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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>BNP Paribas</counterpartyName>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912810QF84"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>CAC 40 10 Euro Index</title>
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          <isin value="FRENX5603191"/>
          <other otherDesc="Future Ticker" value="CFX9 Index"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>LCH Clearnet</counterpartyName>
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        <name>Republic of France</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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          <isin value="FR0011347046"/>
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        <issuerCat>NUSS</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-25</maturityDt>
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          <annualizedRt>0.10000000</annualizedRt>
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        <name>Republic of France</name>
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          <isin value="FR0012558310"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canada</name>
        <lei>4BFD7AQU0A75QLAHK410</lei>
        <title>Canada Government Real Return Bond</title>
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          <isin value="CA135087YK42"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.43628010</annualizedRt>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>ECTRVYYCEF89VWYS6K36</lei>
        <title>U.K. Treasury Inflation Linked Bonds</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B73ZYW09"/>
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        <balance>78935.36000000</balance>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-03-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Republic of France</name>
        <lei>969500KCGF3SUYJHPV70</lei>
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          <isin value="FR0013140035"/>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>N/A</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>N/A</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>United States of America</name>
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                    <othIndValue>2338.61</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Chr Hansen Holding A/S</othIndName>
                    <identifiers>
                      <isin value="DK0060227585"/>
                    </identifiers>
                    <othIndNotAmt>36238.15</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>2877.13</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sysmex Corp.</othIndName>
                    <identifiers>
                      <isin value="JP3351100007"/>
                    </identifiers>
                    <othIndNotAmt>45673.65</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-299.43</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Orange SA</othIndName>
                    <identifiers>
                      <isin value="FR0000133308"/>
                    </identifiers>
                    <othIndNotAmt>39334.98</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1107.79</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sumitomo Chemical Co. Ltd.</othIndName>
                    <identifiers>
                      <isin value="JP3401400001"/>
                    </identifiers>
                    <othIndNotAmt>132657.05</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-3750.47</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Kirin Holdings Co. Ltd.</othIndName>
                    <identifiers>
                      <cusip value="497350108"/>
                    </identifiers>
                    <othIndNotAmt>19092.93</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-112.26</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sumitomo Metal Mining Co. Ltd.</othIndName>
                    <identifiers>
                      <isin value="JP3402600005"/>
                    </identifiers>
                    <othIndNotAmt>247527.77</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-12040.95</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Nidec Corp.</othIndName>
                    <identifiers>
                      <isin value="JP3734800000"/>
                    </identifiers>
                    <othIndNotAmt>147225.79</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-11755.89</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Mapletree Industrial Trust</othIndName>
                    <identifiers>
                      <isin value="SG2C32962814"/>
                    </identifiers>
                    <othIndNotAmt>4308.29</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>30.80</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Aena SME SA</othIndName>
                    <identifiers>
                      <isin value="ES0105046009"/>
                    </identifiers>
                    <othIndNotAmt>47909.72</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1185.90</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>HOCHTIEF AG</othIndName>
                    <identifiers>
                      <isin value="DE0006070006"/>
                    </identifiers>
                    <othIndNotAmt>205906.06</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>11237.92</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>AGC, Inc.</othIndName>
                    <identifiers>
                      <isin value="JP3112000009"/>
                    </identifiers>
                    <othIndNotAmt>7032.02</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>650.04</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Mazda Motor Corp.</othIndName>
                    <identifiers>
                      <isin value="JP3868400007"/>
                    </identifiers>
                    <othIndNotAmt>42229.46</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>458.46</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Amundi SA</othIndName>
                    <identifiers>
                      <isin value="FR0004125920"/>
                    </identifiers>
                    <othIndNotAmt>57030.92</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-25.98</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CNH Industrial NV</othIndName>
                    <identifiers>
                      <isin value="NL0010545661"/>
                    </identifiers>
                    <othIndNotAmt>69169.29</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>397.45</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NN Group NV</othIndName>
                    <identifiers>
                      <isin value="NL0010773842"/>
                    </identifiers>
                    <othIndNotAmt>90508.22</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>0</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Multiple - See Part E" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="0" resetDt="Month" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="N/A" floatingRtSpread="0.00000000" pmntAmt="0.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="0" resetDt="Month" resetDtUnit="0"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-02-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>44924.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6944.81000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>


      <explntrNote note="In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0-460 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: AUD - 1M Australian Bank Bill Rate (BBSW) CAD - 1M Canadian Bankers Acceptances (BA) CHF - 1M Swiss Franc LIBOR Rate BBA (SF0001M) CHF - 1W Swiss Franc LIBOR Rate BBA (SF0001W) DKK - 1M Copenhagen Interbank Offer Rate (CIBOR) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Effective Overnight Index Average (EONIA) EUR - 1M Euro Denom LIBOR Rate BBA EUR - 1M Euro Interbank Offer Rate (EURIBOR) EUR - 1W Euro Interbank Offer Rate (EURIBOR) GBP - 1D Sterling Overnight Index Average (SONIA) GBP - 1M Sterling LIBOR Rate BBA (GBP1MLIB) GBP - 1W Sterling LIBOR Rate BBA (GBP1WLIB) HKD - 1M Hong Kong Interbank Offer rate (HIBOR) HKD - 1W Hong Kong Interbank Offer rate (HIBOR) JPY - 1M Japanese Yen LIBOR Rate BBA (JY0001M) JPY - 1W Japanese Yen LIBOR Rate BBA (JY0001W) NOK - 1M Norway Interbank Offer Rate (NIBOR) NOK - 1W Norway Interbank Offer Rate (NIBOR) SEK - 1M Stockholm Interbank Offer Rate (STIBOR) SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - 1M Deposit Rate (SDDRA) SGD - 1M Overnight Singapore Assoc of Banks Rate (SIBOR) SGD - 1M Singapore Assoc of Banks Swap Offer rate (SOR) USD - 1D Overnight Bank Funding Rate (OBFR01) USD - 1W US Dollar LIBOR BBA USD - 1M US Dollar LIBOR BBA" noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-31</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>
  <documents>XXXX</documents>
</edgarSubmission>
