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        <name>United States Treasury</name>
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        <name>Eurex Deutschland</name>
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        <name>HSBC BANK PLC</name>
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        <name>Nasdaq Nordic</name>
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              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>OMXS30 Index</indexName>
                <indexIdentifier>QCG1 Index</indexIdentifier>
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            <expDate>2021-02-19</expDate>
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            <curCd>SEK</curCd>
            <unrealizedAppr>228875.13000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796C72</cusip>
        <identifiers>
          <isin value="US912796C722"/>
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        <balance>91000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>90995222.50000000</valUSD>
        <pctVal>18.08424153269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493002L9DNZ83RX7V61</lei>
        <title>BlackRock Liquidity Funds: T-Fund, Institutional Shares</title>
        <cusip>09248U718</cusip>
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          <isin value="US09248U7182"/>
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        <balance>13448120.80000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13448120.80000000</valUSD>
        <pctVal>2.672657509113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>TRSWAP: SMH1 FUTURE 19-MAR-2021 03</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRWE7M8J0"/>
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        <balance>323286.96000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="CHF" exchangeRt="0.89075000"/>
        <valUSD>-8528.72000000</valUSD>
        <pctVal>-0.00169498384</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Swiss Market Index</indexName>
                <indexIdentifier>SMH1 Index</indexIdentifier>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Fixed payment equal to the notional value in field C.11.f.iv.1</otherPmntDesc>
            <terminationDt>2021-03-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>CHF</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>CHF</rcptCurCd>
            <notionalAmt>323286.96000000</notionalAmt>
            <curCd>CHF</curCd>
            <unrealizedAppr>-8528.72000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>3538001249AILNPRUX57</lei>
        <title>TOPIX INDX FUTR   MAR21 XOSE 20210311</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="TPH120218"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="104.74500000"/>
        <valUSD>18797.15000000</valUSD>
        <pctVal>0.003735714814</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Osaka Exchange</counterpartyName>
              <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>TOPIX Index</indexName>
                <indexIdentifier>TPH1 Index</indexIdentifier>
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            <expDate>2021-03-11</expDate>
            <notionalAmt>-74128908.00000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>18797.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Floating Rate Note</title>
        <cusip>912828YN4</cusip>
        <identifiers>
          <isin value="US912828YN43"/>
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        <balance>13000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13027155.96000000</valUSD>
        <pctVal>2.588995646059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.38000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Derivatives Clearing Limited</name>
        <lei>549300ZLWT3FK3F0FW61</lei>
        <title>MSCI SING IX ETS  FEB21 XSIM 20210225</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="SGPG12024"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SGD" exchangeRt="1.32840000"/>
        <valUSD>-30456.19000000</valUSD>
        <pctVal>-0.00605281333</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Singapore Exchange Derivatives Clearing Limited</counterpartyName>
              <counterpartyLei>549300ZLWT3FK3F0FW61</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI Singapore Index</indexName>
                <indexIdentifier>QZG1 Index</indexIdentifier>
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            <expDate>2021-02-25</expDate>
            <notionalAmt>1681708.00000000</notionalAmt>
            <curCd>SGD</curCd>
            <unrealizedAppr>-30456.19000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>S+P500 EMINI FUT  MAR21 XCME 20210319</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="MEH120210"/>
        </identifiers>
        <balance>166.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-317239.39000000</valUSD>
        <pctVal>-0.06304763695</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>E-mini S&amp;P 500 Index</indexName>
                <indexIdentifier>ESH1 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-19</expDate>
            <notionalAmt>31070399.39000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-317239.39000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASX Clear (Futures)</name>
        <lei>549300ZD7BBOVZFVHK49</lei>
        <title>SPI 200 FUTURES   MAR21 XSFE 20210318</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="XPH120213"/>
