Counsel for the Fund: |
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Jesse C. Kean, Esq. Sidley Austin LLP 787 Seventh Avenue New York, New York 10019 |
Janey Ahn, Esq. BlackRock Advisors, LLC 50 Hudson Yards New York, New York 10001 |
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Prospectus |
Key facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information and historical performance information |
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3 | |
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16 |
Information about how the Funds invest, including investment objectives, investment processes, principal strategies and risk factors |
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29 | |
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33 |
Information about account services, sales charges and waivers, shareholder transactions, and distribution and other payments |
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47 | |
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54 | |
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55 | |
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60 | |
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61 | |
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62 |
Information about BlackRock and the Portfolio Manager |
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68 |
Financial Performance of the Funds |
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74 | |
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75 |
Glossary of Investment Terms |
76 | |
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A-1 |
Inside Back Cover | ||
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Back Cover |
Shareholder Fees (fees paid directly from your investment) |
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Investor A Shares |
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Institutional Shares |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Investor A Shares |
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Institutional Shares |
Management Fee2 |
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Distribution and/or Service (12b-1) Fees |
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Other Expenses |
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Acquired Fund Fees and Expenses3 |
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Total Annual Fund Operating Expenses3 |
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Fee Waivers and/or Expense Reimbursements2,4 |
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( |
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Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements2,4 |
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1 Year |
3 Years |
5 Years |
10 Years |
Investor A Shares |
$ |
$ |
$ |
$ |
Institutional Shares |
$ |
$ |
$ |
$ |
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1 Year |
Since Inception ( |
BlackRock Retirement Income 2030 Fund — Investor A Shares |
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Return Before Taxes |
% |
% |
Return After Taxes on Distributions |
% |
( )% |
Return After Taxes on Distributions and Sale of Fund Shares |
% |
% |
For the periods ended 12/31/23 Average Annual Total Returns |
1 Year |
Since Inception (July 31, 2020) |
BlackRock Retirement Income 2030 Fund — Institutional Shares |
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Return Before Taxes |
% |
% |
Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) |
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( )% |
MSCI World Index (Reflects no deduction for fees, expenses or taxes) |
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MSCI World Index (50%) and Bloomberg U.S. Aggregate Bond Index (50%) (Reflects no deduction for fees, expenses or taxes) |
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% |
Portfolio Manager |
Portfolio Manager of the Fund Since |
Title |
Michael Pensky, CFA |
2020 |
Managing Director of BlackRock, Inc. |
Justin Christofel, CFA |
2023 |
Managing Director of BlackRock, Inc. |
Alex Shingler, CFA |
2023 |
Managing Director of BlackRock, Inc. |
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Investor A Shares |
Institutional Shares |
Minimum Initial Investment |
$1,000 for all accounts except: •$50, if establishing an Automatic Investment Plan. •There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). •There is no investment minimum for certain fee- based programs. |
There is no minimum initial investment for: •Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. •Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. •Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. $1,000 for: •Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. •Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. |
Minimum Additional Investment |
$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum). |
No subsequent minimum. |
Shareholder Fees (fees paid directly from your investment) |
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Investor A Shares |
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Institutional Shares |
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Investor A Shares |
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Institutional Shares |
Management Fee2 |
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Distribution and/or Service (12b-1) Fees |
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Other Expenses |
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Acquired Fund Fees and Expenses3 |
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Total Annual Fund Operating Expenses3 |
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Fee Waivers and/or Expense Reimbursements2,4 |
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Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements2,4 |
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1 Year |
3 Years |
5 Years |
10 Years |
Investor A Shares |
$ |
$ |
$ |
$ |
Institutional Shares |
$ |
$ |
$ |
$ |
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1 Year |
Since Inception ( |
BlackRock Retirement Income 2040 Fund — Investor A Shares |
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Return Before Taxes |
% |
% |
Return After Taxes on Distributions |
% |
( )% |
Return After Taxes on Distributions and Sale of Fund Shares |
% |
% |
For the periods ended 12/31/23 Average Annual Total Returns |
1 Year |
Since Inception (July 31, 2020) |
BlackRock Retirement Income 2040 Fund — Institutional Shares |
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Return Before Taxes |
% |
% |
Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses or taxes) |
% |
( )% |
MSCI World Index (Reflects no deduction for fees, expenses or taxes) |
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MSCI World Index (50%) and Bloomberg U.S. Aggregate Bond Index (50%) (Reflects no deduction for fees, expenses or taxes) |
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Portfolio Manager |
Portfolio Manager of the Fund Since |
Title |
Michael Pensky, CFA |
2020 |
Managing Director of BlackRock, Inc. |
Justin Christofel, CFA |
2023 |
Managing Director of BlackRock, Inc. |
Alex Shingler, CFA |
2023 |
Managing Director of BlackRock, Inc. |
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Investor A Shares |
Institutional Shares |
Minimum Initial Investment |
$1,000 for all accounts except: •$50, if establishing an Automatic Investment Plan. •There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). •There is no investment minimum for certain fee- based programs. |
There is no minimum initial investment for: •Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. •Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Fund’s distributor to offer Institutional Shares through a no-load program or investment platform. •Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such shares. $1,000 for: •Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. •Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer Institutional Shares, and the family members of such persons. |
Minimum Additional Investment |
$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum). |
No subsequent minimum. |
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Investor A Shares |
Institutional Shares |
Availability |
Generally available through Financial Intermediaries. |
Limited to certain investors, including: •Individuals and “Institutional Investors,” which include, but are not limited to, endowments, foundations, family offices, local, city and state governmental institutions, corporations and insurance company separate accounts, who may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares. •Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such shares. •Employees, officers and directors/trustees of BlackRock or its affiliates and immediate family members of such persons, if they open an account directly with BlackRock. •Participants in certain programs sponsored by BlackRock or its affiliates or other Financial Intermediaries. •Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons. •Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the Fund. •Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. |
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Investor A Shares |
Institutional Shares |
Minimum Investment |
$1,000 for all accounts except: •$50, if establishing an Automatic Investment Plan (“AIP”). •There is no investment minimum for employer- sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs). •There is no investment minimum for certain fee- based programs. |
