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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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                    <othIndValue>-312414.95000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>NATIONAL BEVERAGE CORP</othIndName>
                    <identifiers>
                      <isin value="US6350171061"/>
                    </identifiers>
                    <othIndNotAmt>-4662.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-246386.70000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>MICRONICS JAPAN CO LTD</othIndName>
                    <identifiers>
                      <isin value="JP3750400008"/>
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                    <othIndNotAmt>2200.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>35092.50000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>INSOURCE CO LTD</othIndName>
                    <identifiers>
                      <isin value="JP3152670000"/>
                    </identifiers>
                    <othIndNotAmt>-20300.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-179425.55000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CARETRUST REIT INC</othIndName>
                    <identifiers>
                      <isin value="US14174T1079"/>
                    </identifiers>
                    <othIndNotAmt>969.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>20145.51000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>TV ASAHI HOLDINGS CORP</othIndName>
                    <identifiers>
                      <isin value="JP3429000007"/>
                    </identifiers>
                    <othIndNotAmt>-21100.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-266246.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>JAPAN LOGISTICS FUND INC</othIndName>
                    <identifiers>
                      <isin value="JP3046230003"/>
                    </identifiers>
                    <othIndNotAmt>-209.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-441713.43000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>NISHIMATSUYA CHAIN CO LTD</othIndName>
                    <identifiers>
                      <isin value="JP3659300002"/>
                    </identifiers>
                    <othIndNotAmt>-18700.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-224605.00000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>AMBARELLA INC</othIndName>
                    <identifiers>
                      <isin value="KYG037AX1015"/>
                    </identifiers>
                    <othIndNotAmt>2965.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>247340.30000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>KAROON ENERGY LTD</othIndName>
                    <identifiers>
                      <isin value="AU000000KAR6"/>
                    </identifiers>
                    <othIndNotAmt>19131.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>28826.44000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Multi - See Part E</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
            <terminationDt>2023-02-08</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>913685.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>360680.43000000</unrealizedAppr>
          </swapDeriv>
        </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 Floating Rate Note</title>
        <cusip>91282CFS5</cusip>
        <identifiers>
          <isin value="US91282CFS52"/>
        </identifiers>
        <balance>34540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34584394.61000000</valUSD>
        <pctVal>4.049690669162</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>5.49000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>912796Y37</cusip>
        <identifiers>
          <isin value="US912796Y379"/>
        </identifiers>
        <balance>57000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>56983353.15000000</valUSD>
        <pctVal>6.672516785429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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="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 0-2800 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="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 15-938 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="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 in a range of 15-1056 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="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 in a range of 0-150 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), 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="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 0-1492 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-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 in a range of 15-2526 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="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="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 0-3500 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), 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="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 in a range of 0-1584 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>2023-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
