<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000893818</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000004280</seriesId>
        <classId>C000012001</classId>
        <classId>C000051483</classId>
        <classId>C000088841</classId>
        <classId>C000012002</classId>
        <classId>C000082489</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>BlackRock Funds III</regName>
      <regFileNumber>811-07332</regFileNumber>
      <regCik>0000893818</regCik>
      <regLei>5493008LW2651I1QB503</regLei>
      <regStreet1>100 Bellevue Parkway</regStreet1>
      <regCity>Wilmington</regCity>
      <regStateConditional regCountry="US" regState="US-DE"/>
      <regZipOrPostalCode>19809</regZipOrPostalCode>
      <regPhone>800-441-7762</regPhone>
      <seriesName>BlackRock LifePath Dynamic Retirement Fund</seriesName>
      <seriesId>S000004280</seriesId>
      <seriesLei>549300IB5G82H7DAII84</seriesLei>
      <repPdEnd>2023-12-31</repPdEnd>
      <repPdDate>2023-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>240044375.79</totAssets>
      <totLiabs>29860049.20</totLiabs>
      <netAssets>210184326.59</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1012000.22000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="14253415.72000000" lei="FOR8UP27PHTHYVLBNG30" name="GOLDMAN SACHS &amp; CO."/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000012001" rtn1="5.23000000" rtn2="-2.86000000" rtn3="2.57000000"/>
          <monthlyTotReturn classId="C000051483" rtn1="5.26000000" rtn2="-2.81000000" rtn3="2.67000000"/>
          <monthlyTotReturn classId="C000088841" rtn1="5.14000000" rtn2="-2.87000000" rtn3="2.55000000"/>
          <monthlyTotReturn classId="C000012002" rtn1="5.23000000" rtn2="-2.80000000" rtn3="2.60000000"/>
          <monthlyTotReturn classId="C000082489" rtn1="5.21000000" rtn2="-2.85000000" rtn3="2.54000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="1745346.31000000"/>
            <mon2 netRealizedGain="137771.05000000" netUnrealizedAppr="-857053.26000000"/>
            <mon3 netRealizedGain="-445973.59000000" netUnrealizedAppr="245920.09000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="1745346.31000000"/>
              <instrMon2 netRealizedGain="137771.05000000" netUnrealizedAppr="-818630.81000000"/>
              <instrMon3 netRealizedGain="-445973.59000000" netUnrealizedAppr="283117.73000000"/>
            </futureCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="-38422.45000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-37197.64000000"/>
            </swapCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="39504.03000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="-49015.17000000"/>
            <mon3 netRealizedGain="-23986.65000000" netUnrealizedAppr="145328.52000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="39504.03000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="-49015.17000000"/>
              <instrMon3 netRealizedGain="-23986.65000000" netUnrealizedAppr="145328.52000000"/>
            </forwardCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="46865.05000000" netUnrealizedAppr="340911.69000000"/>
            <mon2 netRealizedGain="-221037.43000000" netUnrealizedAppr="-224710.16000000"/>
            <mon3 netRealizedGain="234946.31000000" netUnrealizedAppr="349422.19000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="46865.05000000" netUnrealizedAppr="340911.69000000"/>
              <instrMon2 netRealizedGain="-221037.43000000" netUnrealizedAppr="-224710.16000000"/>
              <instrMon3 netRealizedGain="234946.31000000" netUnrealizedAppr="349422.19000000"/>
            </futureCategory>
          </interestRtContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-4139848.41000000" netUnrealizedAppr="12506843.11000000"/>
        <othMon2 netRealizedGain="101847.18000000" netUnrealizedAppr="-4982107.42000000"/>
        <othMon3 netRealizedGain="2771438.14000000" netUnrealizedAppr="1903793.57000000"/>
      </returnInfo>
      <mon1Flow redemption="5200941.73000000" reinvestment="0.00000000" sales="3791955.78000000"/>
      <mon2Flow redemption="4359435.08000000" reinvestment="0.00000000" sales="1655199.52000000"/>
      <mon3Flow redemption="6097710.81000000" reinvestment="0.00000000" sales="7300411.48000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>LifePath Dynamic Custom Benchmark - Retirement</nameDesignatedIndex>
          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US LONG BOND(CBT) JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="USM320236"/>
        </identifiers>
        <balance>19.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>105682.05000000</valUSD>
        <pctVal>0.050280652089</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT U.S. Long Bond Futures</indexName>
                <indexIdentifier>USM3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-21</expDate>
            <notionalAmt>2389849.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>105682.05000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CORE ALPHA BOND LP RETIREMENT</name>
        <lei>N/A</lei>
        <title>CORE ALPHA BOND LP RETIREMENT MUTUAL FUNDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTC6U7X1"/>
        </identifiers>
        <balance>1501456.66000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27595722.46000000</valUSD>
        <pctVal>13.12929603634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America N.A.</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23CKKBBVHWF"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91805203"/>
        <valUSD>51537.08000000</valUSD>
        <pctVal>0.024519944391</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Bank of America N.A.</counterpartyName>
              <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
            </counterparties>
            <amtCurSold>1963599.25000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1850000.00000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2023-06-21</settlementDt>
            <unrealizedAppr>51537.08000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>3538001249AILNPRUX57</lei>
        <title>TOPIX INDX FUTR JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="TPM320234"/>
        </identifiers>
        <balance>13.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="132.77500000"/>
        <valUSD>73767.74000000</valUSD>
        <pctVal>0.035096689271</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Osaka Exchange</counterpartyName>
              <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>TSE TOPIX (Tokyo Price Index) Futures</indexName>
                <indexIdentifier>TPM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-08</expDate>
