UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-07332
Name of Fund:
BlackRock Funds III
BlackRock LifePath® Dynamic 2030 Fund
BlackRock LifePath® Dynamic 2035 Fund
BlackRock LifePath® Dynamic 2040 Fund
BlackRock LifePath® Dynamic 2045 Fund
BlackRock LifePath® Dynamic 2050 Fund
BlackRock LifePath® Dynamic 2055 Fund
BlackRock LifePath® Dynamic 2060 Fund
BlackRock LifePath® Dynamic 2065 Fund
BlackRock LifePath® Dynamic 2070 Fund
BlackRock LifePath® Dynamic Retirement Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds III, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
12/31/2025
Date of reporting period:
6/30/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2030 Fund
Institutional Shares | STLDX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24(a) 0.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $482,296,986
Number of Portfolio Holdings 34
Portfolio Turnover Rate 21%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.2 %
Fixed-Income Funds 35.0 %
Money Market Funds 12.5 %
Liabilities in Excess of Other Assets (2.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 22.9 %
International Tilts Master Portfolio 9.9 %
iShares 0-5 Year TIPS Bond ETF 8.4 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 4.7 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
BlackRock Real Estate Securities Fund 1.5 %
iShares Global Infrastructure ETF 1.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2030 Fund
Institutional Shares | STLDX
Semi-Annual Shareholder Report — June 30, 2025
STLDX-06/25-SAR
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BlackRock LifePath® Dynamic 2030 Fund
Investor A Shares | LPRDX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37(a) 0.72%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $482,296,986
Number of Portfolio Holdings 34
Portfolio Turnover Rate 21%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.2 %
Fixed-Income Funds 35.0 %
Money Market Funds 12.5 %
Liabilities in Excess of Other Assets (2.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 22.9 %
International Tilts Master Portfolio 9.9 %
iShares 0-5 Year TIPS Bond ETF 8.4 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 4.7 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
BlackRock Real Estate Securities Fund 1.5 %
iShares Global Infrastructure ETF 1.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2030 Fund
Investor A Shares | LPRDX
Semi-Annual Shareholder Report — June 30, 2025
LPRDX-06/25-SAR
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BlackRock LifePath® Dynamic 2030 Fund
Investor C Shares | LPCNX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $75(a) 1.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $482,296,986
Number of Portfolio Holdings 34
Portfolio Turnover Rate 21%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.2 %
Fixed-Income Funds 35.0 %
Money Market Funds 12.5 %
Liabilities in Excess of Other Assets (2.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 22.9 %
International Tilts Master Portfolio 9.9 %
iShares 0-5 Year TIPS Bond ETF 8.4 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 4.7 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
BlackRock Real Estate Securities Fund 1.5 %
iShares Global Infrastructure ETF 1.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2030 Fund
Investor C Shares | LPCNX
Semi-Annual Shareholder Report — June 30, 2025
LPCNX-06/25-SAR
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BlackRock LifePath® Dynamic 2030 Fund
Class K Shares | LPSDX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $11(a) 0.22%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $482,296,986
Number of Portfolio Holdings 34
Portfolio Turnover Rate 21%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.2 %
Fixed-Income Funds 35.0 %
Money Market Funds 12.5 %
Liabilities in Excess of Other Assets (2.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 22.9 %
International Tilts Master Portfolio 9.9 %
iShares 0-5 Year TIPS Bond ETF 8.4 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 4.7 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
BlackRock Real Estate Securities Fund 1.5 %
iShares Global Infrastructure ETF 1.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® Dynamic 2030 Fund
Class K Shares | LPSDX
Semi-Annual Shareholder Report — June 30, 2025
LPSDX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2030 Fund
Class R Shares | LPRNX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $47(a) 0.92%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $482,296,986
Number of Portfolio Holdings 34
Portfolio Turnover Rate 21%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.2 %
Fixed-Income Funds 35.0 %
Money Market Funds 12.5 %
Liabilities in Excess of Other Assets (2.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 22.9 %
International Tilts Master Portfolio 9.9 %
iShares 0-5 Year TIPS Bond ETF 8.4 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 4.7 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
BlackRock Real Estate Securities Fund 1.5 %
iShares Global Infrastructure ETF 1.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® Dynamic 2030 Fund
Class R Shares | LPRNX
Semi-Annual Shareholder Report — June 30, 2025
LPRNX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2035 Fund
Institutional Shares | LPJIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24(a) 0.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $382,242,609
Number of Portfolio Holdings 36
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 66.3 %
Fixed-Income Funds 25.9 %
Money Market Funds 20.5 %
Liabilities in Excess of Other Assets (12.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 36.2 %
BlackRock Diversified Fixed Income Fund, Class K 20.7 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
BlackRock Real Estate Securities Fund 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 1.7 %
iShares MSCI Canada ETF 0.3 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2035 Fund
Institutional Shares | LPJIX
Semi-Annual Shareholder Report — June 30, 2025
LPJIX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2035 Fund
Investor A Shares | LPJAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37(a) 0.72%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $382,242,609
Number of Portfolio Holdings 36
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 66.3 %
Fixed-Income Funds 25.9 %
Money Market Funds 20.5 %
Liabilities in Excess of Other Assets (12.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 36.2 %
BlackRock Diversified Fixed Income Fund, Class K 20.7 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
BlackRock Real Estate Securities Fund 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 1.7 %
iShares MSCI Canada ETF 0.3 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2035 Fund
Investor A Shares | LPJAX
Semi-Annual Shareholder Report — June 30, 2025
LPJAX-06/25-SAR

TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2035 Fund
Investor C Shares | LPJCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $75(a) 1.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $382,242,609
Number of Portfolio Holdings 36
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 66.3 %
Fixed-Income Funds 25.9 %
Money Market Funds 20.5 %
Liabilities in Excess of Other Assets (12.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 36.2 %
BlackRock Diversified Fixed Income Fund, Class K 20.7 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
BlackRock Real Estate Securities Fund 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 1.7 %
iShares MSCI Canada ETF 0.3 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® Dynamic 2035 Fund
Investor C Shares | LPJCX
Semi-Annual Shareholder Report — June 30, 2025
LPJCX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2035 Fund
Class K Shares | LPJKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $11(a) 0.22%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $382,242,609
Number of Portfolio Holdings 36
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 66.3 %
Fixed-Income Funds 25.9 %
Money Market Funds 20.5 %
Liabilities in Excess of Other Assets (12.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 36.2 %
BlackRock Diversified Fixed Income Fund, Class K 20.7 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
BlackRock Real Estate Securities Fund 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 1.7 %
iShares MSCI Canada ETF 0.3 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® Dynamic 2035 Fund
Class K Shares | LPJKX
Semi-Annual Shareholder Report — June 30, 2025
LPJKX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2035 Fund
Class R Shares | LPJRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $47(a) 0.92%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $382,242,609
Number of Portfolio Holdings 36
Portfolio Turnover Rate 16%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 66.3 %
Fixed-Income Funds 25.9 %
Money Market Funds 20.5 %
Liabilities in Excess of Other Assets (12.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 36.2 %
BlackRock Diversified Fixed Income Fund, Class K 20.7 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
BlackRock Real Estate Securities Fund 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 1.7 %
iShares MSCI Canada ETF 0.3 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® Dynamic 2035 Fund
Class R Shares | LPJRX
Semi-Annual Shareholder Report — June 30, 2025
LPJRX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2040 Fund
Institutional Shares | STLEX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24(a) 0.46%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $495,026,979
Number of Portfolio Holdings 35
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.1 %
Fixed-Income Funds 20.1 %
Money Market Funds 16.7 %
Liabilities in Excess of Other Assets (9.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 38.1 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares Global Infrastructure ETF 1.8 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2040 Fund
Institutional Shares | STLEX
Semi-Annual Shareholder Report — June 30, 2025
STLEX-06/25-SAR
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BlackRock LifePath® Dynamic 2040 Fund
Investor A Shares | LPREX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37(a) 0.71%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $495,026,979
Number of Portfolio Holdings 35
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.1 %
Fixed-Income Funds 20.1 %
Money Market Funds 16.7 %
Liabilities in Excess of Other Assets (9.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 38.1 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares Global Infrastructure ETF 1.8 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2040 Fund
Investor A Shares | LPREX
Semi-Annual Shareholder Report — June 30, 2025
LPREX-06/25-SAR
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BlackRock LifePath® Dynamic 2040 Fund
Investor C Shares | LPCKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $75(a) 1.46%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $495,026,979
Number of Portfolio Holdings 35
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.1 %
Fixed-Income Funds 20.1 %
Money Market Funds 16.7 %
Liabilities in Excess of Other Assets (9.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 38.1 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares Global Infrastructure ETF 1.8 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2040 Fund
Investor C Shares | LPCKX
Semi-Annual Shareholder Report — June 30, 2025
LPCKX-06/25-SAR
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BlackRock LifePath® Dynamic 2040 Fund
Class K Shares | LPSFX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $11(a) 0.21%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $495,026,979
Number of Portfolio Holdings 35
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.1 %
Fixed-Income Funds 20.1 %
Money Market Funds 16.7 %
Liabilities in Excess of Other Assets (9.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 38.1 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares Global Infrastructure ETF 1.8 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2040 Fund
Class K Shares | LPSFX
Semi-Annual Shareholder Report — June 30, 2025
LPSFX-06/25-SAR
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BlackRock LifePath® Dynamic 2040 Fund
Class R Shares | LPRKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $47(a) 0.91%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $495,026,979
Number of Portfolio Holdings 35
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.1 %
Fixed-Income Funds 20.1 %
Money Market Funds 16.7 %
Liabilities in Excess of Other Assets (9.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 38.1 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares Global Infrastructure ETF 1.8 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2040 Fund
Class R Shares | LPRKX
Semi-Annual Shareholder Report — June 30, 2025
LPRKX-06/25-SAR
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BlackRock LifePath® Dynamic 2045 Fund
Institutional Shares | LPHIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24(a) 0.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $317,134,445
Number of Portfolio Holdings 35
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 79.7 %
Money Market Funds 22.2 %
Fixed-Income Funds 13.2 %
Liabilities in Excess of Other Assets (15.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 41.1 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 8.8 %
BlackRock Diversified Fixed Income Fund, Class K 8.5 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 3.6 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.5 %
iShares MSCI Canada ETF 0.6 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2045 Fund
Institutional Shares | LPHIX
Semi-Annual Shareholder Report — June 30, 2025
LPHIX-06/25-SAR
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BlackRock LifePath® Dynamic 2045 Fund
Investor A Shares | LPHAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37(a) 0.72%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $317,134,445
Number of Portfolio Holdings 35
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 79.7 %
Money Market Funds 22.2 %
Fixed-Income Funds 13.2 %
Liabilities in Excess of Other Assets (15.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 41.1 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 8.8 %
BlackRock Diversified Fixed Income Fund, Class K 8.5 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 3.6 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.5 %
iShares MSCI Canada ETF 0.6 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2045 Fund
Investor A Shares | LPHAX
Semi-Annual Shareholder Report — June 30, 2025
LPHAX-06/25-SAR
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BlackRock LifePath® Dynamic 2045 Fund
Investor C Shares | LPHCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $76(a) 1.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $317,134,445
Number of Portfolio Holdings 35
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 79.7 %
Money Market Funds 22.2 %
Fixed-Income Funds 13.2 %
Liabilities in Excess of Other Assets (15.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 41.1 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 8.8 %
BlackRock Diversified Fixed Income Fund, Class K 8.5 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 3.6 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.5 %
iShares MSCI Canada ETF 0.6 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2045 Fund
Investor C Shares | LPHCX
Semi-Annual Shareholder Report — June 30, 2025
LPHCX-06/25-SAR
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BlackRock LifePath® Dynamic 2045 Fund
Class K Shares | LPHKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $11(a) 0.22%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $317,134,445
Number of Portfolio Holdings 35
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 79.7 %
Money Market Funds 22.2 %
Fixed-Income Funds 13.2 %
Liabilities in Excess of Other Assets (15.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 41.1 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 8.8 %
BlackRock Diversified Fixed Income Fund, Class K 8.5 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 3.6 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.5 %
iShares MSCI Canada ETF 0.6 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2045 Fund
Class K Shares | LPHKX
Semi-Annual Shareholder Report — June 30, 2025
LPHKX-06/25-SAR
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BlackRock LifePath® Dynamic 2045 Fund
Class R Shares | LPHRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $48(a) 0.92%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $317,134,445
Number of Portfolio Holdings 35
Portfolio Turnover Rate 26%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 79.7 %
Money Market Funds 22.2 %
Fixed-Income Funds 13.2 %
Liabilities in Excess of Other Assets (15.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 41.1 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 8.8 %
BlackRock Diversified Fixed Income Fund, Class K 8.5 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 3.6 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.5 %
iShares MSCI Canada ETF 0.6 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2045 Fund
Class R Shares | LPHRX
Semi-Annual Shareholder Report — June 30, 2025
LPHRX-06/25-SAR
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BlackRock LifePath® Dynamic 2050 Fund
Institutional Shares | STLFX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $25(a) 0.48%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $359,588,817
Number of Portfolio Holdings 31
Portfolio Turnover Rate 27%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.1 %
Money Market Funds 20.4 %
Fixed-Income Funds 7.4 %
Liabilities in Excess of Other Assets (13.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.6 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.1 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.9 %
BlackRock Diversified Fixed Income Fund, Class K 3.5 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Real Estate Securities Fund 1.9 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2050 Fund
Institutional Shares | STLFX
Semi-Annual Shareholder Report — June 30, 2025
STLFX-06/25-SAR
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BlackRock LifePath® Dynamic 2050 Fund
Investor A Shares | LPRFX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38(a) 0.73%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $359,588,817
Number of Portfolio Holdings 31
Portfolio Turnover Rate 27%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.1 %
Money Market Funds 20.4 %
Fixed-Income Funds 7.4 %
Liabilities in Excess of Other Assets (13.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.6 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.1 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.9 %
BlackRock Diversified Fixed Income Fund, Class K 3.5 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Real Estate Securities Fund 1.9 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2050 Fund
Investor A Shares | LPRFX
Semi-Annual Shareholder Report — June 30, 2025
LPRFX-06/25-SAR
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BlackRock LifePath® Dynamic 2050 Fund
Investor C Shares | LPCPX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $77(a) 1.48%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $359,588,817
Number of Portfolio Holdings 31
Portfolio Turnover Rate 27%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.1 %
Money Market Funds 20.4 %
Fixed-Income Funds 7.4 %
Liabilities in Excess of Other Assets (13.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.6 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.1 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.9 %
BlackRock Diversified Fixed Income Fund, Class K 3.5 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Real Estate Securities Fund 1.9 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2050 Fund
Investor C Shares | LPCPX
Semi-Annual Shareholder Report — June 30, 2025
LPCPX-06/25-SAR
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BlackRock LifePath® Dynamic 2050 Fund
Class K Shares | LPSGX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $12(a) 0.23%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $359,588,817
Number of Portfolio Holdings 31
Portfolio Turnover Rate 27%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.1 %
Money Market Funds 20.4 %
Fixed-Income Funds 7.4 %
Liabilities in Excess of Other Assets (13.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.6 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.1 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.9 %
BlackRock Diversified Fixed Income Fund, Class K 3.5 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Real Estate Securities Fund 1.9 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2050 Fund
Class K Shares | LPSGX
Semi-Annual Shareholder Report — June 30, 2025
LPSGX-06/25-SAR
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BlackRock LifePath® Dynamic 2050 Fund
Class R Shares | LPRPX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $48(a) 0.93%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $359,588,817
Number of Portfolio Holdings 31
Portfolio Turnover Rate 27%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.1 %
Money Market Funds 20.4 %
Fixed-Income Funds 7.4 %
Liabilities in Excess of Other Assets (13.9 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.6 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.1 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.9 %
BlackRock Diversified Fixed Income Fund, Class K 3.5 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Real Estate Securities Fund 1.9 %
iShares MSCI Canada ETF 0.5 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2050 Fund
Class R Shares | LPRPX
Semi-Annual Shareholder Report — June 30, 2025
LPRPX-06/25-SAR
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BlackRock LifePath® Dynamic 2055 Fund
Institutional Shares | LPVIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $25(a) 0.49%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $264,111,591
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.4 %
Money Market Funds 11.2 %
Fixed-Income Funds 2.7 %
Liabilities in Excess of Other Assets (6.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.1 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.3 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 0.7 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2055 Fund
Institutional Shares | LPVIX
Semi-Annual Shareholder Report — June 30, 2025
LPVIX-06/25-SAR
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BlackRock LifePath® Dynamic 2055 Fund
Investor A Shares | LPVAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38(a) 0.74%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $264,111,591
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.4 %
Money Market Funds 11.2 %
Fixed-Income Funds 2.7 %
Liabilities in Excess of Other Assets (6.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.1 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.3 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 0.7 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2055 Fund
Investor A Shares | LPVAX
Semi-Annual Shareholder Report — June 30, 2025
LPVAX-06/25-SAR
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BlackRock LifePath® Dynamic 2055 Fund
Investor C Shares | LPVCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $77(a) 1.49%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $264,111,591
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.4 %
Money Market Funds 11.2 %
Fixed-Income Funds 2.7 %
Liabilities in Excess of Other Assets (6.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.1 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.3 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 0.7 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2055 Fund
Investor C Shares | LPVCX
Semi-Annual Shareholder Report — June 30, 2025
LPVCX-06/25-SAR
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BlackRock LifePath® Dynamic 2055 Fund
Class K Shares | LPVKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $12(a) 0.24%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $264,111,591
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.4 %
Money Market Funds 11.2 %
Fixed-Income Funds 2.7 %
Liabilities in Excess of Other Assets (6.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.1 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.3 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 0.7 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2055 Fund
Class K Shares | LPVKX
Semi-Annual Shareholder Report — June 30, 2025
LPVKX-06/25-SAR
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BlackRock LifePath® Dynamic 2055 Fund
Class R Shares | LPVRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $49(a) 0.94%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $264,111,591
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.4 %
Money Market Funds 11.2 %
Fixed-Income Funds 2.7 %
Liabilities in Excess of Other Assets (6.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.1 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.4 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.3 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 0.7 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2055 Fund
Class R Shares | LPVRX
Semi-Annual Shareholder Report — June 30, 2025
LPVRX-06/25-SAR
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BlackRock LifePath® Dynamic 2060 Fund
Institutional Shares | LPDIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $25(a) 0.49%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $126,684,506
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.5 %
Money Market Funds 10.6 %
Fixed-Income Funds 2.4 %
Liabilities in Excess of Other Assets (6.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.4 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI Canada ETF 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.6 %
iShares Russell 2000 ETF 0.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2060 Fund
Institutional Shares | LPDIX
Semi-Annual Shareholder Report — June 30, 2025
LPDIX-06/25-SAR
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BlackRock LifePath® Dynamic 2060 Fund
Investor A Shares | LPDAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38(a) 0.74%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $126,684,506
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.5 %
Money Market Funds 10.6 %
Fixed-Income Funds 2.4 %
Liabilities in Excess of Other Assets (6.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.4 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI Canada ETF 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.6 %
iShares Russell 2000 ETF 0.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2060 Fund
Investor A Shares | LPDAX
Semi-Annual Shareholder Report — June 30, 2025
LPDAX-06/25-SAR
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BlackRock LifePath® Dynamic 2060 Fund
Investor C Shares | LPDCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $77(a) 1.49%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $126,684,506
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.5 %
Money Market Funds 10.6 %
Fixed-Income Funds 2.4 %
Liabilities in Excess of Other Assets (6.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.4 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI Canada ETF 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.6 %
iShares Russell 2000 ETF 0.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2060 Fund
Investor C Shares | LPDCX
Semi-Annual Shareholder Report — June 30, 2025
LPDCX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2060 Fund
Class K Shares | LPDKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $12(a) 0.24%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $126,684,506
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.5 %
Money Market Funds 10.6 %
Fixed-Income Funds 2.4 %
Liabilities in Excess of Other Assets (6.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.4 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI Canada ETF 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.6 %
iShares Russell 2000 ETF 0.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2060 Fund
Class K Shares | LPDKX
Semi-Annual Shareholder Report — June 30, 2025
LPDKX-06/25-SAR
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BlackRock LifePath® Dynamic 2060 Fund
Class R Shares | LPDRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $48(a) 0.93%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $126,684,506
Number of Portfolio Holdings 34
Portfolio Turnover Rate 25%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.5 %
Money Market Funds 10.6 %
Fixed-Income Funds 2.4 %
Liabilities in Excess of Other Assets (6.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.4 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI Canada ETF 2.2 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
BlackRock Diversified Fixed Income Fund, Class K 1.6 %
iShares Russell 2000 ETF 0.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2060 Fund
Class R Shares | LPDRX
Semi-Annual Shareholder Report — June 30, 2025
LPDRX-06/25-SAR
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BlackRock LifePath® Dynamic 2065 Fund
Institutional Shares | LPWIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $25(a) 0.48%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $57,442,667
Number of Portfolio Holdings 38
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.8 %
Money Market Funds 11.9 %
Fixed-Income Funds 2.3 %
Liabilities in Excess of Other Assets (8.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.1 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Russell 2000 ETF 1.2 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2065 Fund
Institutional Shares | LPWIX
Semi-Annual Shareholder Report — June 30, 2025
LPWIX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2065 Fund
Investor A Shares | LPWAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38(a) 0.73%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $57,442,667
Number of Portfolio Holdings 38
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.8 %
Money Market Funds 11.9 %
Fixed-Income Funds 2.3 %
Liabilities in Excess of Other Assets (8.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.1 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Russell 2000 ETF 1.2 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2065 Fund
Investor A Shares | LPWAX
Semi-Annual Shareholder Report — June 30, 2025
LPWAX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2065 Fund
Investor C Shares | LPWCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $77(a) 1.48%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $57,442,667
Number of Portfolio Holdings 38
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.8 %
Money Market Funds 11.9 %
Fixed-Income Funds 2.3 %
Liabilities in Excess of Other Assets (8.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.1 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Russell 2000 ETF 1.2 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2065 Fund
Investor C Shares | LPWCX
Semi-Annual Shareholder Report — June 30, 2025
LPWCX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2065 Fund
Class K Shares | LPWKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $12(a) 0.23%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $57,442,667
Number of Portfolio Holdings 38
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.8 %
Money Market Funds 11.9 %
Fixed-Income Funds 2.3 %
Liabilities in Excess of Other Assets (8.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.1 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Russell 2000 ETF 1.2 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2065 Fund
Class K Shares | LPWKX
Semi-Annual Shareholder Report — June 30, 2025
LPWKX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2065 Fund
Class R Shares | LPWRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $48(a) 0.93%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $57,442,667
Number of Portfolio Holdings 38
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 93.8 %
Money Market Funds 11.9 %
Fixed-Income Funds 2.3 %
Liabilities in Excess of Other Assets (8.0 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.2 %
International Tilts Master Portfolio 14.9 %
iShares Core MSCI Emerging Markets ETF 10.8 %
iShares Core MSCI International Developed Markets ETF 6.9 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.1 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Russell 2000 ETF 1.2 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2065 Fund
Class R Shares | LPWRX
Semi-Annual Shareholder Report — June 30, 2025
LPWRX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2070 Fund
Institutional Shares | LPYIX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $26(a) 0.49%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $4,326,811
Number of Portfolio Holdings 25
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 96.8 %
Fixed-Income Funds 1.8 %
Money Market Funds 0.9 %
Other Assets Less Liabilities 0.5
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.8 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 11.0 %
iShares Core MSCI International Developed Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.2 %
iShares Core MSCI EAFE ETF 1.5 %
iShares Russell 2000 ETF 1.5 %
iShares MSCI EAFE Small-Cap ETF 1.0 %
BlackRock Diversified Fixed Income Fund, Class K 0.9 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2070 Fund
Institutional Shares | LPYIX
Semi-Annual Shareholder Report — June 30, 2025
LPYIX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2070 Fund
Investor A Shares | LPYAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $38(a) 0.73%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $4,326,811
Number of Portfolio Holdings 25
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 96.8 %
Fixed-Income Funds 1.8 %
Money Market Funds 0.9 %
Other Assets Less Liabilities 0.5
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.8 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 11.0 %
iShares Core MSCI International Developed Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.2 %
iShares Core MSCI EAFE ETF 1.5 %
iShares Russell 2000 ETF 1.5 %
iShares MSCI EAFE Small-Cap ETF 1.0 %
BlackRock Diversified Fixed Income Fund, Class K 0.9 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2070 Fund
Investor A Shares | LPYAX
Semi-Annual Shareholder Report — June 30, 2025
LPYAX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2070 Fund
Investor C Shares | LPYCX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $77(a) 1.48%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $4,326,811
Number of Portfolio Holdings 25
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 96.8 %
Fixed-Income Funds 1.8 %
Money Market Funds 0.9 %
Other Assets Less Liabilities 0.5
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.8 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 11.0 %
iShares Core MSCI International Developed Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.2 %
iShares Core MSCI EAFE ETF 1.5 %
iShares Russell 2000 ETF 1.5 %
iShares MSCI EAFE Small-Cap ETF 1.0 %
BlackRock Diversified Fixed Income Fund, Class K 0.9 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2070 Fund
Investor C Shares | LPYCX
Semi-Annual Shareholder Report — June 30, 2025
LPYCX-06/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic 2070 Fund
Class K Shares | LPYKX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $13(a) 0.24%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $4,326,811
Number of Portfolio Holdings 25
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 96.8 %
Fixed-Income Funds 1.8 %
Money Market Funds 0.9 %
Other Assets Less Liabilities 0.5
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.8 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 11.0 %
iShares Core MSCI International Developed Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.2 %
iShares Core MSCI EAFE ETF 1.5 %
iShares Russell 2000 ETF 1.5 %
iShares MSCI EAFE Small-Cap ETF 1.0 %
BlackRock Diversified Fixed Income Fund, Class K 0.9 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2070 Fund
Class K Shares | LPYKX
Semi-Annual Shareholder Report — June 30, 2025
LPYKX-06/25-SAR
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BlackRock LifePath® Dynamic 2070 Fund
Class R Shares | LPYRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $49(a) 0.94%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $4,326,811
Number of Portfolio Holdings 25
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 96.8 %
Fixed-Income Funds 1.8 %
Money Market Funds 0.9 %
Other Assets Less Liabilities 0.5
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.8 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 11.0 %
iShares Core MSCI International Developed Markets ETF 7.7 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.2 %
iShares Core MSCI EAFE ETF 1.5 %
iShares Russell 2000 ETF 1.5 %
iShares MSCI EAFE Small-Cap ETF 1.0 %
BlackRock Diversified Fixed Income Fund, Class K 0.9 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic 2070 Fund
Class R Shares | LPYRX
Semi-Annual Shareholder Report — June 30, 2025
LPYRX-06/25-SAR
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BlackRock LifePath® Dynamic Retirement Fund
Institutional Shares | STLAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $24(a) 0.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $465,700,810
Number of Portfolio Holdings 36
Portfolio Turnover Rate 17%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 49.2 %
Equity Funds 43.7 %
Money Market Funds 6.5 %
Other Assets Less Liabilities 0.6
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 39.4 %
Diversified Equity Master Portfolio 23.9 %
iShares 0-5 Year TIPS Bond ETF 9.8 %
International Tilts Master Portfolio 7.3 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Core MSCI Emerging Markets ETF 4.0 %
iShares Global Infrastructure ETF 1.9 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
BlackRock Real Estate Securities Fund 0.2 %
iShares MSCI Canada ETF 0.2 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic Retirement Fund
Institutional Shares | STLAX
Semi-Annual Shareholder Report — June 30, 2025
STLAX-06/25-SAR
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BlackRock LifePath® Dynamic Retirement Fund
Investor A Shares | LPRAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $37(a) 0.72%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $465,700,810
Number of Portfolio Holdings 36
Portfolio Turnover Rate 17%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 49.2 %
Equity Funds 43.7 %
Money Market Funds 6.5 %
Other Assets Less Liabilities 0.6
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 39.4 %
Diversified Equity Master Portfolio 23.9 %
iShares 0-5 Year TIPS Bond ETF 9.8 %
International Tilts Master Portfolio 7.3 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Core MSCI Emerging Markets ETF 4.0 %
iShares Global Infrastructure ETF 1.9 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
BlackRock Real Estate Securities Fund 0.2 %
iShares MSCI Canada ETF 0.2 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic Retirement Fund
Investor A Shares | LPRAX
Semi-Annual Shareholder Report — June 30, 2025
LPRAX-06/25-SAR
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BlackRock LifePath® Dynamic Retirement Fund
Investor C Shares | LPCRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $75(a) 1.47%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $465,700,810
Number of Portfolio Holdings 36
Portfolio Turnover Rate 17%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 49.2 %
Equity Funds 43.7 %
Money Market Funds 6.5 %
Other Assets Less Liabilities 0.6
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 39.4 %
Diversified Equity Master Portfolio 23.9 %
iShares 0-5 Year TIPS Bond ETF 9.8 %
International Tilts Master Portfolio 7.3 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Core MSCI Emerging Markets ETF 4.0 %
iShares Global Infrastructure ETF 1.9 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
BlackRock Real Estate Securities Fund 0.2 %
iShares MSCI Canada ETF 0.2 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic Retirement Fund
Investor C Shares | LPCRX
Semi-Annual Shareholder Report — June 30, 2025
LPCRX-06/25-SAR
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BlackRock LifePath® Dynamic Retirement Fund
Class K Shares | LPSAX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $11(a) 0.22%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $465,700,810
Number of Portfolio Holdings 36
Portfolio Turnover Rate 17%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 49.2 %
Equity Funds 43.7 %
Money Market Funds 6.5 %
Other Assets Less Liabilities 0.6
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 39.4 %
Diversified Equity Master Portfolio 23.9 %
iShares 0-5 Year TIPS Bond ETF 9.8 %
International Tilts Master Portfolio 7.3 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Core MSCI Emerging Markets ETF 4.0 %
iShares Global Infrastructure ETF 1.9 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
BlackRock Real Estate Securities Fund 0.2 %
iShares MSCI Canada ETF 0.2 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic Retirement Fund
Class K Shares | LPSAX
Semi-Annual Shareholder Report — June 30, 2025
LPSAX-06/25-SAR
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BlackRock LifePath® Dynamic Retirement Fund
Class R Shares | LPRRX
Semi-Annual Shareholder Report — June 30, 2025
This semi-annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $47(a) 0.92%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $465,700,810
Number of Portfolio Holdings 36
Portfolio Turnover Rate 17%
What did the Fund invest in?
(as of June 30, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 49.2 %
Equity Funds 43.7 %
Money Market Funds 6.5 %
Other Assets Less Liabilities 0.6
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 39.4 %
Diversified Equity Master Portfolio 23.9 %
iShares 0-5 Year TIPS Bond ETF 9.8 %
International Tilts Master Portfolio 7.3 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Core MSCI Emerging Markets ETF 4.0 %
iShares Global Infrastructure ETF 1.9 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
BlackRock Real Estate Securities Fund 0.2 %
iShares MSCI Canada ETF 0.2 %
​(a)
The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.
​(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® Dynamic Retirement Fund
Class R Shares | LPRRX
Semi-Annual Shareholder Report — June 30, 2025
LPRRX-06/25-SAR

(b) Not Applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 
June 30, 2025 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock Funds III
• BlackRock LifePath® Dynamic Retirement Fund
• BlackRock LifePath® Dynamic 2030 Fund
• BlackRock LifePath® Dynamic 2035 Fund
• BlackRock LifePath® Dynamic 2040 Fund
• BlackRock LifePath® Dynamic 2045 Fund
• BlackRock LifePath® Dynamic 2050 Fund
• BlackRock LifePath® Dynamic 2055 Fund
• BlackRock LifePath® Dynamic 2060 Fund
• BlackRock LifePath® Dynamic 2065 Fund
• BlackRock LifePath® Dynamic 2070 Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
4
53
59
62
67
117
135
137
141
2
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
 