There is no investment minimum for: •Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies. •Employees, officers and directors/trustees of BlackRock or its affiliates and immediate family members of such persons, if they open an account directly with BlackRock. •Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform. •Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that the program maintains an account with the Fund on an omnibus basis. $2 million for individuals and Institutional Investors. $1,000 investment minimum for: •Clients investing through Financial Intermediaries that offer such shares on a platform that charges a transaction based sales commission outside of the Fund. •Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons. |
Initial Sales Charge? |
Yes. Payable at time of purchase. Lower sales charges are available for larger investments. |
No. Entire purchase price is invested in shares of the Fund. |
Deferred Sales Charge? |
No. (May be charged for purchases of $1 million or more that are redeemed within 18 months.) |
No. |
Distribution and Service (12b-1) Fees? |
No Distribution Fee. 0.25% Annual Service Fee. |
No. |
Redemption Fees? |
No. |
No. |
Conversion to Investor A Shares? |
N/A |
No. |
Advantage |
Generally available. |
No up-front sales charge so you start off owning more shares. No distribution or service fees. |
Disadvantage |
You pay a sales charge up-front, and therefore you start off owning fewer shares. |
Limited availability. |
Your Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of Your Investment1 |
Dealer Compensation as a % of Offering Price |
Less than $25,000 |
5.25 % |
5.54 % |
5.00 % |
$25,000 but less than $50,000 |
4.75 % |
4.99 % |
4.50 % |
$50,000 but less than $100,000 |
4.00 % |
4.17 % |
3.75 % |
$100,000 but less than $250,000 |
3.00 % |
3.09 % |
2.75 % |
$250,000 but less than $500,000 |
2.50 % |
2.56 % |
2.25 % |
$500,000 but less than $750,000 |
2.00 % |
2.04 % |
1.75 % |
$750,000 but less than $1,000,000 |
1.50 % |
1.52 % |
1.25 % |
$1,000,000 and over2 |
0.00 % |
0.00 % |
— 2 |
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Your Choices |
Important Information for You to Know |
Initial Purchase |
First, select the share class appropriate for you |
Refer to the “Share Classes at a Glance” table in this prospectus (be sure to read this prospectus carefully). When you place your initial order, you must indicate which share class you select (if you do not specify a share class and do not qualify to purchase Institutional Shares, you will receive Investor A Shares). Certain factors, such as the amount of your investment, your time frame for investing, and your financial goals, may affect which share class you choose. Your Financial Intermediary can help you determine which share class is appropriate for you. |
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Next, determine the amount of your investment |
Refer to the minimum initial investment in the “Share Classes at a Glance” table of this prospectus. See “Account Information — Details About the Share Classes” for information on a lower initial investment requirement for certain Fund investors if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum investment requirement. |
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Have your Financial Intermediary submit your purchase order |
The price of your shares is based on the next calculation of the Fund’s net asset value after your order is placed. Any purchase orders placed prior to the close of business on the New York Stock Exchange (the “NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net asset value determined that day. Certain Financial Intermediaries, however, may require submission of orders prior to that time. Purchase orders placed after that time will be priced at the net asset value determined on the next business day. A broker-dealer or financial institution maintaining the account in which you hold shares may charge a separate account, service or transaction fee on the purchase or sale of Fund shares that would be in addition to the fees and expenses shown in the applicable Fund’s “Fees and Expenses” table. The Fund may reject any order to buy shares and may suspend the sale of shares at any time. Certain Financial Intermediaries may charge a processing fee to confirm a purchase. |
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Your Choices |
Important Information for You to Know |
Initial Purchase (continued) |
Or contact BlackRock (for accounts held directly with BlackRock) |
To purchase shares directly from BlackRock, call (800) 441-7762 and request a new account application. Mail the completed application along with a check payable to “BlackRock Funds” to the Transfer Agent at the address on the application. |
Add to Your Investment |
Purchase additional shares |
For Investor A Shares, the minimum investment for additional purchases is generally $50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum for additional purchases). The minimums for additional purchases may be waived under certain circumstances. Institutional Shares have no minimum for additional purchases. |
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Have your Financial Intermediary submit your purchase order for additional shares |
To purchase additional shares you may contact your Financial Intermediary. For more details on purchasing by Internet see below. |
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Or contact BlackRock (for accounts held directly with BlackRock) |
Purchase by Telephone: Call (800) 441-7762 and speak with one of our representatives. The Fund has the right to reject any telephone request for any reason. Purchase in Writing: You may send a written request to BlackRock at the address on the back cover of this prospectus. Purchase by VRU: Investor A Shares may also be purchased by use of the Fund’s automated voice response unit (“VRU”) service at (800) 441-7762. Purchase by Internet: You may purchase your shares, and view activity in your account, by logging onto the BlackRock website at www.blackrock.com. Purchases made on the Internet using the Automated Clearing House (“ACH”) will have a trade date that is the day after the purchase is made. Certain institutional clients’ purchase orders of Institutional Shares placed by wire prior to the close of business on the NYSE will be priced at the net asset value determined that day. Contact your Financial Intermediary or BlackRock for further information. The Fund limits Internet purchases in Investor A Shares of the Fund to $25,000 per trade. Different maximums may apply to certain institutional investors. Please read the On-Line Services Disclosure Statement and User Agreement, the Terms and Conditions page and the Consent to Electronic Delivery Agreement (if you consent to electronic delivery), before attempting to transact online. The Fund employs reasonable procedures to confirm that transactions entered over the Internet are genuine. By entering into the User Agreement with the Fund in order to open an account through the website, the shareholder waives any right to reclaim any losses from the Fund or any of its affiliates incurred through fraudulent activity. |
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Participate in the AIP |
BlackRock’s AIP allows you to invest a specific amount on a periodic basis from your checking or savings account into your investment account. Refer to the “Account Services and Privileges” section of this prospectus for additional information. |
How to Pay for Shares |
Making payment for purchases |
Payment for an order must be made in Federal funds or other immediately available funds by the time specified by your Financial Intermediary, but in no event later than 4:00 p.m. (Eastern time) on the second business day (in the case of Investor A Shares) or the first business day (in the case of Institutional Shares) following BlackRock’s receipt of the order. If payment is not received by this time, the order will be canceled, and you and your Financial Intermediary will be responsible for any loss to the Fund. For shares purchased directly from the Fund, a check payable to BlackRock Funds which bears the name of the Fund you are purchasing must accompany a completed purchase application. There is a $20 fee for each purchase check that is returned due to insufficient funds. The |
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Your Choices |
Important Information for You to Know |
How to Pay for Shares (continued) |
Making payment for purchases (continued) |
Fund does not accept third-party checks. You may also wire Federal funds to the Fund to purchase shares, but you must call (800) 441-7762 before doing so to confirm the wiring instructions. |
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Your Choices |
Important Information for You to Know |
Full or Partial Redemption of Shares |
Have your Financial Intermediary submit your sales order |
You can make redemption requests through your Financial Intermediary. Shareholders should indicate whether they are redeeming Investor A or Institutional Shares. The price of your shares is based on the next calculation of the Fund’s net asset value after your order is placed. For your redemption request to be priced at the net asset value on the day of your request, you must submit your request to your Financial Intermediary prior to that day’s close of business on the NYSE (generally 4:00 p.m. Eastern time). Certain Financial Intermediaries, however, may require submission of orders prior to that time. Any redemption request placed after that time will be priced at the net asset value at the close of business on the next business day. Regardless of the method the Fund uses to make payment of your redemption proceeds (check, wire or ACH), your redemption proceeds typically will be sent one to two business days after your request is submitted, but in any event, within seven days. Certain Financial Intermediaries may charge a fee to process a redemption of shares. The Fund may reject an order to sell shares under certain circumstances. |
