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<PAGE> PAGE 2
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SIGNATURE ANNA RODRIGUES
TITLE MANAGER FUND ADMIN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000939397
<NAME> BLACKROCK FUND INVESTORS I
<S> <C>
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<PERIOD-START> JAN-01-1998
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</TABLE>
INDEPENDENT AUDITORS REPORT
The Board of Directors
BlackRock Fund Investors I
In planning and performing our audit of the
financial statements of BlackRock Fund Investors
I (the Fund) for the year ended December 31,
1998 (on which we have issued our report dated
February 23, 1999), 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 NSAR, and not to provide assurance on
the Funds internal control.
The management of the Fund 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 entitys 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 internal
control, misstatements due to errors or fraud
may occur and not be detected. Also, projection
of any evaluation of internal control to future
periods is subject to the risk that the internal
control may be become inadequate because of
changes in conditions or that the degree of
compliance with policies or procedures may
deteriorate.
Our consideration of the Funds 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 Funds internal control and
its operation, including controls for
safeguarding securities, that we consider to be
material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the
information and use of management, the Board of
Directors of BlackRock Fund Investors I, and the
Securities and Exchange Commission and should
not be used by anyone other than these specified
parties.
Deloitte and Touche
New York, New York
February 23, 1999