Derivative Financial Instruments
3
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic Retirement Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 43.7%
BlackRock Real Estate Securities Fund
 
66,568
$ 1,000,510
BlackRock Tactical Opportunities Fund, Class K
 
1,452,933
22,447,821
Diversified Equity Master Portfolio
$
111,245,176
111,245,176
International Tilts Master Portfolio
$
34,098,109
34,098,109
iShares Core MSCI Emerging Markets ETF
 
311,216
18,682,296
iShares Global Infrastructure ETF
 
147,927
8,757,278
iShares MSCI Canada ETF(b)
 
17,264
797,597
iShares MSCI EAFE Small-Cap ETF
 
75,544
5,490,538
iShares Russell 2000 ETF(b)
 
3,639
785,260
 
203,304,585
Fixed-Income Funds — 49.2%
BlackRock Diversified Fixed Income Fund,
Class K
 
19,347,928
183,224,881
iShares 0-5 Year TIPS Bond ETF
 
444,385
45,731,660
 
228,956,541
  
Security
 
 
Shares
Value
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
1,599,019
$ 1,599,658
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
28,863,439
28,863,439
 
30,463,097
Total Investments — 99.4%
(Cost: $385,368,185)
462,724,223
Other Assets Less Liabilities — 0.6%
2,976,587
Net Assets — 100.0%
$ 465,700,810
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets
Fund, Class K(a)
$ 7,673,828
$ —
$ (7,843,165
)
$ 884,844
$ (715,507
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL
Agency Shares
5,956,765
—
(4,356,646
)(b)
(461
)
—
1,599,658
1,599,019
4,687
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
79,955,947
—
(51,092,508
)(b)
—
—
28,863,439
28,863,439
530,703
—
BlackRock Diversified Fixed Income
Fund, Class K
146,370,069
77,656,108
(44,135,131
)
(2,574,733
)
5,908,568
183,224,881
19,347,928
4,856,174
—
BlackRock High Yield Bond Portfolio,
Class K(a)
674,485
—
(682,063
)
64,299
(56,721
)
—
—
3,213
—
BlackRock Real Estate Securities Fund
1,593,766
1,007,693
(3,437,179
)
1,804,506
31,724
1,000,510
66,568
(1,804,486
)
—
BlackRock Tactical Opportunities Fund,
Class K
16,975,975
4,692,251
—
—
779,595
22,447,821
1,452,933
—
—
Diversified Equity Master Portfolio
95,262,216
9,826,998
(b)(d)
—
477,999
5,677,963
111,245,176
$111,245,176
977,924
—
International Tilts Master Portfolio
16,959,545
13,218,869
(b)(d)
—
617,035
3,302,660
34,098,109
$34,098,109
375,141
—
iShares 0-5 Year TIPS Bond ETF
43,362,423
5,026,601
(3,694,951
)
79,370
958,217
45,731,660
444,385
720,756
—
iShares Core MSCI Emerging Markets
ETF
—
17,297,821
—
—
1,384,475
18,682,296
311,216
220,859
—
iShares Global Infrastructure ETF
6,885,318
959,415
—
—
912,545
8,757,278
147,927
129,542
—
iShares MSCI Canada ETF
—
762,615
—
—
34,982
797,597
17,264
5,282
—
iShares MSCI EAFE Small-Cap ETF
7,427,538
2,467,776
(5,626,604
)
588,208
633,620
5,490,538
75,544
80,038
—
iShares Russell 2000 ETF
—
761,056
—
—
24,204
785,260
3,639
2,095
—
 
$ 1,941,067
$ 18,876,325
$ 462,724,223
$ 6,101,928
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic Retirement Fund
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
49
09/11/25
$ 9,688
$ 208,359
S&P/TSE 60 Index
18
09/18/25
4,230
35,466
10-Year U.S. Treasury Note
96
09/19/25
10,764
215,094
10-Year U.S. Ultra Long Treasury Note
7
09/19/25
800
15,467
E-mini Russell 2000 Index
20
09/19/25
2,192
33,556
Micro E-mini S&P 500 Index
12
09/19/25
375
9,088
MSCI EAFE Index
34
09/19/25
4,559
59,020
MSCI Emerging Markets Index
2
09/19/25
123
3,438
S&P 500 E-Mini Index
30
09/19/25
9,381
227,189
U.S. Long Bond
59
09/19/25
6,805
288,928
5-Year U.S. Treasury Note
227
09/30/25
24,747
351,325
 
1,446,930
Short Contracts 
NASDAQ 100 E-Mini Index
33
09/19/25
15,110
(490,261
)
Ultra U.S. Treasury Bond
253
09/19/25
30,099
(1,402,385
)
 
(1,892,646
)
 
$ (445,716
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
13,045,317
USD
8,448,075
Morgan Stanley & Co. International PLC
09/17/25
$ 151,308
CAD
7,335,169
USD
5,375,660
JPMorgan Chase Bank N.A.
09/17/25
31,679
CAD
11,548,826
USD
8,463,686
JPMorgan Chase Bank N.A.
09/17/25
49,877
EUR
7,609,555
USD
8,719,637
Barclays Bank PLC
09/17/25
289,635
JPY
162,662,000
USD
1,136,535
Morgan Stanley & Co. International PLC
09/17/25
2,790
USD
191,891
JPY
27,289,000
Barclays Bank PLC
09/17/25
752
 
 
 
 
 
 
526,041
JPY
2,506,754,535
EUR
15,387,264
JPMorgan Chase Bank N.A.
09/17/25
(659,704
)
JPY
2,442,176,598
USD
17,172,909
Barclays Bank PLC
09/17/25
(67,305
)
USD
1,393,613
AUD
2,152,000
Deutsche Bank AG
09/17/25
(24,971
)
USD
42,397
EUR
37,000
Barclays Bank PLC
09/17/25
(1,408
)
 
 
 
 
 
 
(753,388
)
 
$ (227,347
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 576,116
$ —
$ 870,814
$ —
$ 1,446,930
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
526,041
—
—
526,041
 
$ —
$ —
$ 576,116
$ 526,041
$ 870,814
$ —
$ 1,972,971
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic Retirement Fund
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 490,261
$ —
$ 1,402,385
$ —
$ 1,892,646
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
753,388
—
—
753,388
 
$ —
$ —
$ 490,261
$ 753,388
$ 1,402,385
$ —
$ 2,646,034
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ (506,788
)
$ —
$ (50,266
)
$ —
$ (557,054
)
Forward foreign currency exchange contracts
—
—
—
169,333
—
—
169,333
Swaps
—
—
(238,258
)
—
—
—
(238,258
)
 
$ —
$ —
$ (745,046
)
$ 169,333
$ (50,266
)
$ —
$ (625,979
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,140,227
$ —
$ (403,844
)
$ —
$ 736,383
Forward foreign currency exchange contracts
—
—
—
499,582
—
—
499,582
Swaps
—
—
127,144
—
—
—
127,144
 
$ —
$ —
$ 1,267,371
$ 499,582
$ (403,844
)
$ —
$ 1,363,109
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$76,634,111
Average notional value of contracts — short
44,016,396
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
19,926,904
Average amounts sold — in USD
61,975,722
Total return swaps:
Average notional value
1,958,543
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 196,905
$ 238,944
Forward foreign currency exchange contracts
526,041
753,388
Total derivative assets and liabilities in the Statements of Assets and Liabilities
722,946
992,332
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(196,905
)
(238,944
)
Total derivative assets and liabilities subject to an MNA
$ 526,041
$ 753,388
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic Retirement Fund
 
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 290,387
$ (68,713
)
$ —
$ —
$ 221,674
JPMorgan Chase Bank N.A.
81,556
(81,556
)
—
—
—
Morgan Stanley & Co. International PLC
154,098
—
—
—
154,098
 
$ 526,041
$ (150,269
)
$ —
$ —
$ 375,772
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 68,713
$ (68,713
)
$ —
$ —
$ —
Deutsche Bank AG
24,971
—
—
—
24,971
JPMorgan Chase Bank N.A.
659,704
(81,556
)
—
—
578,148
 
$ 753,388
$ (150,269
)
$ —
$ —
$ 603,119
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 57,961,300
$ —
$ —
$ 57,961,300
Fixed-Income Funds
228,956,541
—
—
228,956,541
Money Market Funds
30,463,097
—
—
30,463,097
 
$317,380,938
$—
$—
317,380,938
Investments Valued at NAV(a)
145,343,285
 
$ 462,724,223
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 367,757
$ 208,359
$ —
$ 576,116
Foreign Currency Exchange Contracts
—
526,041
—
526,041
Interest Rate Contracts
870,814
—
—
870,814
Liabilities 
Equity Contracts
(490,261
)
—
—
(490,261
)
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic Retirement Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities (continued)
Foreign Currency Exchange Contracts
$ —
$ (753,388
)
$ —
$ (753,388
)
Interest Rate Contracts
(1,402,385
)
—
—
(1,402,385
)
 
$(654,075
)
$(18,988
)
$—
$(673,063
)
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2030 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 55.2%
BlackRock Real Estate Securities Fund
 
484,232
$ 7,278,014
BlackRock Tactical Opportunities Fund, Class K
 
1,485,714
22,954,282
Diversified Equity Master Portfolio
$
146,616,890
146,616,890
International Tilts Master Portfolio
$
47,567,986
47,567,986
iShares Core MSCI Emerging Markets ETF(b)
 
433,228
26,006,677
iShares Global Infrastructure ETF
 
121,670
7,202,864
iShares MSCI Canada ETF(b)
 
22,411
1,035,388
iShares MSCI EAFE Small-Cap ETF
 
107,260
7,795,657
 
266,457,758
Fixed-Income Funds — 35.0%
BlackRock Diversified Fixed Income Fund,
Class K
 
11,651,821
110,342,742
iShares 0-5 Year TIPS Bond ETF
 
394,396
40,587,292
iShares Broad USD Investment Grade Corporate
Bond ETF
 
344,527
17,722,469
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
188
20,607
 
168,673,110
  
Security
 
 
Shares
Value
Money Market Funds — 12.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
16,123,645
$ 16,130,095
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
43,951,063
43,951,063
 
60,081,158
Total Investments — 102.7%
(Cost: $437,681,584)
495,212,026
Liabilities in Excess of Other Assets — (2.7)%
(12,915,040
)
Net Assets — 100.0%
$ 482,296,986
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 10,249,883
$ 4,358,382
$ (14,746,436
)
$ 885,651
$ (747,480
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
14,933,572
1,197,517
(b)
—
(505
)
(489
)
16,130,095
16,123,645
21,727
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
77,527,502
—
(33,576,439
)(b)
—
—
43,951,063
43,951,063
781,598
—
BlackRock Diversified Fixed Income
Fund, Class K
86,182,468
72,160,089
(50,336,991
)
(2,936,398
)
5,273,574
110,342,742
11,651,821
3,234,961
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(4,845
)
—
BlackRock Real Estate Securities Fund
6,176,188
2,098,214
(2,138,989
)
1,049,649
92,952
7,278,014
484,232
(1,007,772
)
—
BlackRock Tactical Opportunities Fund,
Class K
14,948,295
7,249,360
—
—
756,627
22,954,282
1,485,714
—
—
Diversified Equity Master Portfolio
118,565,440
20,285,948
(b)(d)
—
632,410
7,133,092
146,616,890
$146,616,890
1,284,542
—
International Tilts Master Portfolio
28,843,081
12,595,249
(b)(d)
—
938,349
5,191,307
47,567,986
$47,567,986
578,490
—
iShares 0-5 Year TIPS Bond ETF
34,164,062
5,583,804
—
—
839,426
40,587,292
394,396
626,477
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
17,401,370
—
—
321,099
17,722,469
344,527
67,983
—
iShares Core MSCI Emerging Markets
ETF
—
24,079,419
—
—
1,927,258
26,006,677
433,228
307,448
—
iShares Global Infrastructure ETF
6,359,691
—
—
—
843,173
7,202,864
121,670
119,653
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
7,271,103
—
(7,274,026
)
(837,587
)
861,117
20,607
188
112,533
—
iShares MSCI Canada ETF
—
923,961
—
—
111,427
1,035,388
22,411
6,856
—
iShares MSCI EAFE Small-Cap ETF
7,330,095
2,185,480
(3,134,137
)
291,951
1,122,268
7,795,657
107,260
113,640
—
 
$ 23,520
$ 23,725,351
$ 495,212,026
$ 6,243,291
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2030 Fund
 
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
46
09/11/25
$ 9,095
$ 195,598
S&P/TSE 60 Index
23
09/18/25
5,405
45,320
10-Year U.S. Treasury Note
147
09/19/25
16,482
329,992
E-mini Russell 2000 Index
29
09/19/25
3,178
48,657
MSCI EAFE Index
31
09/19/25
4,157
53,498
MSCI Emerging Markets Index
3
09/19/25
185
5,157
S&P 500 E-Mini Index
33
09/19/25
10,319
249,908
U.S. Long Bond
134
09/19/25
15,456
656,348
5-Year U.S. Treasury Note
156
09/30/25
17,006
241,701
 
1,826,179
Short Contracts 
Micro E-mini S&P 500 Index
35
09/19/25
1,094
(161
)
NASDAQ 100 E-Mini Index
32
09/19/25
14,652
(475,405
)
Ultra U.S. Treasury Bond
270
09/19/25
32,122
(1,476,007
)
 
(1,951,573
)
 
$ (125,394
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
13,917,067
USD
9,012,339
Morgan Stanley & Co. International PLC
09/17/25
$ 161,696
CAD
10,152,116
USD
7,440,091
JPMorgan Chase Bank N.A.
09/17/25
43,845
CAD
11,613,950
USD
8,511,413
JPMorgan Chase Bank N.A.
09/17/25
50,158
EUR
7,657,142
USD
8,774,166
Barclays Bank PLC
09/17/25
291,446
USD
159,783
JPY
22,723,000
Barclays Bank PLC
09/17/25
626
 
 
 
 
 
 
547,771
JPY
2,677,865,257
EUR
16,437,596
JPMorgan Chase Bank N.A.
09/17/25
(704,735
)
JPY
2,677,865,722
USD
18,830,229
Barclays Bank PLC
09/17/25
(73,800
)
USD
48,127
EUR
42,000
Barclays Bank PLC
09/17/25
(1,599
)
 
 
 
 
 
 
(780,134
)
 
$ (232,363
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 598,138
$ —
$ 1,228,041
$ —
$ 1,826,179
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
547,771
—
—
547,771
 
$ —
$ —
$ 598,138
$ 547,771
$ 1,228,041
$ —
$ 2,373,950
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2030 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 475,566
$ —
$ 1,476,007
$ —
$ 1,951,573
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
780,134
—
—
780,134
 
$ —
$ —
$ 475,566
$ 780,134
$ 1,476,007
$ —
$ 2,731,707
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 544,312
$ —
$ (302,014
)
$ —
$ 242,298
Forward foreign currency exchange contracts
—
—
—
186,318
—
—
186,318
Swaps
—
—
(231,939
)
—
—
—
(231,939
)
 
$ —
$ —
$ 312,373
$ 186,318
$ (302,014
)
$ —
$ 196,677
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,234,665
$ —
$ (62,256
)
$ —
$ 1,172,409
Forward foreign currency exchange contracts
—
—
—
579,522
—
—
579,522
Swaps
—
—
118,543
—
—
—
118,543
 
$ —
$ —
$ 1,353,208
$ 579,522
$ (62,256
)
$ —
$ 1,870,474
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$82,081,986
Average notional value of contracts — short
42,764,869
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
18,401,791
Average amounts sold — in USD
64,443,213
Total return swaps:
Average notional value
2,170,357
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 276,513
$ 268,429
Forward foreign currency exchange contracts
547,771
780,134
Total derivative assets and liabilities in the Statements of Assets and Liabilities
824,284
1,048,563
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(276,513
)
(268,429
)
Total derivative assets and liabilities subject to an MNA
$ 547,771
$ 780,134
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2030 Fund
 
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 292,072
$ (75,399
)
$ —
$ —
$ 216,673
JPMorgan Chase Bank N.A.
94,003
(94,003
)
—
—
—
Morgan Stanley & Co. International PLC
161,696
—
—
—
161,696
 
$ 547,771
$ (169,402
)
$ —
$ —
$ 378,369
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 75,399
$ (75,399
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
704,735
(94,003
)
—
—
610,732
 
$ 780,134
$ (169,402
)
$ —
$ —
$ 610,732
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 72,272,882
$ —
$ —
$ 72,272,882
Fixed-Income Funds
168,673,110
—
—
168,673,110
Money Market Funds
60,081,158
—
—
60,081,158
 
$301,027,150
$—
$—
301,027,150
Investments Valued at NAV(a)
194,184,876
 
$ 495,212,026
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 402,540
$ 195,598
$ —
$ 598,138
Foreign Currency Exchange Contracts
—
547,771
—
547,771
Interest Rate Contracts
1,228,041
—
—
1,228,041
Liabilities 
Equity Contracts
(475,566
)
—
—
(475,566
)
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2030 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities (continued)
Foreign Currency Exchange Contracts
$ —
$ (780,134
)
$ —
$ (780,134
)
Interest Rate Contracts
(1,476,007
)
—
—
(1,476,007
)
 
$(320,992
)
$(36,765
)
$—
$(357,757
)
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
13
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2035 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 66.3%
BlackRock Real Estate Securities Fund
 
550,621
$ 8,275,837
BlackRock Tactical Opportunities Fund, Class K
 
1,214,757
18,767,999
Diversified Equity Master Portfolio
$
138,399,510
138,399,510
International Tilts Master Portfolio
$
47,081,113
47,081,113
iShares Core MSCI Emerging Markets ETF(b)
 
410,120
24,619,504
iShares Global Infrastructure ETF
 
110,186
6,523,011
iShares MSCI Canada ETF(b)
 
28,705
1,326,171
iShares MSCI EAFE Small-Cap ETF
 
113,267
8,232,246
 
253,225,391
Fixed-Income Funds — 25.9%
BlackRock Diversified Fixed Income Fund,
Class K
 
8,342,440
79,002,902
iShares 0-5 Year TIPS Bond ETF
 
11,216
1,154,240
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
365,278
18,789,900
 
98,947,042
  
Security
 
 
Shares
Value
Money Market Funds — 20.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
43,366,102
$ 43,383,448
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
35,051,926
35,051,926
 
78,435,374
Total Investments — 112.7%
(Cost: $394,626,344)
430,607,807
Liabilities in Excess of Other Assets — (12.7)%
(48,365,198
)
Net Assets — 100.0%
$ 382,242,609
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets
Fund, Class K(a)
$ 5,533,412
$ 9,051,529
$ (14,524,271
)
$ 137,232
$ (197,902
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL
Agency Shares
8,212,598
35,172,290
(b)
—
(1,689
)
249
43,383,448
43,366,102
16,840
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
99,536,975
—
(64,485,049
)(b)
—
—
35,051,926
35,051,926
1,130,007
—
BlackRock Diversified Fixed Income
Fund, Class K
30,754,257
57,271,914
(10,399,177
)
(606,755
)
1,982,663
79,002,902
8,342,440
1,778,800
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,891
)
—
BlackRock Real Estate Securities Fund
6,865,805
2,289,198
(1,364,008
)
381,608
103,234
8,275,837
550,621
(336,810
)
—
BlackRock Tactical Opportunities Fund,
Class K
7,444,818
10,814,510
—
—
508,671
18,767,999
1,214,757
—
—
Diversified Equity Master Portfolio
98,399,869
33,141,839
(b)(d)
—
555,646
6,302,156
138,399,510
$138,399,510
1,148,251
—
International Tilts Master Portfolio
17,465,551
25,059,017
(b)(d)
—
743,040
3,813,505
47,081,113
$47,081,113
443,999
—
iShares 0-5 Year TIPS Bond ETF
1,702,655
635,237
(1,238,454
)
26,106
28,696
1,154,240
11,216
29,951
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
18,476,906
—
—
312,994
18,789,900
365,278
66,317
—
iShares Core MSCI Emerging Markets
ETF
—
22,795,044
—
—
1,824,460
24,619,504
410,120
291,048
—
iShares Global Infrastructure ETF
5,181,107
652,865
—
—
689,039
6,523,011
110,186
108,359
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
4,386,423
—
(4,400,342
)
(305,415
)
319,334
—
—
67,843
—
iShares MSCI Canada ETF
—
1,219,762
—
—
106,409
1,326,171
28,705
8,782
—
iShares MSCI EAFE Small-Cap ETF
5,468,411
13,761,395
(12,919,367
)
601,620
1,320,187
8,232,246
113,267
103,269
—
 
$ 1,531,393
$ 17,113,695
$ 430,607,807
$ 4,853,765
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2035 Fund
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
37
09/11/25
$ 7,315
$ 157,328
S&P/TSE 60 Index
22
09/18/25
5,170
43,348
10-Year U.S. Treasury Note
108
09/19/25
12,110
242,443
E-mini Russell 2000 Index
44
09/19/25
4,822
73,824
MSCI EAFE Index
18
09/19/25
2,414
35,099
MSCI Emerging Markets Index
13
09/19/25
802
22,349
S&P 500 E-Mini Index
35
09/19/25
10,944
265,054
U.S. Long Bond
88
09/19/25
10,150
431,008
5-Year U.S. Treasury Note
87
09/30/25
9,484
134,598
 
1,405,051
Short Contracts 
NASDAQ 100 E-Mini Index
25
09/19/25
11,447
(371,410
)
Ultra U.S. Treasury Bond
225
09/19/25
26,768
(1,229,877
)
 
(1,601,287
)
 
$ (196,236
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
1,433,000
USD
933,870
Bank of America N.A.
09/17/25
$ 10,754
AUD
10,043,865
USD
6,504,048
Morgan Stanley & Co. International PLC
09/17/25
116,799
CAD
8,523,098
USD
6,246,248
JPMorgan Chase Bank N.A.
09/17/25
36,809
CAD
9,460,570
USD
6,933,284
JPMorgan Chase Bank N.A.
09/17/25
40,858
EUR
5,630,792
USD
6,452,212
Barclays Bank PLC
09/17/25
214,319
JPY
143,089,000
USD
998,239
Barclays Bank PLC
09/17/25
3,992
USD
79,298
JPY
11,277,000
Barclays Bank PLC
09/17/25
311
 
 
 
 
 
 
423,842
JPY
143,089,000
EUR
868,530
Deutsche Bank AG
09/17/25
(26,059
)
JPY
1,954,588,103
EUR
11,997,889
JPMorgan Chase Bank N.A.
09/17/25
(514,390
)
JPY
1,954,588,643
USD
13,744,286
Barclays Bank PLC
09/17/25
(53,867
)
USD
755,819
CAD
1,026,000
JPMorgan Chase Bank N.A.
09/17/25
(528
)
USD
30,939
EUR
27,000
Barclays Bank PLC
09/17/25
(1,028
)
 
 
 
 
 
 
(595,872
)
 
$ (172,030
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 597,002
$ —
$ 808,049
$ —
$ 1,405,051
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
423,842
—
—
423,842
 
$ —
$ —
$ 597,002
$ 423,842
$ 808,049
$ —
$ 1,828,893
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2035 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 371,410
$ —
$ 1,229,877
$ —
$ 1,601,287
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
595,872
—
—
595,872
 
$ —
$ —
$ 371,410
$ 595,872
$ 1,229,877
$ —
$ 2,197,159
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 1,139,555
$ —
$ (265,951
)
$ —
$ 873,604
Forward foreign currency exchange contracts
—
—
—
133,283
—
—
133,283
Swaps
—
—
(158,052
)
—
—
—
(158,052
)
 
$ —
$ —
$ 981,503
$ 133,283
$ (265,951
)
$ —
$ 848,835
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,892,863
$ —
$ (107,811
)
$ —
$ 1,785,052
Forward foreign currency exchange contracts
—
—
—
427,694
—
—
427,694
Swaps
—
—
75,193
—
—
—
75,193
 
$ —
$ —
$ 1,968,056
$ 427,694
$ (107,811
)
$ —
$ 2,287,939
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$66,280,111
Average notional value of contracts — short
32,707,774
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
14,306,060
Average amounts sold — in USD
50,068,019
Total return swaps:
Average notional value
1,437,639
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 218,365
$ 223,192
Forward foreign currency exchange contracts
423,842
595,872
Total derivative assets and liabilities in the Statements of Assets and Liabilities
642,207
819,064
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(218,365
)
(223,192
)
Total derivative assets and liabilities subject to an MNA
$ 423,842
$ 595,872
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2035 Fund
 
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$ 10,754
$ —
$ —
$ —
$ 10,754
Barclays Bank PLC
218,622
(54,895
)
—
—
163,727
JPMorgan Chase Bank N.A.
77,667
(77,667
)
—
—
—
Morgan Stanley & Co. International PLC
116,799
—
—
—
116,799
 
$ 423,842
$ (132,562
)
$ —
$ —
$ 291,280
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 54,895
$ (54,895
)
$ —
$ —
$ —
Deutsche Bank AG
26,059
—
—
—
26,059
JPMorgan Chase Bank N.A.
514,918
(77,667
)
—
—
437,251
 
$ 595,872
$ (132,562
)
$ —
$ —
$ 463,310
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 67,744,768
$ —
$ —
$ 67,744,768
Fixed-Income Funds
98,947,042
—
—
98,947,042
Money Market Funds
78,435,374
—
—
78,435,374
 
$245,127,184
$—
$—
245,127,184
Investments Valued at NAV(a)
185,480,623
 
$ 430,607,807
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 439,674
$ 157,328
$ —
$ 597,002
Foreign Currency Exchange Contracts
—
423,842
—
423,842
Interest Rate Contracts
808,049
—
—
808,049
Liabilities 
Equity Contracts
(371,410
)
—
—
(371,410
)
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2035 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities (continued)
Foreign Currency Exchange Contracts
$ —
$ (595,872
)
$ —
$ (595,872
)
Interest Rate Contracts
(1,229,877
)
—
—
(1,229,877
)
 
$(353,564
)
$(14,702
)
$—
$(368,266
)
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2040 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 73.1%
BlackRock Real Estate Securities Fund
 
965,877
$ 14,517,131
BlackRock Tactical Opportunities Fund, Class K
 
1,576,461
24,356,328
Diversified Equity Master Portfolio
$
188,431,371
188,431,371
International Tilts Master Portfolio
$
73,808,386
73,808,386
iShares Core MSCI Emerging Markets ETF(b)
 
635,262
38,134,778
iShares Global Infrastructure ETF
 
150,921
8,934,523
iShares MSCI Canada ETF(b)
 
47,257
2,183,272
iShares MSCI EAFE Small-Cap ETF
 
158,773
11,539,622
 
361,905,411
Fixed-Income Funds — 20.1%
BlackRock Diversified Fixed Income Fund,
Class K
 
7,941,314
75,204,242
iShares 0-5 Year TIPS Bond ETF
 
12,450
1,281,230
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
444,306
22,855,101
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
153
16,770
 
99,357,343
  
Security
 
 
Shares
Value
Money Market Funds — 16.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
47,122,232
$ 47,141,081
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
35,440,602
35,440,602
 
82,581,683
Total Investments — 109.9%
(Cost: $464,223,737)
543,844,437
Liabilities in Excess of Other Assets — (9.9)%
(48,817,458
)
Net Assets — 100.0%
$ 495,026,979
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 12,468,325
$ 13,363,827
$ (25,837,435
)
$ 1,209,997
$ (1,204,714
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
25,019,550
22,123,258
(b)
—
(1,245
)
(482
)
47,141,081
47,122,232
36,478
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
96,316,721
—
(60,876,119
)(b)
—
—
35,440,602
35,440,602
1,046,687
—
BlackRock Diversified Fixed Income
Fund, Class K
23,654,521
51,648,130
(1,315,655
)
(77,208
)
1,294,454
75,204,242
7,941,314
1,575,083
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(4,887
)
—
BlackRock Real Estate Securities
Fund
12,251,327
3,819,161
(2,042,340
)
299,544
189,439
14,517,131
965,877
(222,179
)
—
BlackRock Tactical Opportunities
Fund, Class K
14,506,415
9,102,000
—
—
747,913
24,356,328
1,576,461
—
—
Diversified Equity Master Portfolio
168,798,035
11,293,539
(b)(d)
—
783,939
7,555,858
188,431,371
$188,431,371
1,732,968
—
International Tilts Master Portfolio
39,157,999
25,978,726
(b)(d)
—
1,346,311
7,325,350
73,808,386
$73,808,386
824,184
—
iShares 0-5 Year TIPS Bond ETF
2,056,465
—
(827,085
)
19,190
32,660
1,281,230
12,450
28,524
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
22,472,296
—
—
382,805
22,855,101
444,306
81,104
—
iShares Core MSCI Emerging Markets
ETF
—
35,308,751
—
—
2,826,027
38,134,778
635,262
450,824
—
iShares Global Infrastructure ETF
7,888,641
—
—
—
1,045,882
8,934,523
150,921
148,419
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
12,631,159
—
(12,654,841
)
(928,094
)
968,546
16,770
153
195,420
—
iShares MSCI Canada ETF
1,007,903
945,341
—
—
230,028
2,183,272
47,257
14,457
—
iShares MSCI EAFE Small-Cap ETF
11,357,516
13,620,787
(15,993,184
)
1,306,612
1,247,891
11,539,622
158,773
168,218
—
 
$ 3,959,046
$ 22,641,657
$ 543,844,437
$ 6,075,300
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2040 Fund
 
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
50
09/11/25
$ 9,886
$ 212,604
S&P/TSE 60 Index
34
09/18/25
7,990
66,993
10-Year U.S. Treasury Note
112
09/19/25
12,558
251,423
E-mini Russell 2000 Index
84
09/19/25
9,205
140,936
Micro E-mini S&P 500 Index
621
09/19/25
19,418
470,453
MSCI EAFE Index
22
09/19/25
2,950
46,007
MSCI Emerging Markets Index
3
09/19/25
185
5,157
S&P 500 E-Mini Index
32
09/19/25
10,006
242,335
U.S. Long Bond
72
09/19/25
8,305
352,591
 
1,788,499
Short Contracts 
NASDAQ 100 E-Mini Index
32
09/19/25
14,652
(475,405
)
Ultra U.S. Treasury Bond
302
09/19/25
35,929
(1,640,331
)
 
(2,115,736
)
 
$ (327,237
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
13,705,302
USD
8,875,067
Morgan Stanley & Co. International PLC
09/17/25
$ 159,374
CAD
11,720,543
USD
8,589,530
JPMorgan Chase Bank N.A.
09/17/25
50,618
CAD
14,350,945
USD
10,517,250
JPMorgan Chase Bank N.A.
09/17/25
61,979
EUR
7,435,579
USD
8,520,281
Barclays Bank PLC
09/17/25
283,013
JPY
178,791,000
USD
1,250,093
Morgan Stanley & Co. International PLC
09/17/25
2,203
USD
145,762
JPY
20,729,000
Barclays Bank PLC
09/17/25
571
 
 
 
 
 
 
557,758
JPY
2,570,888,371
EUR
15,780,938
JPMorgan Chase Bank N.A.
09/17/25
(676,582
)
JPY
178,791,000
EUR
1,085,696
Morgan Stanley & Co. International PLC
09/17/25
(33,105
)
JPY
2,570,887,852
USD
18,077,982
Barclays Bank PLC
09/17/25
(70,852
)
USD
42,398
EUR
37,000
Barclays Bank PLC
09/17/25
(1,408
)
 
 
 
 
 
 
(781,947
)
 
$ (224,189
)
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2040 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 1,184,485
$ —
$ 604,014
$ —
$ 1,788,499
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
557,758
—
—
557,758
 
$ —
$ —
$ 1,184,485
$ 557,758
$ 604,014
$ —
$ 2,346,257
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 475,405
$ —
$ 1,640,331
$ —
$ 2,115,736
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
781,947
—
—
781,947
 