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Selling shares held directly with BlackRock |
Methods of Redeeming Redeem by Telephone: You may redeem Investor A Shares held at BlackRock by telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments by check or (ii) $250,000 for payments through ACH or wire transfer. Certain redemption requests, such as those in excess of these amounts, must be in writing with a medallion signature guarantee. For Institutional Shares, certain redemption requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities exchange or registered securities association. A notary public seal will not be acceptable. The Fund, its administrator and the Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine. The Fund and its service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that are reasonably believed to be genuine in accordance with such procedures. The Fund may refuse a telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market change, telephone redemptions may be difficult to complete. Please find alternative redemption methods below. Redeem by VRU: Investor A Shares may also be redeemed by use of the Fund’s automated VRU service. Payment for Investor A Shares redeemed by the VRU service may be made for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire. Redeem by Internet: You may redeem in your account, by logging onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to the bank account of record. Payment for Investor A Shares redeemed by Internet may be made for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire. Different maximums may apply to investors in Institutional Shares. |
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Your Choices |
Important Information for You to Know |
Full or Partial Redemption of Shares (continued) |
Selling shares held directly with BlackRock (continued) |
Redeem in Writing: You may sell shares held at BlackRock by writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or for overnight delivery, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania 15262. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to the bank account of record. Payment of Redemption Proceeds Redemption proceeds may be paid by check or, if the Fund has verified banking information on file, through ACH or by wire transfer. Payment by Check: BlackRock will normally mail redemption proceeds within three business days following receipt of a properly completed request, but in any event, within seven days. Shares can be redeemed by telephone and the proceeds sent by check to the shareholder at the address on record. Shareholders will pay $15 for redemption proceeds sent by check via overnight mail. You are responsible for any additional charges imposed by your bank for this service. Payment by Wire Transfer: Payment for redeemed shares for which a redemption order is received before 4:00 p.m. (Eastern time) on a business day is normally made in Federal funds wired to the redeeming shareholder on the next business day, provided that the Fund’s custodian is also open for business. Payment for redemption orders received after 4:00 p.m. (Eastern time) or on a day when the Fund’s custodian is closed is normally wired in Federal funds on the next business day following redemption on which the Fund’s custodian is open for business. The Fund reserves the right to wire redemption proceeds within seven days after receiving a redemption order if, in the judgment of the Fund, an earlier payment could adversely affect the Fund. If a shareholder has given authorization for expedited redemption, shares can be redeemed by Federal wire transfer to a single previously designated bank account. Shareholders will pay $7.50 for redemption proceeds sent by Federal wire transfer. You are responsible for any additional charges imposed by your bank for this service. No charge for wiring redemption payments with respect to Institutional Shares is imposed by the Fund. The Fund is not responsible for the efficiency of the Federal wire system or the shareholder’s firm or bank. To change the name of the single, designated bank account to receive wire redemption proceeds, it is necessary to send a written request to the Fund at the address on the back cover of this prospectus. Payment by ACH: Redemption proceeds may be sent to the shareholder’s bank account (checking or savings) via ACH. Payment for redeemed shares for which a redemption order is received before 4:00 p.m. (Eastern time) on a business day is normally sent to the redeeming shareholder the next business day, with receipt at the receiving bank within the next two business days (48-72 hours), provided that the Fund’s custodian is also open for business. Payment for redemption orders received after 4:00 p.m. (Eastern time) or on a day when the Fund’s custodian is closed is normally sent on the next business day following redemption on which the Fund’s custodian is open for business. The Fund reserves the right to send redemption proceeds within seven days after receiving a redemption order if, in the judgment of the Fund, an earlier payment could adversely affect the Fund. No charge for |
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Your Choices |
Important Information for You to Know |
Full or Partial Redemption of Shares (continued) |
Selling shares held directly with BlackRock (continued) |
sending redemption payments via ACH is imposed by the Fund. *** If you make a redemption request before the Fund has collected payment for the purchase of shares, the Fund may delay mailing your proceeds. This delay will usually not exceed ten days. |
Redemption Proceeds |
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Under normal circumstances, the Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio or by selling portfolio assets to generate cash. During periods of stressed market conditions, when a significant portion of the Fund’s portfolio may be comprised of less-liquid investments, the Fund may be more likely to limit cash redemptions and may determine to pay redemption proceeds by (i) borrowing under a line of credit it has entered into with a group of lenders, (ii) borrowing from another BlackRock Fund pursuant to an interfund lending program, to the extent permitted by the Fund’s investment policies and restrictions as set forth in the SAI, and/or (iii) transferring portfolio securities in-kind to you. The SAI includes more information about the Fund’s line of credit and interfund lending program, to the extent applicable. If the Fund pays redemption proceeds by transferring portfolio securities in-kind to you, you may pay transaction costs to dispose of the securities, and you may receive less for them than the price at which they were valued for purposes of redemption. |
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Your Choices |
Important Information for You to Know |
Exchange Privilege |
Selling shares of one BlackRock Fund to purchase shares of another BlackRock Fund (“exchanging”) |
Investor A or Institutional Shares of the Fund are generally exchangeable for shares of the same class of another BlackRock Fund, to the extent such shares are offered by your Financial Intermediary. You can exchange $1,000 or more of Investor A Shares from one fund into the same class of another fund which offers that class of shares (you can exchange less than $1,000 of Investor A Shares if you already have an account in the fund into which you are exchanging). Investors who currently own Institutional Shares of the Fund may make exchanges into Institutional Shares of other BlackRock Funds except for investors holding shares through certain client accounts at Financial Intermediaries that are omnibus with the Fund and do not meet applicable minimums. There is no required minimum amount with respect to exchanges of Institutional Shares. You may only exchange into a share class and fund that are open to new investors or in which you have a current account if the fund is closed to new investors. Some of the BlackRock Funds impose a different initial or deferred sales charge schedule. The CDSC will continue to be measured from the date of the original purchase. The CDSC schedule applicable to your original purchase will apply to the shares you receive in the exchange and any subsequent exchange. To exercise the exchange privilege, you may contact your Financial Intermediary. Alternatively, if your account is held directly with BlackRock, you may: (i) call (800) 441-7762 and speak with one of our representatives, (ii) make the exchange via the Internet by accessing your account online at www.blackrock.com, or (iii) send a written request to the Fund at the address on the back cover of this prospectus. Please note, if you indicated on your new account application that you did not want the Telephone Exchange Privilege, you will not be able to place exchanges via the telephone until you update this option either in writing or by calling (800) 441-7762. The Fund has the right to reject any telephone request for any reason. Although there is currently no limit on the number of exchanges that you can make, the exchange privilege may be modified or terminated at any time in the future. The Fund may suspend or terminate your |
