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        <fairValLevel>2</fairValLevel>
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        <name>Koninklijke Philips NV</name>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>European Sustainable Growth Acquisition Corp.</name>
        <lei>N/A</lei>
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          <isin value="KYG3194F1090"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KakaoBank Corp.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="KR7323410001"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Schneider Electric SE</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mimecast Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Atlantic Sapphire ASA</name>
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          <isin value="NO0010768500"/>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>17 Education &amp; Technology Group, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Shionogi &amp; Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank Rakyat Indonesia Persero Tbk. PT</name>
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        <title>Bank Rakyat Indonesia Persero Tbk. PT</title>
        <cusip>N/A</cusip>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Samsung SDI Co. Ltd.</name>
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        <invCountry>KR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EDP Renovaveis SA</name>
        <lei>529900MUFAH07Q1TAX06</lei>
        <title>EDP Renovaveis SA</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>M3, Inc.</name>
        <lei>N/A</lei>
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          <isin value="JP3435750009"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bandhan Bank Ltd.</name>
        <lei>335800Q13QAC32IOCH33</lei>
        <title>Bandhan Bank Ltd.</title>
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          <isin value="INE545U01014"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Koninklijke DSM NV</name>
        <lei>724500SNT1MK246AHP04</lei>
        <title>Koninklijke DSM NV</title>
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        <invCountry>NL</invCountry>
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        <name>N/A</name>
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        <curCd>N/A</curCd>
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      <invstOrSec>
        <name>LEG Immobilien SE</name>
        <lei>391200SO40AKONBO0Z96</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <name>Nexity SA</name>
        <lei>969500JJ71T2DIPDVV84</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Peridot Acquisition Corp.</name>
        <lei>N/A</lei>
        <title>Peridot Acquisition Corp., Class A</title>
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          <isin value="KYG7008A1159"/>
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        <name>Chr Hansen Holding A/S</name>
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        <title>Chr Hansen Holding A/S</title>
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        <invCountry>DK</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TransAlta Renewables, Inc.</name>
        <lei>529900U45A1JKZFABZ35</lei>
        <title>TransAlta Renewables, Inc.</title>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Takeda Pharmaceutical Co. Ltd.</name>
        <lei>549300ZLMVP4X0OGR454</lei>
        <title>Takeda Pharmaceutical Co. Ltd.</title>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493002L9DNZ83RX7V61</lei>
        <title>T-Fund, Institutional Class</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
          <other otherDesc="Inhouse Asset ID" value="09248U718"/>
        </identifiers>
        <balance>96192.18000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96192.18000000</valUSD>
        <pctVal>1.190922421793</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orsted A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>Orsted A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0060094928"/>
          <other otherDesc="Inhouse Asset ID" value="SBYT16L41"/>
        </identifiers>
        <balance>1433.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.27100000"/>
        <valUSD>212542.76000000</valUSD>
        <pctVal>2.631419087017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MercadoLibre, Inc.</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>MercadoLibre, Inc.</title>
        <cusip>58733R102</cusip>
        <identifiers>
          <isin value="US58733R1023"/>
          <other otherDesc="Inhouse Asset ID" value="58733R102"/>
        </identifiers>
        <balance>180.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282366.00000000</valUSD>
        <pctVal>3.495876697586</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>Brookfield Renewable Corp.</name>
        <lei>N/A</lei>
        <title>Brookfield Renewable Corp.</title>
        <cusip>11284V105</cusip>
        <identifiers>
          <isin value="CA11284V1058"/>
          <other otherDesc="Inhouse Asset ID" value="SBMXWR832"/>
        </identifiers>
        <balance>7172.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.24760000"/>
        <valUSD>304332.86000000</valUSD>
        <pctVal>3.767840864636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shopify, Inc.</name>
        <lei>549300HGQ43STJLLP808</lei>
        <title>Shopify, Inc., Class A</title>
        <cusip>82509L107</cusip>
        <identifiers>
          <isin value="CA82509L1076"/>
          <other otherDesc="Inhouse Asset ID" value="82509L107"/>
        </identifiers>
        <balance>159.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>238488.87000000</valUSD>
        <pctVal>2.952648984887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safaricom plc</name>
        <lei>N/A</lei>
        <title>Safaricom plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KE1000001402"/>
          <other otherDesc="Inhouse Asset ID" value="SB2QN3J63"/>
        </identifiers>
        <balance>730956.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="108.60000000"/>
        <valUSD>282670.71000000</valUSD>
        <pctVal>3.499649207692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Millicom International Cellular SA</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>Millicom International Cellular SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0001174970"/>
          <other otherDesc="Inhouse Asset ID" value="SB00L2M88"/>
        </identifiers>
        <balance>5893.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="8.60840000"/>
        <valUSD>235168.69000000</valUSD>
        <pctVal>2.911542973916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Feihe Ltd.</name>
        <lei>N/A</lei>
        <title>China Feihe Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2121Q1055"/>
          <other otherDesc="Inhouse Asset ID" value="BRTY5TNZ4"/>
        </identifiers>
        <balance>84000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.77115000"/>
        <valUSD>161490.89000000</valUSD>
        <pctVal>1.999363376693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Software Acquisition Group, Inc. II</name>
        <lei>N/A</lei>
        <title>Software Acquisition Group, Inc. II, Class A</title>
        <cusip>83407F101</cusip>
        <identifiers>
          <isin value="US83407F1012"/>
          <other otherDesc="Inhouse Asset ID" value="83407F101"/>
        </identifiers>
        <balance>10375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103335.00000000</valUSD>
        <pctVal>1.279355228834</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>MRV Engenharia e Participacoes SA</name>
        <lei>N/A</lei>
        <title>MRV Engenharia e Participacoes SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRMRVEACNOR2"/>
          <other otherDesc="Inhouse Asset ID" value="SB235JN15"/>
        </identifiers>
        <balance>63801.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.20825000"/>
        <valUSD>176399.83000000</valUSD>
        <pctVal>2.183945854512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SL Liquidity Series, LLC</name>
        <lei>549300I0RQO84VDWQP47</lei>
        <title>Money Market Series</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="BRS2GWPD3"/>
        </identifiers>
        <balance>216344.08700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216408.99000000</valUSD>
        <pctVal>2.679285555942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="216408.99000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Genus plc</name>
        <lei>54930022EOITNKSIGH56</lei>
        <title>Genus plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002074580"/>
          <other otherDesc="Inhouse Asset ID" value="S02074581"/>
        </identifiers>
        <balance>2178.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.71942446"/>
        <valUSD>166890.32000000</valUSD>
        <pctVal>2.066211869491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>European Sustainable Growth Acquisition Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3194F1173"/>
          <other otherDesc="Inhouse Asset ID" value="SBMYCM981"/>
        </identifiers>
        <balance>4705.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5740.10000000</valUSD>
        <pctVal>0.071066211342</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Warrant" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>European Sustainable Growth Acquisition Corp.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>European Sustainable Growth Acquisition Corp.</issuerName>
                <issueTitle>European Sustainable Growth Acquisition Corp.</issueTitle>
                <identifiers>
                  <isin value="KYG3194F1090"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2028-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>5740.10000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pagseguro Digital Ltd.</name>
        <lei>N/A</lei>
        <title>Pagseguro Digital Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
          <other otherDesc="Inhouse Asset ID" value="SBFWK4R76"/>
        </identifiers>
        <balance>3900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216216.00000000</valUSD>
        <pctVal>2.676896212877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="214053.84000000"/>
        </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"/>


    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-07-31</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>