$ —
$ —
$ 475,405
$ 781,947
$ 1,640,331
$ —
$ 2,897,683
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 2,261,381
$ —
$ 59,460
$ —
$ 2,320,841
Forward foreign currency exchange contracts
—
—
—
172,567
—
—
172,567
Swaps
—
—
(224,665
)
—
—
—
(224,665
)
 
$ —
$ —
$ 2,036,716
$ 172,567
$ 59,460
$ —
$ 2,268,743
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 2,822,419
$ —
$ (850,508
)
$ —
$ 1,971,911
Forward foreign currency exchange contracts
—
—
—
671,949
—
—
671,949
Swaps
—
—
119,518
—
—
—
119,518
 
$ —
$ —
$ 2,941,937
$ 671,949
$ (850,508
)
$ —
$ 2,763,378
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$74,309,681
Average notional value of contracts — short
43,319,463
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
19,582,359
Average amounts sold — in USD
68,910,671
Total return swaps:
Average notional value
1,852,713
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2040 Fund
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 310,217
$ 293,921
Forward foreign currency exchange contracts
557,758
781,947
Total derivative assets and liabilities in the Statements of Assets and Liabilities
867,975
1,075,868
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(310,217
)
(293,921
)
Total derivative assets and liabilities subject to an MNA
$ 557,758
$ 781,947
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 283,584
$ (72,260
)
$ —
$ —
$ 211,324
JPMorgan Chase Bank N.A.
112,597
(112,597
)
—
—
—
Morgan Stanley & Co. International PLC
161,577
(33,105
)
—
—
128,472
 
$ 557,758
$ (217,962
)
$ —
$ —
$ 339,796
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 72,260
$ (72,260
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
676,582
(112,597
)
—
—
563,985
Morgan Stanley & Co. International PLC
33,105
(33,105
)
—
—
—
 
$ 781,947
$ (217,962
)
$ —
$ —
$ 563,985
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 99,665,654
$ —
$ —
$ 99,665,654
Fixed-Income Funds
99,357,343
—
—
99,357,343
Money Market Funds
82,581,683
—
—
82,581,683
 
$281,604,680
$—
$—
281,604,680
Investments Valued at NAV(a)
262,239,757
 
$ 543,844,437
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2040 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 971,881
$ 212,604
$ —
$ 1,184,485
Foreign Currency Exchange Contracts
—
557,758
—
557,758
Interest Rate Contracts
604,014
—
—
604,014
Liabilities 
Equity Contracts
(475,405
)
—
—
(475,405
)
Foreign Currency Exchange Contracts
—
(781,947
)
—
(781,947
)
Interest Rate Contracts
(1,640,331
)
—
—
(1,640,331
)
 
$(539,841
)
$(11,585
)
$—
$(551,426
)
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
23
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2045 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 79.7%
BlackRock Real Estate Securities Fund
 
755,689
$ 11,358,005
BlackRock Tactical Opportunities Fund, Class K
 
1,010,084
15,605,796
Diversified Equity Master Portfolio
$
130,224,524
130,224,524
International Tilts Master Portfolio
$
47,499,612
47,499,612
iShares Core MSCI Emerging Markets ETF(b)
 
466,293
27,991,569
iShares Core MSCI International Developed
Markets ETF
 
125,381
9,533,971
iShares Global Infrastructure ETF
 
14,404
852,717
iShares MSCI Canada ETF(b)
 
41,080
1,897,896
iShares MSCI EAFE Small-Cap ETF
 
107,856
7,838,974
 
252,803,064
Fixed-Income Funds — 13.2%
BlackRock Diversified Fixed Income Fund, Class K
 
2,858,147
27,066,655
iShares 0-5 Year TIPS Bond ETF
 
230
23,669
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
284,966
14,658,651
 
41,748,975
  
Security
 
 
Shares
Value
Money Market Funds — 22.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
41,899,946
$ 41,916,705
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
28,519,148
28,519,148
 
70,435,853
Total Investments — 115.1%
(Cost: $329,960,578)
364,987,892
Liabilities in Excess of Other Assets — (15.1)%
(47,853,447
)
Net Assets — 100.0%
$ 317,134,445
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 4,085,783
$ 14,756,914
$ (18,634,879
)
$ 13,619
$ (221,437
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
9,307,503
32,611,037
(b)
—
(1,685
)
(150
)
41,916,705
41,899,946
19,921
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
71,317,071
—
(42,797,923
)(b)
—
—
28,519,148
28,519,148
721,529
—
BlackRock Diversified Fixed Income
Fund, Class K
1,741,986
29,953,206
(5,140,961
)
4,571
507,853
27,066,655
2,858,147
588,069
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,447
)
—
BlackRock Real Estate Securities
Fund
8,684,176
3,610,776
(1,146,355
)
24,685
184,723
11,358,005
755,689
31,958
—
BlackRock Tactical Opportunities
Fund, Class K
6,305,429
8,885,132
—
—
415,235
15,605,796
1,010,084
—
—
Diversified Equity Master Portfolio
108,638,561
16,503,766
(b)(d)
—
492,780
4,589,417
130,224,524
$130,224,524
1,175,307
—
International Tilts Master Portfolio
20,641,748
21,927,541
(b)(d)
—
787,284
4,143,039
47,499,612
$47,499,612
472,793
—
iShares 0-5 Year TIPS Bond ETF
23,138
—
—
—
531
23,669
230
395
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
14,421,668
—
—
236,983
14,658,651
284,966
50,226
—
iShares Core MSCI Emerging Markets
ETF
—
25,917,218
—
—
2,074,351
27,991,569
466,293
330,912
—
iShares Core MSCI International
Developed Markets ETF
—
9,114,213
—
—
419,758
9,533,971
125,381
160,336
—
iShares Global Infrastructure ETF
752,897
—
—
—
99,820
852,717
14,404
14,165
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
4,922,012
—
(4,937,631
)
(342,706
)
358,325
—
—
76,126
—
iShares MSCI Canada ETF
519,951
2,654,591
(1,396,740
)
43,163
76,931
1,897,896
41,080
12,568
—
iShares MSCI EAFE Small-Cap ETF
4,621,617
18,412,362
(17,320,549
)
961,442
1,164,102
7,838,974
107,856
99,387
—
 
$ 1,983,153
$ 14,049,481
$ 364,987,892
$ 3,751,245
$ —
 
(a)
As of period end, the entity is no longer held.
24
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2045 Fund
 
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
29
09/11/25
$ 5,734
$ 123,315
S&P/TSE 60 Index
24
09/18/25
5,640
47,288
10-Year U.S. Treasury Note
57
09/19/25
6,391
127,037
E-mini Russell 2000 Index
77
09/19/25
8,438
129,191
Micro E-mini S&P 500 Index
653
09/19/25
20,418
494,860
MSCI EAFE Index
16
09/19/25
2,145
34,610
MSCI Emerging Markets Index
28
09/19/25
1,727
60,825
S&P 500 E-Mini Index
20
09/19/25
6,254
151,459
 
1,168,585
Short Contracts 
NASDAQ 100 E-Mini Index
20
09/19/25
9,157
(297,128
)
Ultra U.S. Treasury Bond
179
09/19/25
21,295
(971,067
)
 
(1,268,195
)
 
$ (99,610
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
1,240,000
USD
808,094
Bank of America N.A.
09/17/25
$ 9,305
AUD
8,314,063
USD
5,383,973
Morgan Stanley & Co. International PLC
09/17/25
96,601
CAD
6,548,995
USD
4,799,504
JPMorgan Chase Bank N.A.
09/17/25
28,283
CAD
7,699,158
USD
5,642,414
JPMorgan Chase Bank N.A.
09/17/25
33,251
EUR
4,502,689
USD
5,159,541
Barclays Bank PLC
09/17/25
171,381
EUR
782,000
USD
899,398
Morgan Stanley & Co. International PLC
09/17/25
26,445
USD
56,894
JPY
8,091,000
Barclays Bank PLC
09/17/25
223
 
 
 
 
 
 
365,489
CAD
743,000
USD
548,301
Morgan Stanley & Co. International PLC
09/17/25
(576
)
JPY
1,696,624,148
EUR
10,414,423
JPMorgan Chase Bank N.A.
09/17/25
(446,501
)
JPY
1,696,624,653
USD
11,930,333
Barclays Bank PLC
09/17/25
(46,758
)
USD
28,647
EUR
25,000
Barclays Bank PLC
09/17/25
(952
)
 
 
 
 
 
 
(494,787
)
 
$ (129,298
)
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2045 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 1,041,548
$ —
$ 127,037
$ —
$ 1,168,585
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
365,489
—
—
365,489
 
$ —
$ —
$ 1,041,548
$ 365,489
$ 127,037
$ —
$ 1,534,074
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 297,128
$ —
$ 971,067
$ —
$ 1,268,195
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
494,787
—
—
494,787
 
$ —
$ —
$ 297,128
$ 494,787
$ 971,067
$ —
$ 1,762,982
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 2,870,927
$ —
$ 138,137
$ —
$ 3,009,064
Forward foreign currency exchange contracts
—
—
—
125,756
—
—
125,756
Swaps
—
—
(154,100
)
—
—
—
(154,100
)
 
$ —
$ —
$ 2,716,827
$ 125,756
$ 138,137
$ —
$ 2,980,720
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 2,787,497
$ —
$ (874,396
)
$ —
$ 1,913,101
Forward foreign currency exchange contracts
—
—
—
383,297
—
—
383,297
Swaps
—
—
80,506
—
—
—
80,506
 
$ —
$ —
$ 2,868,003
$ 383,297
$ (874,396
)
$ —
$ 2,376,904
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$50,184,103
Average notional value of contracts — short
28,094,066
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
11,329,385
Average amounts sold — in USD
42,331,793
Total return swaps:
Average notional value
1,247,970
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2045 Fund
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 218,866
$ 179,097
Forward foreign currency exchange contracts
365,489
494,787
Total derivative assets and liabilities in the Statements of Assets and Liabilities
584,355
673,884
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(218,866
)
(179,097
)
Total derivative assets and liabilities subject to an MNA
$ 365,489
$ 494,787
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$ 9,305
$ —
$ —
$ —
$ 9,305
Barclays Bank PLC
171,604
(47,710
)
—
—
123,894
JPMorgan Chase Bank N.A.
61,534
(61,534
)
—
—
—
Morgan Stanley & Co. International PLC
123,046
(576
)
—
—
122,470
 
$ 365,489
$ (109,820
)
$ —
$ —
$ 255,669
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 47,710
$ (47,710
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
446,501
(61,534
)
—
—
384,967
Morgan Stanley & Co. International PLC
576
(576
)
—
—
—
 
$ 494,787
$ (109,820
)
$ —
$ —
$ 384,967
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 75,078,928
$ —
$ —
$ 75,078,928
Fixed-Income Funds
41,748,975
—
—
41,748,975
Money Market Funds
70,435,853
—
—
70,435,853
 
$187,263,756
$—
$—
187,263,756
Investments Valued at NAV(a)
177,724,136
 
$ 364,987,892
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2045 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 918,233
$ 123,315
$ —
$ 1,041,548
Foreign Currency Exchange Contracts
—
365,489
—
365,489
Interest Rate Contracts
127,037
—
—
127,037
Liabilities 
Equity Contracts
(297,128
)
—
—
(297,128
)
Foreign Currency Exchange Contracts
—
(494,787
)
—
(494,787
)
Interest Rate Contracts
(971,067
)
—
—
(971,067
)
 
$(222,925
)
$(5,983
)
$—
$(228,908
)
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
28
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2050 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 86.1%
BlackRock Real Estate Securities Fund
 
441,205
$ 6,631,307
BlackRock Tactical Opportunities Fund, Class K
 
1,149,366
17,757,708
Diversified Equity Master Portfolio
$
163,965,704
163,965,704
International Tilts Master Portfolio
$
53,711,494
53,711,494
iShares Core MSCI Emerging Markets ETF(b)
 
603,926
36,253,678
iShares Core MSCI International Developed
Markets ETF
 
285,478
21,707,747
iShares MSCI Canada ETF(b)
 
39,420
1,821,204
iShares MSCI EAFE Small-Cap ETF
 
106,367
7,730,754
 
309,579,596
Fixed-Income Funds — 7.4%
BlackRock Diversified Fixed Income Fund,
Class K
 
1,316,223
12,464,635
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
273,005
14,043,377
 
26,508,012
  
Security
 
 
Shares
Value
Money Market Funds — 20.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
44,529,123
$ 44,546,935
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
28,758,646
28,758,646
 
73,305,581
Total Investments — 113.9%
(Cost: $350,464,959)
409,393,189
Liabilities in Excess of Other Assets — (13.9)%
(49,804,372
)
Net Assets — 100.0%
$ 359,588,817
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 8,238,298
$ 18,037,178
$ (26,135,074
)
$ 149,625
$ (290,027
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
8,355,438
36,194,980
(b)
—
(3,915
)
432
44,546,935
44,529,123
22,352
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
67,080,148
—
(38,321,502
)(b)
—
—
28,758,646
28,758,646
892,716
—
BlackRock Diversified Fixed Income
Fund, Class K
104,181
12,311,945
—
—
48,509
12,464,635
1,316,223
91,955
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,940
)
—
BlackRock Real Estate Securities
Fund
4,747,954
3,210,230
(1,396,729
)
3,011
66,841
6,631,307
441,205
31,501
—
BlackRock Tactical Opportunities
Fund, Class K
8,565,747
8,692,007
—
—
499,954
17,757,708
1,149,366
—
—
Diversified Equity Master Portfolio
143,107,048
14,256,429
(b)(d)
—
638,010
5,964,217
163,965,704
$163,965,704
1,505,541
—
International Tilts Master Portfolio
26,864,425
20,809,745
(b)(d)
—
941,869
5,095,455
53,711,494
$53,711,494
575,203
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
13,813,560
—
—
229,817
14,043,377
273,005
48,702
—
iShares Core MSCI Emerging Markets
ETF
—
33,567,053
—
—
2,686,625
36,253,678
603,926
428,586
—
iShares Core MSCI International
Developed Markets ETF
—
20,816,976
—
—
890,771
21,707,747
285,478
340,936
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
4,099,130
—
(4,112,137
)
(174,564
)
187,571
—
—
63,399
—
iShares MSCI Canada ETF
2,150,730
1,668,021
(2,240,290
)
62,497
180,246
1,821,204
39,420
12,060
—
iShares MSCI EAFE Small-Cap ETF
7,077,496
21,643,090
(23,684,801
)
1,346,406
1,348,563
7,730,754
106,367
112,694
—
 
$ 2,962,939
$ 16,908,974
$ 409,393,189
$ 4,122,705
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2050 Fund
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
35
09/11/25
$ 6,920
$ 148,824
S&P/TSE 60 Index
25
09/18/25
5,875
49,259
10-Year U.S. Treasury Note
81
09/19/25
9,082
181,386
E-mini Russell 2000 Index
115
09/19/25
12,602
192,948
Micro E-mini S&P 500 Index
832
09/19/25
26,016
635,849
MSCI EAFE Index
22
09/19/25
2,950
47,234
MSCI Emerging Markets Index
38
09/19/25
2,344
63,358
S&P 500 E-Mini Index
22
09/19/25
6,879
166,605
 
1,485,463
Short Contracts 
NASDAQ 100 E-Mini Index
23
09/19/25
10,531
(341,697
)
Ultra U.S. Treasury Bond
98
09/19/25
11,659
(520,700
)
 
(862,397
)
 
$ 623,066
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
9,799,011
USD
6,345,587
Morgan Stanley & Co. International PLC
09/17/25
$ 113,854
CAD
7,595,445
USD
5,566,406
JPMorgan Chase Bank N.A.
09/17/25
32,803
CAD
8,223,770
USD
6,026,881
JPMorgan Chase Bank N.A.
09/17/25
35,516
CAD
1,178,000
USD
865,942
Morgan Stanley & Co. International PLC
09/17/25
2,456
EUR
5,213,132
USD
5,973,624
Barclays Bank PLC
09/17/25
198,422
EUR
819,000
USD
943,015
Morgan Stanley & Co. International PLC
09/17/25
26,634
 
 
 
 
 
 
409,685
JPY
1,930,186,764
EUR
11,848,106
JPMorgan Chase Bank N.A.
09/17/25
(507,968
)
JPY
1,930,186,987
USD
13,572,698
Barclays Bank PLC
09/17/25
(53,194
)
USD
236,051
EUR
206,000
Barclays Bank PLC
09/17/25
(7,841
)
 
 
 
 
 
 
(569,003
)
 
$ (159,318
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 1,304,077
$ —
$ 181,386
$ —
$ 1,485,463
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
409,685
—
—
409,685
 
$ —
$ —
$ 1,304,077
$ 409,685
$ 181,386
$ —
$ 1,895,148
30
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2050 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 341,697
$ —
$ 520,700
$ —
$ 862,397
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
569,003
—
—
569,003
 
$ —
$ —
$ 341,697
$ 569,003
$ 520,700
$ —
$ 1,431,400
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 2,939,420
$ —
$ 72,118
$ —
$ 3,011,538
Forward foreign currency exchange contracts
—
—
—
167,092
—
—
167,092
Swaps
—
—
(157,969
)
—
—
—
(157,969
)
 
$ —
$ —
$ 2,781,451
$ 167,092
$ 72,118
$ —
$ 3,020,661
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 3,605,445
$ —
$ (200,678
)
$ —
$ 3,404,767
Forward foreign currency exchange contracts
—
—
—
424,374
—
—
424,374
Swaps
—
—
80,240
—
—
—
80,240
 
$ —
$ —
$ 3,685,685
$ 424,374
$ (200,678
)
$ —
$ 3,909,381
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$64,834,440
Average notional value of contracts — short
15,485,716
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
13,225,258
Average amounts sold — in USD
47,230,195
Total return swaps:
Average notional value
1,504,624
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 261,639
$ 72,786
Forward foreign currency exchange contracts
409,685
569,003
Total derivative assets and liabilities in the Statements of Assets and Liabilities
671,324
641,789
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(261,639
)
(72,786
)
Total derivative assets and liabilities subject to an MNA
$ 409,685
$ 569,003
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2050 Fund
 
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 198,422
$ (61,035
)
$ —
$ —
$ 137,387
JPMorgan Chase Bank N.A.
68,319
(68,319
)
—
—
—
Morgan Stanley & Co. International PLC
142,944
—
—
—
142,944
 
$ 409,685
$ (129,354
)
$ —
$ —
$ 280,331
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 61,035
$ (61,035
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
507,968
(68,319
)
—
—
439,649
 
$ 569,003
$ (129,354
)
$ —
$ —
$ 439,649
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 91,902,398
$ —
$ —
$ 91,902,398
Fixed-Income Funds
26,508,012
—
—
26,508,012
Money Market Funds
73,305,581
—
—
73,305,581
 
$191,715,991
$—
$—
191,715,991
Investments Valued at NAV(a)
217,677,198
 
$ 409,393,189
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 1,155,253
$ 148,824
$ —
$ 1,304,077
Foreign Currency Exchange Contracts
—
409,685
—
409,685
Interest Rate Contracts
181,386
—
—
181,386
Liabilities 
Equity Contracts
(341,697
)
—
—
(341,697
)
32
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2050 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities (continued)
Foreign Currency Exchange Contracts
$ —
$ (569,003
)
$ —
$ (569,003
)
Interest Rate Contracts
(520,700
)
—
—
(520,700
)
 
$474,242
$(10,494
)
$—
$463,748
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
33
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2055 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 92.4%
BlackRock Real Estate Securities Fund
 
128,519
$ 1,931,648
BlackRock Tactical Opportunities Fund, Class K
 
841,763
13,005,239
Diversified Equity Master Portfolio
$
132,256,030
132,256,030
International Tilts Master Portfolio
$
39,398,302
39,398,302
iShares Core MSCI Emerging Markets ETF(b)
 
472,903
28,388,367
iShares Core MSCI International Developed
Markets ETF(b)
 
257,871
19,608,511
iShares MSCI Canada ETF
 
33,669
1,555,508
iShares MSCI EAFE Small-Cap ETF
 
80,656
5,862,078
iShares Russell 2000 ETF(b)
 
9,495
2,048,926
 
244,054,609
Fixed-Income Funds — 2.7%
BlackRock Diversified Fixed Income Fund,
Class K
 
383,280
3,629,663
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
68,862
3,542,261
 
7,171,924
  
Security
 
 
Shares
Value
Money Market Funds — 11.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
12,851,782
$ 12,856,922
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
16,592,320
16,592,320
 
29,449,242
Total Investments — 106.3%
(Cost: $250,123,137)
280,675,775
Liabilities in Excess of Other Assets — (6.3)%
(16,564,184
)
Net Assets — 100.0%
$ 264,111,591
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 4,143,199
$ 15,738,957
$ (19,655,775
)
$ (20,526
)
$ (205,855
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
2,916,275
9,940,419
(b)
—
(257
)
485
12,856,922
12,851,782
11,992
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
51,026,442
—
(34,434,122
)(b)
—
—
16,592,320
16,592,320
595,379
—
BlackRock Diversified Fixed Income
Fund, Class K
68,114
3,545,403
—
—
16,146
3,629,663
383,280
30,971
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(1,913
)
—
BlackRock Real Estate Securities
Fund
1,389,725
1,407,391
(892,873
)
(31
)
27,436
1,931,648
128,519
8,504
—
BlackRock Tactical Opportunities
Fund, Class K
4,741,036
7,926,713
—
—
337,490
13,005,239
841,763
—
—
Diversified Equity Master Portfolio
103,027,587
23,584,390
(b)(d)
—
503,476
5,140,577
132,256,030
$132,256,030
1,162,770
—
International Tilts Master Portfolio
18,683,163
16,417,874
(b)(d)
—
678,655
3,618,610
39,398,302
$39,398,302
409,452
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
3,478,082
—
—
64,179
3,542,261
68,862
13,588
—
iShares Core MSCI Emerging Markets
ETF
—
26,342,675
—
—
2,045,692
28,388,367
472,903
326,346
—
iShares Core MSCI International
Developed Markets ETF
—
18,831,654
—
—
776,857
19,608,511
257,871
312,065
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
456,100
—
(457,547
)
(31,757
)
33,204
—
—
7,054
—
iShares MSCI Canada ETF
1,770,903
1,879,554
(2,324,511
)
72,217
157,345
1,555,508
33,669
10,300
—
iShares MSCI EAFE Small-Cap ETF
3,555,333
19,572,827
(19,443,002
)
1,075,931
1,100,989
5,862,078
80,656
85,454
—
iShares Russell 2000 ETF
1,320,015
736,378
—
—
(7,467
)
2,048,926
9,495
8,213
—
 
$ 2,277,708
$ 13,105,688
$ 280,675,775
$ 2,980,175
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
34
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2055 Fund
 
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
24
09/11/25
$ 4,745
$ 102,051
S&P/TSE 60 Index
17
09/18/25
3,995
33,497
10-Year U.S. Treasury Note
60
09/19/25
6,728
134,112
E-mini Russell 2000 Index
76
09/19/25
8,328
127,513
Micro E-mini S&P 500 Index
481
09/19/25
15,040
366,026
MSCI EAFE Index
8
09/19/25
1,073
20,973
MSCI Emerging Markets Index
44
09/19/25
2,714
77,927
S&P 500 E-Mini Index
16
09/19/25
5,003
121,168
 
983,267
Short Contracts 
NASDAQ 100 E-Mini Index
17
09/19/25
7,784
(252,559
)
Ultra U.S. Treasury Bond
13
09/19/25
1,547
(71,885
)
 
(324,444
)
 
$ 658,823
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
993,000
USD
645,352
Morgan Stanley & Co. International PLC
09/17/25
$ 9,227
AUD
6,939,996
USD
4,494,162
Morgan Stanley & Co. International PLC
09/17/25
80,635
CAD
5,094,734
USD
3,733,733
JPMorgan Chase Bank N.A.
09/17/25
22,003
CAD
6,235,166
USD
4,569,511
JPMorgan Chase Bank N.A.
09/17/25
26,928
EUR
3,768,152
USD
4,317,850
Barclays Bank PLC
09/17/25
143,423
EUR
665,000
USD
775,900
Morgan Stanley & Co. International PLC
09/17/25
11,422
JPY
96,995,000
USD
677,965
Morgan Stanley & Co. International PLC
09/17/25
1,411
 
 
 
 
 
 
295,049
JPY
1,396,898,642
EUR
8,574,612
JPMorgan Chase Bank N.A.
09/17/25
(367,622
)
JPY
96,995,000
EUR
575,882
Morgan Stanley & Co. International PLC
09/17/25
(2,434
)
JPY
1,396,898,283
USD
9,822,716
Barclays Bank PLC
09/17/25
(38,497
)
USD
112,296
EUR
98,000
Barclays Bank PLC
09/17/25
(3,730
)
 
 
 
 
 
 
(412,283
)
 
$ (117,234
)
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2055 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 849,155
$ —
$ 134,112
$ —
$ 983,267
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
295,049
—
—
295,049
 
$ —
$ —
$ 849,155
$ 295,049
$ 134,112
$ —
$ 1,278,316
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 252,559
$ —
$ 71,885
$ —
$ 324,444
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
412,283
—
—
412,283
 
$ —
$ —
$ 252,559
$ 412,283
$ 71,885
$ —
$ 736,727
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 2,065,897
$ —
$ (224,526
)
$ —
$ 1,841,371
Forward foreign currency exchange contracts
—
—
—
142,643
—
—
142,643
Swaps
—
—
(116,690
)
—
—
—
(116,690
)
 
$ —
$ —
$ 1,949,207
$ 142,643
$ (224,526
)
$ —
$ 1,867,324
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 2,522,967
$ —
$ 143,236
$ —
$ 2,666,203
Forward foreign currency exchange contracts
—
—
—
282,983
—
—
282,983
Swaps
—
—
60,462
—
—
—
60,462
 
$ —
$ —
$ 2,583,429
$ 282,983
$ 143,236
$ —
$ 3,009,648
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$45,556,420
Average notional value of contracts — short
6,803,495
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
9,970,290
Average amounts sold — in USD
35,089,377
Total return swaps:
Average notional value
951,096
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
36
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2055 Fund
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 242,399
$ 63,632
Forward foreign currency exchange contracts
295,049
412,283
Total derivative assets and liabilities in the Statements of Assets and Liabilities
537,448
475,915
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(242,399
)
(63,632
)
Total derivative assets and liabilities subject to an MNA
$ 295,049
$ 412,283
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 143,423
$ (42,227
)
$ —
$ —
$ 101,196
JPMorgan Chase Bank N.A.
48,931
(48,931
)
—
—
—
Morgan Stanley & Co. International PLC
102,695
(2,434
)
—
—
100,261
 
$ 295,049
$ (93,592
)
$ —
$ —
$ 201,457
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 42,227
$ (42,227
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
367,622
(48,931
)
—
—
318,691
Morgan Stanley & Co. International PLC
2,434
(2,434
)
—
—
—
 
$ 412,283
$ (93,592
)
$ —
$ —
$ 318,691
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 72,400,277
$ —
$ —
$ 72,400,277
Fixed-Income Funds
7,171,924
—
—
7,171,924
Money Market Funds
29,449,242
—
—
29,449,242
 
$109,021,443
$—
$—
109,021,443
Investments Valued at NAV(a)
171,654,332
 
$ 280,675,775
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2055 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 747,104
$ 102,051
$ —
$ 849,155
Foreign Currency Exchange Contracts
—
295,049
—
295,049
Interest Rate Contracts
134,112
—
—
134,112
Liabilities 
Equity Contracts
(252,559
)
—
—
(252,559
)
Foreign Currency Exchange Contracts
—
(412,283
)
—
(412,283
)
Interest Rate Contracts
(71,885
)
—
—
(71,885
)
 
$556,772
$(15,183
)
$—
$541,589
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
38
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2060 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 93.5%
BlackRock Real Estate Securities Fund
 
35,659
$ 535,962
BlackRock Tactical Opportunities Fund, Class K
 
404,168
6,244,394
Diversified Equity Master Portfolio
$
63,857,534
63,857,534
International Tilts Master Portfolio
$
18,881,042
18,881,042
iShares Core MSCI Emerging Markets ETF(b)
 
227,832
13,676,755
iShares Core MSCI International Developed
Markets ETF
 
114,235
8,686,429
iShares MSCI Canada ETF(b)
 
60,010
2,772,462
iShares MSCI EAFE Small-Cap ETF
 
38,116
2,770,271
iShares Russell 2000 ETF(b)
 
4,925
1,062,766
 
118,487,615
Fixed-Income Funds — 2.4%
BlackRock Diversified Fixed Income Fund,
Class K
 
214,548
2,031,771
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
20,468
1,052,874
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
41
4,494
 
3,089,139
  
Security
 
 
Shares
Value
Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)
 
5,041,481
$ 5,043,498
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
8,316,259
8,316,259
 
13,359,757
Total Investments — 106.5%
(Cost: $122,625,086)
134,936,511
Liabilities in Excess of Other Assets — (6.5)%
(8,252,005
)
Net Assets — 100.0%
$ 126,684,506
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets
Fund, Class K(a)
$ 1,106,666
$ 7,376,494
$ (8,358,631
)
$ (54,701
)
$ (69,828
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL
Agency Shares
3,006,184
2,037,313
(b)
—
180
(179
)
5,043,498
5,041,481
8,594
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
20,698,367
—
(12,382,108
)(b)
—
—
8,316,259
8,316,259
276,329
—
BlackRock Diversified Fixed Income
Fund, Class K
22,988
2,003,963
—
—
4,820
2,031,771
214,548
9,237
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(900
)
—
BlackRock Real Estate Securities Fund
419,225
630,525
(523,652
)
(4,430
)
14,294
535,962
35,659
2,877
—
BlackRock Tactical Opportunities Fund,
Class K
1,302,546
4,798,890
—
—
142,958
6,244,394
404,168
—
—
Diversified Equity Master Portfolio
42,609,411
18,449,932
(b)(d)
—
227,674
2,570,517
63,857,534
$63,857,534
535,922
—
International Tilts Master Portfolio
7,184,412
9,877,506
(b)(d)
—
296,326
1,522,798
18,881,042
$18,881,042
175,543
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
1,033,798
—
—
19,076
1,052,874
20,468
4,039
—
iShares Core MSCI Emerging Markets
ETF
—
12,709,598
—
—
967,157
13,676,755
227,832
154,291
—
iShares Core MSCI International
Developed Markets ETF
—
8,305,374
—
—
381,055
8,686,429
114,235
146,082
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
158,016
—
(154,123
)
(6,892
)
7,493
4,494
41
2,460
—
iShares MSCI Canada ETF
2,203,564
1,310,858
(1,096,774
)
37,767
317,047
2,772,462
60,010
17,038
—
iShares MSCI EAFE ETF(a)
376,914
—
(408,847
)
79,528
(47,595
)
—
—
—
—
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2060 Fund
 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
iShares MSCI EAFE Small-Cap ETF
$ 1,661,148
$ 10,637,202
$ (10,715,569
)
$ 617,737
$ 569,753
$ 2,770,271
38,116
$ 40,383
$ —
iShares Russell 2000 ETF
576,264
488,412
—
—
(1,910
)
1,062,766
4,925
3,502
—
 
$ 1,193,189
$ 6,397,456
$ 134,936,511
$ 1,375,397
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
13
09/11/25
$ 2,570
$ 55,127
10-Year U.S. Treasury Note
29
09/19/25
3,252
64,733
E-mini Russell 2000 Index
38
09/19/25
4,164
63,757
Micro E-mini S&P 500 Index
233
09/19/25
7,286
178,416
MSCI EAFE Index
14
09/19/25
1,877
26,088
MSCI Emerging Markets Index
9
09/19/25
555
16,615
S&P 500 E-Mini Index
8
09/19/25
2,502
60,584
 