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Your Choices |
Important Information for You to Know |
Exchange Privilege (continued) |
Selling shares of one BlackRock Fund to purchase shares of another BlackRock Fund (“exchanging”) (continued) |
exchange privilege at any time for any reason, including if the Fund believes, in its sole discretion, that you are engaging in market timing activities. See “Short-Term Trading Policy” below. For U.S. federal income tax purposes a share exchange is a taxable event and a capital gain or loss may be realized. Please consult your tax adviser or other Financial Intermediary before making an exchange request. |
Transfer Shares to Another Financial Intermediary |
Transfer to a participating Financial Intermediary |
You may transfer your shares of the Fund only to another Financial Intermediary that has entered into an agreement with the Distributor. Certain shareholder services may not be available for the transferred shares. All future trading of these assets must be coordinated by the receiving firm. If your account is held directly with BlackRock, you may call (800) 441-7762 with any questions; otherwise please contact your Financial Intermediary to accomplish the transfer of shares. |
|
Transfer to a non-participating Financial Intermediary |
You must either: •Transfer your shares to an account with the Fund; or •Sell your shares, paying any applicable deferred sales charge. If your account is held directly with BlackRock, you may call (800) 441-7762 with any questions; otherwise please contact your Financial Intermediary to accomplish the transfer of shares. |
Automatic Investment Plan |
Allows systematic investments on a periodic basis from your checking or savings account. |
BlackRock’s AIP allows you to invest a specific amount on a periodic basis from your checking or savings account into your investment account. You may apply for this option upon account opening or by completing the AIP application. The minimum investment amount for an automatic investment is $50 per portfolio. |
EZ Trader |
Allows an investor to purchase or sell Investor A Shares by telephone or over the Internet through ACH. |
(NOTE: This option is offered to shareholders whose accounts are held directly with BlackRock. Please speak with your Financial Intermediary if your account is held elsewhere.) Prior to establishing an EZ Trader account, please contact your bank to confirm that it is a member of the ACH system. Once confirmed, complete an application, making sure to include the appropriate bank information, and return the application to the address listed on the form. Prior to placing a telephone or Internet purchase or sale order, please call (800) 441-7762 to confirm that your bank information has been updated on your account. Once this is established, you may place your request to sell shares with a Fund by telephone or Internet. Proceeds will be sent to your pre-designated bank account. |
Systematic Exchange Plan |
This feature can be used by investors to systematically exchange money from one fund to up to four other funds. |
A minimum of $10,000 in the initial BlackRock Fund is required, and investments in any additional funds must meet minimum initial investment requirements. |
Reinstatement Privilege |
|
If you redeem Investor A or Institutional Shares and buy new Investor A Shares of the same or another BlackRock Fund (equal to all or a portion of the redemption amount) within 90 days of such redemption, you will not pay a sales charge on the new purchase amount. This right may be exercised within 90 days of the redemption, provided that the Investor A Share class of that fund is currently open to new investors or the shareholder has a current account in that closed fund. Shares will be purchased at the net asset value calculated at the close of trading on the day the request is received. To exercise this privilege, the Fund must receive written notification from the shareholder of record or the Financial Intermediary of record, at the time of purchase. Investors should consult a tax adviser concerning the tax consequences of exercising this reinstatement privilege. |
Average Daily Net Assets |
Rate of Management Fee |
First $1 billion |
0.100 % |
$1 billion – $3 billion |
0.094 % |
$3 billion – $5 billion |
0.090 % |
$5 billion – $10 billion |
0.087 % |
Greater than $10 billion |
0.085 % |
|
Contractual Caps1 on Total Annual Fund Operating Expenses2 (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) |
Investor A Shares |
0.50 % |
Institutional Shares |
0.25 % |
Portfolio Manager |
Primary Role |
Since |
Title and Recent Biography |
Michael Pensky, CFA |
Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2020 |
Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2018 through 2020; Vice President of BlackRock, Inc. from 2016 to 2017; Associate of BlackRock, Inc. from 2012 to 2015. |
Justin Christofel, CFA |
Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2023 |
Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2013 to 2015; Vice President of BlackRock, Inc. from 2010 to 2013; Associate of BlackRock, Inc. from 2008 to 2010; Analyst of BlackRock, Inc. from 2007 to 2008. |
Portfolio Manager |
Primary Role |
Since |
Title and Recent Biography |
Alex Shingler, CFA |
Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. |
2023 |
Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2010; Senior Vice President at R3 Capital Partners from 2008 to 2009. |
|
BlackRock Retirement Income 2030 Fund | |||
|
Institutional | |||
(For a share outstanding throughout each period) |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Period from 07/31/20(a) to 12/31/20 |
Net asset value, beginning of period |
$84.29 |
$103.18 |
$103.74 |
$100.00 |
Net investment income(b) |
4.83 |
4.20 |
4.09 |
1.69 |
Net realized and unrealized gain (loss) |
3.91 |
(16.13 ) |
2.85 |
5.14 |
Net increase (decrease) from investment operations |
8.74 |
(11.93 ) |
6.94 |
6.83 |
Distributions(c) |
|
|
|
|
From net investment income |
(4.93 ) |
(4.31 ) |
(5.42 ) |
(1.74 ) |
From net realized gain |
— |
— |
(0.11 ) |
— |
Return of capital |
(1.82 ) |
(2.65 ) |
(1.97 ) |
(1.35 ) |
Total distributions |
(6.75 ) |
(6.96 ) |
(7.50 ) |
(3.09 ) |
Net asset value, end of period |
$86.28 |
$84.29 |
$103.18 |
$103.74 |
Total Return(d) |
|
|
|
|
Based on net asset value |
10.85 % |
(11.74 )% |
6.87 % |
6.96 %(e) |
Ratios to Average Net Assets(f) |
|
|
|
|
Total expenses |
5.06 % |
4.87 % |
5.91 % |
3.86 %(g)(h) |
Total expenses after fees waived and/or reimbursed |
0.25 % |
0.25 % |
0.25 % |
0.25 %(g) |
Net investment income |
5.72 % |
4.64 % |
3.92 % |
4.05 %(g) |
Supplemental Data |
|
|
|
|
Net assets, end of period (000) |
$4,382 |
$4,267 |
$5,044 |
$5,070 |
Portfolio turnover rate |
— % |
1 % |
5 % |
2 % |
|
BlackRock Retirement Income 2030 Fund | |||
|
Investor A | |||
(For a share outstanding throughout each period) |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Period from 07/31/20(a) to 12/31/20 |
Net asset value, beginning of period |
$84.29 |
$103.19 |
$103.74 |
$100.00 |
Net investment income(b) |
4.62 |
3.97 |
3.76 |
1.63 |
Net realized and unrealized gain (loss) |
3.92 |
(16.14 ) |
2.93 |
5.10 |
Net increase (decrease) from investment operations |
8.54 |
(12.17 ) |
6.69 |
6.73 |
Distributions(c) |
|
|
|
|
From net investment income |
(4.78 ) |
(4.17 ) |
(5.22 ) |
(1.67 ) |
From net realized gain |
— |
— |
(0.11 ) |
— |
Return of capital |
(1.76 ) |
(2.56 ) |
(1.91 ) |
(1.32 ) |
Total distributions |
(6.54 ) |
(6.73 ) |
(7.24 ) |
(2.99 ) |
Net asset value, end of period |
$86.29 |
$84.29 |
$103.19 |
$103.74 |
Total Return(d) |
|
|
|
|
Based on net asset value |
10.59 % |
(11.98 )% |
6.62 % |
6.86 %(e) |
Ratios to Average Net Assets(f) |
|
|
|
|
Total expenses |
5.44 % |
5.40 % |
6.58 % |
4.13 %(g)(h) |
Total expenses after fees waived and/or reimbursed |
0.50 % |
0.50 % |
0.50 % |
0.50 %(g) |
Net investment income |
5.47 % |
4.39 % |
3.61 % |
3.93 %(g) |
Supplemental Data |
|
|
|
|
Net assets, end of period (000) |
$234 |
$231 |
$286 |
$137 |
Portfolio turnover rate |
— % |
1 % |
5 % |
2 % |
|
BlackRock Retirement Income 2040 Fund | |||
|
Institutional | |||
(For a share outstanding throughout each period) |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Period from 07/31/20(a) to 12/31/20 |
Net asset value, beginning of period |
$87.78 |
$105.46 |
$104.44 |
$100.00 |
Net investment income(b) |
5.06 |
4.31 |
4.14 |
1.71 |
Net realized and unrealized gain (loss) |
4.12 |
(16.36 ) |
2.88 |
5.21 |
Net increase (decrease) from investment operations |
9.18 |
(12.05 ) |
7.02 |
6.92 |
Distributions(c) |
|
|
|
|
From net investment income |
(5.17 ) |
(4.43 ) |
(5.47 ) |
(1.76 ) |
From net realized gain |
— |
— |
(0.07 ) |
(0.04 ) |
Return of capital |
(0.29 ) |
(1.20 ) |
(0.46 ) |
(0.68 ) |
Total distributions |
(5.46 ) |
(5.63 ) |
(6.00 ) |
(2.48 ) |
Net asset value, end of period |
$91.50 |
$87.78 |
$105.46 |
$104.44 |
Total Return(d) |
|
|
|
|
Based on net asset value |
10.83 % |
(11.57 )% |
6.87 % |
7.02 %(e) |
Ratios to Average Net Assets(f) |
|
|
|
|
Total expenses |
5.17 % |
4.91 % |
5.88 % |
3.88 %(g)(h) |
Total expenses after fees waived and/or reimbursed |
0.25 % |
0.25 % |
0.25 % |
0.25 %(g) |
Net investment income |
5.71 % |
4.62 % |
3.91 % |
4.07 %(g) |
Supplemental Data |
|
|
|
|
Net assets, end of period (000) |
$4,449 |
$4,279 |
$5,146 |
$5,078 |
Portfolio turnover rate |
1 % |
— % |
— % |
2 % |
|
BlackRock Retirement Income 2040 Fund | |||
|
Investor A | |||
