X0101 EFFECT 33 LIVE 2006-06-19

N-14

0000844779 BLACKROCK FUNDS 333-133761 0000844779 BLACKROCK FUNDS S000001880 BLACKROCK HIGH YIELD BOND PORTFOLIO 0001057488 MERRILL LYNCH U S HIGH YIELD FUND INC S000001886 MERRILL LYNCH U S HIGH YIELD FUND INC C000004955 Class A 0000844779 BLACKROCK FUNDS S000001880 BLACKROCK HIGH YIELD BOND PORTFOLIO 0001057488 MERRILL LYNCH U S HIGH YIELD FUND INC S000001886 MERRILL LYNCH U S HIGH YIELD FUND INC C000004956 Class B 0000844779 BLACKROCK FUNDS S000001880 BLACKROCK HIGH YIELD BOND PORTFOLIO 0001057488 MERRILL LYNCH U S HIGH YIELD FUND INC S000001886 MERRILL LYNCH U S HIGH YIELD FUND INC C000004957 Class C 0000844779 BLACKROCK FUNDS S000001880 BLACKROCK HIGH YIELD BOND PORTFOLIO 0001057488 MERRILL LYNCH U S HIGH YIELD FUND INC S000001886 MERRILL LYNCH U S HIGH YIELD FUND INC C000004958 Class I 0000844779 BLACKROCK FUNDS S000001880 BLACKROCK HIGH YIELD BOND PORTFOLIO 0001057488 MERRILL LYNCH U S HIGH YIELD FUND INC S000001886 MERRILL LYNCH U S HIGH YIELD FUND INC C000004959 Class R