X0101 EFFECT 33 LIVE 2006-06-19

N-14

0000844779 BLACKROCK FUNDS 333-133764 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005773 Class A 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005774 Class A1 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005775 Class B 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005776 Class B1 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005777 Class C 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005778 Class C1 0000844779 BLACKROCK FUNDS S000001515 BLACKROCK LOW DURATION BOND PORTFOLIO 0000874619 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND S000002242 MERRILL LYNCH SHORT TERM US GOVERNMENT FUND C000005779 Class I