(For a share outstanding throughout each period) |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
Period from 07/31/20(a) to 12/31/20 |
Net asset value, beginning of period |
$87.78 |
$105.45 |
$104.43 |
$100.00 |
Net investment income(b) |
4.84 |
4.08 |
3.87 |
1.63 |
Net realized and unrealized gain (loss) |
4.12 |
(16.36 ) |
2.89 |
5.17 |
Net increase (decrease) from investment operations |
8.96 |
(12.28 ) |
6.76 |
6.80 |
Distributions(c) |
|
|
|
|
From net investment income |
(4.97 ) |
(4.24 ) |
(5.23 ) |
(1.67 ) |
From net realized gain |
— |
— |
(0.07 ) |
(0.04 ) |
Return of capital |
(0.27 ) |
(1.15 ) |
(0.44 ) |
(0.66 ) |
Total distributions |
(5.24 ) |
(5.39 ) |
(5.74 ) |
(2.37 ) |
Net asset value, end of period |
$91.50 |
$87.78 |
$105.45 |
$104.43 |
Total Return(d) |
|
|
|
|
Based on net asset value |
10.56 % |
(11.78 )% |
6.60 % |
6.90 %(e) |
Ratios to Average Net Assets(f) |
|
|
|
|
Total expenses |
5.47 % |
5.29 % |
6.35 % |
4.16 %(g)(h) |
Total expenses after fees waived and/or reimbursed |
0.50 % |
0.50 % |
0.50 % |
0.50 %(g) |
Net investment income |
5.46 % |
4.37 % |
3.66 % |
3.93 %(g) |
Supplemental Data |
|
|
|
|
Net assets, end of period (000) |
$128 |
$122 |
$147 |
$144 |
Portfolio turnover rate |
1 % |
— % |
— % |
2 % |
|
Ticker Symbol | |
Class |
BlackRock Retirement Income 2030 Fund |
BlackRock Retirement Income 2040 Fund |
Investor A Shares |
BRIAX |
BRIDX |
Institutional Shares |
BRICX |
BRIEX |
|
2030 Fund |
2040 Fund |
144A Securities |
X |
X |
Asset-Backed Securities |
X |
X |
Asset-Based Securities |
X |
X |
Precious Metal-Related Securities |
X |
X |
Borrowing and Leverage |
X |
X |
Cash Flows; Expenses |
X |
X |
Cash Management |
X |
X |
Collateralized Debt Obligations |
X |
X |
Collateralized Bond Obligations |
X |
X |
Collateralized Loan Obligations |
X |
X |
Commercial Paper |
X |
X |
Commodity-Linked Derivative Instruments and Hybrid Instruments |
|
|
Qualifying Hybrid Instruments |
|
|
Hybrid Instruments Without Principal Protection |
|
|
Limitations on Leverage |
|
|
Counterparty Risk |
|
|
Convertible Securities |
X |
X |
Corporate Loans |
X |
X |
Direct Lending |
|
|
Credit Linked Securities |
X |
X |
Cyber Security Issues |
X |
X |
|
2030 Fund |
2040 Fund |
Debt Securities |
X |
X |
Inflation-Indexed Bonds |
X |
X |
Investment Grade Debt Obligations |
X |
X |
High Yield Investments (“Junk Bonds”) |
X |
X |
Mezzanine Investments |
X |
X |
Pay-in-kind Bonds |
X |
X |
Supranational Entities |
X |
X |
Depositary Receipts (ADRs, EDRs and GDRs) |
X |
X |
Derivatives |
X |
X |
Hedging |
X |
X |
Speculation |
X |
X |
Risk Factors in Derivatives |
X |
X |
Correlation Risk |
X |
X |
Counterparty Risk |
X |
X |
Credit Risk |
X |
X |
Currency Risk |
X |
X |
Illiquidity Risk |
X |
X |
Leverage Risk |
X |
X |
Market Risk |
X |
X |
Valuation Risk |
X |
X |
Volatility Risk |
X |
X |
Futures |
X |
X |
Swap Agreements |
X |
X |
Credit Default Swaps and Similar Instruments |
X |
X |
Interest Rate Swaps, Floors and Caps |
X |
X |
Total Return Swaps |
X |
X |
Options |
X |
X |
Options on Securities and Securities Indices |
X |
X |
Call Options |
X |
X |
Put Options |
X |
X |
Options on Government National Mortgage Association (“GNMA”) Certificates |
X |
X |
Options on Swaps (“Swaptions”) |
X |
X |
Foreign Exchange Transactions |
X |
X |
Spot Transactions and FX Forwards |
X |
X |
Currency Futures |
X |
X |
Currency Options |
X |
X |
Currency Swaps |
X |
X |
Distressed Securities |
X |
X |
Environmental, Social and Governance (“ESG”) Integration |
X |
X |
Equity Securities |
X |
X |
Real Estate-Related Securities |
X |
X |
Securities of Smaller or Emerging Growth Companies |
X |
X |
|
2030 Fund |
2040 Fund |
Exchange-Traded Notes (“ETNs”) |
X |
X |
Foreign Investments |
X |
X |
Foreign Investment Risks |
X |
X |
Foreign Market Risk |
X |
X |
Foreign Economy Risk |
X |
X |
Currency Risk and Exchange Risk |
X |
X |
Governmental Supervision and Regulation/Accounting Standards |
X |
X |
Certain Risks of Holding Fund Assets Outside the United States |
X |
X |
Publicly Available Information |
X |
X |
Settlement Risk |
X |
X |
Sovereign Debt |
X |
X |
Withholding Tax Reclaims Risk |
X |
X |
Funding Agreements |
X |
X |
Guarantees |
X |
X |
Illiquid Investments |
X |
X |
Index Funds |
X |
X |
Tracking Error Risk |
|
|
S&P 500 Index |
X |
X |
Russell Indexes |
X |
X |
MSCI Indexes |
X |
X |
FTSE Indexes |
X |
X |
Bloomberg Indexes |
X |
X |
ICE BofA Indexes |
X |
X |
Indexed and Inverse Securities |
X |
X |
Inflation Risk |
X |
X |
Initial Public Offering (“IPO”) Risk |
X |
X |
Interfund Lending Program |
X |
X |
Borrowing, to the extent permitted by the Fund’s investment policies and restrictions |
X |
X |
Lending, to the extent permitted by the Fund’s investment policies and restrictions |
X |
X |
Investment in Emerging Markets |
X |
X |
Brady Bonds |
X |
X |
China Investments Risk |
X |
X |
Investment in Other Investment Companies |
X |
X |
Exchange-Traded Funds |
X |
X |
Lease Obligations |
X |
X |
Life Settlement Investments |
|
|
Liquidity Risk Management |
X |
X |
Master Limited Partnerships |
X |
X |
Merger Transaction Risk |
|
|
Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks |
X |
X |
Money Market Securities |
X |
X |
|
2030 Fund |
2040 Fund |
Mortgage-Related Securities |
X |
X |
Mortgage-Backed Securities |
X |
X |
Collateralized Mortgage Obligations (“CMOs”) |
X |
X |
Adjustable Rate Mortgage Securities |
X |
X |
CMO Residuals |
X |
X |
Stripped Mortgage-Backed Securities |
X |
X |
Tiered Index Bonds |
X |
X |
TBA Commitments |
X |
X |
Mortgage Dollar Rolls |
X |
X |
Net Interest Margin (NIM) Securities |
X |
X |
Municipal Investments |
X |
X |
Risk Factors and Special Considerations Relating to Municipal Bonds |
X |
X |
Description of Municipal Bonds |
X |
X |
General Obligation Bonds |
X |
X |
Revenue Bonds |
X |
X |
Private Activity Bonds (“PABs”) |
X |
X |
Moral Obligation Bonds |
X |
X |
Municipal Notes |
X |
X |
Municipal Commercial Paper |
X |
X |
Municipal Lease Obligations |
X |
X |
Tender Option Bonds |
X |
X |
Yields |
X |
X |
Variable Rate Demand Obligations (“VRDOs”) |
X |
X |
Transactions in Financial Futures Contracts on Municipal Indexes |
X |
X |
Call Rights |
X |
X |
Municipal Interest Rate Swap Transactions |
X |
X |
Insured Municipal Bonds |
X |
X |
Build America Bonds |
X |
X |
Tax-Exempt Municipal Investments |
X |
X |
Participation Notes |
X |
X |
Portfolio Turnover Rates |
X |
X |
Preferred Stock |
X |
X |
Tax-Exempt Preferred Shares |
|
|
Trust Preferred Securities |
X |
X |
Real Estate Investment Trusts (“REITs”) |
X |
X |
Recent Market Events |
X |
X |
Reference Rate Replacement Risk |
X |
X |
Repurchase Agreements and Purchase and Sale Contracts |
X |
X |
Restricted Securities |
X |
X |
Reverse Repurchase Agreements |
X |
X |
Rights Offerings and Warrants to Purchase |
X |
X |
Securities Lending |
X |
X |
|
2030 Fund |
2040 Fund |
Short Sales |
|
|
Special Purpose Acquisition Companies |
X |
X |
Standby Commitment Agreements |
X |
X |
Stripped Securities |
X |
X |
Structured Notes |
X |
X |
Taxability Risk |
X |
X |
Temporary Defensive Measures |
X |
X |
U.S. Government Obligations |
X |
X |
U.S. Treasury Obligations |
X |
X |
U.S. Treasury Rolls |
X |
X |
Utility Industries |
X |
X |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
X |
X |
Yields and Ratings |
X |
X |
Zero Coupon Securities |
X |
X |
Trustees |
Experience, Qualifications and Skills |
Independent Trustees |
|
Susan J. Carter |
Susan J. Carter has over 35 years of experience in investment management. She has served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015. Ms. Carter also served as trustee to the Pacific Pension Institute from 2014 to 2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to 2018, and Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022. She currently serves as Member of the President’s Counsel for Commonfund and Practitioner Advisory Board Member for Private Capital Research Institute (“PCRI”). These positions have provided her with insight and perspective on the markets and the economy. |
Collette Chilton |
Collette Chilton has over 20 years of experience in investment management. She held the position of Chief Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was President and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw approximately $40 billion in pension and retirement savings assets for the company. These positions have provided her with insight and perspective on the markets and the economy. |
Neil A. Cotty |
Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years at Bank of America Corporation and its affiliates, where he served, at different times, as the Chief Financial Officer of various businesses including Investment Banking, Global Markets, Wealth Management and Consumer and also served ten years as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been determined by the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable Commission rules. |
Lena G. Goldberg |
Lena G. Goldberg has more than 20 years of business and oversight experience, most recently through her service as a senior lecturer at Harvard Business School. Prior thereto, she held legal and management positions at FMR LLC/Fidelity Investments as well as positions on the boards of various Fidelity subsidiaries over a 12-year period. She has additional corporate governance experience as a member of board and advisory committees for privately held corporations and non-profit organizations. Ms. Goldberg also has more than 17 years of legal experience as an attorney in private practice, including as a partner in a law firm. |
Trustees |
Experience, Qualifications and Skills |
