Document:

Specimen certificate

 EXHIBIT 4.1 
  
 [FACE OF CERTIFICATE] 
  
 [LOGO] 
  

			
	NUMBER	 	SHARES
	SCP	 	 

  
 IMPAC MORTGAGE
HOLDINGS, INC. 
 Incorporated under the laws of the State of Maryland 
  

			
	9.125% SERIES C CUMULATIVE	 	CUSIP 45254P 40 9
	REDEEMABLE PREFERRED	 	SEE REVERSE FOR CERTAIN DEFINITIONS
	(LIQUIDATION PREFERENCE $25.00)	 	 

  
 THIS CERTIFIES THAT
                                        
                         is the owner of
                                        
         FULLY PAID AND NON-ASSESSABLE SHARES OF 9.125% SERIES C CUMULATIVE REDEEMABLE PREFERRED STOCK, $.01 PAR VALUE, (LIQUIDATION PREFERENCE $25) OF 
  
 IMPAC MORTGAGE HOLDINGS, INC. 
  
 (hereinafter called the Corporation), transferable on the books of the Corporation by the
holder hereof in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. 
  
 This Certificate and the shares represented hereby are issued and shall be subject to all of the provisions of the charter of the Corporation (the
“Charter”) and the Bylaws of the Corporation and any amendments thereto. This Certificate is not valid until countersigned and registered by the Transfer Agent and Registrar. 
  
 Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 
  
 Dated: 
  
 [SEAL] 
  

			
	 /s/ Ron Morrison
 General Counsel and
Secretary
	 	 /s/ William S. Ashmore
 President and Chief Operating Officer

  
 Countersigned and Registered: 
 AMERICAN STOCK TRANSFER & TRUST COMPANY Transfer Agent and Registrar

 By 
 Authorized Signature 
  
 [REVERSE OF
CERTIFICATE] 
  
 IMPAC MORTGAGE HOLDINGS, INC. 
  
 This Certificate and the shares represented hereby are issued and shall be
held subject to all of the provisions of the charter of the Corporation (the “Charter”) and the Bylaws of the Corporation and any amendments thereto, by all of which the holder by acceptance hereof is bound. 

 The Corporation will furnish to any stockholder, on request and without charge, a full statement of the
information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in
series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary
does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the
Corporation at its principal office or to the Transfer Agent. 
  
 The shares represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for the purpose of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the
Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Common
Stock in excess of 9.5 percent (in value or number of shares) of the outstanding shares of Common Stock of the Corporation, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may
Beneficially or Constructively own shares of Capital Stock of the Corporation in excess of 9.5 percent of the value of the total outstanding shares of Capital Stock of the Corporation, unless such Person is an Excepted Holder (in which case the
Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially or Constructively Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code or otherwise cause the Corporation
to fail to qualify as a REIT, and (iv) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or
attempts to Beneficially or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the
Corporation. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will be automatically transferred to a Trustee of a trust for the benefit of one or more Charitable Beneficiaries. In
addition, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter, as the same may be amended
from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge. 
  
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE CORPORATION
MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
  
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

			
	 TEN COM – as tenants in common
 TEN ENT– as tenants by the entireties
 JT TEN – as joint tenants with right of survivorship and not as tenants in common
	 	 UNIF GIFT MIN ACT–
                              Custodian
                    
         (Cust)                              
   (Minor)
 under Uniform Gifts to Minors
 Act
                                       
 
                     (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For Value
Received,
                                        
                         hereby sell, assign and transfer unto 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

  

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE 
  

  
                                       
                           Shares of the Preferred Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint 
  
                                       
                           Attorney to transfer the said stock on the books of the within-named Corporation with
full power of substitution in the premises. 
  
 Dated, 
  
 X 
 X 
  

	 	

 NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH
THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER. 
  
 SIGNATURE GUARANTEED: 
  

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.Form of Addendum No. 13 to Investment Advisory Agreement

 Exhibit 4(ss) 
  
 BLACKROCK FUNDSSM

  
 Addendum No. 13 to the Investment Advisory Agreement

  
 This Addendum dated as of the
             day of             , 2005 is entered into by and between BLACKROCK FUNDSSM, a Massachusetts business trust (the “Fund”), and BLACKROCK ADVISORS, INC., a Delaware corporation (the “Adviser”). 
  