465,320
Short Contracts 
NASDAQ 100 E-Mini Index
8
09/19/25
3,663
(118,851
)
Ultra U.S. Treasury Bond
6
09/19/25
714
(33,263
)
 
(152,114
)
 
$ 313,206
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
3,515,641
USD
2,276,638
Morgan Stanley & Co. International PLC
09/17/25
$ 40,848
CAD
43,600
USD
31,953
JPMorgan Chase Bank N.A.
09/17/25
188
CAD
3,240,217
USD
2,374,629
JPMorgan Chase Bank N.A.
09/17/25
13,994
EUR
315,000
USD
362,036
Barclays Bank PLC
09/17/25
10,905
EUR
1,709,137
USD
1,958,466
Barclays Bank PLC
09/17/25
65,053
JPY
52,057,000
USD
363,168
Barclays Bank PLC
09/17/25
1,452
 
 
 
 
 
 
132,440
CAD
253,000
USD
187,066
Morgan Stanley & Co. International PLC
09/17/25
(559
)
JPY
52,057,000
EUR
315,980
Deutsche Bank AG
09/17/25
(9,483
)
JPY
636,189,384
EUR
3,905,135
JPMorgan Chase Bank N.A.
09/17/25
(167,426
)
JPY
636,189,749
USD
4,473,562
Barclays Bank PLC
09/17/25
(17,533
)
USD
26,355
EUR
23,000
Barclays Bank PLC
09/17/25
(875
)
 
 
 
 
 
 
(195,876
)
 
$ (63,436
)
40
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2060 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 400,587
$ —
$ 64,733
$ —
$ 465,320
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
132,440
—
—
132,440
 
$ —
$ —
$ 400,587
$ 132,440
$ 64,733
$ —
$ 597,760
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 118,851
$ —
$ 33,263
$ —
$ 152,114
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
195,876
—
—
195,876
 
$ —
$ —
$ 118,851
$ 195,876
$ 33,263
$ —
$ 347,990
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 1,133,262
$ —
$ (114,686
)
$ —
$ 1,018,576
Forward foreign currency exchange contracts
—
—
—
43,201
—
—
43,201
Swaps
—
—
(51,676
)
—
—
—
(51,676
)
 
$ —
$ —
$ 1,081,586
$ 43,201
$ (114,686
)
$ —
$ 1,010,101
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,037,330
$ —
$ 57,095
$ —
$ 1,094,425
Forward foreign currency exchange contracts
—
—
—
77,793
—
—
77,793
Swaps
—
—
26,266
—
—
—
26,266
 
$ —
$ —
$ 1,063,596
$ 77,793
$ 57,095
$ —
$ 1,198,484
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$21,106,878
Average notional value of contracts — short
3,160,341
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
4,489,105
Average amounts sold — in USD
14,574,353
Total return swaps:
Average notional value
493,299
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2060 Fund
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 83,529
$ —
Forward foreign currency exchange contracts
132,440
195,876
Total derivative assets and liabilities in the Statements of Assets and Liabilities
215,969
195,876
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(83,529
)
—
Total derivative assets and liabilities subject to an MNA
$ 132,440
$ 195,876
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 77,410
$ (18,408
)
$ —
$ —
$ 59,002
JPMorgan Chase Bank N.A.
14,182
(14,182
)
—
—
—
Morgan Stanley & Co. International PLC
40,848
(559
)
—
—
40,289
 
$ 132,440
$ (33,149
)
$ —
$ —
$ 99,291
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 18,408
$ (18,408
)
$ —
$ —
$ —
Deutsche Bank AG
9,483
—
—
—
9,483
JPMorgan Chase Bank N.A.
167,426
(14,182
)
—
—
153,244
Morgan Stanley & Co. International PLC
559
(559
)
—
—
—
 
$ 195,876
$ (33,149
)
$ —
$ —
$ 162,727
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 35,749,039
$ —
$ —
$ 35,749,039
Fixed-Income Funds
3,089,139
—
—
3,089,139
Money Market Funds
13,359,757
—
—
13,359,757
 
$52,197,935
$—
$—
52,197,935
Investments Valued at NAV(a)
82,738,576
 
$ 134,936,511
42
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2060 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 345,460
$ 55,127
$ —
$ 400,587
Foreign Currency Exchange Contracts
—
132,440
—
132,440
Interest Rate Contracts
64,733
—
—
64,733
Liabilities 
Equity Contracts
(118,851
)
—
—
(118,851
)
Foreign Currency Exchange Contracts
—
(195,876
)
—
(195,876
)
Interest Rate Contracts
(33,263
)
—
—
(33,263
)
 
$258,079
$(8,309
)
$—
$249,770
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
43
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2065 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 93.8%
BlackRock Real Estate Securities Fund
 
15,074
$ 226,562
BlackRock Tactical Opportunities Fund, Class K
 
182,329
2,816,985
Diversified Equity Master Portfolio
$
28,853,687
28,853,687
International Tilts Master Portfolio
$
8,529,394
8,529,394
iShares Core MSCI Emerging Markets ETF
 
102,865
6,174,986
iShares Core MSCI International Developed
Markets ETF
 
52,358
3,981,303
iShares MSCI Canada ETF(b)
 
26,625
1,230,075
iShares MSCI EAFE Small-Cap ETF
 
19,009
1,381,574
iShares Russell 2000 ETF(b)
 
3,273
706,281
 
53,900,847
Fixed-Income Funds — 2.3%
BlackRock Diversified Fixed Income Fund, Class K
 
89,483
847,405
iShares Broad USD Investment Grade Corporate
Bond ETF
 
9,042
465,121
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
5
548
 
1,313,074
  
Security
 
 
Shares
Value
Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.47%(c)(d)
 
1,955,896
$ 1,956,679
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
4,895,160
4,895,160
 
6,851,839
Total Investments — 108.0%
(Cost: $57,123,387)
62,065,760
Liabilities in Excess of Other Assets — (8.0)%
(4,623,093
)
Net Assets — 100.0%
$ 57,442,667
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets
Fund, Class K(a)
$ 383,705
$ 3,446,937
$ (3,775,416
)
$ (42,406
)
$ (12,820
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL
Agency Shares
1,085,514
871,219
(b)
—
(67
)
13
1,956,679
1,955,896
3,441
(c)
—
BlackRock Cash Funds: Treasury, SL Agency
Shares
9,312,754
—
(4,417,594
)(b)
—
—
4,895,160
4,895,160
127,175
—
BlackRock Diversified Fixed Income Fund,
Class K
91,920
752,495
—
—
2,990
847,405
89,483
5,439
—
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(334
)
—
BlackRock Real Estate Securities Fund
174,075
290,643
(242,675
)
(1,275
)
5,794
226,562
15,074
969
—
BlackRock Tactical Opportunities Fund,
Class K
494,628
2,259,323
—
—
63,034
2,816,985
182,329
—
—
Diversified Equity Master Portfolio
18,058,639
9,568,303
(b)(d)
—
88,098
1,138,647
28,853,687
$28,853,687
231,926
—
International Tilts Master Portfolio
2,002,375
5,876,360
(b)(d)
—
112,908
537,751
8,529,394
$8,529,394
64,557
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
456,694
—
—
8,427
465,121
9,042
1,784
—
iShares Core MSCI Emerging Markets ETF
—
5,751,761
—
—
423,225
6,174,986
102,865
67,518
—
iShares Core MSCI International Developed
Markets ETF
—
3,818,066
—
—
163,237
3,981,303
52,358
66,955
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF
91,776
—
(91,531
)
(4,503
)
4,806
548
5
1,421
—
iShares MSCI Canada ETF
880,474
644,576
(441,950
)
9,407
137,568
1,230,075
26,625
6,864
—
iShares MSCI EAFE ETF(a)
159,915
—
(173,463
)
30,998
(17,450
)
—
—
—
—
iShares MSCI EAFE Small-Cap ETF
650,268
6,109,765
(5,951,440
)
350,923
222,058
1,381,574
19,009
17,629
—
iShares Russell 2000 ETF
353,315
339,433
—
—
13,533
706,281
3,273
2,619
—
 
$ 544,083
$ 2,690,813
$ 62,065,760
$ 597,963
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
44
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2065 Fund
 
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
TOPIX Index
6
09/11/25
$ 1,186
$ 25,129
10-Year U.S. Treasury Note
13
09/19/25
1,458
28,999
E-mini Russell 2000 Index
15
09/19/25
1,644
25,167
Micro E-mini S&P 500 Index
106
09/19/25
3,314
83,382
MSCI EAFE Index
6
09/19/25
805
11,482
MSCI Emerging Markets Index
5
09/19/25
308
11,415
S&P 500 E-Mini Index
4
09/19/25
1,251
30,292
 
215,866
Short Contracts 
NASDAQ 100 E-Mini Index
4
09/19/25
1,831
(59,426
)
 
$ 156,440
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
133,000
USD
86,788
Barclays Bank PLC
09/17/25
$ 885
AUD
1,498,964
USD
970,675
Morgan Stanley & Co. International PLC
09/17/25
17,431
CAD
123,000
USD
90,311
JPMorgan Chase Bank N.A.
09/17/25
362
CAD
126,000
USD
92,341
JPMorgan Chase Bank N.A.
09/17/25
544
CAD
1,322,151
USD
968,953
JPMorgan Chase Bank N.A.
09/17/25
5,710
EUR
738,683
USD
846,442
Barclays Bank PLC
09/17/25
28,116
EUR
173,000
USD
199,760
JPMorgan Chase Bank N.A.
09/17/25
5,062
JPY
12,635,000
USD
88,325
JPMorgan Chase Bank N.A.
09/17/25
173
JPY
24,621,000
USD
172,067
Morgan Stanley & Co. International PLC
09/17/25
385
USD
168,580
CAD
228,000
Morgan Stanley & Co. International PLC
09/17/25
503
 
 
 
 
 
 
59,171
CAD
124,000
USD
91,507
Morgan Stanley & Co. International PLC
09/17/25
(96
)
JPY
12,635,000
EUR
76,951
JPMorgan Chase Bank N.A.
09/17/25
(2,607
)
JPY
291,497,386
EUR
1,789,305
JPMorgan Chase Bank N.A.
09/17/25
(76,714
)
JPY
24,621,000
EUR
145,735
UBS AG
09/17/25
(90
)
JPY
291,497,527
USD
2,049,754
Barclays Bank PLC
09/17/25
(8,034
)
USD
9,167
EUR
8,000
Barclays Bank PLC
09/17/25
(305
)
 
 
 
 
 
 
(87,846
)
 
$ (28,675
)
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2065 Fund
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 186,867
$ —
$ 28,999
$ —
$ 215,866
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
59,171
—
—
59,171
 
$ —
$ —
$ 186,867
$ 59,171
$ 28,999
$ —
$ 275,037
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 59,426
$ —
$ —
$ —
$ 59,426
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
87,846
—
—
87,846
 
$ —
$ —
$ 59,426
$ 87,846
$ —
$ —
$ 147,272
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 554,044
$ —
$ (70,428
)
$ —
$ 483,616
Forward foreign currency exchange contracts
—
—
—
24,047
—
—
24,047
Swaps
—
—
(22,516
)
—
—
—
(22,516
)
 
$ —
$ —
$ 531,528
$ 24,047
$ (70,428
)
$ —
$ 485,147
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 480,851
$ —
$ 44,053
$ —
$ 524,904
Forward foreign currency exchange contracts
—
—
—
30,960
—
—
30,960
Swaps
—
—
11,510
—
—
—
11,510
 
$ —
$ —
$ 492,361
$ 30,960
$ 44,053
$ —
$ 567,374
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$9,329,098
Average notional value of contracts — short
1,304,520
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
2,113,464
Average amounts sold — in USD
6,619,890
Total return swaps:
Average notional value
213,793
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
46
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2065 Fund
 
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 43,851
$ —
Forward foreign currency exchange contracts
59,171
87,846
Total derivative assets and liabilities in the Statements of Assets and Liabilities
103,022
87,846
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(43,851
)
—
Total derivative assets and liabilities subject to an MNA
$ 59,171
$ 87,846
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 29,001
$ (8,339
)
$ —
$ —
$ 20,662
JPMorgan Chase Bank N.A.
11,851
(11,851
)
—
—
—
Morgan Stanley & Co. International PLC
18,319
(96
)
—
—
18,223
 
$ 59,171
$ (20,286
)
$ —
$ —
$ 38,885
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 8,339
$ (8,339
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
79,321
(11,851
)
—
—
67,470
Morgan Stanley & Co. International PLC
96
(96
)
—
—
—
UBS AG
90
—
—
—
90
 
$ 87,846
$ (20,286
)
$ —
$ —
$ 67,560
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 16,517,766
$ —
$ —
$ 16,517,766
Fixed-Income Funds
1,313,074
—
—
1,313,074
Money Market Funds
6,851,839
—
—
6,851,839
 
$24,682,679
$—
$—
24,682,679
Investments Valued at NAV(a)
37,383,081
 
$ 62,065,760
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2065 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 161,738
$ 25,129
$ —
$ 186,867
Foreign Currency Exchange Contracts
—
59,171
—
59,171
Interest Rate Contracts
28,999
—
—
28,999
Liabilities 
Equity Contracts
(59,426
)
—
—
(59,426
)
Foreign Currency Exchange Contracts
—
(87,846
)
—
(87,846
)
 
$131,311
$(3,546
)
$—
$127,765
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
48
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
June 30, 2025
BlackRock LifePath® Dynamic 2070 Fund
(Percentages shown are based on Net Assets)

 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 96.8%
BlackRock Real Estate Securities Fund
 
1,387
$ 20,849
BlackRock Tactical Opportunities Fund, Class K
 
13,376
206,657
Diversified Equity Master Portfolio
$
2,199,986
2,199,986
International Tilts Master Portfolio
$
649,215
649,215
iShares Core MSCI EAFE ETF
 
790
65,949
iShares Core MSCI Emerging Markets ETF
 
7,902
474,357
iShares Core MSCI International Developed Markets
ETF
 
4,367
332,070
iShares MSCI Canada ETF
 
2,082
96,188
iShares MSCI EAFE Small-Cap ETF
 
625
45,425
iShares MSCI Japan ETF
 
453
33,961
iShares Russell 2000 ETF(b)
 
295
63,658
 
4,188,315
Fixed-Income Funds — 1.8%
BlackRock Diversified Fixed Income Fund, Class K
 
4,160
39,394
iShares Broad USD Investment Grade Corporate
Bond ETF
 
743
38,220
 
77,614
  
Security
 
 
Shares
Value
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.47%(c)(d)
 
6,826
$ 6,829
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
31,748
31,748
 
38,577
Total Investments — 99.5%
(Cost: $4,007,916)
4,304,506
Other Assets Less Liabilities — 0.5%
22,305
Net Assets — 100.0%
$ 4,326,811
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares/
Investment Value
Held at
06/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets Fund,
Class K(a)
$ 196,700
$ 163,579
$ (361,528
)
$ (12,641
)
$ 13,890
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL Agency
Shares
465,741
—
(458,927
)(b)
14
1
6,829
6,826
626
(c)
—
BlackRock Cash Funds: Treasury, SL Agency
Shares
392,450
—
(360,702
)(b)
—
—
31,748
31,748
5,256
—
BlackRock Diversified Fixed Income Fund,
Class K
3,303
35,888
—
—
203
39,394
4,160
380
—
BlackRock High Yield Bond Portfolio, Class K(a)
—
—
—
—
—
—
—
(56
)
—
BlackRock Real Estate Securities Fund
20,431
133
—
—
285
20,849
1,387
133
—
BlackRock Tactical Opportunities Fund, Class K
5,258
197,281
—
—
4,118
206,657
13,376
—
—
Diversified Equity Master Portfolio
2,284,662
—
(185,742
)(b)(d)
10,719
90,347
2,199,986
$2,199,986
21,142
—
International Tilts Master Portfolio
409,587
155,460
(b)(d)
—
12,646
71,522
649,215
$649,215
7,908
—
iShares Broad USD Investment Grade Corporate
Bond ETF
—
37,528
—
—
692
38,220
743
147
—
iShares Core MSCI EAFE ETF
—
230,501
(171,555
)
3,453
3,550
65,949
790
892
—
iShares Core MSCI Emerging Markets ETF
—
439,204
—
—
35,153
474,357
7,902
5,608
—
iShares Core MSCI International Developed
Markets ETF
—
319,903
—
—
12,167
332,070
4,367
5,177
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF(a)
42,095
—
(42,229
)
(1,912
)
2,046
—
—
650
—
iShares MSCI Canada ETF
109,414
22,783
(49,536
)
706
12,821
96,188
2,082
637
—
iShares MSCI EAFE ETF(a)
19,734
233
(21,632
)
(356
)
2,021
—
—
—
—
iShares MSCI EAFE Small-Cap ETF
306,909
40,433
(335,399
)
483
32,999
45,425
625
1,422
—
iShares MSCI Japan ETF
—
95,699
(65,625
)
2,491
1,396
33,961
453
268
—
iShares MSCI USA Value Factor ETF(a)
39,710
—
(38,303
)
(2,537
)
1,130
—
—
255
—
iShares Russell 2000 ETF
51,484
32,806
(19,446
)
(2,226
)
1,040
63,658
295
311
—
 
$ 10,840
$ 285,381
$ 4,304,506
$ 50,756
$ —
 
(a)
As of period end, the entity is no longer held.
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2070 Fund
 
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
10-Year U.S. Treasury Note
1
09/19/25
$ 112
$ 2,245
E-mini Russell 2000 Index
1
09/19/25
110
1,678
Micro E-mini S&P 500 Index
8
09/19/25
250
5,288
 
$ 9,211
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
115,536
USD
74,814
Barclays Bank PLC
09/17/25
$ 1,347
CAD
109,826
USD
80,476
Barclays Bank PLC
09/17/25
485
EUR
64,686
USD
74,122
Barclays Bank PLC
09/17/25
2,462
 
 
 
 
 
 
4,294
JPY
23,968,412
EUR
147,116
Goldman Sachs International
09/17/25
(6,296
)
JPY
11,084,228
USD
77,942
Barclays Bank PLC
09/17/25
(306
)
USD
3,239
AUD
5,000
UBS AG
09/17/25
(57
)
USD
1,465
CAD
2,000
Barclays Bank PLC
09/17/25
(9
)
 
 
 
 
 
 
(6,668
)
 
$ (2,374
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 6,966
$ —
$ 2,245
$ —
$ 9,211
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
4,294
—
—
4,294
 
$ —
$ —
$ 6,966
$ 4,294
$ 2,245
$ —
$ 13,505
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
$ —
$ —
$ —
$ 6,668
$ —
$ —
$ 6,668
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
50
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2070 Fund
 
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 20,304
$ —
$ (4,620
)
$ —
$ 15,684
Forward foreign currency exchange contracts
—
—
—
(2,479
)
—
—
(2,479
)
 
$ —
$ —
$ 20,304
$ (2,479
)
$ (4,620
)
$ —
$ 13,205
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 27,967
$ —
$ 2,245
$ —
$ 30,212
Forward foreign currency exchange contracts
—
—
—
4,576
—
—
4,576
 
$ —
$ —
$ 27,967
$ 4,576
$ 2,245
$ —
$ 34,788
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$487,029
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
202,567
Average amounts sold — in USD
492,581
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 1,478
$ —
Forward foreign currency exchange contracts
4,294
6,668
Total derivative assets and liabilities in the Statements of Assets and Liabilities
5,772
6,668
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(1,478
)
—
Total derivative assets and liabilities subject to an MNA
$ 4,294
$ 6,668
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Barclays Bank PLC
$ 4,294
$ (315
)
$ —
$ —
$ 3,979
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Barclays Bank PLC
$ 315
$ (315
)
$ —
$ —
$ —
Goldman Sachs International
6,296
—
—
—
6,296
UBS AG
57
—
—
—
57
 
$ 6,668
$ (315
)
$ —
$ —
$ 6,353
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock LifePath® Dynamic 2070 Fund
 
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Investment Companies 
Equity Funds
$ 1,339,114
$ —
$ —
$ 1,339,114
Fixed-Income Funds
77,614
—
—
77,614
Money Market Funds
38,577
—
—
38,577
 
$1,455,305
$—
$—
1,455,305
Investments Valued at NAV(a)
2,849,201
 
$ 4,304,506
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 6,966
$ —
$ —
$ 6,966
Foreign Currency Exchange Contracts
—
4,294
—
4,294
Interest Rate Contracts
2,245
—
—
2,245
Liabilities 
Foreign Currency Exchange Contracts
—
(6,668
)
—
(6,668
)
 
$9,211
$(2,374
)
$—
$6,837
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the
fair value hierarchy.
(b)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
52
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
Retirement Fund
BlackRock
LifePath® Dynamic
2030 Fund
BlackRock
LifePath® Dynamic
2035 Fund
BlackRock
LifePath® Dynamic
2040 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 462,724,223
$ 495,212,026
$ 430,607,807
$ 543,844,437
Cash
85,313
71,682
102,025
252,596
Cash pledged for futures contracts
2,221,000
2,169,000
2,191,000
4,388,000
Foreign currency, at value(c)
2,000,691
543,984
462,161
653,595
Receivables:
Investments sold
1,858,822
2,303,239
—
—
Securities lending income — affiliated
2,066
3,445
4,996
6,635
Capital shares sold
2,100,144
1,989,587
2,045,207
985,343
Dividends — affiliated
815,972
568,240
408,371
393,980
Variation margin on futures contracts
196,905
276,513
218,365
310,217
Unrealized appreciation on forward foreign currency exchange contracts
526,041
547,771
423,842
557,758
Total assets
472,531,177
503,685,487
436,463,774
551,392,561
LIABILITIES
Collateral on securities loaned
1,599,658
16,133,104
43,383,224
47,144,665
Payables:
Investments purchased
3,611,045
3,526,872
9,731,102
7,858,259
Administration fees
49,261
52,095
21,980
56,137
Capital shares redeemed
474,379
537,866
211,206
148,815
Investment advisory fees
46,358
43,205
28,857
32,111
Trustees’ and Officer’s fees
1,521
1,674
1,393
1,654
Professional fees
21,902
11,844
10,703
11,428
Service and distribution fees
33,911
33,278
13,636
36,645
Variation margin on futures contracts
238,944
268,429
223,192
293,921
Unrealized depreciation on forward foreign currency exchange contracts
753,388
780,134
595,872
781,947
Total liabilities
6,830,367
21,388,501
54,221,165
56,365,582
Commitments and contingent liabilities
NET ASSETS
$ 465,700,810
$ 482,296,986
$ 382,242,609
$ 495,026,979
NET ASSETS CONSIST OF
Paid-in capital
$ 389,712,075
$ 436,148,566
$ 341,112,168
$ 404,312,115
Accumulated earnings
75,988,735
46,148,420
41,130,441
90,714,864
NET ASSETS
$ 465,700,810
$ 482,296,986
$ 382,242,609
$ 495,026,979
(a) Investments, at cost—affiliated
$385,368,185
$437,681,584
$394,626,344
$464,223,737
(b) Securities loaned, at value
$1,579,900
$15,886,439
$42,624,905
$46,412,396
(c) Foreign currency, at cost
$2,051,315
$541,808
$460,380
$650,676
Statements of Assets and Liabilities
53
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
Retirement Fund
BlackRock
LifePath® Dynamic
2030 Fund
BlackRock
LifePath® Dynamic
2035 Fund
BlackRock
LifePath® Dynamic
2040 Fund
NET ASSET VALUE
Institutional
Net assets
$ 36,358,235
$ 51,502,184
$ 12,464,818
$ 53,250,044
Shares outstanding
3,702,188
3,596,122
744,443
2,882,190
Net asset value
$ 9.82
$ 14.32
$ 16.74
$ 18.48
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 125,265,570
$ 134,124,899
$ 40,469,837
$ 148,443,415
Shares outstanding
15,989,255
10,033,741
2,437,955
9,560,400
Net asset value
$ 7.83
$ 13.37
$ 16.60
$ 15.53
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor C
Net assets
$ 2,474,205
$ 2,122,654
$ 3,081,993
$ 2,785,070
Shares outstanding
260,850
154,651
190,751
157,330
Net asset value
$ 9.49
$ 13.73
$ 16.16
$ 17.70
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 287,791,482
$ 284,084,689
$ 317,799,508
$ 277,134,090
Shares outstanding
29,420,063
19,853,950
18,596,937
14,822,242
Net asset value
$ 9.78
$ 14.31
$ 17.09
$ 18.70
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class R
Net assets
$ 13,811,318
$ 10,462,560
$ 8,426,453
$ 13,414,360
Shares outstanding
1,438,158
749,382
509,925
745,405
Net asset value
$ 9.60
$ 13.96
$ 16.52
$ 18.00
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
54
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2045 Fund
BlackRock
LifePath® Dynamic
2050 Fund
BlackRock
LifePath® Dynamic
2055 Fund
BlackRock
LifePath® Dynamic
2060 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 364,987,892
$ 409,393,189
$ 280,675,775
$ 134,936,511
Cash
232,714
219,968
79,929
—
Cash pledged for futures contracts
4,014,000
4,316,000
2,478,000
1,200,000
Foreign currency, at value(c)
431,647
494,973
338,950
106,785
Receivables:
Securities lending income — affiliated
5,644
7,334
4,629
2,829
Capital shares sold
805,978
1,153,912
819,874
558,718
Dividends — affiliated
185,057
128,781
59,818
27,347
Variation margin on futures contracts
218,866
261,639
242,399
83,529
Unrealized appreciation on forward foreign currency exchange contracts
365,489
409,685
295,049
132,440
Total assets
371,247,287
416,385,481
284,994,423
137,048,159
LIABILITIES
Collateral on securities loaned
41,919,109
44,546,364
12,856,600
5,044,032
Payables:
Investments purchased
10,951,856
11,402,943
7,142,525
5,057,903
Administration fees
18,690
34,569
15,745
5,716
Capital shares redeemed
502,585
105,550
347,801
34,651
Investment advisory fees
21,785
28,691
21,769
10,043
Trustees’ and Officer’s fees
1,316
1,408
1,215
966
Professional fees
10,753
10,855
10,719
10,590
Service and distribution fees
12,864
24,495
10,543
3,876
Variation margin on futures contracts
179,097
72,786
63,632
—
Unrealized depreciation on forward foreign currency exchange contracts
494,787
569,003
412,283
195,876
Total liabilities
54,112,842
56,796,664
20,882,832
10,363,653
Commitments and contingent liabilities
NET ASSETS
$ 317,134,445
$ 359,588,817
$ 264,111,591
$ 126,684,506
NET ASSETS CONSIST OF
Paid-in capital
$ 273,781,226
$ 297,730,220
$ 225,581,468
$ 110,356,369
Accumulated earnings
43,353,219
61,858,597
38,530,123
16,328,137
NET ASSETS
$ 317,134,445
$ 359,588,817
$ 264,111,591
$ 126,684,506
(a) Investments, at cost—affiliated
$329,960,578
$350,464,959
$250,123,137
$122,625,086
(b) Securities loaned, at value
$41,199,797
$43,830,094
$12,628,727
$4,983,082
(c) Foreign currency, at cost
$429,695
$492,451
$337,325
$106,436
Statements of Assets and Liabilities
55
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2045 Fund
BlackRock
LifePath® Dynamic
2050 Fund
BlackRock
LifePath® Dynamic
2055 Fund
BlackRock
LifePath® Dynamic
2060 Fund
NET ASSET VALUE
Institutional
Net assets
$ 7,658,683
$ 21,187,872
$ 8,367,514
$ 7,203,425
Shares outstanding
399,206
860,875
398,944
452,532
Net asset value
$ 19.18
$ 24.61
$ 20.97
$ 15.92
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 38,583,238
$ 98,246,410
$ 34,657,613
$ 9,725,378
Shares outstanding
2,026,980
4,029,807
1,670,828
614,656
Net asset value
$ 19.03
$ 24.38
$ 20.74
$ 15.82
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor C
Net assets
$ 1,646,465
$ 1,896,548
$ 1,368,455
$ 92,550
Shares outstanding
89,195
80,325
67,995
5,889
Net asset value
$ 18.46
$ 23.61
$ 20.13
$ 15.72
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 258,479,301
$ 227,520,099
$ 212,050,305
$ 103,990,055
Shares outstanding
13,235,874
9,167,241
9,894,519
6,503,949
Net asset value
$ 19.53
$ 24.82
$ 21.43
$ 15.99
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class R
Net assets
$ 10,766,758
$ 10,737,888
$ 7,667,704
$ 5,673,098
Shares outstanding
570,065
445,075
372,134
359,035
Net asset value
$ 18.89
$ 24.13
$ 20.60
$ 15.80
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
56
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 62,065,760
$ 4,304,506
Cash
26,858
—
Cash pledged for futures contracts
645,000
29,000
Foreign currency, at value(c)
43,580
6,373
Receivables:
Investments sold
—
70,793
Securities lending income — affiliated
998
85
Capital shares sold
77,683
1,455
Dividends — affiliated
15,697
499
From the Administrator
—
2,300
Variation margin on futures contracts
43,851
1,478
Unrealized appreciation on forward foreign currency exchange contracts
59,171
4,294
Total assets
62,978,598
4,420,783
LIABILITIES
Collateral on securities loaned
1,956,861
6,814
Payables:
Investments purchased
3,405,437
69,045
Administration fees
2,377
—
Capital shares redeemed
63,993
—
Investment advisory fees
4,468
321
Trustees’ and Officer’s fees
1,102
228
Professional fees
10,669
10,750
Service and distribution fees
3,178
146
Unrealized depreciation on forward foreign currency exchange contracts
87,846
6,668
Total liabilities
5,535,931
93,972
Commitments and contingent liabilities
NET ASSETS
$ 57,442,667
$ 4,326,811
NET ASSETS CONSIST OF
Paid-in capital
$ 50,775,908
$ 4,012,245
Accumulated earnings
6,666,759
314,566
NET ASSETS
$ 57,442,667
$ 4,326,811
(a) Investments, at cost—affiliated
$57,123,387
$4,007,916
(b) Securities loaned, at value
$1,935,749
$6,689
(c) Foreign currency, at cost
$43,339
$6,482
Statements of Assets and Liabilities
57
Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
NET ASSET VALUE
Institutional
Net assets
$ 2,009,510
$ 107,753
Shares outstanding
140,880
10,000
Net asset value
$ 14.26
$ 10.78
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor A
Net assets
$ 12,119,694
$ 110,173
Shares outstanding
854,983
10,237
Net asset value
$ 14.18
$ 10.76
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor C
Net assets
$ 870,478
$ 107,220
Shares outstanding
61,930
10,000
Net asset value
$ 14.06
$ 10.72
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class K
Net assets
$ 41,806,282
$ 3,894,153
Shares outstanding
2,922,039
360,948
Net asset value
$ 14.31
$ 10.79
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class R
Net assets
$ 636,703
$ 107,512
Shares outstanding
44,927
10,000
Net asset value
$ 14.17
$ 10.75
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
See notes to financial statements.
58
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited)
Six Months Ended June 30, 2025
 