Henry R. Keizer |
Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and global expertise gained through his 35 year career at KPMG, a global professional services organization and by his service as a director to both publicly and privately held organizations. He has extensive experience with issues facing complex, global companies and expertise in financial reporting, accounting, auditing, risk management, and regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an audit committee chair to both publicly and privately held organizations across numerous industries including professional services, property and casualty reinsurance, insurance, diversified financial services, banking, direct to consumer, business to business and technology. Mr. Keizer is a certified public accountant and also served on the board of the American Institute of Certified Public Accountants. Mr. Keizer has been determined by the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable Commission rules. |
Cynthia A. Montgomery |
Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies, most recently as a member of the boards of certain BlackRock- advised Funds and predecessor funds, including the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business School where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also has business management and corporate governance experience through her service on the corporate boards of a variety of public companies. She has also authored numerous articles and books on these topics. |
Donald C. Opatrny |
Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including through his service as president, director and investment committee chair for academic and not-for-profit organizations, and his experience as a partner, managing director and advisory director at Goldman Sachs for 32 years. He also has investment management experience as a board member of Athena Capital Advisors LLC. |
Mark Stalnecker |
Mark Stalnecker has gained a wealth of experience in investing and asset management from his over 13 years of service as the Chief Investment Officer of the University of Delaware as well as from his various positions with First Union Corporation, including Senior Vice President and State Investment Director of First Investment Advisors. The Board benefits from his experience and perspective as the Chief Investment Officer of a university endowment and from the oversight experience he gained from service on various private and non-profit boards. |
Kenneth L. Urish |
Kenneth L. Urish has served for over 15 years on the boards of registered investment companies, most recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds, including the legacy BlackRock funds. He has over 30 years of experience in public accounting. Mr. Urish has served as a managing member of an accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable Commission rules. |
Claire A. Walton |
Claire A. Walton has over 25 years of experience in investment management. She has served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015, an investment manager that specialized in long/ short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in global emerging and frontier markets. These positions have provided her with insight and perspective on the markets and the economy. |
Trustees |
Experience, Qualifications and Skills |
Interested Trustees |
|
Robert Fairbairn |
Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30 years of experience in finance and asset management. In particular, Mr. Fairbairn’s positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Executive and Global Operating Committees and Co-Chair of BlackRock’s Human Capital Committee provide the Board with a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has global investment management and oversight experience through his former positions as Global Head of BlackRock’s Retail and iShares® businesses, Head of BlackRock’s Global Client Group, Chairman of BlackRock’s international businesses and his previous oversight over BlackRock’s Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also serves as a board member for the funds in the BlackRock Fixed-Income Complex. |
John M. Perlowski |
John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as the Head of BlackRock Global Accounting and Product Services since 2009, and as President and Chief Executive Officer of the BlackRock-advised Funds provides him with a strong understanding of the BlackRock-advised Funds, their operations, and the business and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position as Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, and his former service as Treasurer and Senior Vice President of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore Funds provides the Board with the benefit of his experience with the management practices of other financial companies. Mr. Perlowski also serves as a board member for the funds in the BlackRock Fixed-Income Complex. |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service)3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
Independent Trustees |
|
|
|
|
Mark Stalnecker 1951 |
Chair of the Board and Trustee (Since 2019) |
Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. |
28 RICs consisting of 164 Portfolios |
None |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service)3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
Susan J. Carter 1956 |
Trustee (Since 2019) |
Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, CCI (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management from 2016 to 2018; Practitioner Advisory Board Member, PCRI since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023. |
28 RICs consisting of 164 Portfolios |
None |
Collette Chilton 1958 |
Trustee (Since 2019) |
Senior advisor, Insignia since 2024; Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020. |
28 RICs consisting of 164 Portfolios |
None |
Neil A. Cotty 1954 |
Trustee (Since 2019) |
Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. |
28 RICs consisting of 164 Portfolios |
None |
Lena G. Goldberg 1949 |
Trustee (Since 2016) |
Director, Pioneer Public Interest Law Center since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President – Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. |
28 RICs consisting of 164 Portfolios |
None |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service)3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
Henry R. Keizer 1956 |
Trustee (Since 2016) |
Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. |
28 RICs consisting of 164 Portfolios |
GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021. |
Cynthia A. Montgomery 1952 |
Trustee (Since 2019) |
Professor, Harvard Business School since 1989. |
28 RICs consisting of 164 Portfolios |
None |
Donald C. Opatrny 1952 |
Trustee (Since 2015) |
Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; Member of Affordable Housing Supply Board of Jackson, Wyoming from 2017 to 2022; Member, Investment Funds Committee, State of Wyoming from 2017 to 2023; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014. |
28 RICs consisting of 164 Portfolios |
None |
Kenneth L. Urish 1951 |
Trustee (Since 2019) |
Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020. |
28 RICs consisting of 164 Portfolios |
None |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service)3 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past Five Years |
Claire A. Walton 1957 |
Trustee (Since 2019) |
Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022. |
28 RICs consisting of 164 Portfolios |
None |
Interested Trustees4 |
|
|
|
|
Robert Fairbairn 1965 |
Trustee (Since 2015) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. |
96 RICs consisting of 266 Portfolios |
None |
John M. Perlowski5 1964 |
Trustee (Since 2015) President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. |
98 RICs consisting of 268 Portfolios |
None |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past Five Years |
Officers Who Are Not Trustees |
|
|
Jennifer McGovern 1977 |
Vice President (Since 2014) |
Managing Director of BlackRock, Inc. since 2016. |
Name and Year of Birth1,2 |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past Five Years |
Trent Walker 1974 |
Chief Financial Officer (Since 2021) |
Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
Jay M. Fife 1970 |
Treasurer (Since 2007) |
Managing Director of BlackRock, Inc. since 2007. |
Aaron Wasserman 1974 |
Chief Compliance Officer (Since 2023) |
Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex from 2014 to 2023. |
Lisa Belle 1968 |
Anti-Money Laundering Compliance Officer (Since 2019) |
Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019. |
Janey Ahn 1975 |
Secretary (Since 2019) |
Managing Director of BlackRock, Inc. since 2018. |
Name |
Dollar Range of Equity Securities in the 2030 Fund |
Dollar Range of Equity Securities in the 2040 Fund |
Aggregate Dollar Range of Equity Securities in Supervised Funds |
Independent Trustees |
|
|
|
Susan J. Carter |
None |
None |
Over $100,000 |
Collette Chilton |
None |
None |
Over $100,000 |
Neil A. Cotty |
None |
None |
Over $100,000 |
Lena G. Goldberg |
None |
None |
Over $100,000 |
Henry R. Keizer |
None |
None |
Over $100,000 |
Cynthia A. Montgomery |
None |
None |
Over $100,000 |
Donald C. Opatrny |
None |
None |
Over $100,000 |
Mark Stalnecker |
None |
None |
Over $100,000 |
Kenneth L. Urish |
None |
None |
Over $100,000 |
Claire A. Walton |
None |
None |
Over $100,000 |
Interested Trustees |
|
|
|
Robert Fairbairn |
None |
None |
Over $100,000 |
John M. Perlowski |
None |
None |
Over $100,000 |