            <notionalAmt>251960524.00000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>73767.74000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock High Yield Bond Portfolio</name>
        <lei>M0E4486GHQ4I64CULY35</lei>
        <title>BlackRock High Yield Bond Portfolio</title>
        <cusip>09260B614</cusip>
        <identifiers>
          <isin value="US09260B6149"/>
        </identifiers>
        <balance>349046.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2370025.74000000</valUSD>
        <pctVal>1.127593945015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>TRSWAP: RU10VATR INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRYEBDZ38"/>
        </identifiers>
        <balance>4110765.17000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-75620.09000000</valUSD>
        <pctVal>-0.03597798714</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Russell 1000 Value Total Return Index</indexName>
                <indexIdentifier>RU10VATR INDEX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">equity-performance leg</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD - Secured Overnight Financing Rate (SOFR)" floatingRtSpread="0.25000000" pmntAmt="-19534.77000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2023-11-13</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4110765.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-75620.09000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Advantage Emerging Markets Fund</name>
        <lei>WEJ3VPF25HMUBXKZD351</lei>
        <title>BlackRock Advantage Emerging Markets Fund</title>
        <cusip>09258N323</cusip>
        <identifiers>
          <isin value="US09258N3237"/>
        </identifiers>
        <balance>543954.87000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5145813.02000000</valUSD>
        <pctVal>2.448238221890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>BlackRock Tactical Opportunities Fund</name>
        <lei>6FFMMI3AGWZH5SDXSF05</lei>
        <title>BlackRock Tactical Opportunities Fund</title>
        <cusip>09258N570</cusip>
        <identifiers>
          <isin value="US09258N5703"/>
        </identifiers>
        <balance>729450.38000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10380078.94000000</valUSD>
        <pctVal>4.938559933751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>BlackRock Diversified Fixed Income Fund</name>
        <lei>549300SEQK2DPV0R7O94</lei>
        <title>BlackRock Diversified Fixed Income Fund</title>
        <cusip>09260W584</cusip>
        <identifiers>
          <isin value="US09260W5849"/>
        </identifiers>
        <balance>6700673.58000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66135648.19000000</valUSD>
        <pctVal>31.46554705718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EAFE JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="MFSM32024"/>
        </identifiers>
        <balance>13.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>48134.84000000</valUSD>
        <pctVal>0.022901250907</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>ICE Futures U.S., Inc.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE U.S. mini MSCI EAFE Index Futures</indexName>
                <indexIdentifier>MFSM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-16</expDate>
            <notionalAmt>1314590.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>48134.84000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>SP500 MIC EMIN FUTJUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="HWAM32022"/>
        </identifiers>
        <balance>60.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>73897.24000000</valUSD>
        <pctVal>0.035158301857</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>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Micro E-mini S&amp;P 500 futures</indexName>
                <indexIdentifier>HWAM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-16</expDate>
            <notionalAmt>1167427.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>73897.24000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="WNM320235"/>
        </identifiers>
        <balance>9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11918.91000000</valUSD>
        <pctVal>0.005670694001</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME Ultra Long Term U.S. Treasury Bond Futures</indexName>
                <indexIdentifier>WNM3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-21</expDate>
            <notionalAmt>1262987.34000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>11918.91000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares MSCI EAFE Small-Cap ETF</name>
        <lei>549300MJV5OZGVS4LX86</lei>
        <title>iShares MSCI EAFE Small-Cap ETF</title>
        <cusip>464288273</cusip>
        <identifiers>
          <isin value="US4642882736"/>
        </identifiers>
        <balance>89072.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5300674.72000000</valUSD>
        <pctVal>2.521917217138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5300674.72000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 5YR NOTE (CBT) JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="FVM320236"/>
        </identifiers>
        <balance>5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4126.02000000</valUSD>
        <pctVal>0.001963048371</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 5 Year U.S. Treasury Notes</indexName>
                <indexIdentifier>FVM3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-30</expDate>
            <notionalAmt>544116.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4126.02000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EMGMKT JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="MESM32027"/>
        </identifiers>
        <balance>63.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>110424.49000000</valUSD>
        <pctVal>0.052536976372</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>ICE Futures U.S., Inc.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE U.S. MSCI Emerging Markets EM Index Futures</indexName>
                <indexIdentifier>MESM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-16</expDate>
            <notionalAmt>3025400.51000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>110424.49000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III</name>
        <lei>5493008LW2651I1QB503</lei>
        <title>BlackRock Cash Funds: Institutional, SL Agency Shares</title>
        <cusip>066922519</cusip>
        <identifiers>
          <isin value="US0669225197"/>
        </identifiers>
        <balance>14388675.60000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14392992.20000000</valUSD>
