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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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            <otherPmntDesc fixedOrFloating="Other">Multi - See Part E</otherPmntDesc>
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      <invstOrSec>
        <name>CBOE Futures Exchange LLC</name>
        <lei>254900O9GJPIWCP8RH13</lei>
        <title>CBOE VIX FUTURE MAY24</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="UXK420243"/>
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        <balance>-76.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>54483.26000000</valUSD>
        <pctVal>0.002952596851</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>CBOE Futures Exchange LLC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <indexName>CBOE Volatility Index Futures</indexName>
                <indexIdentifier>UXK4 Index</indexIdentifier>
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            <expDate>2024-05-22</expDate>
            <notionalAmt>-1244901.66000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>54483.26000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Loar Holdings Inc</name>
        <lei>N/A</lei>
        <title>Loar Holdings Inc</title>
        <cusip>53947R105</cusip>
        <identifiers>
          <isin value="US53947R1059"/>
        </identifiers>
        <balance>1707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89310.24000000</valUSD>
        <pctVal>0.004839966136</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>
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      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <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 - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight 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-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 0-800 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 - Norwegian Overnight Weighted Average (NOWA), SEK - 1D Overnight 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 0-1632 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 - 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 - 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 - 1D Overnight 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-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 0-90 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="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="RTGLUS-BCC (Barclays Bank PLC): 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 15-925 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), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), ILS - 1M 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 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="RTGL-BCC (Barclays Bank PLC): 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 0-50 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 - 1M Copenhagen Interbank Offer Rate (CIBOR), EUR - 1D Euro Short Term Rate (ESTR), GBP - 1D Sterling Overnight Index Average (SONIA), HKD - Overnight Index Average (HONIA), 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 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="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 15-750 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-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="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 0-475 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 - 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 - 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 - 1D Overnight 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>2024-05-30</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>
