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        <name>SANOFI</name>
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        <name>Genfit</name>
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        <name>Encompass Health Corp</name>
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        <name>BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO</name>
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        <name>GOLDMAN SACHS &amp; CO LLC</name>
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        <name>Checkpoint Therapeutics Inc</name>
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        <name>PFIZER INC</name>
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        <name>STATE STREET GLOBAL MARKETS LLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MyoKardia Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ConvaTec Group PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GALAPAGOS NV</name>
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        <title>GALAPAGOS NV-SPON ADR</title>
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          <isin value="US36315X1019"/>
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        <invCountry>BE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INCYTE CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VERTEX PHARMACEUTICALS INC</name>
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          <isin value="US92532F1003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ANTHEM INC</name>
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          <isin value="US0367521038"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEVRO CORP</name>
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          <isin value="US64157F1030"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MASIMO CORP</name>
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          <isin value="US5747951003"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Urovant Sciences Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ZOETIS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Exact Sciences Corp</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTENE CORP</name>
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          <ticker value="CNC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Genmab A/S</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IQVIA Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RESMED INC</name>
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        <name>Avantor Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRICIDA INC</name>
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        <name>AMEDISYS INC</name>
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      <invstOrSec>
        <name>Envista Holdings Corp</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp</title>
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          <isin value="US29415F1049"/>
          <ticker value="NVST"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Daiichi Sankyo Co Ltd</name>
        <lei>353800XGIU2IHQGC9504</lei>
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        <name>CITIBANK NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>DKK/USD FORWARD</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SAREPTA THERAPEUTICS INC</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>SAREPTA THERAPEUTICS INC</title>
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          <ticker value="SRPT"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zimmer Biomet Holdings Inc</name>
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        <name>GILEAD SCIENCES INC</name>
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        <name>Hansoh Pharmaceutical Group Co</name>
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        <name>SI-BONE Inc</name>
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        <name>DEUTSCHE BANK AG</name>
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        <name>COMMONWEALTH BANK OF AUSTRALIA</name>
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        <name>SYNDAX PHARMACEUTICALS INC</name>
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        <name>CHARLES RIVER LABORATORIES INTERNATIONAL INC</name>
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        <name>Neurocrine Biosciences Inc</name>
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        <name>Cerner Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TELADOC INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Guardant Health Inc</name>
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        <name>NORTHERN TRUST CORP</name>
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        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <name>ABBOTT LABORATORIES</name>
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        <name>J.P. MORGAN SECURITIES LLC</name>
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        <name>UNITEDHEALTH GROUP INC</name>
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        <name>QUEST DIAGNOSTICS INC</name>
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        <name>HSBC SECURITIES (USA) INC.</name>
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        <lei>TK3LAKL7I0QNTCVWSY07</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Ra Pharmaceuticals Inc</name>
        <lei>549300JE4B54MQ4MWX95</lei>
        <title>Ra Pharmaceuticals Inc</title>
        <cusip>74933V108</cusip>
        <identifiers>
          <isin value="US74933V1089"/>
          <ticker value="RARX"/>
        </identifiers>
        <balance>848022.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20055720.30000000</valUSD>
        <pctVal>0.291580771594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="683177.55000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QIAGEN NV</name>
        <lei>54930036WK3GMCN17Z57</lei>
        <title>QIAGEN N.V.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0012169213"/>
          <ticker value="QGEN"/>
          <other otherDesc="SEDOL" value="BYXS688"/>
        </identifiers>
        <balance>894500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29491665.00000000</valUSD>
        <pctVal>0.428765574493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO-DOMINION BANK</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>CHF/USD FORWARD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="MDJ1907120439225"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-262433.13000000</valUSD>
        <pctVal>-0.00381539298</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>TORONTO-DOMINION BANK</counterpartyName>
              <counterpartyLei>PT3QB789TSUIDF371261</counterpartyLei>
            </counterparties>
            <amtCurSold>-12964006.53000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>12665251.00000000</amtCurPur>
            <curPur>CHF</curPur>
            <settlementDt>2019-10-10</settlementDt>
            <unrealizedAppr>-262433.13000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELI LILLY &amp; CO</name>
        <lei>FRDRIPF3EKNDJ2CQJL29</lei>
        <title>ELI LILLY &amp; CO</title>
        <cusip>532457108</cusip>
        <identifiers>
          <isin value="US5324571083"/>
          <ticker value="LLY"/>
        </identifiers>
        <balance>1165300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>130315499.00000000</valUSD>
        <pctVal>1.894596313710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allakos Inc</name>
        <lei>549300S6ZD1W6BPMDY37</lei>
        <title>Allakos Inc</title>
        <cusip>01671P100</cusip>
        <identifiers>
          <isin value="US01671P1003"/>
          <ticker value="ALLK"/>
        </identifiers>
        <balance>491272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38628717.36000000</valUSD>
        <pctVal>0.561604920943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="18037722.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>


      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-11-22</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