 WHEREAS, the Fund and the Adviser have entered into an Investment Advisory
Agreement dated as of January 4, 1996 (the “Advisory Agreement”) pursuant to which the Fund appointed the Adviser to act as investment adviser to certain investment portfolios of the Fund; and 
  
 WHEREAS, Section 1(b) of the Advisory Agreement provides that in the event
the Fund establishes one or more additional investment portfolios with respect to which it desires to retain the Adviser to act as investment adviser under the Advisory Agreement, the Fund shall so notify the Adviser in writing and if the Adviser is
willing to render such services it shall so notify the Fund in writing; and 
  
 WHEREAS, pursuant to Section 1(b) of the Advisory Agreement, the Fund has notified the Adviser that it is establishing the All-Cap Global Resources Portfolio (the “Portfolio”), and that it desires to retain
the Adviser to act as the investment adviser therefor, and the Adviser has notified the Fund that it is willing to serve as investment adviser to the Portfolio; 
  

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
  

	 	1.	Appointment. The Fund hereby appoints the Adviser to act as investment adviser to the Portfolio for the period and on the terms set forth in the Advisory Agreement. The
Adviser hereby accepts such appointment and agrees to render the services set forth in the Advisory Agreement with respect to the Portfolio for the compensation herein provided. 

  

	 	2.	Compensation. 

  

 - 1 - 

 For the services provided and the expenses assumed pursuant to the Advisory Agreement, the Fund will pay
the Adviser, and the Adviser will accept as full compensation therefor from the Fund, a 
  

 - 2 - 

	 	    	fee at the following annual rate: 0.750% of the first $1 billion of the Portfolio’s average daily net assets, .700% of the next $1 billion of the Portfolio’s average daily
net assets, 0.675% of the next $1 billion of the Portfolio’s average daily net assets and 0.650% of the average daily net assets of the Portfolio in excess of $3 billion. 

  

	 	3.	Such fee as is attributable to the Portfolio shall be a separate charge to the Portfolio and shall be the several (and neither joint nor joint and several) obligation of such
Portfolio. 

  

	 	4.	Capitalized Terms. From and after the date hereof, the term “Portfolio” as used in the Advisory Agreement shall be deemed to include the All-Cap Global Resources
Portfolio. 

  

	 	5.	Miscellaneous. Except to the extent supplemented hereby, the Advisory Agreement shall remain unchanged and in full force and effect, and is hereby ratified and confirmed in
all respects as supplemented hereby. Without limiting the generality of the foregoing, it is understood that the Adviser may employ one or more sub-advisers for the Portfolio pursuant to Section 2 of the Advisory Agreement. 

 

	 	6.	Release. “BlackRock Funds” and “Trustees of BlackRock Funds” refer respectively to the trust created and the Trustees, as trustees but not individually or
personally, acting from time to time under a Declaration of Trust dated December 22, 1988 which is hereby referred to and a copy of which is on file at the office of the State Secretary of the Commonwealth of Massachusetts and at the principal
office of the Fund. The obligations of “BlackRock Funds” entered into in the name or on behalf thereof by any of the Trustees, officers, representatives or agents are made not individually, but in such capacities, and are not binding upon
any of the Trustees, shareholders, officers, representatives or agents of the Fund personally, but bind only the Trust Property (as defined in the Declaration of Trust), and all persons dealing with any class of shares of the Fund must look solely
to the Trust Property belonging to such class for the enforcement of any claims against the Fund. 

  
 [End of Text] 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have caused this Addendum No. 13 to the Advisory Agreement to be
executed by their officers designated below as of the day and year first above written. 
  

			
	BLACKROCK FUNDSSM
	 
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  
  

			
	BLACKROCK ADVISORS, INC.
	 
		
	By:	 	 
	 	 	Name:
	 	 	Title:

  

 -4-

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