 
BlackRock
LifePath® Dynamic
Retirement Fund
BlackRock
LifePath® Dynamic
2030 Fund
BlackRock
LifePath® Dynamic
2035 Fund
BlackRock
LifePath® Dynamic
2040 Fund
INVESTMENT INCOME
Dividends — affiliated
$4,744,176
$4,358,532
$3,244,675
$3,481,671
Interest — unaffiliated
66,441
61,090
58,186
80,377
Securities lending income — affiliated — net
4,687
21,727
16,840
36,477
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
1,261,113
1,750,788
1,485,707
2,407,020
Interest — affiliated
207,872
275,655
241,496
375,924
Expenses
(397,037
)
(535,525
)
(462,985
)
(732,444
)
Fees waived
281,117
372,114
328,032
506,652
Total investment income
6,168,369
6,304,381
4,911,951
6,155,677
EXPENSES
Investment advisory
649,901
655,422
494,752
662,958
Administration — class specific
298,948
319,572
136,728
337,926
Service and distribution — class specific
196,059
194,940
80,448
214,771
Professional
6,453
11,472
11,596
11,407
Trustees and Officer
5,077
5,085
4,633
5,089
Miscellaneous
2,532
3,635
2,131
3,638
Total expenses
1,158,970
1,190,126
730,288
1,235,789
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(395,504
)
(444,911
)
(357,296
)
(530,573
)
Total expenses after fees waived and/or reimbursed
763,466
745,215
372,992
705,216
Net investment income
5,404,903
5,559,166
4,538,959
5,450,461
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
846,033
(1,547,239
)
232,707
1,828,796
Forward foreign currency exchange contracts
169,333
186,318
133,283
172,567
Foreign currency transactions
19,641
57,319
47,022
60,929
Futures contracts
(557,054
)
242,298
873,604
2,320,841
Swaps
(238,258
)
(231,939
)
(158,052
)
(224,665
)
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange
contracts and foreign currency transactions allocated from the applicable affiliated Underlying
Master Portfolio
1,095,034
1,570,759
1,298,686
2,130,250
 
1,334,729
277,516
2,427,250
6,288,718
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
9,895,702
11,400,952
6,998,034
7,760,449
Forward foreign currency exchange contracts
499,582
579,522
427,694
671,949
Foreign currency translations
143,217
8,488
5,441
11,994
Futures contracts
736,383
1,172,409
1,785,052
1,971,911
Swaps
127,144
118,543
75,193
119,518
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward
foreign currency exchange contracts and foreign currency translations allocated from the
applicable affiliated Underlying Master Portfolio
8,980,623
12,324,399
10,115,661
14,881,208
 
20,382,651
25,604,313
19,407,075
25,417,029
Net realized and unrealized gain
21,717,380
25,881,829
21,834,325
31,705,747
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$27,122,283
$31,440,995
$26,373,284
$37,156,208
See notes to financial statements.
Statements of Operations
59
Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2045 Fund
BlackRock
LifePath® Dynamic
2050 Fund
BlackRock
LifePath® Dynamic
2055 Fund
BlackRock
LifePath® Dynamic
2060 Fund
INVESTMENT INCOME
Dividends — affiliated
$2,083,224
$2,019,609
$1,395,961
$655,338
Interest — unaffiliated
66,703
74,304
51,401
22,298
Securities lending income — affiliated — net
19,921
22,352
11,992
8,594
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
1,539,540
1,938,837
1,460,590
659,200
Interest — affiliated
250,713
321,001
245,501
111,947
Expenses
(481,939
)
(613,967
)
(467,162
)
(212,172
)
Fees waived
339,786
434,873
333,293
152,490
Total investment income
3,817,948
4,197,009
3,031,576
1,397,695
EXPENSES
Investment advisory
406,803
466,696
338,133
155,989
Administration — class specific
117,578
210,735
99,598
42,583
Service and distribution — class specific
75,484
145,703
60,014
21,362
Professional
11,618
11,564
11,599
11,418
Trustees and Officer
4,446
4,613
4,261
3,789
Miscellaneous
1,722
2,135
2,135
727
Total expenses
617,651
841,446
515,740
235,868
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(327,847
)
(370,965
)
(266,363
)
(130,141
)
Total expenses after fees waived and/or reimbursed
289,804
470,481
249,377
105,727
Net investment income
3,528,144
3,726,528
2,782,199
1,291,968
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
703,089
1,383,060
1,095,577
669,189
Forward foreign currency exchange contracts
125,756
167,092
142,643
43,201
Foreign currency transactions
39,794
45,653
33,162
11,895
Futures contracts
3,009,064
3,011,538
1,841,371
1,018,576
Swaps
(154,100
)
(157,969
)
(116,690
)
(51,676
)
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange
contracts and foreign currency transactions allocated from the applicable affiliated Underlying
Master Portfolio
1,280,064
1,579,879
1,182,131
524,000
 
5,003,667
6,029,253
4,178,194
2,215,185
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
5,317,025
5,849,302
4,346,501
2,304,141
Forward foreign currency exchange contracts
383,297
424,374
282,983
77,793
Foreign currency translations
6,471
7,669
5,145
2,228
Futures contracts
1,913,101
3,404,767
2,666,203
1,094,425
Swaps
80,506
80,240
60,462
26,266
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward
foreign currency exchange contracts and foreign currency translations allocated from the
applicable affiliated Underlying Master Portfolio
8,732,456
11,059,672
8,759,187
4,093,315
 
16,432,856
20,826,024
16,120,481
7,598,168
Net realized and unrealized gain
21,436,523
26,855,277
20,298,675
9,813,353
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$24,964,667
$30,581,805
$23,080,874
$11,105,321
See notes to financial statements.
60
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
INVESTMENT INCOME
Dividends — affiliated
$298,039
$21,080
Interest — unaffiliated
9,923
508
Securities lending income — affiliated — net
3,441
626
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
272,961
27,025
Interest — affiliated
47,719
4,549
Expenses
(89,497
)
(8,663
)
Fees waived
65,300
6,139
Total investment income
607,886
51,264
EXPENSES
Investment advisory
67,751
5,944
Administration — class specific
25,031
1,262
Service and distribution — class specific
18,053
865
Professional
11,407
11,631
Trustees and Officer
3,629
4,238
Miscellaneous
172
58
Total expenses
126,043
23,998
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(64,512
)
(20,521
)
Total expenses after fees waived and/or reimbursed
61,531
3,477
Net investment income
546,355
47,787
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
343,077
(12,525
)
Forward foreign currency exchange contracts
24,047
(2,479
)
Foreign currency transactions
5,059
41
Futures contracts
483,616
15,684
Swaps
(22,516
)
—
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions
allocated from the applicable affiliated Underlying Master Portfolio
201,006
23,365
 
1,034,289
24,086
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
1,014,415
123,512
Forward foreign currency exchange contracts
30,960
4,576
Foreign currency translations
1,051
380
Futures contracts
524,904
30,212
Swaps
11,510
—
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and
foreign currency translations allocated from the applicable affiliated Underlying Master Portfolio
1,676,398
161,869
 
3,259,238
320,549
Net realized and unrealized gain
4,293,527
344,635
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$4,839,882
$392,422
See notes to financial statements.
Statements of Operations
61
Statements of Changes in Net Assets
 