        </identifiers>
        <balance>-145.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.30847200"/>
        <valUSD>219877.80000000</valUSD>
        <pctVal>0.043698153964</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ASX Clear (Futures)</counterpartyName>
              <counterpartyLei>549300ZD7BBOVZFVHK49</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P ASX Share Price Index 200</indexName>
                <indexIdentifier>XPH1 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-18</expDate>
            <notionalAmt>-23998828.95000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>219877.80000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="RTGLUSGST (Goldman Sachs Bank USA): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 15-1400 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: CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - 1D Overnight Swiss Franc LIBOR Rate BBA (CHFONLIB), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Effective Overnight Index Average (EONIA), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - 1D Overnight Index Swap Rate (HKDONOIS), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Overnight Tokyo Average Rate (TONAT), NOK - Norwegian Overnight Weighted Average (NOWA), RBA Interbank Overnight Cash Rate, SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - 1D Singapore Assoc of Banks Swap Offer Rate (SOR), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLUBT (UBS AG): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 20-1500 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: CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - 1D Overnight Swiss Franc LIBOR Rate BBA (CHFONLIB), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Effective Overnight Index Average (EONIA), GBP - 1D Overnight Sterling LIBOR Rate BBA (GBPONLIB), HKD - 2W Hong Kong Interbank Offer rate (HIBOR), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Japanese Yen Spot Next BBA LIBOR (JY000S/N), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), RBA Interbank Overnight Cash Rate, SEK - TN Stockholm Interbank Offer Rate (STIBOR), SGD - 1D Overnight Singapore Assoc of Banks Rate (SIBOR)" 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"/>

      <explntrNote note="RTGLDBT (Deutsche Bank AG): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 18-325 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), CHF - 1W Swiss Franc LIBOR Rate BBA (SF0001W), DKK - Annualized Overnight Deposit MID Rate, EUR - 1W Euro Interbank Offer Rate (EURIBOR), GBP - 1W Sterling LIBOR Rate BBA (GBP1WLIB), HKD - 1M Hong Kong Interbank Offer rate (HIBOR), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1M Japanese Yen LIBOR Rate BBA (JY0001M), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - 1M Singapore Assoc of Banks Swap Offer rate (SOR), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLGST (Goldman Sachs Bank USA): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 15-1317 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: CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - 1D Overnight Swiss Franc LIBOR Rate BBA (CHFONLIB), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Effective Overnight Index Average (EONIA), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - 1D Overnight Index Swap Rate (HKDONOIS), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Overnight Tokyo Average Rate (TONAT), NOK - Norwegian Overnight Weighted Average (NOWA), RBA Interbank Overnight Cash Rate, SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - 1D Singapore Assoc of Banks Swap Offer Rate (SOR), SGD - 1M Singapore Assoc of Banks Swap Offer rate (SOR), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>
      <explntrNote note="RTGLUSMLT (Merrill Lynch International): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 20-975 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - 1W Swiss Franc LIBOR Rate BBA (SF0001W), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1W Euro Interbank Offer Rate (EURIBOR), GBP - 1W Sterling LIBOR Rate BBA (GBP1WLIB), HKD - 1W Hong Kong Interbank Offer rate (HIBOR), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1W Japanese Yen LIBOR Rate BBA (JY0001W), NOK - 1W Norway Interbank Offer Rate (NIBOR), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - 1D 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 - 1M US Dollar LIBOR BBA, USD - 1W US Dollar LIBOR BBA" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGLMLT (Merrill Lynch International): The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of 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 0-1300 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - 1W Swiss Franc LIBOR Rate BBA (SF0001W), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1W Euro Interbank Offer Rate (EURIBOR), GBP - 1W Sterling LIBOR Rate BBA (GBP1WLIB), HKD - 1W Hong Kong Interbank Offer rate (HIBOR), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1W Japanese Yen LIBOR Rate BBA (JY0001W), NOK - 1W Norway Interbank Offer Rate (NIBOR), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - 1M Singapore Assoc of Banks Swap Offer rate (SOR), USD - 1D Overnight Bank Funding Rate (OBFR01), USD - 1M US Dollar LIBOR BBA, USD - 1W US Dollar LIBOR BBA" noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-02-26</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>
