardian, committee or other representative of the estate of the
Participant or Beneficiary shall have been duly appointed, the
Participating Funds may make payment of such benefit otherwise payable to
the Participant or Beneficiary to such other person or institution and the
release of such other person or institution shall be a valid and complete
discharge for the payment of such benefit.

                  4.7 Payments Due Missing Persons.

                  The Participating Funds shall make a reasonable effort to
locate all persons entitled to benefits under the Plan. However,
notwithstanding any provisions of the Plan to the contrary, if, after a
period of five (5) years from the date such benefit shall be due, any such
persons entitled to benefits have not been located, their rights under the
Plan shall stand suspended. Before this provision becomes operative, the
Participating Funds shall send a certified letter to all such persons to
their last known address advising them that their benefits under the Plan
shall be suspended. Any such suspended amounts shall be held by the
Participating Funds for a period of three (3) additional years (or a total
of eight (8) years from the time the benefits first become payable) and
thereafter, if unclaimed, such amounts shall be forfeited, subject to
applicable laws in the jurisdiction in which the respective Participating
Fund is organized.

                  4.8 Agents.

                  The Participating Funds may employ agents and provide for
such clerical, legal, actuarial, accounting, advisory or other services as
they deem necessary to perform their duties under the Plan. The
Participating Funds shall bear the cost of such services and all other
expenses incurred in connection with the administration of the Plan.

                  4.9 Governing Law.

                  All matters concerning the validity, construction and
administration of the Plan shall be governed by the laws of the state in
which the respective Participating Fund is organized.

                  4.10 Non-Guarantee of  Status.

                  Nothing contained in the Plan shall be construed as a
contract or guarantee of the right of the Participant to be, or remain as,
a Trustee of any of the Participating Funds or to receive any, or any
particular rate of, compensation from any of the Participating Funds.

                  4.11 Counsel.

                  The Participating Funds may consult with legal counsel
with respect to the meaning or construction of the Plan, their obligations
or duties hereunder or with respect to any action or proceeding or any
question of law, and they shall be fully protected with respect to any
action taken or omitted by them in good faith pursuant to the advice of
legal counsel.

                  4.12 Entire Plan.

                  The Plan contains the entire understanding between the
Participating Funds and the Participant with respect to the payment of
non-qualified elective deferred compensation by the Participating Funds to
the Participant.

                  4.13 Non-liability of Participating Funds.

                  Interpretations of, and determinations (including factual
determinations) related to, the Plan made by the Participating Funds in
good faith, including any determinations of the amounts of the Deferral
Accounts, shall be conclusive and binding upon all parties; and the
Participating Funds and their officers and Trustees shall not incur any
liability to the Participant for any such interpretation or determination
so made or for any other action taken by it in connection with the Plan in
good faith.

                  4.14 Successors and Assigns.

                  The Plan shall be binding upon, and shall inure to the
benefit of, the Participating Funds and their successors and assigns and to
the Participants and their heirs, executors, administrators and personal
representatives.

                  4.15 Severability.

                  In the event any one or more provisions of the Plan are
held to be invalid or unenforceable, such illegality or unenforceability
shall not affect the validity or enforceability of the other provisions
hereof and such other provisions shall remain in full force and effect
unaffected by such invalidity or unenforceability.

                  4.16 Rule 16b-3 Compliance.

                  It is the intention of the Participating Fund that all
transactions under the Plan be exempt from liability imposed by Section
16(b) of the Securities Exchange Act of 1934, as amended. Therefore, if any
transaction under the Plan is found not to be in compliance with Section
16(b), the provision of the Plan governing such transaction shall be deemed
amended so that the transaction does so comply and is so exempt, to the
extent permitted by law and deemed advisable by the Participating Fund, and
in all events the Plan shall be construed in favor of its meeting the
requirements of an exemption.


         IN WITNESS WHEREOF, each Participating Fund has caused this Plan
to be executed by one of its duly authorized officers, this __ day of
__________, 2000.