        <pctVal>6.847795186972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="14392992.20000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares TIPS Bond ETF</name>
        <lei>549300EHD1VQKMRQ0829</lei>
        <title>iShares TIPS Bond ETF</title>
        <cusip>464287176</cusip>
        <identifiers>
          <isin value="US4642871762"/>
        </identifiers>
        <balance>149674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16501558.50000000</valUSD>
        <pctVal>7.850993824191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8952741.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED USD / SOLD JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23CBKBB7KM8"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="131.27254000"/>
        <valUSD>-5453.61000000</valUSD>
        <pctVal>-0.00259467967</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>27289000.00000000</amtCurSold>
            <curSold>JPY</curSold>
            <amtCurPur>202426.88000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2023-06-21</settlementDt>
            <unrealizedAppr>-5453.61000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-MINI RUSS 2000 JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="RTSM32029"/>
        </identifiers>
        <balance>67.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>179692.83000000</valUSD>
        <pctVal>0.085492973198</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>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME E-mini Russell 2000 Index Futures</indexName>
                <indexIdentifier>RTYM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-16</expDate>
            <notionalAmt>5895532.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>179692.83000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>PURCHASED EUR / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23CKKBBZ8CD"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91805203"/>
        <valUSD>53011.71000000</valUSD>
        <pctVal>0.025221533336</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <amtCurSold>1962124.62000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>1850000.00000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2023-06-21</settlementDt>
            <unrealizedAppr>53011.71000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MASTER INVESTMENT PORTFOLIO - International Tilts Master Portfolio</name>
        <lei>5493004HUP3600ZFJ783</lei>
        <title>MASTER INVESTMENT PORTFOLIO - International Tilts Master Portfolio</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTC6U968"/>
        </identifiers>
        <balance>1000176.79000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15214489.25000000</valUSD>
        <pctVal>7.238641195010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 10YR NOTE (CBT)JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="TYM320235"/>
        </identifiers>
        <balance>54.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>191101.58000000</valUSD>
        <pctVal>0.090920946913</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Board of Trade</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CBOT 10 Year U.S. Treasury Notes</indexName>
                <indexIdentifier>TYM3 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-21</expDate>
            <notionalAmt>6022273.42000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>191101.58000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23CBKBB66LK"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91805203"/>
        <valUSD>-877.12000000</valUSD>
        <pctVal>-0.00041730989</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank AG</counterpartyName>
              <counterpartyLei>7LTWFZYICNSX8D621K86</counterpartyLei>
            </counterparties>
            <amtCurSold>37000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>39425.61000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2023-06-21</settlementDt>
            <unrealizedAppr>-877.12000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIVERSIFIED EQUITY MASTER</name>
        <lei>N/A</lei>
        <title>DIVERSIFIED EQUITY MASTER MUTUAL FUNDS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTC6VGG6"/>
        </identifiers>
        <balance>930879.22000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46144055.29000000</valUSD>
        <pctVal>21.95408955493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. International PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>PURCHASED CAD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="23CBKBCDL8P"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.34978913"/>
        <valUSD>18148.81000000</valUSD>
        <pctVal>0.008634711395</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <amtCurSold>2349012.68000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>3195168.86000000</amtCurPur>
            <curPur>CAD</curPur>
            <settlementDt>2023-06-21</settlementDt>
            <unrealizedAppr>18148.81000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>S+P/TSX 60 IX FUT JUN23</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="PTM320230"/>
        </identifiers>
        <balance>16.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35150000"/>
        <valUSD>71520.77000000</valUSD>
        <pctVal>0.034027641908</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Montreal Exchange S&amp;P/TSX 60 Index Futures</indexName>
                <indexIdentifier>PTM3 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2023-06-15</expDate>
            <notionalAmt>3772779.68000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>71520.77000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Developed Real Estate Index Fund</name>
        <lei>549300CCO72SBIYZNP24</lei>
        <title>iShares Developed Real Estate Index Fund</title>
        <cusip>091936187</cusip>
        <identifiers>
          <isin value="US0919361875"/>
        </identifiers>
        <balance>31222.08000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>280998.76000000</valUSD>
        <pctVal>0.133691586122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES</name>
        <lei>5493008LW2651I1QB503</lei>
        <title>BlackRock Cash Funds: Treasury, SL Agency Shares</title>
        <cusip>066922477</cusip>
        <identifiers>
          <isin value="US0669224778"/>
        </identifiers>
        <balance>13808479.95000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13808479.95000000</valUSD>
        <pctVal>6.569700117048</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>
    </invstOrSecs>
    <explntrNotes>


      <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>2023-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Funds III</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>
