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        <name>Rexford Industrial Realty Inc</name>
        <lei>549300MSLO0DF0EMX355</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hilton Grand Vacations Inc</name>
        <lei>549300O9K6MFD8D07574</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crown Castle International Cor</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PotlatchDeltic Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO</name>
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          <isin value="US09248U7182"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Storage</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cousins Properties Inc</name>
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        <name>Medical Properties Trust Inc</name>
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        <name>Simon Property Group Inc</name>
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        <name>Radius Global Infrastructure I</name>
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      <invstOrSec>
        <name>Corp Inmobiliaria Vesta SAB de</name>
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        <name>VICI Properties Inc</name>
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        <name>Digital Realty Trust Inc</name>
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        <name>Cellnex Telecom SA</name>
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        <name>Invitation Homes Inc</name>
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        <name>Host Hotels &amp; Resorts Inc</name>
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        <name>Regency Centers Corp</name>
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        <name>Sun Communities Inc</name>
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        <name>Welltower Inc</name>
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        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <name>Prologis Inc</name>
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        <name>AvalonBay Communities Inc</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities Inc</title>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mid-America Apartment Communit</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>Mid-America Apartment Communities Inc</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
          <ticker value="MAA"/>
        </identifiers>
        <balance>107320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21107697.60000000</valUSD>
        <pctVal>3.649820123955</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>Extra Space Storage Inc</name>
        <lei>N/A</lei>
        <title>Extra Space Storage Inc</title>
        <cusip>30225T102</cusip>
        <identifiers>
          <isin value="US30225T1025"/>
          <ticker value="EXR"/>
        </identifiers>
        <balance>115138.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21876220.00000000</valUSD>
        <pctVal>3.782708540986</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>GOLDMAN SACHS BANK USA</name>
        <lei>KD3XUN7C6T14HNAYLU02</lei>
        <title>TRS CFD EQUITY BASKET</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="BR_REIT-GS"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1269.90000000</valUSD>
        <pctVal>-0.00021958371</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS BANK USA</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Custom Equity Basket</indexName>
                <indexIdentifier>BRFRESD_INDEX</indexIdentifier>
                <narrativeDesc>Custom Equity Basket</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">CFD EQUITY BASKET</otherPmntDesc>
            <terminationDt>2023-06-07</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>53068.95000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1269.90000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ryman Hospitality Properties I</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties Inc</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
          <ticker value="RHP"/>
        </identifiers>
        <balance>17094.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1597947.12000000</valUSD>
        <pctVal>0.276307708501</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>Agree Realty Corp</name>
        <lei>N/A</lei>
        <title>Agree Realty Corp</title>
        <cusip>008492100</cusip>
        <identifiers>
          <isin value="US0084921008"/>
          <ticker value="ADC"/>
        </identifiers>
        <balance>97569.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6626886.48000000</valUSD>
        <pctVal>1.145882610800</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>Spirit Realty Capital Inc</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>Spirit Realty Capital Inc</title>
        <cusip>84860W300</cusip>
        <identifiers>
          <isin value="US84860W3007"/>
          <ticker value="SRC"/>
        </identifiers>
        <balance>206464.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8970860.80000000</valUSD>
        <pctVal>1.551188997375</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>Brookdale Senior Living Inc</name>
        <lei>LH7MQB13NWY7CJ9VC445</lei>
        <title>Brookdale Senior Living Inc</title>
        <cusip>112463104</cusip>
        <identifiers>
          <isin value="US1124631045"/>
          <ticker value="BKD"/>
        </identifiers>
        <balance>468106.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2892895.08000000</valUSD>
        <pctVal>0.500222567120</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>UDR Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR Inc</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
          <ticker value="UDR"/>
        </identifiers>
        <balance>355555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18919081.55000000</valUSD>
        <pctVal>3.271377384521</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>Outfront Media Inc</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>Outfront Media Inc</title>
        <cusip>69007J106</cusip>
        <identifiers>
          <isin value="US69007J1060"/>
          <ticker value="OUT"/>
        </identifiers>
        <balance>733184.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18769510.40000000</valUSD>
        <pctVal>3.245514412463</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>Federal Realty Investment Trus</name>
        <lei>549300LI6XZ51GOCJ427</lei>
        <title>Federal Realty Investment Trust</title>
        <cusip>313745101</cusip>
        <identifiers>
          <isin value="US3137451015"/>
          <ticker value="FRT"/>
        </identifiers>
        <balance>50298.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5887883.88000000</valUSD>
        <pctVal>1.018098585642</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>Boston Properties Inc</name>
        <lei>549300OF70FSEUQBT254</lei>
        <title>Boston Properties Inc</title>
        <cusip>101121101</cusip>
        <identifiers>
          <isin value="US1011211018"/>
          <ticker value="BXP"/>
        </identifiers>
        <balance>122061.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14354373.60000000</valUSD>
        <pctVal>2.482074673651</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>SBA Communications Corp</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA Communications Corp</title>
        <cusip>78410G104</cusip>
        <identifiers>
          <isin value="US78410G1040"/>
          <ticker value="SBAC"/>
        </identifiers>
        <balance>68094.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23636108.34000000</valUSD>
        <pctVal>4.087018181998</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>American Tower Corp</name>
        <lei>5493006ORUSIL88JOE18</lei>
        <title>American Tower Corp</title>
        <cusip>03027X100</cusip>
        <identifiers>
          <isin value="US03027X1000"/>
          <ticker value="AMT"/>
        </identifiers>
        <balance>153070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36892931.40000000</valUSD>
        <pctVal>6.379310809125</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>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
        <cusip>26884U109</cusip>
        <identifiers>
          <isin value="US26884U1097"/>
          <ticker value="EPR"/>
        </identifiers>
        <balance>231224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12143884.48000000</valUSD>
        <pctVal>2.099849770355</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>Alexandria Real Estate Equitie</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities Inc</title>
        <cusip>015271109</cusip>
        <identifiers>
          <isin value="US0152711091"/>
          <ticker value="ARE"/>
        </identifiers>
        <balance>57512.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10476385.92000000</valUSD>
        <pctVal>1.811515631962</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>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="BR_REIT-GS (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 of 20 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: 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="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>2022-06-23</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>
