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                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-95691.76000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>BP PLC</othIndName>
                    <identifiers>
                      <cusip value="055622104"/>
                    </identifiers>
                    <othIndNotAmt>10802.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>366835.92000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>EQUIFAX INC</othIndName>
                    <identifiers>
                      <cusip value="294429105"/>
                    </identifiers>
                    <othIndNotAmt>326.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>100124.38000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CMS ENERGY CORP</othIndName>
                    <identifiers>
                      <cusip value="125896100"/>
                    </identifiers>
                    <othIndNotAmt>1200.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>81432.00000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>ORGANON &amp; CO</othIndName>
                    <identifiers>
                      <cusip value="68622V106"/>
                    </identifiers>
                    <othIndNotAmt>-5944.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-132848.40000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>INTERNATIONAL BUSINESS MACHINES CORP</othIndName>
                    <identifiers>
                      <cusip value="459200101"/>
                    </identifiers>
                    <othIndNotAmt>-848.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-171406.24000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>AMAZON.COM INC</othIndName>
                    <identifiers>
                      <cusip value="023135106"/>
                    </identifiers>
                    <othIndNotAmt>714.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>127449.00000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CARDINAL HEALTH INC</othIndName>
                    <identifiers>
                      <cusip value="14149Y108"/>
                    </identifiers>
                    <othIndNotAmt>2647.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>298369.84000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>CENOVUS ENERGY INC</othIndName>
                    <identifiers>
                      <cusip value="15135U109"/>
                    </identifiers>
                    <othIndNotAmt>552.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>10234.08000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>KENVUE INC</othIndName>
                    <identifiers>
                      <cusip value="49177J102"/>
                    </identifiers>
                    <othIndNotAmt>-4223.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>-92694.85000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>APTIV PLC</othIndName>
                    <identifiers>
                      <cusip value="000000000"/>
                    </identifiers>
                    <othIndNotAmt>1209.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>86479.77000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>COMCAST CORP</othIndName>
                    <identifiers>
                      <cusip value="20030N101"/>
                    </identifiers>
                    <othIndNotAmt>6752.00000000</othIndNotAmt>
                    <othIndCurCd>USD</othIndCurCd>
                    <othIndValue>267176.64000000</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Default Event</otherRecDesc>
            <otherPmntDesc fixedOrFloating="Other">CFD EQUITY BASKET</otherPmntDesc>
            <terminationDt>2036-12-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>556106.97000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-35062.08000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lineage Inc</name>
        <lei>N/A</lei>
        <title>Lineage Inc</title>
        <cusip>53566V106</cusip>
        <identifiers>
          <isin value="US53566V1061"/>
          <ticker value="LINE"/>
        </identifiers>
        <balance>1181.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>99085.90000000</valUSD>
        <pctVal>0.809144936788</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="USLSE-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 15-75 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 Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>

      <explntrNote note="USLSE-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 0-30 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 Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>

      <explntrNote note="USLSE-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 5-50 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: 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"/>
      <explntrNote note="USLSE-HSC (HSBC 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 0-20 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 Bank Funding Rate (OBFR01)." noteItem="C.11.f.i.1"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-10-24</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>