 
BlackRock
LifePath® Dynamic
Retirement Fund
BlackRock
LifePath® Dynamic
2030 Fund
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$5,404,903
$11,182,045
$5,559,166
$11,310,738
Net realized gain
1,334,729
14,814,630
277,516
23,389,789
Net change in unrealized appreciation (depreciation)
20,382,651
(8,563,836
)
25,604,313
(1,568,745
)
Net increase in net assets resulting from operations
27,122,283
17,432,839
31,440,995
33,131,782
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
—
(3,607,461
)
—
(3,150,094
)
Investor A
—
(14,320,640
)
—
(9,127,591
)
Investor C
—
(170,625
)
—
(122,832
)
Class K
—
(15,943,071
)
—
(14,022,851
)
Class R
—
(786,223
)
—
(575,186
)
Decrease in net assets resulting from distributions to shareholders
—
(34,828,020
)
—
(26,998,554
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
15,868,103
227,564,342
55,935,096
111,643,760
NET ASSETS
Total increase in net assets
42,990,386
210,169,161
87,376,091
117,776,988
Beginning of period
422,710,424
212,541,263
394,920,895
277,143,907
End of period
$465,700,810
$422,710,424
$482,296,986
$394,920,895
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
62
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2035 Fund
BlackRock
LifePath® Dynamic
2040 Fund
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$4,538,959
$7,163,766
$5,450,461
$9,033,914
Net realized gain
2,427,250
15,715,309
6,288,718
31,941,787
Net change in unrealized appreciation (depreciation)
19,407,075
752,443
25,417,029
2,942,358
Net increase in net assets resulting from operations
26,373,284
23,631,518
37,156,208
43,918,059
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
—
(746,994
)
—
(4,966,645
)
Investor A
—
(2,228,222
)
—
(16,207,378
)
Investor C
—
(235,790
)
—
(251,932
)
Class K
—
(16,145,033
)
—
(19,814,930
)
Class R
—
(518,842
)
—
(943,168
)
Decrease in net assets resulting from distributions to shareholders
—
(19,874,881
)
—
(42,184,053
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
66,440,458
130,155,941
50,942,163
129,490,624
NET ASSETS
Total increase in net assets
92,813,742
133,912,578
88,098,371
131,224,630
Beginning of period
289,428,867
155,516,289
406,928,608
275,703,978
End of period
$382,242,609
$289,428,867
$495,026,979
$406,928,608
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
63
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2045 Fund
BlackRock
LifePath® Dynamic
2050 Fund
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$3,528,144
$4,912,804
$3,726,528
$5,221,649
Net realized gain
5,003,667
18,020,719
6,029,253
23,940,049
Net change in unrealized appreciation (depreciation)
16,432,856
2,847,716
20,826,024
3,020,198
Net increase in net assets resulting from operations
24,964,667
25,781,239
30,581,805
32,181,896
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
—
(582,214
)
—
(2,124,259
)
Investor A
—
(2,717,250
)
—
(9,620,666
)
Investor C
—
(132,144
)
—
(204,604
)
Class K
—
(16,601,297
)
—
(16,721,620
)
Class R
—
(846,680
)
—
(846,942
)
Decrease in net assets resulting from distributions to shareholders
—
(20,879,585
)
—
(29,518,091
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
55,753,614
100,800,170
50,290,273
114,481,816
NET ASSETS
Total increase in net assets
80,718,281
105,701,824
80,872,078
117,145,621
Beginning of period
236,416,164
130,714,340
278,716,739
161,571,118
End of period
$317,134,445
$236,416,164
$359,588,817
$278,716,739
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
64
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2055 Fund
BlackRock
LifePath® Dynamic
2060 Fund
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$2,782,199
$3,603,610
$1,291,968
$1,421,642
Net realized gain
4,178,194
14,903,802
2,215,185
4,773,805
Net change in unrealized appreciation (depreciation)
16,120,481
3,045,614
7,598,168
1,595,562
Net increase in net assets resulting from operations
23,080,874
21,553,026
11,105,321
7,791,009
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
—
(576,032
)
—
(325,057
)
Investor A
—
(2,037,263
)
—
(337,110
)
Investor C
—
(96,322
)
—
(5,897
)
Class K
—
(12,313,668
)
—
(4,143,679
)
Class R
—
(465,334
)
—
(179,012
)
Decrease in net assets resulting from distributions to shareholders
—
(15,488,619
)
—
(4,990,755
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
45,531,738
92,453,447
34,196,220
49,696,273
NET ASSETS
Total increase in net assets
68,612,612
98,517,854
45,301,541
52,496,527
Beginning of period
195,498,979
96,981,125
81,382,965
28,886,438
End of period
$264,111,591
$195,498,979
$126,684,506
$81,382,965
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
65
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$546,355
$617,607
$47,787
$32,921
Net realized gain (loss)
1,034,289
1,896,992
24,086
(69,212
)
Net change in unrealized appreciation (depreciation)
3,259,238
420,550
320,549
(17,231
)
Net increase (decrease) in net assets resulting from operations
4,839,882
2,935,149
392,422
(53,522
)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Institutional
—
(100,578
)
—
(559
)
Investor A
—
(561,288
)
—
(492
)
Investor C
—
(56,598
)
—
(291
)
Class K
—
(1,618,832
)
—
(22,553
)
Class R
—
(41,613
)
—
(439
)
Decrease in net assets resulting from distributions to shareholders
—
(2,378,909
)
—
(24,334
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
19,016,906
20,814,996
12,245
4,000,000
NET ASSETS
Total increase in net assets
23,856,788
21,371,236
404,667
3,922,144
Beginning of period
33,585,879
12,214,643
3,922,144
—
End of period
$57,442,667
$33,585,879
$4,326,811
$3,922,144
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
66
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$9.24
$9.49
$9.17
$10.89
$11.68
$11.04
Net investment income(a)
0.11
0.36
0.33
0.20
0.16
0.19
Net realized and unrealized gain (loss)
0.47
0.42
0.78
(1.81
)
0.63
1.20
Net increase (decrease) from investment operations
0.58
0.78
1.11
(1.61
)
0.79
1.39
Distributions(b)
From net investment income
—
(0.46
)
(0.36
)
(0.01
)
(0.43
)
(0.22
)
From net realized gain
—
(0.57
)
(0.43
)
(0.04
)
(1.15
)
(0.53
)
Return of capital
—
—
—
(0.06
)
—
—
Total distributions
—
(1.03
)
(0.79
)
(0.11
)
(1.58
)
(0.75
)
Net asset value, end of period
$9.82
$9.24
$9.49
$9.17
$10.89
$11.68
Total Return(c)
Based on net asset value
6.28
%(d)
8.40
%
12.27
%
(14.85
)%
6.88
%
12.82
%
Ratios to Average Net Assets(e)
Total expenses
0.65
%(f)
0.71
%(g)
0.70
%
0.72
%
0.77
%
0.73
%
Total expenses after fees waived and/or reimbursed
0.47
%(f)
0.44
%(g)
0.46
%
0.51
%
0.55
%
0.56
%
Net investment income
2.42
%(f)
3.77
%
3.40
%
2.03
%
1.34
%
1.68
%
Supplemental Data
Net assets, end of period (000)
$36,358
$36,706
$34,048
$36,438
$49,943
$59,201
Portfolio turnover rate
17
%(h)
23
%(h)
53
%(h)
7
%(h)
2
%(h)
43
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.65% and
0.39%,respectively.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
67
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$7.38
$7.78
$7.65
$9.12
$10.03
$9.58
Net investment income(a)
0.08
0.28
0.25
0.14
0.11
0.13
Net realized and unrealized gain (loss)
0.37
0.34
0.66
(1.51
)
0.54
1.05
Net increase (decrease) from investment operations
0.45
0.62
0.91
(1.37
)
0.65
1.18
Distributions(b)
From net investment income
—
(0.45
)
(0.35
)
(0.01
)
(0.40
)
(0.20
)
From net realized gain
—
(0.57
)
(0.43
)
(0.04
)
(1.16
)
(0.53
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(1.02
)
(0.78
)
(0.10
)
(1.56
)
(0.73
)
Net asset value, end of period
$7.83
$7.38
$7.78
$7.65
$9.12
$10.03
Total Return(c)
Based on net asset value
6.10
%(d)
8.12
%
12.00
%
(15.08
)%
6.61
%
12.56
%
Ratios to Average Net Assets(e)
Total expenses
0.90
%(f)
0.96
%(g)
0.95
%
0.97
%
1.02
%
0.98
%
Total expenses after fees waived and/or reimbursed
0.72
%(f)
0.69
%(g)
0.71
%
0.76
%
0.80
%
0.81
%
Net investment income
2.18
%(f)
3.53
%
3.15
%
1.77
%
1.09
%
1.40
%
Supplemental Data
Net assets, end of period (000)
$125,266
$120,783
$111,979
$116,173
$164,481
$190,948
Portfolio turnover rate
17
%(h)
23
%(h)
53
%(h)
7
%(h)
2
%(h)
43
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.90% and
0.64%,respectively.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
68
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$8.97
$9.25
$8.95
$10.69
$11.50
$10.87
Net investment income(a)
0.06
0.28
0.22
0.10
0.04
0.06
Net realized and unrealized gain (loss)
0.46
0.39
0.78
(1.78
)
0.63
1.20
Net increase (decrease) from investment operations
0.52
0.67
1.00
(1.68
)
0.67
1.26
Distributions(b)
From net investment income
—
(0.38
)
(0.27
)
—
(0.33
)
(0.10
)
From net realized gain
—
(0.57
)
(0.43
)
(0.04
)
(1.15
)
(0.53
)
Return of capital
—
—
—
(0.02
)
—
—
Total distributions
—
(0.95
)
(0.70
)
(0.06
)
(1.48
)
(0.63
)
Net asset value, end of period
$9.49
$8.97
$9.25
$8.95
$10.69
$11.50
Total Return(c)
Based on net asset value
5.80
%(d)
7.33
%
11.22
%
(15.75
)%
5.83
%
11.72
%
Ratios to Average Net Assets(e)
Total expenses
1.65
%(f)
1.71
%(g)
1.70
%
1.72
%
1.77
%
1.73
%
Total expenses after fees waived and/or reimbursed
1.47
%(f)
1.46
%(g)
1.46
%
1.51
%
1.55
%
1.57
%
Net investment income
1.44
%(f)
2.97
%
2.35
%
1.02
%
0.35
%
0.55
%
Supplemental Data
Net assets, end of period (000)
$2,474
$2,575
$1,330
$1,585
$2,249
$2,303
Portfolio turnover rate
17
%(h)
23
%(h)
53
%(h)
7
%(h)
2
%(h)
43
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.65% and
1.40%,respectively.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
69
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$9.20
$9.45
$9.13
$10.83
$11.63
$10.99
Net investment income(a)
0.12
0.42
0.36
0.21
0.19
0.21
Net realized and unrealized gain (loss)
0.46
0.39
0.78
(1.79
)
0.63
1.21
Net increase (decrease) from investment operations
0.58
0.81
1.14
(1.58
)
0.82
1.42
Distributions(b)
From net investment income
—
(0.49
)
(0.39
)
(0.02
)
(0.47
)
(0.25
)
From net realized gain
—
(0.57
)
(0.43
)
(0.04
)
(1.15
)
(0.53
)
Return of capital
—
—
—
(0.06
)
—
—
Total distributions
—
(1.06
)
(0.82
)
(0.12
)
(1.62
)
(0.78
)
Net asset value, end of period
$9.78
$9.20
$9.45
$9.13
$10.83
$11.63
Total Return(c)
Based on net asset value
6.30
%(d)
8.71
%
12.61
%
(14.64
)%
7.11
%
13.17
%
Ratios to Average Net Assets(e)
Total expenses
0.40
%(f)
0.45
%(g)
0.45
%
0.47
%
0.52
%
0.50
%
Total expenses after fees waived and/or reimbursed
0.22
%(f)
0.21
%(g)
0.21
%
0.26
%
0.30
%
0.32
%
Net investment income
2.69
%(f)
4.38
%
3.78
%
2.17
%
1.61
%
1.88
%
Supplemental Data
Net assets, end of period (000)
$287,791
$250,200
$59,644
$43,138
$78,916
$74,809
Portfolio turnover rate
17
%(h)
23
%(h)
53
%(h)
7
%(h)
2
%(h)
43
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.40% and
0.16%,respectively.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
70
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$9.06
$9.32
$9.02
$10.74
$11.54
$10.91
Net investment income(a)
0.09
0.34
0.28
0.16
0.11
0.14
Net realized and unrealized gain (loss)
0.45
0.39
0.77
(1.79
)
0.62
1.19
Net increase (decrease) from investment operations
0.54
0.73
1.05
(1.63
)
0.73
1.33
Distributions(b)
From net investment income
—
(0.42
)
(0.32
)
—
(0.38
)
(0.17
)
From net realized gain
—
(0.57
)
(0.43
)
(0.04
)
(1.15
)
(0.53
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.99
)
(0.75
)
(0.09
)
(1.53
)
(0.70
)
Net asset value, end of period
$9.60
$9.06
$9.32
$9.02
$10.74
$11.54
Total Return(c)
Based on net asset value
5.96
%(d)
8.00
%
11.76
%
(15.25
)%
6.41
%
12.41
%
Ratios to Average Net Assets(e)
Total expenses
1.10
%(f)
1.16
%(g)
1.15
%
1.17
%
1.22
%
1.19
%
Total expenses after fees waived and/or reimbursed
0.92
%(f)
0.91
%(g)
0.91
%
0.95
%
1.00
%
1.01
%
Net investment income
1.96
%(f)
3.58
%
2.99
%
1.66
%
0.91
%
1.29
%
Supplemental Data
Net assets, end of period (000)
$13,811
$12,446
$5,540
$5,292
$6,183
$6,360
Portfolio turnover rate
17
%(h)
23
%(h)
53
%(h)
7
%(h)
2
%(h)
43
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.10%
and 0.85%,respectively.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
71
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$13.38
$13.00
$11.64
$14.10
$14.80
$13.65
Net investment income(a)
0.17
0.44
0.39
0.23
0.19
0.20
Net realized and unrealized gain (loss)
0.77
0.90
1.38
(2.46
)
1.48
1.52
Net increase (decrease) from investment operations
0.94
1.34
1.77
(2.23
)
1.67
1.72
Distributions(b)
From net investment income
—
(0.70
)
(0.41
)
(0.10
)
(0.75
)
(0.23
)
From net realized gain
—
(0.26
)
—
(0.06
)
(1.62
)
(0.34
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(0.96
)
(0.41
)
(0.23
)
(2.37
)
(0.57
)
Net asset value, end of period
$14.32
$13.38
$13.00
$11.64
$14.10
$14.80
Total Return(c)
Based on net asset value
7.03
%(d)
10.28
%
15.38
%
(15.83
)%
11.46
%
13.05
%
Ratios to Average Net Assets(e)
Total expenses
0.67
%(f)
0.68
%
0.71
%
0.74
%
0.79
%
0.75
%
Total expenses after fees waived and/or reimbursed
0.47
%(f)
0.46
%
0.46
%
0.49
%
0.53
%
0.54
%
Net investment income
2.49
%(f)
3.19
%
3.16
%
1.88
%
1.25
%
1.51
%
Supplemental Data
Net assets, end of period (000)
$51,502
$46,932
$45,102
$40,746
$55,606
$58,905
Portfolio turnover rate
21
%(g)
21
%(g)
33
%(g)
11
%(g)
5
%(g)
38
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
72
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.51
$12.20
$10.96
$13.30
$14.09
$13.02
Net investment income(a)
0.14
0.38
0.33
0.19
0.15
0.16
Net realized and unrealized gain (loss)
0.72
0.85
1.29
(2.31
)
1.40
1.45
Net increase (decrease) from investment operations
0.86
1.23
1.62
(2.12
)
1.55
1.61
Distributions(b)
From net investment income
—
(0.66
)
(0.38
)
(0.09
)
(0.72
)
(0.20
)
From net realized gain
—
(0.26
)
—
(0.06
)
(1.62
)
(0.34
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(0.92
)
(0.38
)
(0.22
)
(2.34
)
(0.54
)
Net asset value, end of period
$13.37
$12.51
$12.20
$10.96
$13.30
$14.09
Total Return(c)
Based on net asset value
6.87
%(d)
10.11
%
14.97
%
(15.98
)%
11.13
%
12.79
%
Ratios to Average Net Assets(e)
Total expenses
0.92
%(f)
0.93
%
0.96
%
0.99
%
1.04
%
1.00
%
Total expenses after fees waived and/or reimbursed
0.72
%(f)
0.71
%
0.71
%
0.74
%
0.78
%
0.79
%
Net investment income
2.25
%(f)
2.94
%
2.88
%
1.64
%
1.00
%
1.24
%
Supplemental Data
Net assets, end of period (000)
$134,125
$130,356
$132,514
$133,740
$172,296
$183,497
Portfolio turnover rate
21
%(g)
21
%(g)
33
%(g)
11
%(g)
5
%(g)
38
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
73
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.89
$12.55
$11.26
$13.71
$14.47
$13.34
Net investment income(a)
0.10
0.29
0.25
0.11
0.04
0.06
Net realized and unrealized gain (loss)
0.74
0.87
1.33
(2.38
)
1.43
1.50
Net increase (decrease) from investment operations
0.84
1.16
1.58
(2.27
)
1.47
1.56
Distributions(b)
From net investment income
—
(0.56
)
(0.29
)
(0.05
)
(0.61
)
(0.09
)
From net realized gain
—
(0.26
)
—
(0.06
)
(1.62
)
(0.34
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(0.82
)
(0.29
)
(0.18
)
(2.23
)
(0.43
)
Net asset value, end of period
$13.73
$12.89
$12.55
$11.26
$13.71
$14.47
Total Return(c)
Based on net asset value
6.52
%(d)
9.27
%
14.10
%
(16.62
)%
10.29
%
12.00
%
Ratios to Average Net Assets(e)
Total expenses
1.67
%(f)
1.68
%
1.71
%
1.74
%
1.79
%
1.76
%
Total expenses after fees waived and/or reimbursed
1.47
%(f)
1.46
%
1.46
%
1.49
%
1.53
%
1.55
%
Net investment income
1.51
%(f)
2.20
%
2.07
%
0.91
%
0.23
%
0.44
%
Supplemental Data
Net assets, end of period (000)
$2,123
$2,006
$1,972
$2,359
$2,698
$2,925
Portfolio turnover rate
21
%(g)
21
%(g)
33
%(g)
11
%(g)
5
%(g)
38
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
74
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$13.35
$12.97
$11.62
$14.06
$14.77
$13.62
Net investment income(a)
0.18
0.49
0.43
0.25
0.24
0.23
Net realized and unrealized gain (loss)
0.78
0.88
1.36
(2.44
)
1.46
1.52
Net increase (decrease) from investment operations
0.96
1.37
1.79
(2.19
)
1.70
1.75
Distributions(b)
From net investment income
—
(0.73
)
(0.44
)
(0.12
)
(0.79
)
(0.26
)
From net realized gain
—
(0.26
)
—
(0.06
)
(1.62
)
(0.34
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(0.99
)
(0.44
)
(0.25
)
(2.41
)
(0.60
)
Net asset value, end of period
$14.31
$13.35
$12.97
$11.62
$14.06
$14.77
Total Return(c)
Based on net asset value
7.19
%(d)
10.58
%
15.61
%
(15.63
)%
11.70
%
13.36
%
Ratios to Average Net Assets(e)
Total expenses
0.42
%(f)
0.43
%
0.46
%
0.49
%
0.54
%
0.51
%
Total expenses after fees waived and/or reimbursed
0.22
%(f)
0.22
%
0.21
%
0.24
%
0.28
%
0.30
%
Net investment income
2.73
%(f)
3.55
%
3.46
%
2.08
%
1.54
%
1.73
%
Supplemental Data
Net assets, end of period (000)
$284,085
$206,809
$90,777
$70,367
$100,750
$77,510
Portfolio turnover rate
21
%(g)
21
%(g)
33
%(g)
11
%(g)
5
%(g)
38
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
75
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$13.07
$12.73
$11.41
$13.86
$14.59
$13.46
Net investment income(a)
0.13
0.38
0.33
0.18
0.13
0.14
Net realized and unrealized gain (loss)
0.76
0.86
1.35
(2.42
)
1.45
1.50
Net increase (decrease) from investment operations
0.89
1.24
1.68
(2.24
)
1.58
1.64
Distributions(b)
From net investment income
—
(0.64
)
(0.36
)
(0.08
)
(0.69
)
(0.17
)
From net realized gain
—
(0.26
)
—
(0.06
)
(1.62
)
(0.34
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(0.90
)
(0.36
)
(0.21
)
(2.31
)
(0.51
)
Net asset value, end of period
$13.96
$13.07
$12.73
$11.41
$13.86
$14.59
Total Return(c)
Based on net asset value
6.81
%(d)
9.78
%
14.85
%
(16.21
)%
10.93
%
12.58
%
Ratios to Average Net Assets(e)
Total expenses
1.12
%(f)
1.13
%
1.16
%
1.19
%
1.24
%
1.20
%
Total expenses after fees waived and/or reimbursed
0.92
%(f)
0.91
%
0.91
%
0.94
%
0.98
%
0.99
%
Net investment income
2.05
%(f)
2.78
%
2.75
%
1.50
%
0.84
%
1.10
%
Supplemental Data
Net assets, end of period (000)
$10,463
$8,819
$6,778
$5,157
$5,389
$4,434
Portfolio turnover rate
21
%(g)
21
%(g)
33
%(g)
11
%(g)
5
%(g)
38
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
76
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$15.57
$14.97
$13.19
$16.13
$15.92
$14.34
Net investment income(a)
0.20
0.47
0.43
0.25
0.20
0.22
Net realized and unrealized gain (loss)
0.97
1.30
1.83
(2.91
)
1.97
1.71
Net increase (decrease) from investment operations
1.17
1.77
2.26
(2.66
)
2.17
1.93
Distributions(b)
From net investment income
—
(0.70
)
(0.48
)
(0.10
)
(0.85
)
(0.23
)
From net realized gain
—
(0.47
)
—
(0.09
)
(1.11
)
(0.12
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.17
)
(0.48
)
(0.28
)
(1.96
)
(0.35
)
Net asset value, end of period
$16.74
$15.57
$14.97
$13.19
$16.13
$15.92
Total Return(c)
Based on net asset value
7.51
%(d)
11.78
%
17.25
%
(16.56
)%
13.76
%
13.82
%
Ratios to Average Net Assets(e)
Total expenses
0.68
%(f)
0.69
%
0.73
%
0.76
%
0.82
%
0.80
%
Total expenses after fees waived and/or reimbursed
0.47
%(f)
0.48
%
0.48
%
0.48
%
0.52
%
0.54
%
Net investment income
2.58
%(f)
2.96
%
3.04
%
1.80
%
1.19
%
1.55
%
Supplemental Data
Net assets, end of period (000)
$12,465
$10,726
$13,914
$10,486
$12,898
$11,677
Portfolio turnover rate
16
%(g)
17
%(g)
19
%(g)
14
%(g)
3
%(g)
29
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
77
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$15.45
$14.87
$13.10
$16.05
$15.85
$14.27
Net investment income(a)
0.18
0.44
0.39
0.22
0.16
0.16
Net realized and unrealized gain (loss)
0.97
1.27
1.82
(2.91
)
1.96
1.73
Net increase (decrease) from investment operations
1.15
1.71
2.21
(2.69
)
2.12
1.89
Distributions(b)
From net investment income
—
(0.66
)
(0.44
)
(0.08
)
(0.81
)
(0.19
)
From net realized gain
—
(0.47
)
—
(0.09
)
(1.11
)
(0.12
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.13
)
(0.44
)
(0.26
)
(1.92
)
(0.31
)
Net asset value, end of period
$16.60
$15.45
$14.87
$13.10
$16.05
$15.85
Total Return(c)
Based on net asset value
7.44
%(d)
11.47
%
17.00
%
(16.79
)%
13.46
%
13.55
%
Ratios to Average Net Assets(e)
Total expenses
0.93
%(f)
0.94
%
0.99
%
1.01
%
1.07
%
1.03
%
Total expenses after fees waived and/or reimbursed
0.72
%(f)
0.73
%
0.73
%
0.73
%
0.77
%
0.79
%
Net investment income
2.34
%(f)
2.75
%
2.77
%
1.57
%
0.93
%
1.18
%
Supplemental Data
Net assets, end of period (000)
$40,470
$32,354
$30,565
$24,670
$26,304
$28,189
Portfolio turnover rate
16
%(g)
17
%(g)
19
%(g)
14
%(g)
3
%(g)
29
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
78
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$15.10
$14.58
$12.85
$15.80
$15.67
$14.11
Net investment income(a)
0.12
0.32
0.27
0.11
0.03
0.06
Net realized and unrealized gain (loss)
0.94
1.24
1.79
(2.85
)
1.93
1.70
Net increase (decrease) from investment operations
1.06
1.56
2.06
(2.74
)
1.96
1.76
Distributions(b)
From net investment income
—
(0.57
)
(0.33
)
(0.03
)
(0.72
)
(0.08
)
From net realized gain
—
(0.47
)
—
(0.09
)
(1.11
)
(0.12
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.04
)
(0.33
)
(0.21
)
(1.83
)
(0.20
)
Net asset value, end of period
$16.16
$15.10
$14.58
$12.85
$15.80
$15.67
Total Return(c)
Based on net asset value
7.02
%(d)
10.69
%
16.12
%
(17.38
)%
12.56
%
12.68
%
Ratios to Average Net Assets(e)
Total expenses
1.68
%(f)
1.69
%
1.74
%
1.76
%
1.82
%
1.79
%
Total expenses after fees waived and/or reimbursed
1.47
%(f)
1.48
%
1.49
%
1.48
%
1.52
%
1.55
%
Net investment income
1.60
%(f)
2.03
%
1.95
%
0.80
%
0.20
%
0.42
%
Supplemental Data
Net assets, end of period (000)
$3,082
$3,628
$2,768
$3,066
$3,637
$3,123
Portfolio turnover rate
16
%(g)
17
%(g)
19
%(g)
14
%(g)
3
%(g)
29
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
79
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$15.87
$15.24
$13.42
$16.38
$16.15
$14.53
Net investment income(a)
0.23
0.54
0.48
0.28
0.25
0.25
Net realized and unrealized gain (loss)
0.99
1.30
1.85
(2.94
)
1.99
1.74
Net increase (decrease) from investment operations
1.22
1.84
2.33
(2.66
)
2.24
1.99
Distributions(b)
From net investment income
—
(0.74
)
(0.51
)
(0.12
)
(0.90
)
(0.25
)
From net realized gain
—
(0.47
)
—
(0.09
)
(1.11
)
(0.12
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.21
)
(0.51
)
(0.30
)
(2.01
)
(0.37
)
Net asset value, end of period
$17.09
$15.87
$15.24
$13.42
$16.38
$16.15
Total Return(c)
Based on net asset value
7.69
%(d)
12.06
%
17.53
%
(16.32
)%
13.96
%
14.14
%
Ratios to Average Net Assets(e)
Total expenses
0.43
%(f)
0.44
%
0.48
%
0.51
%
0.57
%
0.54
%
Total expenses after fees waived and/or reimbursed
0.22
%(f)
0.23
%
0.23
%
0.23
%
0.27
%
0.30
%
Net investment income
2.84
%(f)
3.31
%
3.32
%
1.97
%
1.47
%
1.77
%
Supplemental Data
Net assets, end of period (000)
$317,800
$234,968
$102,494
$68,520
$95,154
$67,968
Portfolio turnover rate
16
%(g)
17
%(g)
19
%(g)
14
%(g)
3
%(g)
29
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
80
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$15.40
$14.83
$13.08
$16.03
$15.85
$14.26
Net investment income(a)
0.17
0.41
0.36
0.19
0.13
0.13
Net realized and unrealized gain (loss)
0.95
1.27
1.81
(2.89
)
1.95
1.73
Net increase (decrease) from investment operations
1.12
1.68
2.17
(2.70
)
2.08
1.86
Distributions(b)
From net investment income
—
(0.64
)
(0.42
)
(0.07
)
(0.79
)
(0.15
)
From net realized gain
—
(0.47
)
—
(0.09
)
(1.11
)
(0.12
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.11
)
(0.42
)
(0.25
)
(1.90
)
(0.27
)
Net asset value, end of period
$16.52
$15.40
$14.83
$13.08
$16.03
$15.85
Total Return(c)
Based on net asset value
7.27
%(d)
11.31
%
16.69
%
(16.91
)%
13.19
%
13.33
%
Ratios to Average Net Assets(e)
Total expenses
1.13
%(f)
1.14
%
1.18
%
1.21
%
1.27
%
1.21
%
Total expenses after fees waived and/or reimbursed
0.92
%(f)
0.93
%
0.93
%
0.93
%
0.97
%
0.99
%
Net investment income
2.14
%(f)
2.57
%
2.60
%
1.40
%
0.77
%
0.91
%
Supplemental Data
Net assets, end of period (000)
$8,426
$7,753
$5,775
$4,143
$3,687
$2,620
Portfolio turnover rate
16
%(g)
17
%(g)
19
%(g)
14
%(g)
3
%(g)
29
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
81
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.07
$16.61
$14.63
$18.02
$18.74
$17.22
Net investment income(a)
0.21
0.45
0.44
0.26
0.23
0.23
Net realized and unrealized gain (loss)
1.20
1.88
2.34
(3.33
)
2.73
2.09
Net increase (decrease) from investment operations
1.41
2.33
2.78
(3.07
)
2.96
2.32
Distributions(b)
From net investment income
—
(0.80
)
(0.56
)
(0.13
)
(1.29
)
(0.24
)
From net realized gain
—
(1.07
)
(0.24
)
(0.11
)
(2.39
)
(0.56
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.87
)
(0.80
)
(0.32
)
(3.68
)
(0.80
)
Net asset value, end of period
$18.48
$17.07
$16.61
$14.63
$18.02
$18.74
Total Return(c)
Based on net asset value
8.26
%(d)
14.00
%
19.15
%
(17.09
)%
16.04
%
13.98
%
Ratios to Average Net Assets(e)
Total expenses
0.70
%(f)
0.71
%
0.75
%
0.76
%
0.81
%
0.77
%
Total expenses after fees waived and/or reimbursed
0.46
%(f)
0.48
%
0.49
%
0.47
%
0.52
%
0.53
%
Net investment income
2.42
%(f)
2.54
%
2.81
%
1.67
%
1.13
%
1.41
%
Supplemental Data
Net assets, end of period (000)
$53,250
$49,329
$48,906
$41,098
$54,509
$59,328
Portfolio turnover rate
18
%(g)
19
%(g)
11
%(g)
13
%(g)
6
%(g)
39
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
82
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.36
$14.25
$12.65
$15.66
$16.71
$15.44
Net investment income(a)
0.16
0.35
0.35
0.19
0.16
0.17
Net realized and unrealized gain (loss)
1.01
1.60
2.02
(2.89
)
2.45
1.87
Net increase (decrease) from investment operations
1.17
1.95
2.37
(2.70
)
2.61
2.04
Distributions(b)
From net investment income
—
(0.77
)
(0.53
)
(0.13
)
(1.26
)
(0.21
)
From net realized gain
—
(1.07
)
(0.24
)
(0.11
)
(2.40
)
(0.56
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.84
)
(0.77
)
(0.31
)
(3.66
)
(0.77
)
Net asset value, end of period
$15.53
$14.36
$14.25
$12.65
$15.66
$16.71
Total Return(c)
Based on net asset value
8.15
%(d)
13.63
%
18.90
%
(17.32
)%
15.84
%
13.72
%
Ratios to Average Net Assets(e)
Total expenses
0.95
%(f)
0.96
%
1.00
%
1.01
%
1.06
%
1.02
%
Total expenses after fees waived and/or reimbursed
0.71
%(f)
0.73
%
0.74
%
0.72
%
0.77
%
0.78
%
Net investment income
2.17
%(f)
2.29
%
2.54
%
1.43
%
0.89
%
1.14
%
Supplemental Data
Net assets, end of period (000)
$148,443
$138,167
$134,232
$121,680
$153,955
$157,613
Portfolio turnover rate
18
%(g)
19
%(g)
11
%(g)
13
%(g)
6
%(g)
39
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
83
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$16.44
$16.06
$14.17
$17.56
$18.38
$16.89
Net investment income(a)
0.12
0.27
0.28
0.11
0.03
0.05
Net realized and unrealized gain (loss)
1.14
1.80
2.26
(3.25
)
2.69
2.06
Net increase (decrease) from investment operations
1.26
2.07
2.54
(3.14
)
2.72
2.11
Distributions(b)
From net investment income
—
(0.62
)
(0.41
)
(0.06
)
(1.15
)
(0.06
)
From net realized gain
—
(1.07
)
(0.24
)
(0.11
)
(2.39
)
(0.56
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.69
)
(0.65
)
(0.25
)
(3.54
)
(0.62
)
Net asset value, end of period
$17.70
$16.44
$16.06
$14.17
$17.56
$18.38
Total Return(c)
Based on net asset value
7.66
%(d)
12.86
%
18.00
%
(17.94
)%
14.97
%
12.80
%
Ratios to Average Net Assets(e)
Total expenses
1.70
%(f)
1.71
%
1.75
%
1.76
%
1.81
%
1.77
%
Total expenses after fees waived and/or reimbursed
1.46
%(f)
1.48
%
1.49
%
1.47
%
1.52
%
1.55
%
Net investment income
1.42
%(f)
1.54
%
1.82
%
0.71
%
0.15
%
0.32
%
Supplemental Data
Net assets, end of period (000)
$2,785
$2,619
$2,625
$2,210
$2,486
$2,325
Portfolio turnover rate
18
%(g)
19
%(g)
11
%(g)
13
%(g)
6
%(g)
39
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
84
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.25
$16.78
$14.76
$18.16
$18.85
$17.32
Net investment income(a)
0.23
0.52
0.49
0.29
0.29
0.26
Net realized and unrealized gain (loss)
1.22
1.87
2.37
(3.35
)
2.75
2.11
Net increase (decrease) from investment operations
1.45
2.39
2.86
(3.06
)
3.04
2.37
Distributions(b)
From net investment income
—
(0.85
)
(0.60
)
(0.15
)
(1.34
)
(0.28
)
From net realized gain
—
(1.07
)
(0.24
)
(0.11
)
(2.39
)
(0.56
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.92
)
(0.84
)
(0.34
)
(3.73
)
(0.84
)
Net asset value, end of period
$18.70
$17.25
$16.78
$14.76
$18.16
$18.85
Total Return(c)
Based on net asset value
8.41
%(d)
14.20
%
19.55
%
(16.90
)%
16.38
%
14.23
%
Ratios to Average Net Assets(e)
Total expenses
0.45
%(f)
0.46
%
0.50
%
0.51
%
0.56
%
0.53
%
Total expenses after fees waived and/or reimbursed
0.21
%(f)
0.23
%
0.24
%
0.22
%
0.27
%
0.29
%
Net investment income
2.68
%(f)
2.87
%
3.10
%
1.87
%
1.44
%
1.58
%
Supplemental Data
Net assets, end of period (000)
$277,134
$207,157
$83,738
$60,687
$85,150
$57,407
Portfolio turnover rate
18
%(g)
19
%(g)
11
%(g)
13
%(g)
6
%(g)
39
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
85
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$16.66
$16.28
$14.35
$17.73
$18.51
$17.02
Net investment income(a)
0.17
0.38
0.37
0.19
0.14
0.16
Net realized and unrealized gain (loss)
1.17
1.81
2.29
(3.28
)
2.70
2.06
Net increase (decrease) from investment operations
1.34
2.19
2.66
(3.09
)
2.84
2.22
Distributions(b)
From net investment income
—
(0.74
)
(0.49
)
(0.10
)
(1.23
)
(0.17
)
From net realized gain
—
(1.07
)
(0.24
)
(0.11
)
(2.39
)
(0.56
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.81
)
(0.73
)
(0.29
)
(3.62
)
(0.73
)
Net asset value, end of period
$18.00
$16.66
$16.28
$14.35
$17.73
$18.51
Total Return(c)
Based on net asset value
8.04
%(d)
13.44
%
18.68
%
(17.48
)%
15.55
%
13.45
%
Ratios to Average Net Assets(e)
Total expenses
1.15
%(f)
1.16
%
1.20
%
1.21
%
1.26
%
1.21
%
Total expenses after fees waived and/or reimbursed
0.91
%(f)
0.93
%
0.94
%
0.92
%
0.97
%
0.98
%
Net investment income
1.97
%(f)
2.15
%
2.39
%
1.28
%
0.72
%
0.96
%
Supplemental Data
Net assets, end of period (000)
$13,414
$9,657
$6,203
$4,880
$4,977
$3,946
Portfolio turnover rate
18
%(g)
19
%(g)
11
%(g)
13
%(g)
6
%(g)
39
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
86
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.64
$16.76
$14.31
$17.81
$17.06
$15.31
Net investment income(a)
0.22
0.44
0.43
0.23
0.20
0.21
Net realized and unrealized gain (loss)
1.32
2.17
2.55
(3.36
)
2.79
1.91
Net increase (decrease) from investment operations
1.54
2.61
2.98
(3.13
)
2.99
2.12
Distributions(b)
From net investment income
—
(0.79
)
(0.53
)
(0.13
)
(1.16
)
(0.22
)
From net realized gain
—
(0.94
)
—
(0.15
)
(1.08
)
(0.15
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.73
)
(0.53
)
(0.37
)
(2.24
)
(0.37
)
Net asset value, end of period
$19.18
$17.64
$16.76
$14.31
$17.81
$17.06
Total Return(c)
Based on net asset value
8.73
%(d)
15.51
%
20.98
%
(17.68
)%
17.61
%
14.31
%
Ratios to Average Net Assets(e)
Total expenses
0.71
%(f)
0.73
%
0.77
%
0.78
%
0.84
%
0.82
%
Total expenses after fees waived and/or reimbursed
0.47
%(f)
0.50
%
0.50
%
0.47
%
0.51
%
0.53
%
Net investment income
2.43
%(f)
2.41
%
2.78
%
1.49
%
1.07
%
1.43
%
Supplemental Data
Net assets, end of period (000)
$7,659
$6,394
$9,509
$6,317
$8,641
$7,491
Portfolio turnover rate
26
%(g)
15
%(g)
2
%(g)
16
%(g)
—
%(g)(h)
26
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
Rounds to less than 1%.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
87
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.53
$16.68
$14.24
$17.75
$17.02
$15.27
Net investment income(a)
0.19
0.40
0.39
0.19
0.16
0.16
Net realized and unrealized gain (loss)
1.31
2.16
2.54
(3.35
)
2.77
1.92
Net increase (decrease) from investment operations
1.50
2.56
2.93
(3.16
)
2.93
2.08
Distributions(b)
From net investment income
—
(0.77
)
(0.49
)
(0.12
)
(1.12
)
(0.18
)
From net realized gain
—
(0.94
)
—
(0.15
)
(1.08
)
(0.15
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.71
)
(0.49
)
(0.35
)
(2.20
)
(0.33
)
Net asset value, end of period
$19.03
$17.53
$16.68
$14.24
$17.75
$17.02
Total Return(c)
Based on net asset value
8.56
%(d)
15.25
%
20.72
%
(17.89
)%
17.33
%
14.03
%
Ratios to Average Net Assets(e)
Total expenses
0.96
%(f)
0.97
%
1.02
%
1.03
%
1.09
%
1.05
%
Total expenses after fees waived and/or reimbursed
0.72
%(f)
0.75
%
0.76
%
0.72
%
0.76
%
0.79
%
Net investment income
2.19
%(f)
2.21
%
2.51
%
1.23
%
0.84
%
1.12
%
Supplemental Data
Net assets, end of period (000)
$38,583
$30,894
$25,035
$17,896
$21,856
$17,996
Portfolio turnover rate
26
%(g)
15
%(g)
2
%(g)
16
%(g)
—
%(g)(h)
26
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
Rounds to less than 1%.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
88
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.06
$16.27
$13.90
$17.42
$16.78
$15.04
Net investment income(a)
0.12
0.26
0.26
0.07
0.02
0.04
Net realized and unrealized gain (loss)
1.28
2.09
2.48
(3.28
)
2.72
1.90
Net increase (decrease) from investment operations
1.40
2.35
2.74
(3.21
)
2.74
1.94
Distributions(b)
From net investment income
—
(0.62
)
(0.37
)
(0.08
)
(1.02
)
(0.05
)
From net realized gain
—
(0.94
)
—
(0.15
)
(1.08
)
(0.15
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.56
)
(0.37
)
(0.31
)
(2.10
)
(0.20
)
Net asset value, end of period
$18.46
$17.06
$16.27
$13.90
$17.42
$16.78
Total Return(c)
Based on net asset value
8.21
%(d)
14.38
%
19.81
%
(18.51
)%
16.40
%
13.16
%
Ratios to Average Net Assets(e)
Total expenses
1.71
%(f)
1.72
%
1.78
%
1.78
%
1.84
%
1.81
%
Total expenses after fees waived and/or reimbursed
1.47
%(f)
1.50
%
1.51
%
1.47
%
1.51
%
1.55
%
Net investment income
1.42
%(f)
1.46
%
1.70
%
0.47
%
0.08
%
0.29
%
Supplemental Data
Net assets, end of period (000)
$1,646
$1,554
$1,358
$1,284
$1,392
$1,129
Portfolio turnover rate
26
%(g)
15
%(g)
2
%(g)
16
%(g)
—
%(g)(h)
26
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
Rounds to less than 1%.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
89
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.94
$17.02
$14.53
$18.05
$17.25
$15.48
Net investment income(a)
0.24
0.51
0.48
0.26
0.26
0.26
Net realized and unrealized gain (loss)
1.35
2.20
2.57
(3.39
)
2.81
1.91
Net increase (decrease) from investment operations
1.59
2.71
3.05
(3.13
)
3.07
2.17
Distributions(b)
From net investment income
—
(0.85
)
(0.56
)
(0.15
)
(1.19
)
(0.25
)
From net realized gain
—
(0.94
)
—
(0.15
)
(1.08
)
(0.15
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(1.79
)
(0.56
)
(0.39
)
(2.27
)
(0.40
)
Net asset value, end of period
$19.53
$17.94
$17.02
$14.53
$18.05
$17.25
Total Return(c)
Based on net asset value
8.86
%(d)
15.85
%
21.22
%
(17.44
)%
17.93
%
14.54
%
Ratios to Average Net Assets(e)
Total expenses
0.46
%(f)
0.47
%
0.52
%
0.53
%
0.59
%
0.57
%
Total expenses after fees waived and/or reimbursed
0.22
%(f)
0.25
%
0.26
%
0.22
%
0.26
%
0.29
%
Net investment income
2.71
%(f)
2.73
%
3.02
%
1.68
%
1.35
%
1.73
%
Supplemental Data
Net assets, end of period (000)
$258,479
$187,920
$87,416
$60,100
$82,853
$56,683
Portfolio turnover rate
26
%(g)
15
%(g)
2
%(g)
16
%(g)
—
%(g)(h)
26
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
Rounds to less than 1%.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
90
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$17.41
$16.58
$14.17
$17.68
$16.97
$15.23
Net investment income(a)
0.17
0.36
0.36
0.17
0.12
0.13
Net realized and unrealized gain (loss)
1.31
2.14
2.51
(3.34
)
2.77
1.90
Net increase (decrease) from investment operations
1.48
2.50
2.87
(3.17
)
2.89
2.03
Distributions(b)
From net investment income
—
(0.73
)
(0.46
)
(0.11
)
(1.10
)
(0.14
)
From net realized gain
—
(0.94
)
—
(0.15
)
(1.08
)
(0.15
)
Return of capital
—
—
—
(0.08
)
—
—
Total distributions
—
(1.67
)
(0.46
)
(0.34
)
(2.18
)
(0.29
)
Net asset value, end of period
$18.89
$17.41
$16.58
$14.17
$17.68
$16.97
Total Return(c)
Based on net asset value
8.50
%(d)
15.03
%
20.43
%
(18.03
)%
17.10
%
13.73
%
Ratios to Average Net Assets(e)
Total expenses
1.16
%(f)
1.17
%
1.22
%
1.23
%
1.29
%
1.24
%
Total expenses after fees waived and/or reimbursed
0.92
%(f)
0.95
%
0.95
%
0.92
%
0.96
%
0.99
%
Net investment income
1.99
%(f)
2.01
%
2.35
%
1.17
%
0.64
%
0.87
%
Supplemental Data
Net assets, end of period (000)
$10,767
$9,654
$7,396
$4,108
$2,989
$2,454
Portfolio turnover rate
26
%(g)
15
%(g)
2
%(g)
16
%(g)
—
%(g)(h)
26
%(i)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
Rounds to less than 1%.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
91
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$22.50
$21.61
$18.25
$22.99
$22.78
$20.39
Net investment income(a)
0.26
0.53
0.52
0.28
0.26
0.24
Net realized and unrealized gain (loss)
1.85
3.04
3.47
(4.56
)
3.83
2.67
Net increase (decrease) from investment operations
2.11
3.57
3.99
(4.28
)
4.09
2.91
Distributions(b)
From net investment income
—
(1.11
)
(0.63
)
(0.20
)
(1.69
)
(0.26
)
From net realized gain
—
(1.57
)
—
(0.17
)
(2.19
)
(0.26
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(2.68
)
(0.63
)
(0.46
)
(3.88
)
(0.52
)
Net asset value, end of period
$24.61
$22.50
$21.61
$18.25
$22.99
$22.78
Total Return(c)
Based on net asset value
9.38
%(d)
16.46
%
22.02
%
(18.71
)%
18.15
%
14.80
%
Ratios to Average Net Assets(e)
Total expenses
0.72
%(f)
0.73
%
0.78
%
0.78
%
0.84
%
0.79
%
Total expenses after fees waived and/or reimbursed
0.48
%(f)
0.49
%
0.50
%
0.49
%
0.54
%
0.54
%
Net investment income
2.33
%(f)
2.26
%
2.60
%
1.45
%
1.04
%
1.24
%
Supplemental Data
Net assets, end of period (000)
$21,188
$19,712
$20,535
$15,423
$21,290
$19,215
Portfolio turnover rate
27
%(g)
12
%(g)
7
%(g)
16
%(g)
1
%(g)
31
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
92
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$22.31
$21.46
$18.13
$22.87
$22.69
$20.31
Net investment income(a)
0.23
0.48
0.46
0.24
0.19
0.19
Net realized and unrealized gain (loss)
1.84
3.00
3.45
(4.54
)
3.82
2.66
Net increase (decrease) from investment operations
2.07
3.48
3.91
(4.30
)
4.01
2.85
Distributions(b)
From net investment income
—
(1.06
)
(0.58
)
(0.18
)
(1.64
)
(0.21
)
From net realized gain
—
(1.57
)
—
(0.17
)
(2.19
)
(0.26
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(2.63
)
(0.58
)
(0.44
)
(3.83
)
(0.47
)
Net asset value, end of period
$24.38
$22.31
$21.46
$18.13
$22.87
$22.69
Total Return(c)
Based on net asset value
9.28
%(d)
16.14
%
21.69
%
(18.90
)%
17.88
%
14.50
%
Ratios to Average Net Assets(e)
Total expenses
0.97
%(f)
0.98
%
1.03
%
1.03
%
1.09
%
1.04
%
Total expenses after fees waived and/or reimbursed
0.73
%(f)
0.74
%
0.75
%
0.75
%
0.79
%
0.79
%
Net investment income
2.07
%(f)
2.03
%
2.32
%
1.22
%
0.78
%
0.96
%
Supplemental Data
Net assets, end of period (000)
$98,246
$88,951
$75,362
$64,526
$77,982
$73,608
Portfolio turnover rate
27
%(g)
12
%(g)
7
%(g)
16
%(g)
1
%(g)
31
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
93
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$21.69
$20.93
$17.70
$22.42
$22.36
$20.02
Net investment income(a)
0.13
0.29
0.30
0.09
0.01
0.04
Net realized and unrealized gain (loss)
1.79
2.93
3.37
(4.44
)
3.75
2.62
Net increase (decrease) from investment operations
1.92
3.22
3.67
(4.35
)
3.76
2.66
Distributions(b)
From net investment income
—
(0.89
)
(0.44
)
(0.11
)
(1.51
)
(0.06
)
From net realized gain
—
(1.57
)
—
(0.17
)
(2.19
)
(0.26
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(2.46
)
(0.44
)
(0.37
)
(3.70
)
(0.32
)
Net asset value, end of period
$23.61
$21.69
$20.93
$17.70
$22.42
$22.36
Total Return(c)
Based on net asset value
8.85
%(d)
15.31
%
20.78
%
(19.50
)%
17.00
%
13.60
%
Ratios to Average Net Assets(e)
Total expenses
1.72
%(f)
1.73
%
1.78
%
1.78
%
1.84
%
1.80
%
Total expenses after fees waived and/or reimbursed
1.48
%(f)
1.49
%
1.50
%
1.50
%
1.54
%
1.55
%
Net investment income
1.20
%(f)
1.28
%
1.57
%
0.47
%
0.05
%
0.19
%
Supplemental Data
Net assets, end of period (000)
$1,897
$1,981
$1,812
$1,690
$2,002
$1,477
Portfolio turnover rate
27
%(g)
12
%(g)
7
%(g)
16
%(g)
1
%(g)
31
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
94
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$22.66
$21.75
$18.37
$23.10
$22.86
$20.46
Net investment income(a)
0.30
0.61
0.57
0.32
0.33
0.29
Net realized and unrealized gain (loss)
1.86
3.05
3.49
(4.56
)
3.83
2.68
Net increase (decrease) from investment operations
2.16
3.66
4.06
(4.24
)
4.16
2.97
Distributions(b)
From net investment income
—
(1.18
)
(0.68
)
(0.23
)
(1.73
)
(0.31
)
From net realized gain
—
(1.57
)
—
(0.17
)
(2.19
)
(0.26
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(2.75
)
(0.68
)
(0.49
)
(3.92
)
(0.57
)
Net asset value, end of period
$24.82
$22.66
$21.75
$18.37
$23.10
$22.86
Total Return(c)
Based on net asset value
9.53
%(d)
16.74
%
22.28
%
(18.47
)%
18.45
%
15.07
%
Ratios to Average Net Assets(e)
Total expenses
0.47
%(f)
0.48
%
0.53
%
0.53
%
0.59
%
0.55
%
Total expenses after fees waived and/or reimbursed
0.23
%(f)
0.24
%
0.25
%
0.24
%
0.29
%
0.30
%
Net investment income
2.59
%(f)
2.57
%
2.86
%
1.62
%
1.34
%
1.47
%
Supplemental Data
Net assets, end of period (000)
$227,520
$159,941
$59,474
$42,971
$66,065
$35,574
Portfolio turnover rate
27
%(g)
12
%(g)
7
%(g)
16
%(g)
1
%(g)
31
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
95
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$22.10
$21.30
$18.01
$22.74
$22.59
$20.23
Net investment income(a)
0.21
0.44
0.42
0.21
0.15
0.15
Net realized and unrealized gain (loss)
1.82
2.97
3.42
(4.52
)
3.80
2.64
Net increase (decrease) from investment operations
2.03
3.41
3.84
(4.31
)
3.95
2.79
Distributions(b)
From net investment income
—
(1.04
)
(0.55
)
(0.16
)
(1.61
)
(0.17
)
From net realized gain
—
(1.57
)
—
(0.17
)
(2.19
)
(0.26
)
Return of capital
—
—
—
(0.09
)
—
—
Total distributions
—
(2.61
)
(0.55
)
(0.42
)
(3.80
)
(0.43
)
Net asset value, end of period
$24.13
$22.10
$21.30
$18.01
$22.74
$22.59
Total Return(c)
Based on net asset value
9.19
%(d)
15.93
%
21.41
%
(19.05
)%
17.65
%
14.23
%
Ratios to Average Net Assets(e)
Total expenses
1.17
%(f)
1.18
%
1.23
%
1.23
%
1.29
%
1.24
%
Total expenses after fees waived and/or reimbursed
0.93
%(f)
0.94
%
0.95
%
0.94
%
0.99
%
1.00
%
Net investment income
1.86
%(f)
1.86
%
2.14
%
1.10
%
0.60
%
0.77
%
Supplemental Data
Net assets, end of period (000)
$10,738
$8,132
$4,388
$3,302
$3,149
$2,647
Portfolio turnover rate
27
%(g)
12
%(g)
7
%(g)
16
%(g)
1
%(g)
31
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
96
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$19.11
$17.76
$14.99
$18.90
$17.94
$15.90
Net investment income(a)
0.22
0.44
0.43
0.22
0.20
0.20
Net realized and unrealized gain (loss)
1.64
2.60
2.87
(3.75
)
3.07
2.18
Net increase (decrease) from investment operations
1.86
3.04
3.30
(3.53
)
3.27
2.38
Distributions(b)
From net investment income
—
(0.79
)
(0.53
)
(0.14
)
(1.24
)
(0.21
)
From net realized gain
—
(0.90
)
—
(0.17
)
(1.07
)
(0.13
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.69
)
(0.53
)
(0.38
)
(2.31
)
(0.34
)
Net asset value, end of period
$20.97
$19.11
$17.76
$14.99
$18.90
$17.94
Total Return(c)
Based on net asset value
9.73
%(d)
16.97
%
22.18
%
(18.75
)%
18.43
%
15.47
%
Ratios to Average Net Assets(e)
Total expenses
0.72
%(f)
0.75
%
0.80
%
0.79
%
0.87
%
0.85
%
Total expenses after fees waived and/or reimbursed
0.49
%(f)
0.51
%
0.51
%
0.50
%
0.54
%
0.54
%
Net investment income
2.30
%(f)
2.28
%
2.64
%
1.40
%
0.99
%
1.30
%
Supplemental Data
Net assets, end of period (000)
$8,368
$7,105
$9,062
$6,014
$7,814
$6,308
Portfolio turnover rate
25
%(g)
9
%(g)
3
%(g)
27
%(g)
2
%(g)
23
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
97
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$18.93
$17.61
$14.88
$18.78
$17.85
$15.82
Net investment income(a)
0.20
0.40
0.38
0.18
0.15
0.16
Net realized and unrealized gain (loss)
1.61
2.58
2.84
(3.72
)
3.06
2.17
Net increase (decrease) from investment operations
1.81
2.98
3.22
(3.54
)
3.21
2.33
Distributions(b)
From net investment income
—
(0.76
)
(0.49
)
(0.12
)
(1.21
)
(0.17
)
From net realized gain
—
(0.90
)
—
(0.17
)
(1.07
)
(0.13
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.66
)
(0.49
)
(0.36
)
(2.28
)
(0.30
)
Net asset value, end of period
$20.74
$18.93
$17.61
$14.88
$18.78
$17.85
Total Return(c)
Based on net asset value
9.56
%(d)
16.76
%
21.77
%
(18.90
)%
18.13
%
15.17
%
Ratios to Average Net Assets(e)
Total expenses
0.97
%(f)
0.99
%
1.06
%
1.04
%
1.12
%
1.09
%
Total expenses after fees waived and/or reimbursed
0.74
%(f)
0.76
%
0.77
%
0.75
%
0.79
%
0.80
%
Net investment income
2.07
%(f)
2.05
%
2.35
%
1.15
%
0.75
%
1.05
%
Supplemental Data
Net assets, end of period (000)
$34,658
$25,709
$18,754
$14,873
$17,422
$15,871
Portfolio turnover rate
25
%(g)
9
%(g)
3
%(g)
27
%(g)
2
%(g)
23
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
98
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$18.43
$17.20
$14.53
$18.42
$17.59
$15.58
Net investment income(a)
0.12
0.24
0.24
0.07
(0.00
)(b)
0.04
Net realized and unrealized gain (loss)
1.58
2.50
2.79
(3.66
)
3.00
2.15
Net increase (decrease) from investment operations
1.70
2.74
3.03
(3.59
)
3.00
2.19
Distributions(c)
From net investment income
—
(0.61
)
(0.36
)
(0.06
)
(1.10
)
(0.05
)
From net realized gain
—
(0.90
)
—
(0.17
)
(1.07
)
(0.13
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.51
)
(0.36
)
(0.30
)
(2.17
)
(0.18
)
Net asset value, end of period
$20.13
$18.43
$17.20
$14.53
$18.42
$17.59
Total Return(d)
Based on net asset value
9.22
%(e)
15.82
%
20.94
%
(19.53
)%
17.19
%
14.32
%
Ratios to Average Net Assets(f)
Total expenses
1.72
%(g)
1.74
%
1.83
%
1.79
%
1.87
%
1.84
%
Total expenses after fees waived and/or reimbursed
1.49
%(g)
1.51
%
1.54
%
1.50
%
1.54
%
1.56
%
Net investment income
1.26
%(g)
1.29
%
1.54
%
0.45
%
(0.00
)%
0.27
%
Supplemental Data
Net assets, end of period (000)
$1,368
$1,268
$1,099
$1,341
$1,340
$1,071
Portfolio turnover rate
25
%(h)
9
%(h)
3
%(h)
27
%(h)
2
%(h)
23
%(i)
 