By:________________________________
Name:
Title:



Witness:__________________________
Name:
Title:



                                                                 SCHEDULE A


                              BLACKROCK FUNDS
                         DEFERRED COMPENSATION PLAN

                            PARTICIPATING FUNDS


BlackRock Advantage Term Trust
BlackRock Broad Investment Grade 2009 Term
Trust BlackRock California Insured Municipal 2008 Term Trust
BlackRock California Investment Quality Municipal Trust
BlackRock California Municipal Income Trust
BlackRock Florida Insured Municipal 2008 Term Trust
BlackRock Florida Investment Quality Municipal Trust
BlackRock Florida Municipal Income Trust
BlackRock High Yield Trust BlackRock Income Trust
BlackRock Insured Municipal 2008 Term Trust Inc.
BlackRock Insured Municipal Term Trust
BlackRock Investment Quality Municipal Trust
BlackRock Investment Quality Term Trust
BlackRock Municipal Income Trust
BlackRock Municipal Target Term Trust
BlackRock New Jersey Investment Quality Municipal Trust
BlackRock New Jersey Municipal Income Trust
BlackRock New York Insured Municipal 2008 Term Trust
BlackRock New York Investment Quality Municipal Trust
BlackRock New York Municipal Income Trust
BlackRock North American Government Income Trust
BlackRock Pennsylvania Strategic Municipal Trust
BlackRock Strategic Municipal Trust




                                                                 SCHEDULE B

                            ELIGIBLE INVESTMENTS

You may choose from the following eligible investments:


BlackRock Advantage Term Trust
BlackRock Broad Investment Grade 2009 Term Trust
BlackRock High Yield Trust
BlackRock Income Trust
BlackRock Investment Quality Term Trust
BlackRock North American Government Income Trust



                              BLACKROCK FUNDS
                         DEFERRED COMPENSATION PLAN

                           Deferral Election Form

         The undersigned hereby elects to participate in the Deferred
Compensation Plan ("Plan") in accordance with the elections made in this
Deferral Election Form.

1.       Amount Deferred

         I hereby elect to defer compensation earned as a Trustee which are
earned subsequent to the date of this election, as follows:

         | | All fees; or

         | | ________% of fees.

         | | $________ of fees.


2.       Investment Choice

         I hereby elect to have the deferred compensation valued by an
investment in the Eligible Investments as set forth on the attachment to
this Deferral Election Form. I understand that I may change this election
by giving written notice at least thirty (30) days prior to the end of each
calendar year.

3.       Time of Payment

         I hereby elect to be paid as follows:

         | | On the first business day in January of the calendar year
following the calendar year in which I cease to be a Trustee; or

         | | On the following other date or event:

4.       Number of Payments

         I hereby elect to receive payment as follows:

         | | Entire amount in a lump sum; or

         | | In annual installments (not to exceed 10).

         I hereby relinquish and release any and all rights to receive
payment of the deferred amounts except in accordance with the Plan.


Executed this      day of       , ___


                                           -----------------------------
                                           Trustee's Signature


Received and accepted by the Participating Funds:

By:
   ----------------------------------

Date:
     --------------------------------



                              BLACKROCK FUNDS
                         DEFERRED COMPENSATION PLAN

                         Designation of Beneficiary

The undersigned hereby designates the person or persons named below as the
beneficiary(ies) of any benefits which may become due according to the
terms and conditions of the BlackRock Funds Deferred Compensation Plan (the
"Plan") in the event of my death.

         | | To my Estate: or

         | | To the following beneficiaries:

         Primary:
                 ------------------------------------------------------

                 ------------------------------------------------------

                 ------------------------------------------------------
                 (Name, address and relationship) if living, or if not living
                 at my death, to

         Secondary:
                   ----------------------------------------------------

                   ----------------------------------------------------

                   ----------------------------------------------------
                   (Name, address and relationship) or if not living
                   at my death or is not designated, to my Estate.


I hereby revoke all prior beneficiary designation(s) made under the terms
of the Plan by execution of this form.

Executed this     day of          , ____


                                     ------------------------------
                                     Trustee's Signature


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</DOCUMENT>