Name |
Compensation from the 2030 Fund |
Compensation from the 2040 Fund |
Estimated Annual Benefits upon Retirement |
Aggregate Compensation from the Funds and Other BlackRock- Advised Funds1 |
Independent Trustees |
|
|
|
|
Susan J. Carter |
$633 |
$632 |
None |
$425,000 |
Collette Chilton |
$633 |
$632 |
None |
$425,000 |
Neil A. Cotty |
$633 |
$632 |
None |
$425,000 |
Lena G. Goldberg2 |
$633 |
$633 |
None |
$470,000 |
Henry R. Keizer3 |
$633 |
$633 |
None |
$470,000 |
Cynthia A. Montgomery4 |
$633 |
$633 |
None |
$470,000 |
Donald C. Opatrny5 |
$633 |
$633 |
None |
$470,000 |
Mark Stalnecker6 |
$634 |
$634 |
None |
$575,000 |
Kenneth L. Urish |
$633 |
$632 |
None |
$425,000 |
Claire A. Walton |
$633 |
$632 |
None |
$425,000 |
Interested Trustees |
|
|
|
|
Robert Fairbairn |
None |
None |
None |
None |
John M. Perlowski |
None |
None |
None |
None |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Expenses Reimbursed by BlackRock |
Fiscal Year Ended December 31, 2023 |
$4,507 |
$4,507 |
$209,891 |
Fiscal Year Ended December 31, 2022 |
$4,708 |
$4,708 |
$210,637 |
Fiscal Year Ended December 31, 2021 |
$5,282 |
$5,282 |
$291,228 |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Expenses Reimbursed by BlackRock |
Fiscal Year Ended December 31, 2023 |
$4,444 |
$4,444 |
$211,337 |
Fiscal Year Ended December 31, 2022 |
$4,671 |
$4,671 |
$210,173 |
Fiscal Year Ended December 31, 2021 |
$5,310 |
$5,310 |
$290,860 |
|
Fees Paid to the Administrator |
Fees Waived by the Administrator |
Fiscal Year Ended December 31, 2023 |
$2,818 |
$2,818 |
Fiscal Year Ended December 31, 2022 |
$2,942 |
$2,942 |
Fiscal Year Ended December 31, 2021 |
$3,301 |
$3,301 |
|
Fees Paid to the Administrator |
Fees Waived by the Administrator |
Fiscal Year Ended December 31, 2023 |
$2,777 |
$2,765 |
Fiscal Year Ended December 31, 2022 |
$2,919 |
$2,919 |
Fiscal Year Ended December 31, 2021 |
$3,319 |
$3,319 |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Fiscal Year Ended December 31, 2023 |
$64 |
$64 |
Fiscal Year Ended December 31, 2022 |
$60 |
$60 |
Fiscal Year Ended December 31, 2021 |
$31 |
$31 |
|
Fees Paid to BlackRock |
Fees Waived by BlackRock |
Fiscal Year Ended December 31, 2023 |
$61 |
$54 |
Fiscal Year Ended December 31, 2022 |
$61 |
$59 |
Fiscal Year Ended December 31, 2021 |
$31 |
$31 |
|
Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | ||||
Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Justin Christofel, CFA |
4 |
11 |
1 |
0 |
0 |
0 |
|
$13.30 Billion |
$8.86 Billion |
$7.59 Million |
$0 |
$0 |
$0 |
Michael Pensky, CFA |
28 |
34 |
1 |
0 |
3 |
0 |
|
$15.90 Billion |
$6.58 Billion |
$793.11 Million |
$0 |
$538.15 Million |
$0 |
Alex Shingler, CFA |
4 |
9 |
0 |
0 |
0 |
0 |
|
$13.30 Billion |
$8.21 Billion |
$0 |
$0 |
$0 |
$0 |
Portfolio Manager |
Funds Managed |
Dollar Range of Equity Securities of the Funds Beneficially Owned |
Michael Pensky, CFA |
2030 Fund |
$1 - $10,000 |
|
2040 Fund |
$1 - $10,000 |
Justin Christofel, CFA |
2030 Fund |
None |
|
2040 Fund |
None |
Alex Shingler, CFA |
2030 Fund |
None |
|
2040 Fund |
None |
|
Fees Paid to JPM |
Fiscal Year Ended December 31, 2023 |
$46,026 |
Fiscal Year Ended December 31, 2022 |
$48,199 |
Fiscal Year Ended December 31, 2021 |
$44,363 |
|
Fees Paid to JPM |
Fiscal Year Ended December 31, 2023 |
$46,022 |
Fiscal Year Ended December 31, 2022 |
$47,073 |
Fiscal Year Ended December 31, 2021 |
$41,618 |
|
Investor A Shares | |||
|
Gross Sales Charges Collected |
Sales Charges Retained by BRIL |
Sales Charges Paid to Affiliates |
CDSCs Received on Redemption of Load-Waived Shares |
Fiscal Year Ended December 31, 2023 |
$0 |
$0 |
$0 |
$0 |
Fiscal Year Ended December 31, 2022 |
$0 |
$0 |
$0 |
$0 |
Fiscal Year Ended December 31, 2021 |
$0 |
$0 |
$0 |
$0 |
|
Investor A Shares | |||
|
Gross Sales Charges Collected |
Sales Charges Retained by BRIL |
Sales Charges Paid to Affiliates |
CDSCs Received on Redemption of Load-Waived Shares |
Fiscal Year Ended December 31, 2023 |
$0 |
$0 |
$0 |
$0 |
Fiscal Year Ended December 31, 2022 |
$0 |
$0 |
$0 |
$0 |
Fiscal Year Ended December 31, 2021 |
$0 |
$0 |
$0 |
$0 |
|
|
Class Name |
Fees Paid to BRIL |
Investor A Shares |
$574 |
|
|
Class Name |
Fees Paid to BRIL |
Investor A Shares |
$312 |
Computation of Offering Price Per Share: |
2030 Fund |
2040 Fund |
Net Assets |
$234,308 |
$128,298 |
Number of Shares Outstanding |
2,715 |
1,402 |
Net Asset Value Per Share (net assets divided by number of shares outstanding) |
$86.29 |
$91.50 |
Sales Charge (5.25% of offering price; 5.54% of net asset value per share)1 |
$4.78 |
$5.07 |
Offering Price |
$91.07 |
$96.57 |
|
Aggregate Brokerage Commissions Paid |
Brokerage Commissions Paid to Affiliates |
Fiscal Year Ended December 31, 2023 |
$0 |
$0 |
Fiscal Year Ended December 31, 2022 |
$0 |
$0 |
Fiscal Year Ended December 31, 2021 |
$0 |
$0 |
|
Aggregate Brokerage Commissions Paid |
Brokerage Commissions Paid to Affiliates |
Fiscal Year Ended December 31, 2023 |
$0 |
$0 |
Fiscal Year Ended December 31, 2022 |
$0 |
$0 |
Fiscal Year Ended December 31, 2021 |
$0 |
$0 |
Fund Name |
Amount of Commissions Paid to Brokers for Providing 28(e) Eligible Research Services |
Amount of Brokerage Transactions Involved |
2030 Fund |
$0 |
$0 |
2040 Fund |
$0 |
$0 |
Name |
Address |
Percentage |
Class |
BlackRock Financial Management, Inc |
50 Hudson Yards New York, NY 10001 |
48.27% |
Investor A Shares |
Name |
Address |
Percentage |
Class |
National Financial Services LLC |
499 Washington Boulevard, Floor 5 Jersey City, NJ 07310-2010 |
42.11% |
Investor A Shares |
BNYM Trust Co. |
301 Bellevue Parkway Wilmington, DE 19809 |
9.60% |
Investor A Shares |
BlackRock Financial Management, Inc |
50 Hudson Yards New York, NY 10001 |
95.76% |
Institutional Shares |
Name |
Address |
Percentage |
Class |
BlackRock Financial Management, Inc |
50 Hudson Yards New York, NY 10001 |
98.48% |
Investor A Shares |
BlackRock Financial Management, Inc |
50 Hudson Yards New York, NY 10001 |
99.44% |
Institutional Shares |
|
Time Periods for Portfolio Holdings | |
Prior to 20 Calendar Days After Month-End |
20 Calendar Days After Month-End To Public Filing | |
Portfolio Holdings |
Cannot disclose without non-disclosure or confidentiality agreement and Chief Compliance Officer (“CCO”) approval. |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (e.g., Lipper, Morningstar and Bloomberg), except with respect to Global Allocation funds*, BlackRock Core Bond Portfolio and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, BlackRock Strategic Global Bond Fund, Inc., Master Total Return Portfolio of Master Bond LLC, BlackRock Total Return V.I. Fund of BlackRock Variable Series Funds II, Inc., BlackRock Sustainable Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Unconstrained Equity Fund and BlackRock Systematic Multi-Strategy Fund (each of whose portfolio holdings may be disclosed 60 calendar days after month-end). BlackRock generally discloses portfolio holdings information on the lag times established herein on its public website. If Portfolio Holdings are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
|
Time Periods for Portfolio Characteristics | |
Portfolio Characteristics (Excluding Liquidity Metrics) |
Prior to 5 Calendar Days After Month-End |
5 Calendar Days After Month-End |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval.*,** |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers (e.g., Lipper, Morningstar and Bloomberg). If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. | |
Portfolio Characteristics — Liquidity Metrics |
Prior to 60 Calendar Days After Calendar Quarter-End |
60 Calendar Days After Calendar Quarter- End |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval. |
May disclose to shareholders, prospective shareholders, intermediaries and consultants; provided portfolio management has approved. If Liquidity Metrics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
|
Time Periods | |
Prior to 5 Calendar Days After Month-End |
5 Calendar Days After Month-End to Date of Public Filing | |
Portfolio Holdings |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval except the following portfolio holdings information may be released as follows: •Weekly portfolio holdings information released on the website at least one business day after week-end except: — Other information as may be required under Rule 2a-7 (e.g., name of issuer, category of investment, principal amount, maturity dates, yields). — For Government money market funds, daily portfolio holdings are released on the website the following business day. |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers. If portfolio holdings are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
Portfolio Characteristics |
Cannot disclose without non-disclosure or confidentiality agreement and CCO approval except the following information may be released on the Fund’s website daily: •Historical NAVs calculated based on market factors (e.g., marked-to-market) •Percentage of fund assets invested in daily and weekly liquid assets (as defined under Rule 2a-7) •Daily net inflows and outflows •Yields, SEC yields, WAM, WAL, current assets •Other information as may be required by Rule 2a-7 |
May disclose to shareholders, prospective shareholders, intermediaries, consultants and third-party data providers. If Portfolio Characteristics are disclosed to one party, they must also be disclosed to all other parties requesting the same information. |
$1 million but less than $3 million |
1.00 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$250,000 but less than $3 million |