(a)
Based on average shares outstanding.
(b)
Amount is greater than $(0.005) per share.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(i)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
99
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$19.51
$18.09
$15.27
$19.21
$18.19
$16.12
Net investment income(a)
0.25
0.51
0.49
0.25
0.26
0.25
Net realized and unrealized gain (loss)
1.67
2.66
2.90
(3.79
)
3.11
2.20
Net increase (decrease) from investment operations
1.92
3.17
3.39
(3.54
)
3.37
2.45
Distributions(b)
From net investment income
—
(0.85
)
(0.57
)
(0.16
)
(1.28
)
(0.25
)
From net realized gain
—
(0.90
)
—
(0.17
)
(1.07
)
(0.13
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.75
)
(0.57
)
(0.40
)
(2.35
)
(0.38
)
Net asset value, end of period
$21.43
$19.51
$18.09
$15.27
$19.21
$18.19
Total Return(c)
Based on net asset value
9.84
%(d)
17.36
%
22.38
%
(18.49
)%
18.72
%
15.69
%
Ratios to Average Net Assets(e)
Total expenses
0.47
%(f)
0.49
%
0.54
%
0.54
%
0.62
%
0.60
%
Total expenses after fees waived and/or reimbursed
0.24
%(f)
0.26
%
0.25
%
0.25
%
0.29
%
0.30
%
Net investment income
2.57
%(f)
2.56
%
2.91
%
1.57
%
1.28
%
1.58
%
Supplemental Data
Net assets, end of period (000)
$212,050
$155,499
$64,423
$37,439
$53,041
$30,189
Portfolio turnover rate
25
%(g)
9
%(g)
3
%(g)
27
%(g)
2
%(g)
23
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
100
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$18.82
$17.53
$14.81
$18.72
$17.82
$15.78
Net investment income(a)
0.18
0.36
0.35
0.16
0.12
0.13
Net realized and unrealized gain (loss)
1.60
2.56
2.83
(3.72
)
3.03
2.17
Net increase (decrease) from investment operations
1.78
2.92
3.18
(3.56
)
3.15
2.30
Distributions(b)
From net investment income
—
(0.73
)
(0.46
)
(0.11
)
(1.18
)
(0.13
)
From net realized gain
—
(0.90
)
—
(0.17
)
(1.07
)
(0.13
)
Return of capital
—
—
—
(0.07
)
—
—
Total distributions
—
(1.63
)
(0.46
)
(0.35
)
(2.25
)
(0.26
)
Net asset value, end of period
$20.60
$18.82
$17.53
$14.81
$18.72
$17.82
Total Return(c)
Based on net asset value
9.46
%(d)
16.50
%
21.60
%
(19.09
)%
17.83
%
14.96
%
Ratios to Average Net Assets(e)
Total expenses
1.17
%(f)
1.19
%
1.25
%
1.24
%
1.32
%
1.28
%
Total expenses after fees waived and/or reimbursed
0.94
%(f)
0.96
%
0.96
%
0.95
%
0.99
%
1.00
%
Net investment income
1.86
%(f)
1.85
%
2.17
%
1.05
%
0.59
%
0.85
%
Supplemental Data
Net assets, end of period (000)
$7,668
$5,918
$3,643
$2,464
$2,204
$1,306
Portfolio turnover rate
25
%(g)
9
%(g)
3
%(g)
27
%(g)
2
%(g)
23
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
101
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.50
$13.20
$11.11
$13.93
$12.85
$11.47
Net investment income(a)
0.17
0.36
0.33
0.18
0.16
0.16
Net realized and unrealized gain (loss)
1.25
1.91
2.13
(2.77
)
2.17
1.44
Net increase (decrease) from investment operations
1.42
2.27
2.46
(2.59
)
2.33
1.60
Distributions(b)
From net investment income
—
(0.48
)
(0.37
)
(0.09
)
(0.73
)
(0.17
)
From net realized gain
—
(0.49
)
—
(0.09
)
(0.52
)
(0.05
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.97
)
(0.37
)
(0.23
)
(1.25
)
(0.22
)
Net asset value, end of period
$15.92
$14.50
$13.20
$11.11
$13.93
$12.85
Total Return(c)
Based on net asset value
9.79
%(d)
17.07
%
22.30
%
(18.64
)%
18.14
%
14.34
%
Ratios to Average Net Assets(e)
Total expenses
0.74
%(f)
0.78
%
0.86
%
0.91
%
1.05
%
1.12
%
Total expenses after fees waived and/or reimbursed
0.49
%(f)
0.51
%
0.49
%
0.49
%
0.52
%
0.52
%
Net investment income
2.31
%(f)
2.43
%
2.70
%
1.54
%
1.09
%
1.40
%
Supplemental Data
Net assets, end of period (000)
$7,203
$5,183
$3,573
$1,596
$1,314
$1,197
Portfolio turnover rate
25
%(g)
12
%(g)
3
%(g)
37
%(g)
5
%(g)
18
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
102
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.43
$13.15
$11.07
$13.91
$12.84
$11.46
Net investment income(a)
0.15
0.32
0.29
0.15
0.12
0.12
Net realized and unrealized gain (loss)
1.24
1.91
2.13
(2.77
)
2.17
1.45
Net increase (decrease) from investment operations
1.39
2.23
2.42
(2.62
)
2.29
1.57
Distributions(b)
From net investment income
—
(0.46
)
(0.34
)
(0.08
)
(0.70
)
(0.14
)
From net realized gain
—
(0.49
)
—
(0.09
)
(0.52
)
(0.05
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.95
)
(0.34
)
(0.22
)
(1.22
)
(0.19
)
Net asset value, end of period
$15.82
$14.43
$13.15
$11.07
$13.91
$12.84
Total Return(c)
Based on net asset value
9.63
%(d)
16.82
%
21.99
%
(18.88
)%
17.87
%
14.03
%
Ratios to Average Net Assets(e)
Total expenses
0.99
%(f)
1.02
%
1.14
%
1.15
%
1.30
%
1.36
%
Total expenses after fees waived and/or reimbursed
0.74
%(f)
0.76
%
0.76
%
0.74
%
0.77
%
0.80
%
Net investment income
2.06
%(f)
2.20
%
2.39
%
1.31
%
0.84
%
1.14
%
Supplemental Data
Net assets, end of period (000)
$9,725
$6,100
$2,529
$1,562
$1,054
$580
Portfolio turnover rate
25
%(g)
12
%(g)
3
%(g)
37
%(g)
5
%(g)
18
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
103
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.38
$13.05
$10.99
$13.86
$12.83
$11.45
Net investment income(a)
0.10
0.20
0.20
0.06
0.02
0.04
Net realized and unrealized gain (loss)
1.24
1.89
2.11
(2.75
)
2.16
1.45
Net increase (decrease) from investment operations
1.34
2.09
2.31
(2.69
)
2.18
1.49
Distributions(b)
From net investment income
—
(0.27
)
(0.25
)
(0.04
)
(0.63
)
(0.06
)
From net realized gain
—
(0.49
)
—
(0.09
)
(0.52
)
(0.05
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.76
)
(0.25
)
(0.18
)
(1.15
)
(0.11
)
Net asset value, end of period
$15.72
$14.38
$13.05
$10.99
$13.86
$12.83
Total Return(c)
Based on net asset value
9.32
%(d)
15.90
%
21.09
%
(19.48
)%
16.98
%
13.16
%
Ratios to Average Net Assets(e)
Total expenses
1.74
%(f)
1.79
%
1.90
%
1.90
%
2.05
%
2.11
%
Total expenses after fees waived and/or reimbursed
1.49
%(f)
1.52
%
1.52
%
1.49
%
1.51
%
1.55
%
Net investment income
1.32
%(f)
1.40
%
1.66
%
0.51
%
0.11
%
0.38
%
Supplemental Data
Net assets, end of period (000)
$93
$110
$153
$100
$96
$45
Portfolio turnover rate
25
%(g)
12
%(g)
3
%(g)
37
%(g)
5
%(g)
18
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
104
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.54
$13.23
$11.13
$13.95
$12.87
$11.48
Net investment income(a)
0.19
0.40
0.36
0.18
0.19
0.18
Net realized and unrealized gain (loss)
1.26
1.92
2.14
(2.75
)
2.17
1.45
Net increase (decrease) from investment operations
1.45
2.32
2.50
(2.57
)
2.36
1.63
Distributions(b)
From net investment income
—
(0.52
)
(0.40
)
(0.11
)
(0.76
)
(0.19
)
From net realized gain
—
(0.49
)
—
(0.09
)
(0.52
)
(0.05
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(1.01
)
(0.40
)
(0.25
)
(1.28
)
(0.24
)
Net asset value, end of period
$15.99
$14.54
$13.23
$11.13
$13.95
$12.87
Total Return(c)
Based on net asset value
9.97
%(d)
17.36
%
22.62
%
(18.51
)%
18.43
%
14.62
%
Ratios to Average Net Assets(e)
Total expenses
0.49
%(f)
0.52
%
0.63
%
0.65
%
0.80
%
0.87
%
Total expenses after fees waived and/or reimbursed
0.24
%(f)
0.26
%
0.26
%
0.24
%
0.27
%
0.29
%
Net investment income
2.57
%(f)
2.69
%
2.92
%
1.56
%
1.34
%
1.62
%
Supplemental Data
Net assets, end of period (000)
$103,990
$66,912
$20,630
$11,524
$17,030
$8,747
Portfolio turnover rate
25
%(g)
12
%(g)
3
%(g)
37
%(g)
5
%(g)
18
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
105
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$14.42
$13.14
$11.06
$13.91
$12.85
$11.46
Net investment income(a)
0.13
0.29
0.27
0.14
0.09
0.10
Net realized and unrealized gain (loss)
1.25
1.90
2.13
(2.78
)
2.17
1.45
Net increase (decrease) from investment operations
1.38
2.19
2.40
(2.64
)
2.26
1.55
Distributions(b)
From net investment income
—
(0.42
)
(0.32
)
(0.07
)
(0.68
)
(0.11
)
From net realized gain
—
(0.49
)
—
(0.09
)
(0.52
)
(0.05
)
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.91
)
(0.32
)
(0.21
)
(1.20
)
(0.16
)
Net asset value, end of period
$15.80
$14.42
$13.14
$11.06
$13.91
$12.85
Total Return(c)
Based on net asset value
9.57
%(d)
16.51
%
21.79
%
(19.04
)%
17.63
%
13.84
%
Ratios to Average Net Assets(e)
Total expenses
1.19
%(f)
1.22
%
1.34
%
1.36
%
1.50
%
1.56
%
Total expenses after fees waived and/or reimbursed
0.93
%(f)
0.96
%
0.96
%
0.94
%
0.97
%
0.98
%
Net investment income
1.86
%(f)
1.98
%
2.19
%
1.19
%
0.66
%
0.89
%
Supplemental Data
Net assets, end of period (000)
$5,673
$3,077
$2,001
$1,247
$817
$359
Portfolio turnover rate
25
%(g)
12
%(g)
3
%(g)
37
%(g)
5
%(g)
18
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
106
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.99
$12.01
$10.07
$12.67
$11.74
$10.47
Net investment income(a)
0.15
0.35
0.29
0.16
0.14
0.13
Net realized and unrealized gain (loss)
1.12
1.65
1.95
(2.50
)
2.02
1.30
Net increase (decrease) from investment operations
1.27
2.00
2.24
(2.34
)
2.16
1.43
Distributions(b)
From net investment income
—
(0.45
)
(0.30
)
(0.11
)
(0.78
)
(0.16
)
From net realized gain
—
(0.57
)
—
(0.10
)
(0.45
)
—
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(1.02
)
(0.30
)
(0.26
)
(1.23
)
(0.16
)
Net asset value, end of period
$14.26
$12.99
$12.01
$10.07
$12.67
$11.74
Total Return(c)
Based on net asset value
9.78
%(d)
16.50
%
22.39
%
(18.55
)%
18.43
%
13.99
%
Ratios to Average Net Assets(e)
Total expenses
0.76
%(f)
0.84
%
1.09
%
1.20
%
1.47
%
1.23
%
Total expenses after fees waived and/or reimbursed
0.48
%(f)
0.51
%
0.51
%
0.48
%
0.53
%
0.54
%
Net investment income
2.32
%(f)
2.64
%
2.66
%
1.54
%
1.09
%
1.34
%
Supplemental Data
Net assets, end of period (000)
$2,010
$1,365
$1,094
$604
$596
$486
Portfolio turnover rate
28
%(g)
12
%(g)
4
%(g)
26
%(g)
8
%(g)
45
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
107
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.93
$11.97
$10.05
$12.66
$11.74
$10.47
Net investment income(a)
0.13
0.32
0.28
0.14
0.11
0.11
Net realized and unrealized gain (loss)
1.12
1.65
1.92
(2.50
)
2.02
1.30
Net increase (decrease) from investment operations
1.25
1.97
2.20
(2.36
)
2.13
1.41
Distributions(b)
From net investment income
—
(0.44
)
(0.28
)
(0.10
)
(0.76
)
(0.14
)
From net realized gain
—
(0.57
)
—
(0.10
)
(0.45
)
—
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(1.01
)
(0.28
)
(0.25
)
(1.21
)
(0.14
)
Net asset value, end of period
$14.18
$12.93
$11.97
$10.05
$12.66
$11.74
Total Return(c)
Based on net asset value
9.67
%(d)
16.29
%
21.99
%
(18.71
)%
18.13
%
13.70
%
Ratios to Average Net Assets(e)
Total expenses
1.01
%(f)
1.08
%
1.31
%
1.44
%
1.72
%
1.48
%
Total expenses after fees waived and/or reimbursed
0.73
%(f)
0.76
%
0.72
%
0.72
%
0.78
%
0.79
%
Net investment income
2.06
%(f)
2.41
%
2.51
%
1.35
%
0.85
%
1.10
%
Supplemental Data
Net assets, end of period (000)
$12,120
$8,266
$2,502
$868
$722
$501
Portfolio turnover rate
28
%(g)
12
%(g)
4
%(g)
26
%(g)
8
%(g)
45
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
108
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.87
$11.90
$9.99
$12.64
$11.74
$10.47
Net investment income(a)
0.08
0.21
0.18
0.06
0.01
0.03
Net realized and unrealized gain (loss)
1.11
1.64
1.92
(2.50
)
2.02
1.30
Net increase (decrease) from investment operations
1.19
1.85
2.10
(2.44
)
2.03
1.33
Distributions(b)
From net investment income
—
(0.31
)
(0.19
)
(0.06
)
(0.68
)
(0.06
)
From net realized gain
—
(0.57
)
—
(0.10
)
(0.45
)
—
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.88
)
(0.19
)
(0.21
)
(1.13
)
(0.06
)
Net asset value, end of period
$14.06
$12.87
$11.90
$9.99
$12.64
$11.74
Total Return(c)
Based on net asset value
9.25
%(d)
15.46
%
21.08
%
(19.38
)%
17.30
%
12.83
%
Ratios to Average Net Assets(e)
Total expenses
1.77
%(f)
1.84
%
2.11
%
2.20
%
2.47
%
2.24
%
Total expenses after fees waived and/or reimbursed
1.48
%(f)
1.51
%
1.52
%
1.48
%
1.53
%
1.55
%
Net investment income
1.25
%(f)
1.64
%
1.61
%
0.59
%
0.08
%
0.33
%
Supplemental Data
Net assets, end of period (000)
$870
$849
$774
$553
$528
$470
Portfolio turnover rate
28
%(g)
12
%(g)
4
%(g)
26
%(g)
8
%(g)
45
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
109
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$13.01
$12.03
$10.08
$12.67
$11.74
$10.48
Net investment income(a)
0.17
0.39
0.33
0.18
0.18
0.16
Net realized and unrealized gain (loss)
1.13
1.64
1.95
(2.49
)
2.01
1.29
Net increase (decrease) from investment operations
1.30
2.03
2.28
(2.31
)
2.19
1.45
Distributions(b)
From net investment income
—
(0.48
)
(0.33
)
(0.13
)
(0.81
)
(0.19
)
From net realized gain
—
(0.57
)
—
(0.10
)
(0.45
)
—
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(1.05
)
(0.33
)
(0.28
)
(1.26
)
(0.19
)
Net asset value, end of period
$14.31
$13.01
$12.03
$10.08
$12.67
$11.74
Total Return(c)
Based on net asset value
9.99
%(d)
16.73
%
22.75
%
(18.37
)%
18.72
%
14.15
%
Ratios to Average Net Assets(e)
Total expenses
0.51
%(f)
0.58
%
0.84
%
0.95
%
1.22
%
0.99
%
Total expenses after fees waived and/or reimbursed
0.23
%(f)
0.26
%
0.25
%
0.22
%
0.28
%
0.30
%
Net investment income
2.58
%(f)
2.91
%
2.94
%
1.72
%
1.35
%
1.59
%
Supplemental Data
Net assets, end of period (000)
$41,806
$22,536
$7,335
$3,655
$4,242
$2,969
Portfolio turnover rate
28
%(g)
12
%(g)
4
%(g)
26
%(g)
8
%(g)
45
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
110
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Net asset value, beginning of period
$12.94
$11.96
$10.03
$12.65
$11.74
$10.47
Net investment income(a)
0.12
0.29
0.23
0.11
0.08
0.09
Net realized and unrealized gain (loss)
1.11
1.65
1.95
(2.49
)
2.01
1.30
Net increase (decrease) from investment operations
1.23
1.94
2.18
(2.38
)
2.09
1.39
Distributions(b)
From net investment income
—
(0.39
)
(0.25
)
(0.09
)
(0.73
)
(0.12
)
From net realized gain
—
(0.57
)
—
(0.10
)
(0.45
)
—
Return of capital
—
—
—
(0.05
)
—
—
Total distributions
—
(0.96
)
(0.25
)
(0.24
)
(1.18
)
(0.12
)
Net asset value, end of period
$14.17
$12.94
$11.96
$10.03
$12.65
$11.74
Total Return(c)
Based on net asset value
9.51
%(d)
16.07
%
21.82
%
(18.92
)%
17.86
%
13.47
%
Ratios to Average Net Assets(e)
Total expenses
1.22
%(f)
1.29
%
1.59
%
1.65
%
1.92
%
1.68
%
Total expenses after fees waived and/or reimbursed
0.93
%(f)
0.96
%
0.99
%
0.93
%
0.98
%
0.99
%
Net investment income
1.83
%(f)
2.19
%
2.14
%
1.05
%
0.63
%
0.89
%
Supplemental Data
Net assets, end of period (000)
$637
$570
$509
$445
$509
$470
Portfolio turnover rate
28
%(g)
12
%(g)
4
%(g)
26
%(g)
8
%(g)
45
%(h)
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
(h)
From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
111
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund
 
Institutional
 
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.11
0.08
Net realized and unrealized gain (loss)
0.86
(0.21
)
Net increase (decrease) from investment operations
0.97
(0.13
)
Distributions from net investment income(c)
—
(0.06
)
Net asset value, end of period
$10.78
$9.81
Total Return(d)
Based on net asset value
9.89
%(e)
(1.35
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.52
%(g)
1.40
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.49
%(g)
0.49
%(g)
Net investment income
2.23
%(g)
2.88
%(g)
Supplemental Data
Net assets, end of period (000)
$108
$98
Portfolio turnover rate
38
%(i)
10
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.80%.
(i)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
112
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Investor A
 
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.10
0.07
Net realized and unrealized gain (loss)
0.85
(0.21
)
Net increase (decrease) from investment operations
0.95
(0.14
)
Distributions from net investment income(c)
—
(0.05
)
Net asset value, end of period
$10.76
$9.81
Total Return(d)
Based on net asset value
9.68
%(e)
(1.42
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.77
%(g)
1.65
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.73
%(g)
0.75
%(g)
Net investment income
1.98
%(g)
2.62
%(g)
Supplemental Data
Net assets, end of period (000)
$110
$98
Portfolio turnover rate
38
%(i)
10
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.04%.
(i)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
113
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Investor C
 
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.06
0.05
Net realized and unrealized gain (loss)
0.85
(0.21
)
Net increase (decrease) from investment operations
0.91
(0.16
)
Distributions from net investment income(c)
—
(0.03
)
Net asset value, end of period
$10.72
$9.81
Total Return(d)
Based on net asset value
9.28
%(e)
(1.61
)%(e)
Ratios to Average Net Assets(f)
Total expenses
2.52
%(g)
2.40
%(g)(h)
Total expenses after fees waived and/or reimbursed
1.48
%(g)
1.49
%(g)
Net investment income
1.23
%(g)
1.87
%(g)
Supplemental Data
Net assets, end of period (000)
$107
$98
Portfolio turnover rate
38
%(i)
10
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.79%.
(i)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
114
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Class K
 
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.12
0.08
Net realized and unrealized gain (loss)
0.86
(0.21
)
Net increase (decrease) from investment operations
0.98
(0.13
)
Distributions from net investment income(c)
—
(0.06
)
Net asset value, end of period
$10.79
$9.81
Total Return(d)
Based on net asset value
9.99
%(e)
(1.29
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.27
%(g)
1.15
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.24
%(g)
0.24
%(g)
Net investment income
2.48
%(g)
3.13
%(g)
Supplemental Data
Net assets, end of period (000)
$3,894
$3,530
Portfolio turnover rate
38
%(i)
10
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.54%.
(i)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
115
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Class R
 
Six Months Ended
06/30/25
(unaudited)
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.09
0.07
Net realized and unrealized gain (loss)
0.85
(0.22
)
Net increase (decrease) from investment operations
0.94
(0.15
)
Distributions from net investment income(c)
—
(0.04
)
Net asset value, end of period
$10.75
$9.81
Total Return(d)
Based on net asset value
9.58
%(e)
(1.47
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.97
%(g)
1.85
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.94
%(g)
0.94
%(g)
Net investment income
1.77
%(g)
2.42
%(g)
Supplemental Data
Net assets, end of period (000)
$108
$98
Portfolio turnover rate
38
%(i)
10
%(i)
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.24%.
(i)
Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
116
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Delaware statutory trust.  The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”: 
Fund Name
Herein Referred To As
Diversification
Classification
BlackRock LifePath® Dynamic Retirement Fund
LifePath Dynamic Retirement Fund
Diversified
BlackRock LifePath® Dynamic 2030 Fund
LifePath Dynamic 2030 Fund
Diversified
BlackRock LifePath® Dynamic 2035 Fund
LifePath Dynamic 2035 Fund
Diversified
BlackRock LifePath® Dynamic 2040 Fund
LifePath Dynamic 2040 Fund
Diversified
BlackRock LifePath® Dynamic 2045 Fund
LifePath Dynamic 2045 Fund
Diversified
BlackRock LifePath® Dynamic 2050 Fund
LifePath Dynamic 2050 Fund
Diversified
BlackRock LifePath® Dynamic 2055 Fund
LifePath Dynamic 2055 Fund
Diversified
BlackRock LifePath® Dynamic 2060 Fund
LifePath Dynamic 2060 Fund
Diversified
BlackRock LifePath® Dynamic 2065 Fund
LifePath Dynamic 2065 Fund
Diversified
BlackRock LifePath® Dynamic 2070 Fund
LifePath Dynamic 2070 Fund
Diversified
As of period end, the investment of LifePath Dynamic Retirement Fund, LifePath Dynamic 2030 Fund, LifePath Dynamic 2035 Fund, LifePath Dynamic 2040 Fund, LifePath Dynamic 2045 Fund, LifePath Dynamic 2050 Fund, LifePath Dynamic 2055 Fund, LifePath Dynamic 2060 Fund, LifePath Dynamic 2065 Fund and LifePath Dynamic 2070 Fund in the Diversified Equity Master Portfolio represented 23.9%, 30.4%, 36.2%, 38.1%, 41.1%, 45.6%, 50.1%, 50.4%, 50.2% and 50.8% respectively, of net assets. As such, financial statements of the Diversified Equity Master Portfolio including the Schedules of Investments, should be read in conjunction with each respective Fund’s financial statements. Diversified Equity Master Portfolio’s financial statements are available, without charge, on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at sec.gov.
The Funds will generally invest in other registered investment companies (each, an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds. The Funds may also invest in other master portfolios (“Underlying Master Portfolios”) that are managed by subsidiaries of BlackRock.
The value of a Fund’s investment in each of Diversified Equity Master Portfolio and International Tilts Master Portfolio reflects that Fund’s proportionate interest in the net assets of that master portfolio. As of period end, the Funds held interests in Underlying Master Portfolios as follows: 
Fund Name
Diversified Equity
Master
Portfolio
International
Tilts Master
Portfolio
LifePath Dynamic Retirement Fund
3.9
% 
4.8
% 
LifePath Dynamic 2030 Fund
5.2
6.7
LifePath Dynamic 2035 Fund
4.9
6.6
LifePath Dynamic 2040 Fund
6.7
10.4
LifePath Dynamic 2045 Fund
4.6
6.7
LifePath Dynamic 2050 Fund
5.8
7.5
LifePath Dynamic 2055 Fund
4.7
5.5
LifePath Dynamic 2060 Fund
2.3
2.6
LifePath Dynamic 2065 Fund
1.0
1.2
LifePath Dynamic 2070 Fund
0.1
0.1
Each Fund offers multiple classes of shares.  All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares.  Institutional and Class K Shares are sold only to certain eligible investors.  Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares.  Investor A and Investor C Shares are generally available through financial intermediaries.  Class R Shares are sold only to certain employer-sponsored retirement plans.  Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan). 
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional, Class K and Class R Shares
No
No
None
Investor A Shares
Yes
No(a)
None
Investor C Shares
No
Yes(b)
To Investor A Shares after approximately 8 years
 
(a)
Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.
(b)
A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.
The Funds, together with certain other registered investment companies advised by  BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
Notes to Financial Statements
117
Notes to Financial Statements (unaudited) (continued)
 
Prior Year Reorganization: The Board of LifePath Dynamic Retirement Fund (the “Acquiring Fund”) and the Board of BlackRock LifePath Dynamic 2025 Fund (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund.
Each shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate net asset value (“NAV”) of such shareholder’s Target Fund shares, as determined at the close of business on October 4, 2024, less the costs of the Target Fund’s reorganization.
The reorganization was accomplished by a tax-free exchange of shares of the Acquiring Fund in the following amounts and at the following conversion ratios: 
Target Fund’s Share Class
 
Shares Prior to
Reorganization
Conversion
Ratio
Acquiring Fund’s
Share
Class
Shares of
the Acquiring Fund
Institutional
369,208
1.43611100
Institutional
530,224
Investor A
1,345,193
1.75976130
InvestorA
2,367,219
Investor C
97,996
1.44165983
InvestorC
141,277
Class K
6,467,773
1.42502548
ClassK
9,216,741
Class R
472,930
1.43771300
ClassR
679,938
The Target Fund’s net assets and composition of net assets on October 4, 2024, the valuation date of the reorganization, were as follows: 
 
Target Fund
Net assets
$119,935,918
Paid-in-capital
112,753,638
Accumulated earnings
7,182,280
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $277,080,853. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $397,016,771. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows: 
Target Fund
 
Fair Value of
Investments
Cost of Investments
BlackRock LifePath Dynamic 2025 Fund
$ 109,337,836
$ 97,545,340
The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives and strategies and identical investment policies, risks and restrictions. The reorganization was a tax-free event and was effective on October 7, 2024.
Assuming the reorganization had been completed on January 1, 2024, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended December 31, 2024, were as follows:
• Net investment income (loss): $16,812,570
• Net realized and change in unrealized gain/loss on investments: $13,946,482
• Net increase/decrease in net assets resulting from operations: $30,759,052
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since October 7, 2024.
Reorganization costs incurred by LifePath Dynamic Retirement Fund in connection with the reorganization were expensed by LifePath Dynamic Retirement Fund.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
118
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Each Fund records daily its proportionate share of the Diversified Equity Master Portfolio and International Tilts Master Portfolios’ income, expenses and realized and unrealized gains and losses.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.  Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions paid by the Funds are recorded on the ex-dividend dates.  Distributions from net investment income are declared and paid annually.  Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.  The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager  as the valuation designee for each Fund.  Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.
Notes to Financial Statements
119
Notes to Financial Statements (unaudited) (continued)
 
•The Funds record their proportionate investment in the Underlying Master Portfolios at fair value, which is based upon their pro rata ownership in the net assets of the Underlying Master Portfolios.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of June 30, 2025, certain investments of the Funds were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
4.
SECURITIES AND OTHER INVESTMENTS
Securities Lending: The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
120
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA: 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
LifePath Dynamic Retirement Fund
Morgan Stanley
$ 794,640
$ (794,640
)
$ —
$ —
UBS AG
785,260
(785,260
)
—
—
 
$ 1,579,900
$ (1,579,900
)
$ —
$ —
LifePath Dynamic 2030 Fund
Citigroup Global Markets, Inc.
$ 20,607
$ (20,607
)
$ —
$ —
Goldman Sachs & Co. LLC
11,620,790
(11,620,790
)
—
—
J.P. Morgan Securities LLC
3,940,122
(3,940,122
)
—
—
Morgan Stanley
304,920
(304,920
)
—
—
 
$ 15,886,439
$ (15,886,439
)
$ —
$ —
LifePath Dynamic 2035 Fund
Barclays Bank PLC
$ 4,781,154
$ (4,781,154
)
$ —
$ —
Goldman Sachs & Co. LLC
24,732,672
(24,732,672
)
—
—
Toronto-Dominion Bank
13,111,079
(13,111,079
)
—
—
 
$ 42,624,905
$ (42,624,905
)
$ —
$ —
LifePath Dynamic 2040 Fund
Citigroup Global Markets, Inc.
$ 16,770
$ (16,770
)
$ —
$ —
Goldman Sachs & Co. LLC
44,214,986
(44,214,986
)
—
—
J.P. Morgan Securities LLC
2,180,640
(2,180,640
)
—
—
 
$ 46,412,396
$ (46,412,396
)
$ —
$ —
LifePath Dynamic 2045 Fund
Goldman Sachs & Co. LLC
$ 27,991,569
$ (27,991,569
)
$ —
$ —
Jefferies LLC
259,921
(259,921
)
—
—
RBC Capital Markets LLC
106,260
(106,260
)
—
—
Toronto-Dominion Bank
12,842,047
(12,842,047
)
—
—
 
$ 41,199,797
$ (41,199,797
)
$ —
$ —
LifePath Dynamic 2050 Fund
BNP Paribas SA
$ 149,176
$ (149,176
)
$ —
$ —
Goldman Sachs & Co. LLC
36,253,678
(36,253,678
)
—
—
J.P. Morgan Securities LLC
6,115,160
(6,115,160
)
—
—
Morgan Stanley
937,860
(937,860
)
—
—
RBC Capital Markets LLC
374,220
(374,220
)
—
—
 
$ 43,830,094
$ (43,830,094
)
$ —
$ —
LifePath Dynamic 2055 Fund
Barclays Bank PLC
$ 395,408
$ (395,408
)
$ —
$ —
J.P. Morgan Securities LLC
4,715,660
(4,715,660
)
—
—
Jefferies LLC
324,162
(324,162
)
—
—
Toronto-Dominion Bank
2,779,389
(2,779,389
)
—
—
Wells Fargo Bank N.A.
2,365,182
(2,365,182
)
—
—
Wells Fargo Securities LLC
2,048,926
(2,048,926
)
—
—
 
$ 12,628,727
$ (12,628,727
)
$ —
$ —
LifePath Dynamic 2060 Fund
BNP Paribas SA
$ 114,057
$ (114,057
)
$ —
$ —
Citigroup Global Markets, Inc.
4,494
(4,494
)
—
—
Goldman Sachs & Co. LLC
780
(780
)
—
—
J.P. Morgan Securities LLC
175,560
(175,560
)
—
—
Jefferies LLC
418,110
(418,110
)
—
—
Morgan Stanley
2,176,020
(2,176,020
)
—
—
Toronto-Dominion Bank
1,052,874
(1,052,874
)
—
—
UBS AG
863,376
(863,376
)
—
—
UBS Securities LLC
177,811
(177,811
)
—
—
 
