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                    <othIndName>Shimano Inc</othIndName>
                    <identifiers>
                      <isin value="JP3358000002"/>
                    </identifiers>
                    <othIndNotAmt>-400.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-58942.25000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Quaker Chemical Corp</othIndName>
                    <identifiers>
                      <isin value="US7473161070"/>
                    </identifiers>
                    <othIndNotAmt>-843.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-128237.16000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>FedEx Corp</othIndName>
                    <identifiers>
                      <isin value="US31428X1063"/>
                    </identifiers>
                    <othIndNotAmt>461.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>58440.97000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CoreSite Realty Corp</othIndName>
                    <identifiers>
                      <isin value="US21870Q1058"/>
                    </identifiers>
                    <othIndNotAmt>607.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>73562.33000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Service Corp International/US</othIndName>
                    <identifiers>
                      <isin value="US8175651046"/>
                    </identifiers>
                    <othIndNotAmt>7486.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>275035.64000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Nibe Industrier AB</othIndName>
                    <identifiers>
                      <isin value="SE0008321293"/>
                    </identifiers>
                    <othIndNotAmt>-15987.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-298265.71000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Brambles Ltd</othIndName>
                    <identifiers>
                      <isin value="AU000000BXB1"/>
                    </identifiers>
                    <othIndNotAmt>24234.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>173213.96000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Zalando SE</othIndName>
                    <identifiers>
                      <isin value="DE000ZAL1111"/>
                    </identifiers>
                    <othIndNotAmt>7493.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>367259.44000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Lonza Group AG</othIndName>
                    <identifiers>
                      <isin value="CH0013841017"/>
                    </identifiers>
                    <othIndNotAmt>-562.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-245406.05000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Volkswagen (VW) AG Vz.</othIndName>
                    <identifiers>
                      <isin value="DE0007664039"/>
                    </identifiers>
                    <othIndNotAmt>-8616.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-1198753.99000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Square Enix Holdings Co Ltd</othIndName>
                    <identifiers>
                      <isin value="JP3164630000"/>
                    </identifiers>
                    <othIndNotAmt>-6900.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-282803.81000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sumitomo Mitsui Financial Group Inc</othIndName>
                    <identifiers>
                      <isin value="JP3890350006"/>
                    </identifiers>
                    <othIndNotAmt>20300.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>533833.72000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Multi - See Part E</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
            <terminationDt>2023-02-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>6872706.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1428477.04000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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 0-6190 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 - 1D Overnight Reserve Bank of Australia Rate (AONIA), AUD - 1M Australian Bank Bill Rate (BBSW), Bank of Canada Overnight Rate Target (CABROVER), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - 1D Overnight Swiss Franc LIBOR Rate BBA (CHFONLIB), CHF - 1W Swiss Franc LIBOR Rate BBA (SF0001W), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Effective Overnight Index Average (EONIA), EUR - 1M Euro Interbank Offer Rate (EURIBOR), EUR - 1W Euro Interbank Offer Rate (EURIBOR), GBP - 1D Overnight Sterling LIBOR Rate BBA (GBPONLIB), GBP - 1D Sterling Overnight Index Average (SONIA), GBP - 1W Sterling LIBOR Rate BBA (GBP1WLIB), HKD - 1D Overnight Index Swap Rate (HKDONOIS) ,HKD - 1M Hong Kong Interbank Offer rate (HIBOR), HKD - 1W Hong Kong Interbank Offer rate (HIBOR), HKD - 2W Hong Kong Interbank Offer rate (HIBOR), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Japanese Yen Spot Next BBA LIBOR (JY000S/N), JPY - 1D Overnight Tokyo Average Rate (TONAT), JPY - 1M Japanese Yen LIBOR Rate BBA (JY0001M), JPY - 1W Japanese Yen LIBOR Rate BBA (JY0001W), NOK - 1W Norway Interbank Offer Rate (NIBOR), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SEK - TN Stockholm Interbank Offer Rate (STIBOR), SGD - 1D Overnight Singapore Assoc of Banks Rate (SIBOR), SGD - 1D Singapore Assoc of Banks Swap Offer Rate (SOR), SGD - 1M Singapore Assoc of Banks Swap Offer rate (SOR), USD - 1D Overnight Bank Funding Rate (OBFR01), USD - 1D Overnight Fed Funds Effective Rate (FEDL01), USD - 1M US Dollar LIBOR BBA, USD - 1W US Dollar LIBOR BBA" noteItem="C.11.f.i.1"/>
      <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>2020-06-05</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>