1.00 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1 million but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1 million but less than $3 million |
0.50 % |
$3 million but less than $15 million |
0.25 % |
$15 million and above |
0.15 % |
$250,000 but less than $3 million |
0.50 % |
$3 million but less than $15 million |
0.25 % |
$15 million and above |
0.15 % |
$1 million but less than $3 million |
0.15 % |
$3 million but less than $15 million |
0.10 % |
$15 million and above |
0.05 % |
$500,000 but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$250,000 and above |
0.50 % |
$100,000 and above |
0.25 % |
$250,000 and above |
0.25 % |
$250,000 but less than $4 million |
1.00 % |
$4 million but less than $10 million |
0.50 % |
$10 million and above |
0.25 % |
$250,000 but less than $3 million |
0.75 % |
$3 million but less than $15 million |
0.50 % |
$15 million and above |
0.25 % |
$1,000,000 and above |
0.10 % |
$1,000,000 and above |
0.15 % |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C |
Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
NP |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections necessary to ensure the timely payment of purchase price upon demand. |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitments on the obligation is extremely strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its financial commitments on the obligation. |
BB, B, CCC, CC, and C |
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitments on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. |
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring. |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitments on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitments on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial commitments on the obligation. |
B |
A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its financial commitments. |
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt restructuring. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
D |
‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. |
AAA |
Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
AA |
Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A |
High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
BBB |
Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. |
BB |
Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. |
B |
Highly Speculative. ‘B’ ratings indicate that material credit risk is present. |
CCC |
Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present. |
CC |
Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk. |
C |
Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk. |
F1 |
Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature. |
F2 |
Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial commitments. |
F3 |
Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is adequate. |
B |
Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |
C |
High Short-Term Default Risk. Default is a real possibility. |
RD |
Restricted Default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. |
D |
Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. |
|
Page |
Introduction to BlackRock |
|
Philosophy on investment stewardship |
|
Shareholder rights |
|
Key themes |
|
Boards and directors |
|
Auditors and audit-related issues |
|
Capital structure, mergers, asset sales, and other special transactions |
|
Executive compensation |
|
Material sustainability-related risks and opportunities |
|
Other corporate governance matters and shareholder protections |
|
Shareholder proposals |
|
BlackRock’s oversight of its investment stewardship activities |
|
Vote execution |
|
Voting Choice |
|
Conflicts management policies and procedures |
|
Securities lending |
|
Voting guidelines |
|
Reporting and vote transparency |
B-15 |
The purpose of this document is to provide an overarching explanation of BlackRock’s approach globally to our responsibilities as a shareholder on behalf of our clients, our expectations of companies, and our commitments to clients in terms of our own governance and transparency. |
|
Exhibit Number |
|
Description |
1 |
— |
Articles of Incorporation |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
2 |
— |
By-laws |
(a) |
— |
|
(b) |
— |
|
3 |
— |
Instruments Defining Rights of Security Holders. |
(a) |
— |
Article IV, Article V, Article VI (Sections 6.2, 6.5, 6.8, 6.9 and 6.11), Article VIII, Article IX (Sections 9.1, 9.2, 9.5 and 9.6), Article X (Sections 10.1, 10.4, 10.5, 10.6, 10.8 and 10.9) of Registrant’s Declaration of Trust are incorporated herein by reference to Exhibits 1(a)-1(b) to Registrant’s Registration Statement and Article I, Article II (Sections 2 and 3), Article IV (Section 1) and Article V (Sections 3, 4, 5 and 6) of Registrant’s Amended and Restated Code of Regulations are incorporated herein by reference to Exhibits 2(a)-2(b) to Registrant’s Registration Statement. |
4 |
— |
Investment Advisory Agreements |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
Exhibit Number |
|
Description |
(f) |
— |
|
(g) |
— |
|
(h) |
— |
|
(i) |
— |
|
(j) |
— |
|
(k) |
— |
|
(l) |
— |
|
(m) |
— |
|
(n) |
— |
|
5 |
— |
Underwriting Contracts |
(a) |
— |
|
(b) |
— |
|
6 |
— |
Bonus or Profit Sharing Contracts |
|
— |
None. |
7 |
— |
Custodian Agreements |
Exhibit Number |
|
Description |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
8 |
— |
Other Material Contracts |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
(f) |
— |
|
(g) |
— |
|
(h) |
— |
|
(i) |
— |
|
(j) |
— |
|
(k) |
— |
|
Exhibit Number |
|
Description |
(l) |
— |
|
(m) |
— |
|
(n) |
— |
|
(o) |
— |
|
(p) |
— |
|
(q) |
— |
|
(r) |
— |
|
9 |
— |
Legal Opinions |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
(d) |
— |
|
(e) |
— |
|
(f) |
— |
|
(g) |
— |
Exhibit Number |
|
Description |
(h) |
— |
|
(i) |
— |
|
10 |
— |
Other Opinions |
(a) |
— |
|
11 |
— |
Omitted Financial Statements |
(a) |
— |
None. |
12 |
— |
Initial Capital Agreements |
(a) |
— |
|
(b) |
— |
|
(c) |
— |
|
13 |
— |
Rule 12b-1 Plan |
(a) |
— |
|
(b) |
— |
|
14 |
— |
Rule 18f-3 Plan |
(a) |
— |
|
15 |
— |
Reserved |
16 |
— |
Codes of Ethics |
(a) |
— |
|
99 |
— |
Power of Attorney |
(a) |
— |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) with Registrant |
Christopher Meade |
Chief Legal Officer, General Counsel and Senior Managing Director |
None |
Lauren Bradley |
Chief Financial Officer and Vice President |
None |
Gregory Rosta |
Chief Compliance Officer and Director |
None |
Jon Maro |
Chief Executive Officer and Director |
None |
Cynthia Rzomp |
Chief Operating Officer |
None |
Andrew Dickson |
Secretary and Managing Director |
None |
Terri Slane |
Assistant Secretary and Director |
None |
Anne Ackerley |
Member, Board of Managers, and Managing Director |
None |
Michael Bishopp |
Managing Director |
None |
Samara Cohen |
Managing Director |
None |
Jonathan Diorio |
Managing Director |
None |
Lisa Hill |
Managing Director |
None |
Brendan Kyne |
Managing Director |
None |
Martin Small |
Member, Board of Managers, and Managing Director |
None |
Jonathan Steel |
Managing Director |
None |
Name |
Position(s) and Office(s) with BRIL |
Position(s) and Office(s) with Registrant |
Ariana Brown |
Director |
None |
Chris Nugent |
Director |
None |
Lourdes Sanchez |
Vice President |
None |
Lisa Belle |
Anti-Money Laundering Officer |
Anti-Money Laundering Compliance Officer |
Gerald Pucci |
Member, Board of Managers |
None |
Philip Vasan |
Member, Board of Managers |
None |
BlackRock Funds II (Registrant) on behalf of BlackRock Retirement Income 2030 Fund and BlackRock Retirement Income 2040 Fund | |
By: |
/s/ John M. Perlowski |
|
(John M. Perlowski, President and Chief Executive Officer) |
Signature |
Title |
Date |
/s/ John M. Perlowski (John M. Perlowski) |
Trustee, President and Chief Executive Officer (Principal Executive Officer) |
April 25, 2024 |
/s/ Trent Walker (Trent Walker) |
Chief Financial Officer (Principal Financial and Accounting Officer) |
April 25, 2024 |
Susan J. Carter* (Susan J. Carter) |
Trustee |
|
Collette Chilton* (Collette Chilton) |
Trustee |
|
Neil A. Cotty* (Neil A. Cotty) |
Trustee |
|
Lena G. Goldberg* (Lena G. Goldberg) |
Trustee |
|
Henry R. Keizer* (Henry R. Keizer) |
Trustee |
|
Cynthia A. Montgomery* (Cynthia A. Montgomery) |
Trustee |
|
Donald C. Opatrny* (Donald C. Opatrny) |
Trustee |
|
Mark Stalnecker* (Mark Stalnecker) |
Trustee |
|
Kenneth L. Urish* (Kenneth L. Urish) |
Trustee |
|
Claire A. Walton* (Claire A. Walton) |
Trustee |
|
Signature |
Title |
Date |
Robert Fairbairn* (Robert Fairbairn) |
Trustee |
|
*By:/s/ Janey Ahn (Janey Ahn, Attorney-In-Fact) |
|
April 25, 2024 |
BlackRock Funds II on behalf of BlackRock Multi-Asset Income Portfolio | |
By: |
/s/ John M. Perlowski |
|
(John M. Perlowski, President and Chief Executive Officer) |
Signature |
Title |
Date |
/s/ John M. Perlowski (John M. Perlowski) |
Trustee, President and Chief Executive Officer (Principal Executive Officer) |
April 25, 2024 |
/s/ Trent Walker (Trent Walker) |
Chief Financial Officer (Principal Financial and Accounting Officer) |
April 25, 2024 |
Susan J. Carter* (Susan J. Carter) |
Trustee |
|
Collette Chilton* (Collette Chilton) |
Trustee |
|
Neil A. Cotty* (Neil A. Cotty) |
Trustee |
|
Lena G. Goldberg* (Lena G. Goldberg) |
Trustee |
|
Henry R. Keizer* (Henry R. Keizer) |
Trustee |
|
Cynthia A. Montgomery* (Cynthia A. Montgomery) |
Trustee |
|
Donald C. Opatrny* (Donald C. Opatrny) |
Trustee |
|
Mark Stalnecker* (Mark Stalnecker) |
Trustee |
|
Kenneth L. Urish* (Kenneth L. Urish) |
Trustee |
|
Claire A. Walton* (Claire A. Walton) |
Trustee |
|
Robert Fairbairn* (Robert Fairbairn) |
Trustee |
|