$ 4,983,082
$ (4,983,082
)
$ —
$ —
LifePath Dynamic 2065 Fund
Citigroup Global Markets, Inc.
$ 548
$ (548
)
$ —
$ —
Morgan Stanley
1,228,920
(1,228,920
)
—
—
UBS AG
706,281
(706,281
)
—
—
 
$ 1,935,749
$ (1,935,749
)
$ —
$ —
Notes to Financial Statements
121
Notes to Financial Statements (unaudited) (continued)
 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
LifePath Dynamic 2070 Fund
UBS AG
$ 6,689
$ (6,689
)
$ —
$ —
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of  Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited
122
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Notes to Financial Statements (unaudited) (continued)
 
as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of  Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements  of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds.  Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty,  each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to 0.30% of the average daily value of each Fund’s net assets.
With respect to each Fund, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays each Sub-Adviser for services it provides for that portion of each Fund for which BIL and BSL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Service and Distribution Fees:  The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows: 
Share Class
Service Fees
Distribution Fees
Investor A
0.25
% 
N/A
Investor C
0.25
0.75
% 
Class R
0.25
0.25
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
Notes to Financial Statements
123
Notes to Financial Statements (unaudited) (continued)
 
For the six months ended June 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund: 
Fund Name
Investor A
Investor C
Class R
Total
LifePath Dynamic Retirement Fund
$ 151,162
$ 12,110
$ 32,787
$ 196,059
LifePath Dynamic 2030 Fund
160,276
9,832
24,832
194,940
LifePath Dynamic 2035 Fund
43,628
16,483
20,337
80,448
LifePath Dynamic 2040 Fund
172,618
12,965
29,188
214,771
LifePath Dynamic 2045 Fund
42,820
7,803
24,861
75,484
LifePath Dynamic 2050 Fund
111,776
10,312
23,615
145,703
LifePath Dynamic 2055 Fund
36,958
6,640
16,416
60,014
LifePath Dynamic 2060 Fund
9,843
445
11,074
21,362
LifePath Dynamic 2065 Fund
12,393
4,208
1,452
18,053
LifePath Dynamic 2070 Fund
124
493
248
865
Administration:  The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), which has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Funds’ ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.29% based on the average daily net assets of each Fund’s Institutional, Investor A and Investor C Shares, 0.04% of the average daily net assets of Class K Shares and 0.24% of the average daily net assets of Class R Shares.
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance.
For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund: 
Fund Name
Institutional
Investor A
Investor C
Class K
Class R
Total
LifePath Dynamic Retirement Fund
$ 52,189
$ 175,348
$ 3,512
$ 52,162
$ 15,737
$ 298,948
LifePath Dynamic 2030 Fund
69,039
185,920
2,851
49,843
11,919
319,572
LifePath Dynamic 2035 Fund
17,257
50,609
4,780
54,320
9,762
136,728
LifePath Dynamic 2040 Fund
71,918
200,236
3,760
48,002
14,010
337,926
LifePath Dynamic 2045 Fund
10,002
49,671
2,263
43,709
11,933
117,578
LifePath Dynamic 2050 Fund
28,662
129,660
2,991
38,087
11,335
210,735
LifePath Dynamic 2055 Fund
10,821
42,872
1,925
36,100
7,880
99,598
LifePath Dynamic 2060 Fund
8,585
11,417
129
17,136
5,316
42,583
LifePath Dynamic 2065 Fund
2,288
14,376
1,220
6,450
697
25,031
LifePath Dynamic 2070 Fund
143
144
143
713
119
1,262
Transfer Agent:  Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.  For the six months ended June 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.
Other Fees:  For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows: 
Fund Name
Investor A
LifePath Dynamic Retirement Fund
$ 97
LifePath Dynamic 2030 Fund
224
LifePath Dynamic 2035 Fund
969
LifePath Dynamic 2040 Fund
469
LifePath Dynamic 2045 Fund
644
LifePath Dynamic 2050 Fund
399
LifePath Dynamic 2055 Fund
453
LifePath Dynamic 2060 Fund
450
LifePath Dynamic 2065 Fund
718
LifePath Dynamic 2070 Fund
1
For the six months ended June 30, 2025, affiliates received CDSCs as follows: 
Fund Name
Investor C
LifePath Dynamic 2030 Fund
$ 209
LifePath Dynamic 2035 Fund
296
LifePath Dynamic 2040 Fund
15
LifePath Dynamic 2050 Fund
49
LifePath Dynamic 2055 Fund
79
LifePath Dynamic 2065 Fund
306
124
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Expense Waivers and Reimbursements:  With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 11,242
LifePath Dynamic 2030 Fund
16,452
LifePath Dynamic 2035 Fund
23,789
LifePath Dynamic 2040 Fund
22,038
LifePath Dynamic 2045 Fund
15,195
LifePath Dynamic 2050 Fund
18,758
LifePath Dynamic 2055 Fund
12,529
LifePath Dynamic 2060 Fund
5,812
LifePath Dynamic 2065 Fund
2,674
LifePath Dynamic 2070 Fund
110
The Manager and the Administrator have contractually agreed to reimburse each Fund for acquired fund fees and expenses up to a maximum amount equal to the combined investment advisory fee and administration fee of each share class through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 372,732
LifePath Dynamic 2030 Fund
411,902
LifePath Dynamic 2035 Fund
317,278
LifePath Dynamic 2040 Fund
492,039
LifePath Dynamic 2045 Fund
296,588
LifePath Dynamic 2050 Fund
336,030
LifePath Dynamic 2055 Fund
237,973
LifePath Dynamic 2060 Fund
109,123
LifePath Dynamic 2065 Fund
46,802
LifePath Dynamic 2070 Fund
4,543
The fees and expenses of the Trust’s Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Funds. Each of the Manager and the Administrator has contractually agreed to reimburse the Funds or provide an offsetting credit against the investment advisory fees paid by the Funds in an amount equal to these independent expenses through June 30, 2035. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 11,530
LifePath Dynamic 2030 Fund
16,557
LifePath Dynamic 2035 Fund
16,229
LifePath Dynamic 2040 Fund
16,496
LifePath Dynamic 2045 Fund
16,064
LifePath Dynamic 2050 Fund
16,177
LifePath Dynamic 2055 Fund
15,861
LifePath Dynamic 2060 Fund
15,206
LifePath Dynamic 2065 Fund
15,036
LifePath Dynamic 2070 Fund
15,868
Securities Lending:  The SEC has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of
Notes to Financial Statements
125
Notes to Financial Statements (unaudited) (continued)
 
net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85%  of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70%  of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2025, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
LifePath Dynamic Retirement Fund
$ 1,936
LifePath Dynamic 2030 Fund
7,293
LifePath Dynamic 2035 Fund
5,978
LifePath Dynamic 2040 Fund
12,178
LifePath Dynamic 2045 Fund
7,066
LifePath Dynamic 2050 Fund
8,138
LifePath Dynamic 2055 Fund
4,490
LifePath Dynamic 2060 Fund
3,109
LifePath Dynamic 2065 Fund
1,216
LifePath Dynamic 2070 Fund
214
Interfund Lending: Prior to March 3, 2025, in accordance with an exemptive order (the “Order”) from the SEC, each Fund could participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers:  Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions:  Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.
7.
 PURCHASES AND SALES
For the six months ended June 30, 2025, purchases and sales of investments in the Underlying Funds and the Underlying Master Portfolios, excluding short-term securities, were as follows: 
Fund Name
Purchases
Sales
LifePath Dynamic Retirement Fund
$136,179,756
$67,459,850
LifePath Dynamic 2030 Fund
172,189,626
81,707,757
LifePath Dynamic 2035 Fund
192,599,594
43,481,612
LifePath Dynamic 2040 Fund
197,026,978
70,393,128
LifePath Dynamic 2045 Fund
175,990,490
60,026,919
LifePath Dynamic 2050 Fund
181,417,508
72,235,006
LifePath Dynamic 2055 Fund
143,840,068
48,723,572
LifePath Dynamic 2060 Fund
77,864,179
22,210,832
LifePath Dynamic 2065 Fund
39,053,439
10,711,875
LifePath Dynamic 2070 Fund
1,846,237
1,394,850
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
126
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
As of December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
Qualified
Late-Year
Ordinary Losses
LifePath Dynamic 2035 Fund
$ —
$ (646,458
)
LifePath Dynamic 2040 Fund
—
(692,761
)
LifePath Dynamic 2045 Fund
—
(580,711
)
LifePath Dynamic 2050 Fund
—
(1,588,352
)
LifePath Dynamic 2055 Fund
—
(522,983
)
LifePath Dynamic 2060 Fund
—
(187,495
)
LifePath Dynamic 2065 Fund
—
(147,589
)
LifePath Dynamic 2070 Fund
(244,241
)
—
As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
LifePath Dynamic Retirement Fund
$ 398,912,458
$ 80,895,414
$ (17,756,712
)
$ 63,138,702
LifePath Dynamic 2030 Fund
459,327,595
60,047,878
(24,521,204
)
35,526,674
LifePath Dynamic 2035 Fund
399,745,344
37,810,355
(7,316,158
)
30,494,197
LifePath Dynamic 2040 Fund
471,837,544
81,967,724
(10,512,257
)
71,455,467
LifePath Dynamic 2045 Fund
334,160,156
36,608,747
(6,009,919
)
30,598,828
LifePath Dynamic 2050 Fund
361,808,021
61,032,939
(12,984,023
)
48,048,916
LifePath Dynamic 2055 Fund
253,243,211
31,981,567
(4,007,414
)
27,974,153
LifePath Dynamic 2060 Fund
123,438,209
12,909,185
(1,161,113
)
11,748,072
LifePath Dynamic 2065 Fund
57,471,392
5,217,409
(495,276
)
4,722,133
LifePath Dynamic 2070 Fund
3,980,403
337,676
(6,736
)
330,940
9.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.  During the six months ended June 30, 2025, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Funds invest through their investments in the Underlying Funds  in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
Notes to Financial Statements
127
Notes to Financial Statements (unaudited) (continued)
 
receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic Retirement Fund 
Institutional
Shares sold
216,456
$ 2,024,473
253,147
$ 2,439,962
Shares issued in reinvestment of distributions
1
9
380,952
3,606,001
Shares issued in reorganization
—
—
530,224
5,124,707
Shares redeemed
(484,764)
(4,568,737)
(781,202)
(7,532,600)
 
(268,307)
$ (2,544,255)
383,121
$ 3,638,070
Investor A
Shares sold and automatic conversion of shares
1,718,130
$ 12,865,899
3,278,228
$ 25,643,474
Shares issued in reinvestment of distributions
1
7
1,877,447
14,308,988
Shares issued in reorganization
—
—
2,367,219
18,406,485
Shares redeemed
(2,086,101)
(15,629,585)
(5,556,771)
(43,538,609)
 
(367,970)
$ (2,763,679)
1,966,123
$ 14,820,338
Investor C
Shares sold
11,946
$ 108,911
17,155
$ 161,595
Shares issued in reinvestment of distributions
—
—
18,643
170,626
Shares issued in reorganization
—
—
141,277
1,326,434
Shares redeemed and automatic conversion of shares
(38,085)
(342,543)
(33,805)
(315,440)
 
(26,139)
$ (233,632)
143,270
$ 1,343,215
Class K
Shares sold
6,277,992
$ 58,738,428
15,675,438
$ 150,595,110
Shares issued in reinvestment of distributions
1
9
1,697,424
15,943,070
Shares issued in reorganization
—
—
9,216,741
88,633,909
Shares redeemed
(4,062,666)
(37,936,796)
(5,698,038)
(54,767,518)
 
2,215,327
$ 20,801,641
20,891,565
$ 200,404,571
128
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic Retirement Fund (continued)
Class R
Shares sold
200,672
$ 1,848,556
121,394
$ 1,145,032
Shares issued in reinvestment of distributions
—
—
85,030
786,222
Shares issued in reorganization
—
—
679,938
6,444,383
Shares redeemed
(136,167)
(1,240,528)
(106,880)
(1,017,489)
 
64,505
$ 608,028
779,482
$ 7,358,148
 
1,617,416
$ 15,868,103
24,163,561
$ 227,564,342
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2030 Fund 
Institutional
Shares sold
345,168
$ 4,642,144
766,851
$ 10,511,189
Shares issued in reinvestment of distributions
—
—
232,139
3,143,679
Shares redeemed
(256,140)
(3,492,529)
(962,077)
(13,108,926)
 
89,028
$ 1,149,615
36,913
$ 545,942
Investor A
Shares sold and automatic conversion of shares
1,132,876
$ 14,442,076
1,863,050
$ 24,094,629
Shares issued in reinvestment of distributions
—
—
720,967
9,127,006
Shares redeemed
(1,522,734)
(19,310,102)
(3,019,523)
(39,275,075)
 
(389,858)
$ (4,868,026)
(435,506)
$ (6,053,440)
Investor C
Shares sold
10,375
$ 137,083
17,152
$ 227,630
Shares issued in reinvestment of distributions
—
—
9,419
122,832
Shares redeemed and automatic conversion of shares
(11,360)
(147,737)
(28,052)
(367,832)
 
(985)
$ (10,654)
(1,481)
$ (17,370)
Class K
Shares sold
6,339,713
$ 85,486,870
10,842,850
$ 148,191,169
Shares issued in reinvestment of distributions
—
—
1,037,941
14,022,851
Shares redeemed
(1,972,831)
(26,792,596)
(3,391,690)
(46,931,392)
 
4,366,882
$ 58,694,274
8,489,101
$ 115,282,628
Class R
Shares sold
174,457
$ 2,294,286
200,618
$ 2,694,649
Shares issued in reinvestment of distributions
—
—
43,462
575,143
Shares redeemed
(99,547)
(1,324,399)
(102,127)
(1,383,792)
 
74,910
$ 969,887
141,953
$ 1,886,000
 
4,139,977
$ 55,935,096
8,230,980
$ 111,643,760
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2035 Fund 
Institutional
Shares sold
178,698
$ 2,786,836
256,823
$ 4,175,635
Shares issued in reinvestment of distributions
—
—
47,314
746,993
Shares redeemed
(123,186)
(1,980,389)
(544,829)
(8,469,960)
 
55,512
$ 806,447
(240,692)
$ (3,547,332)
Investor A
Shares sold and automatic conversion of shares
453,569
$ 7,172,068
369,040
$ 5,869,945
Shares issued in reinvestment of distributions
—
—
142,176
2,228,182
Shares redeemed
(109,110)
(1,720,961)
(473,623)
(7,567,155)
 
344,459
$ 5,451,107
37,593
$ 530,972
Notes to Financial Statements
129
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2035 Fund (continued)
Investor C
Shares sold
4,753
$ 73,452
52,422
$ 840,572
Shares issued in reinvestment of distributions
—
—
15,403
235,790
Shares redeemed and automatic conversion of shares
(54,297)
(840,190)
(17,408)
(268,995)
 
(49,544)
$ (766,738)
50,417
$ 807,367
Class K
Shares sold
4,839,213
$ 77,671,693
9,329,920
$ 151,327,046
Shares issued in reinvestment of distributions
—
—
1,003,665
16,145,032
Shares redeemed
(1,047,505)
(16,814,456)
(2,254,120)
(36,906,881)
 
3,791,708
$ 60,857,237
8,079,465
$ 130,565,197
Class R
Shares sold
118,778
$ 1,829,234
148,051
$ 2,340,647
Shares issued in reinvestment of distributions
—
—
33,220
518,839
Shares redeemed
(112,269)
(1,736,829)
(67,189)
(1,059,749)
 
6,509
$ 92,405
114,082
$ 1,799,737
 
4,148,644
$ 66,440,458
8,040,865
$ 130,155,941
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2040 Fund 
Institutional
Shares sold
201,485
$ 3,505,991
406,200
$ 7,309,150
Shares issued in reinvestment of distributions
—
—
285,328
4,966,348
Shares redeemed
(209,062)
(3,599,703)
(745,260)
(13,155,173)
 
(7,577)
$ (93,712)
(53,732)
$ (879,675)
Investor A
Shares sold and automatic conversion of shares
1,095,647
$ 15,938,810
1,953,108
$ 29,912,234
Shares issued in reinvestment of distributions
—
—
1,102,757
16,205,128
Shares redeemed
(1,154,383)
(16,782,077)
(2,858,390)
(43,753,585)
 
(58,736)
$ (843,267)
197,475
$ 2,363,777
Investor C
Shares sold
10,123
$ 169,939
17,162
$ 290,166
Shares issued in reinvestment of distributions
—
—
15,026
251,932
Shares redeemed and automatic conversion of shares
(12,111)
(203,100)
(36,339)
(627,353)
 
(1,988)
$ (33,161)
(4,151)
$ (85,255)
Class K
Shares sold
3,588,815
$ 62,666,100
7,680,867
$ 137,000,584
Shares issued in reinvestment of distributions
—
—
1,127,522
19,814,929
Shares redeemed
(773,083)
(13,559,019)
(1,793,619)
(32,192,544)
 
2,815,732
$ 49,107,081
7,014,770
$ 124,622,969
Class R
Shares sold
236,110
$ 3,975,079
210,087
$ 3,693,849
Shares issued in reinvestment of distributions
—
—
55,505
943,168
Shares redeemed
(70,179)
(1,169,857)
(67,113)
(1,168,209)
 
165,931
$ 2,805,222
198,479
$ 3,468,808
 
2,913,362
$ 50,942,163
7,352,841
$ 129,490,624
130
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2045 Fund 
Institutional
Shares sold
80,074
$ 1,423,145
142,894
$ 2,609,597
Shares issued in reinvestment of distributions
—
—
32,371
582,214
Shares redeemed
(43,241)
(782,708)
(380,228)
(6,746,312)
 
36,833
$ 640,437
(204,963)
$ (3,554,501)
Investor A
Shares sold and automatic conversion of shares
510,044
$ 9,028,850
600,196
$ 10,984,071
Shares issued in reinvestment of distributions
—
—
152,114
2,717,251
Shares redeemed
(245,720)
(4,349,334)
(490,574)
(8,889,869)
 
264,324
$ 4,679,516
261,736
$ 4,811,453
Investor C
Shares sold
4,589
$ 79,895
19,605
$ 351,034
Shares issued in reinvestment of distributions
—
—
7,597
132,144
Shares redeemed and automatic conversion of shares
(6,510)
(108,273)
(19,520)
(356,169)
 
(1,921)
$ (28,378)
7,682
$ 127,009
Class K
Shares sold
3,401,467
$ 61,887,114
5,892,906
$ 108,018,744
Shares issued in reinvestment of distributions
—
—
907,991
16,597,701
Shares redeemed
(642,096)
(11,705,496)
(1,459,092)
(27,166,016)
 
2,759,371
$ 50,181,618
5,341,805
$ 97,450,429
Class R
Shares sold
117,620
$ 2,050,131
144,555
$ 2,615,030
Shares issued in reinvestment of distributions
—
—
47,719
846,680
Shares redeemed
(102,133)
(1,769,710)
(83,727)
(1,495,930)
 
15,487
$ 280,421
108,547
$ 1,965,780
 
3,074,094
$ 55,753,614
5,514,807
$ 100,800,170
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2050 Fund 
Institutional
Shares sold
96,126
$ 2,197,221
164,322
$ 3,889,907
Shares issued in reinvestment of distributions
—
—
92,271
2,123,666
Shares redeemed
(111,435)
(2,555,400)
(330,741)
(7,589,978)
 
(15,309)
$ (358,179)
(74,148)
$ (1,576,405)
Investor A
Shares sold and automatic conversion of shares
711,400
$ 15,974,977
1,125,659
$ 26,369,436
Shares issued in reinvestment of distributions
—
—
421,432
9,620,072
Shares redeemed
(668,012)
(14,990,963)
(1,072,653)
(24,995,423)
 
43,388
$ 984,014
474,438
$ 10,994,085
Investor C
Shares sold
17,256
$ 380,113
17,277
$ 395,086
Shares issued in reinvestment of distributions
—
—
9,217
204,604
Shares redeemed and automatic conversion of shares
(28,240)
(630,258)
(21,738)
(493,042)
 
(10,984)
$ (250,145)
4,756
$ 106,648
Class K
Shares sold
2,659,026
$ 60,825,554
4,616,200
$ 108,486,498
Shares issued in reinvestment of distributions
—
—
722,026
16,721,620
Shares redeemed
(550,376)
(12,611,889)
(1,014,477)
(23,969,540)
 
2,108,650
$ 48,213,665
4,323,749
$ 101,238,578
Notes to Financial Statements
131
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2050 Fund (continued)
Class R
Shares sold
111,616
$ 2,457,634
146,433
$ 3,378,848
Shares issued in reinvestment of distributions
—
—
37,464
846,943
Shares redeemed
(34,463)
(756,716)
(21,997)
(506,881)
 
77,153
$ 1,700,918
161,900
$ 3,718,910
 
2,202,898
$ 50,290,273
4,890,695
$ 114,481,816
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2055 Fund 
Institutional
Shares sold
61,629
$ 1,187,222
146,736
$ 2,858,825
Shares issued in reinvestment of distributions
—
—
29,528
576,032
Shares redeemed
(34,404)
(656,013)
(314,905)
(5,897,581)
 
27,225
$ 531,209
(138,641)
$ (2,462,724)
Investor A
Shares sold and automatic conversion of shares
491,983
$ 9,474,468
517,736
$ 10,132,434
Shares issued in reinvestment of distributions
—
—
105,457
2,037,263
Shares redeemed
(179,488)
(3,465,164)
(329,744)
(6,421,557)
 
312,495
$ 6,009,304
293,449
$ 5,748,140
Investor C
Shares sold
9,470
$ 175,970
12,858
$ 243,063
Shares issued in reinvestment of distributions
—
—
5,121
96,322
Shares redeemed and automatic conversion of shares
(10,269)
(192,952)
(13,106)
(243,542)
 
(799)
$ (16,982)
4,873
$ 95,843
Class K
Shares sold
2,580,895
$ 50,945,161
4,673,127
$ 92,207,985
Shares issued in reinvestment of distributions
—
—
618,391
12,310,177
Shares redeemed
(658,086)
(13,024,015)
(880,536)
(17,489,327)
 
1,922,809
$ 37,921,146
4,410,982
$ 87,028,835
Class R
Shares sold
92,411
$ 1,719,685
114,411
$ 2,197,525
Shares issued in reinvestment of distributions
—
—
24,057
462,086
Shares redeemed
(34,773)
(632,624)
(31,836)
(616,258)
 
57,638
$ 1,087,061
106,632
$ 2,043,353
 
2,319,368
$ 45,531,738
4,677,295
$ 92,453,447
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2060 Fund 
Institutional
Shares sold
120,316
$ 1,738,203
177,770
$ 2,601,138
Shares issued in reinvestment of distributions
—
—
21,985
324,924
Shares redeemed
(25,355)
(369,860)
(112,978)
(1,645,248)
 
94,961
$ 1,368,343
86,777
$ 1,280,814
Investor A
Shares sold and automatic conversion of shares
295,526
$ 4,298,815
263,707
$ 3,834,137
Shares issued in reinvestment of distributions
—
—
22,906
336,978
Shares redeemed
(103,679)
(1,517,068)
(56,122)
(820,849)
 
191,847
$ 2,781,747
230,491
$ 3,350,266
132
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2060 Fund (continued)
Investor C
Shares sold
412
$ 6,036
2,052
$ 28,544
Shares issued in reinvestment of distributions
—
—
394
5,766
Shares redeemed and automatic conversion of shares
(2,202)
(33,062)
(6,455)
(94,341)
 
(1,790)
$ (27,026)
(4,009)
$ (60,031)
Class K
Shares sold
2,229,591
$ 32,794,965
3,627,062
$ 52,723,667
Shares issued in reinvestment of distributions
—
—
278,690
4,130,989
Shares redeemed
(326,585)
(4,819,880)
(863,859)
(12,579,605)
 
1,903,006
$ 27,975,085
3,041,893
$ 44,275,051
Class R
Shares sold
158,507
$ 2,278,131
102,422
$ 1,484,521
Shares issued in reinvestment of distributions
—
—
12,171
178,880
Shares redeemed
(12,816)
(180,060)
(53,553)
(813,228)
 
145,691
$ 2,098,071
61,040
$ 850,173
 
2,333,715
$ 34,196,220
3,416,192
$ 49,696,273
 
 
Six Months Ended
06/30/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2065 Fund 
Institutional
Shares sold
39,997
$ 515,806
47,667
$ 624,996
Shares issued in reinvestment of distributions
—
—
4,535
60,071
Shares redeemed
(4,225)
(56,126)
(38,198)
(479,851)
 
35,772
$ 459,680
14,004
$ 205,216
Investor A
Shares sold and automatic conversion of shares
268,088
$ 3,542,394
439,537
$ 5,835,412
Shares issued in reinvestment of distributions
—
—
39,532
521,255
Shares redeemed
(52,589)
(692,257)
(48,601)
(648,868)
 
215,499
$ 2,850,137
430,468
$ 5,707,799
Investor C
Shares sold
4,939
$ 65,551
9,995
$ 126,569
Shares issued in reinvestment of distributions
—
—
1,634
21,430
Shares redeemed and automatic conversion of shares
(8,975)
(115,385)
(10,693)
(133,988)
 
(4,036)
$ (49,834)
936
$ 14,011
Class K
Shares sold
1,325,399
$ 17,514,041
1,164,027
$ 15,458,231
Shares issued in reinvestment of distributions
—
—
103,126
1,368,158
Shares redeemed
(135,031)
(1,768,414)
(145,464)
(1,958,353)
 
1,190,368
$ 15,745,627
1,121,689
$ 14,868,036
Class R
Shares sold
902
$ 11,825
1,242
$ 16,496
Shares issued in reinvestment of distributions
—
—
267
3,528
Shares redeemed
(40)
(529)
(7)
(90)
 
862
$ 11,296
1,502
$ 19,934
 
1,438,465
$ 19,016,906
1,568,599
$ 20,814,996
Notes to Financial Statements
133
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
06/30/25
Period from
09/24/24(a)
to 12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2070 Fund 
Institutional
Shares sold
97
$ 1,000
10,010
$ 100,100
Shares redeemed
(97)
(1,000)
(10)
(100)
 
—
$ —
10,000
$ 100,000
Investor A
Shares sold
237
$ 2,490
10,010
$ 100,100
Shares redeemed and automatic conversion of shares
—
—
(10)
(100)
 
237
$ 2,490
10,000
$ 100,000
Investor C
Shares sold and automatic conversion of shares
—
$ —
10,010
$ 100,100
Shares redeemed
—
—
(10)
(100)
 
—
$ —
10,000
$ 100,000
Class K
Shares sold
958
$ 9,865
360,010
$ 3,600,100
Shares redeemed
(10)
(110)
(10)
(100)
 
948
$ 9,755
360,000
$ 3,600,000
Class R
Shares sold
—
$ —
10,010
$ 100,100
Shares redeemed
—
—
(10)
(100)
 
—
$ —
10,000
$ 100,000
 
1,185
$ 12,245
400,000
$ 4,000,000
 
(a)
Commencement of operations.
As of June 30, 2025, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows: 
Fund Name
Class K
Class R
LifePath Dynamic 2045 Fund
2,003
—
LifePath Dynamic 2055 Fund
2,001
2,000
As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows: 
Fund Name
Institutional
Investor A
Investor C
Class K
Class R
LifePath Dynamic 2065 Fund
40,000
40,000
40,000
240,000
40,000
LifePath Dynamic 2070 Fund
10,000
10,000
10,000
360,000
10,000
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
134
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds’ allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Additional Information
135
Additional Information (continued)
 
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Funds
400 Howard Street
San Francisco, CA 94105
136
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
 
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds III (the “Trust”) met on April 22, 2025 (the “April Meeting”) and May 20-21, 2025 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock LifePath Dynamic Retirement Fund (“LifePath Dynamic Retirement Fund”), BlackRock LifePath Dynamic 2030 Fund (“LifePath Dynamic 2030 Fund”), BlackRock LifePath Dynamic 2035 Fund (“LifePath Dynamic 2035 Fund”), BlackRock LifePath Dynamic 2040 Fund (“LifePath Dynamic 2040 Fund”), BlackRock LifePath Dynamic 2045 Fund (“LifePath Dynamic 2045 Fund”), BlackRock LifePath Dynamic 2050 Fund (“LifePath Dynamic 2050 Fund”), BlackRock LifePath Dynamic 2055 Fund (“LifePath Dynamic 2055 Fund”), BlackRock LifePath Dynamic 2060 Fund (“LifePath Dynamic 2060 Fund”) and BlackRock LifePath Dynamic 2065 Fund (“LifePath Dynamic 2065 Fund”) (each, a “Fund” and collectively, the “Funds”) and BlackRock Fund Advisors (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements between the Manager and (a) BlackRock International Limited (“BIL”) with respect to each Fund (the “BIL Sub-Advisory Agreement”); and (b) BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisors”) with respect to each Fund (the “BSL Sub-Advisory Agreement” and together with the BIL Sub-Advisory Agreement, the “Sub-Advisory Agreements”). The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
137
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)
 
sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services.  The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to the Funds facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and is shareholders.
B.  The Investment Performance of the Funds
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.
The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for each of the one-, three- and five-year periods reported, each of LifePath Dynamic Retirement Fund, LifePath Dynamic 2035 Fund, LifePath Dynamic 2040 Fund, LifePath Dynamic 2045 Fund, LifePath Dynamic 2050 Fund, LifePath Dynamic 2055 Fund, LifePath Dynamic 2060 Fund and LifePath Dynamic 2065 Fund ranked in the first quartile against its Performance Peers.
The Board noted that for the one-, three- and five-year periods reported, LifePath Dynamic 2030 Fund ranked in the first, first and second quartiles, respectively, against its Performance Peers.
138
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)
 
C.  Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the varying fee structures for fund of funds can limit the value of management fee comparisons.
The Board also noted that LifePath Dynamic 2065 Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers.
The Board also noted that each of LifePath Dynamic 2050 Fund’s, LifePath Dynamic 2055 Fund’s and Lifepath Dynamic 2060 Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked the second and first quartiles, respectively, relative to the Fund’s Expense Peers.
The Board also noted that LifePath Dynamic Retirement Fund’s contractual management fee rate ranked second out of four funds, and that the actual management fee rate and total expense ratio ranked third out of four funds and in the first quartile, respectively, relative to the Fund’s Expense Peers.
The Board also noted that each of LifePath Dynamic 2040 Fund’s and LifePath Dynamic 2045 Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Fund’s Expense Peers.
The Board also noted that each LifePath Dynamic 2030 Fund’s and LifePath Dynamic 2035 Fund’s contractual management fee rate ranked in the second quartile and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Fund’s Expense Peers.
Additionally, the Board noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate each Fund for certain other fees and expenses.
D.  Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Funds increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.
E.  Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
139
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)
 
considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, (ii) the BIL Sub-Advisory Agreement between the Manager and BIL with respect to each Fund, and (iii) the BSL Sub-Advisory Agreement between the Manager and BSL with respect to each Fund, each for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
140
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
 
Currency Abbreviation 
AUD
 Australian Dollar
CAD
 Canadian Dollar
EUR
 Euro
JPY
 Japanese Yen
USD
 United States Dollar
 
Portfolio Abbreviation 
ETF
 Exchange-Traded Fund
MSCI
 Morgan Stanley Capital International
S&P
 Standard & Poor’s
Glossary of Terms Used in these Financial Statements
141
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This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 
 

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds III

 

 

By:

     

/s/ John M. Perlowski       

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Funds III

Date: August 25, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

     

/s/ John M. Perlowski       

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Funds III

Date: August 25, 2025

 

 

By:

     

/s/ Trent Walker          

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Funds III

Date: August 25, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302

CERTIFICATION PURSUANT TO SECTION 906

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