X0101 EFFECT 33 LIVE 2006-06-19

N-14

0000844779 BLACKROCK FUNDS 333-133763 0000844779 BLACKROCK FUNDS S000001520 BLACKROCK GOVERNMENT INCOME PORTFOLIO 0000750406 MERRILL LYNCH U S GOVERNMENT FUND S000002036 MERRILL LYNCH U S GOVERNMENT FUND C000005290 Class A 0000844779 BLACKROCK FUNDS S000001520 BLACKROCK GOVERNMENT INCOME PORTFOLIO 0000750406 MERRILL LYNCH U S GOVERNMENT FUND S000002036 MERRILL LYNCH U S GOVERNMENT FUND C000005291 Class B 0000844779 BLACKROCK FUNDS S000001520 BLACKROCK GOVERNMENT INCOME PORTFOLIO 0000750406 MERRILL LYNCH U S GOVERNMENT FUND S000002036 MERRILL LYNCH U S GOVERNMENT FUND C000005292 Class C 0000844779 BLACKROCK FUNDS S000001520 BLACKROCK GOVERNMENT INCOME PORTFOLIO 0000750406 MERRILL LYNCH U S GOVERNMENT FUND S000002036 MERRILL LYNCH U S GOVERNMENT FUND C000005293 Class I 0000844779 BLACKROCK FUNDS S000001520 BLACKROCK GOVERNMENT INCOME PORTFOLIO 0000750406 MERRILL LYNCH U S GOVERNMENT FUND S000002036 MERRILL LYNCH U S GOVERNMENT FUND C000005294 Class R