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                    <identifiers>
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                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>37470.42000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
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                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-12485.48000000</othIndValue>
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                    <othIndValue>-16786.56000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
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                    <identifiers>
                      <isin value="JP3046240002"/>
                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>34843.81000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                    <othIndValue>15283.08000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>29785.08000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>12870.53000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                      <isin value="US76118Y1047"/>
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                    </identifiers>
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                  <component>
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                    <identifiers>
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                    </identifiers>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
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                    <identifiers>
                      <isin value="JP3347600003"/>
                    </identifiers>
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                    <othIndValue>-14591.91000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>NORTHWEST BANCSHARES INC</othIndName>
                    <identifiers>
                      <isin value="US6673401039"/>
                    </identifiers>
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                    <othIndValue>-14261.80000000</othIndValue>
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                  <component>
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                    <identifiers>
                      <isin value="US7504911022"/>
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                    <othIndValue>12917.22000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>CORPORATE OFFICE PROPERTIES</othIndName>
                    <identifiers>
                      <isin value="US22002T1088"/>
                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-16641.03000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>BENCHMARK ELECTRONICS INC</othIndName>
                    <identifiers>
                      <isin value="US08160H1014"/>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>12895.40000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>KAPPA CREATE CO LTD</othIndName>
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                      <isin value="JP3212400000"/>
                    </identifiers>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-13334.48000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>NICHIAS CORP</othIndName>
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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>40448.82000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>ENTERPRISE FINANCIAL SERVICE</othIndName>
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                    <othIndCurCd>USD</othIndCurCd>
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                  <component>
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                    <othIndCurCd>USD</othIndCurCd>
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                    <othIndName>TOHO BANK LTD/THE</othIndName>
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                  <component>
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                  <component>
                    <othIndName>TOYO TANSO CO LTD</othIndName>
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                      <isin value="JP3616000000"/>
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            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Multi - See Part E</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
            <terminationDt>2023-02-08</terminationDt>
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            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>46167.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3783.29000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796ZG7</cusip>
        <identifiers>
          <isin value="US912796ZG72"/>
        </identifiers>
        <balance>12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11955799.20000000</valUSD>
        <pctVal>1.638840353387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds: T-Fund, Institutional Shares</title>
        <cusip>09248U718</cusip>
        <identifiers>
          <isin value="US09248U7182"/>
        </identifiers>
        <balance>1420426.28000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1420426.28000000</valUSD>
        <pctVal>0.194704834677</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>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Floating Rate Note</title>
        <cusip>91282CFS5</cusip>
        <identifiers>
          <isin value="US91282CFS52"/>
        </identifiers>
        <balance>34540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34579488.89000000</valUSD>
        <pctVal>4.739981062282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.27000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="RTGLUS-BPC (BNP Paribas): 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 15-570 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Annualized Overnight Deposit MID Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGL-BPC (BNP Paribas): 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 0-500 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - Annualized Overnight Deposit MID Rate, EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-UBC (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 of 0 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - TN Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGLUS-UBC (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 of 0 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), SEK - TN Stockholm Interbank Offer Rate (STIBOR), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

      <explntrNote note="RTGLUS-GSC (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 0-1414 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - Swiss Average Rate O/N (SSARON), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), 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="RTGL-GSC (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 10-167 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), CAD - 1D Overnight Bank of Canada Repo Rate (CORRA), CHF - Swiss Average Rate O/N (SSARON), DKK - Danish Tom/Next Reference Rate (DETNT/N), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - Norwegian Overnight Weighted Average (NOWA), NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO), SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Fed Funds Effective Rate (FEDL01)" 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="RTGLUS-MLC (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 of 0 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - 1W Norway Interbank Offer Rate (NIBOR), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>
      <explntrNote note="RTGL-MLC (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 of 0 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), Bank of Canada Overnight Rate Target (CABROVER), CHF - Swiss Average Rate O/N (SSARON), DKK - 1W Copenhagen Interbank Swap Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR), JPY - Provisional 1D Overnight Tokyo Average Rate (TONA), NOK - 1W Norway Interbank Offer Rate (NIBOR), NZD - 1M New Zealand Bank Bill Rate (BBR), SEK - 1W Stockholm Interbank Offer Rate (STIBOR), SGD - Overnight Rate Average (SORA), USD - 1D Overnight Bank Funding Rate (OBFR01)" noteItem="C.11.f.i.1"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
