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:
12/31/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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BlackRock LifePath® Dynamic 2030 Fund
Institutional Shares | STLDX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $51(a) 0.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 13.60%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2030 Fund Custom Benchmark returned 14.33%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 13.60 % 6.28 % 8.36 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2030 Fund Custom Benchmark 14.33 5.95 7.94
Key Fund statistics
Net Assets $539,904,136
Number of Portfolio Holdings 39
Net Investment Advisory Fees $525,171
Portfolio Turnover Rate 19%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2030 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.5 %
Fixed-Income Funds 35.1 %
Money Market Funds 10.1 %
Liabilities in Excess of Other Assets (0.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 23.2 %
International Tilts Master Portfolio 10.0 %
iShares 0-5 Year TIPS Bond ETF 8.2 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 5.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares Global Infrastructure ETF 1.6 %
iShares MSCI EAFE Small-Cap ETF 1.5 %
BlackRock Real Estate Securities Fund 1.4 %
(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
STLDX-12/25-AR
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BlackRock LifePath® Dynamic 2030 Fund
Investor A Shares | LPRDX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $78(a) 0.73%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 13.27%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2030 Fund Custom Benchmark returned 14.33%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 13.27 % 6.01 % 8.09 %
Investor A Shares (with sales charge) 7.32 4.87 7.51
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2030 Fund Custom Benchmark 14.33 5.95 7.94
Key Fund statistics
Net Assets $539,904,136
Number of Portfolio Holdings 39
Net Investment Advisory Fees $525,171
Portfolio Turnover Rate 19%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2030 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.5 %
Fixed-Income Funds 35.1 %
Money Market Funds 10.1 %
Liabilities in Excess of Other Assets (0.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 23.2 %
International Tilts Master Portfolio 10.0 %
iShares 0-5 Year TIPS Bond ETF 8.2 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 5.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares Global Infrastructure ETF 1.6 %
iShares MSCI EAFE Small-Cap ETF 1.5 %
BlackRock Real Estate Securities Fund 1.4 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRDX-12/25-AR
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BlackRock LifePath® Dynamic 2030 Fund
Investor C Shares | LPCNX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $157(a) 1.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 12.51%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2030 Fund Custom Benchmark returned 14.33%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 12.51 % 5.22 % 7.42 %
Investor C Shares (with sales charge) 11.51 5.22 7.42
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2030 Fund Custom Benchmark 14.33 5.95 7.94
Key Fund statistics
Net Assets $539,904,136
Number of Portfolio Holdings 39
Net Investment Advisory Fees $525,171
Portfolio Turnover Rate 19%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2030 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.5 %
Fixed-Income Funds 35.1 %
Money Market Funds 10.1 %
Liabilities in Excess of Other Assets (0.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 23.2 %
International Tilts Master Portfolio 10.0 %
iShares 0-5 Year TIPS Bond ETF 8.2 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 5.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares Global Infrastructure ETF 1.6 %
iShares MSCI EAFE Small-Cap ETF 1.5 %
BlackRock Real Estate Securities Fund 1.4 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPCNX-12/25-AR
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BlackRock LifePath® Dynamic 2030 Fund
Class K Shares | LPSDX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $25(a) 0.23%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 13.92%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2030 Fund Custom Benchmark returned 14.33%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 13.92 % 6.54 % 8.61 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2030 Fund Custom Benchmark 14.33 5.95 7.94
Key Fund statistics
Net Assets $539,904,136
Number of Portfolio Holdings 39
Net Investment Advisory Fees $525,171
Portfolio Turnover Rate 19%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2030 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.5 %
Fixed-Income Funds 35.1 %
Money Market Funds 10.1 %
Liabilities in Excess of Other Assets (0.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 23.2 %
International Tilts Master Portfolio 10.0 %
iShares 0-5 Year TIPS Bond ETF 8.2 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 5.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares Global Infrastructure ETF 1.6 %
iShares MSCI EAFE Small-Cap ETF 1.5 %
BlackRock Real Estate Securities Fund 1.4 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Class K Shares | LPSDX
Annual Shareholder Report — December 31, 2025
LPSDX-12/25-AR
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BlackRock LifePath® Dynamic 2030 Fund
Class R Shares | LPRNX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2030 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $99(a) 0.93%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 13.17%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2030 Fund Custom Benchmark returned 14.33%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 13.17 % 5.81 % 7.87 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2030 Fund Custom Benchmark 14.33 5.95 7.94
Key Fund statistics
Net Assets $539,904,136
Number of Portfolio Holdings 39
Net Investment Advisory Fees $525,171
Portfolio Turnover Rate 19%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2030 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 55.5 %
Fixed-Income Funds 35.1 %
Money Market Funds 10.1 %
Liabilities in Excess of Other Assets (0.7 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 30.4 %
BlackRock Diversified Fixed Income Fund, Class K 23.2 %
International Tilts Master Portfolio 10.0 %
iShares 0-5 Year TIPS Bond ETF 8.2 %
iShares Core MSCI Emerging Markets ETF 5.4 %
BlackRock Tactical Opportunities Fund, Class K 5.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.7 %
iShares Global Infrastructure ETF 1.6 %
iShares MSCI EAFE Small-Cap ETF 1.5 %
BlackRock Real Estate Securities Fund 1.4 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Class R Shares | LPRNX
Annual Shareholder Report — December 31, 2025
LPRNX-12/25-AR
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BlackRock LifePath® Dynamic 2035 Fund
Institutional Shares | LPJIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $52(a) 0.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 15.28%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2035 Fund Custom Benchmark returned 16.08%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 15.28 % 7.47 % 9.28 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2035 Fund Custom Benchmark 16.08 7.27 8.97
Key Fund statistics
Net Assets $458,660,348
Number of Portfolio Holdings 38
Net Investment Advisory Fees $354,699
Portfolio Turnover Rate 13%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2035 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 65.2 %
Fixed-Income Funds 25.5 %
Money Market Funds 13.8 %
Liabilities in Excess of Other Assets (4.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 35.3 %
BlackRock Diversified Fixed Income Fund, Class K 20.5 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.0 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares Global Infrastructure ETF 1.7 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPJIX-12/25-AR
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BlackRock LifePath® Dynamic 2035 Fund
Investor A Shares | LPJAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $78(a) 0.73%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 15.04%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2035 Fund Custom Benchmark returned 16.08%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 15.04 % 7.21 % 9.02 %
Investor A Shares (with sales charge) 9.00 6.06 8.43
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2035 Fund Custom Benchmark 16.08 7.27 8.97
Key Fund statistics
Net Assets $458,660,348
Number of Portfolio Holdings 38
Net Investment Advisory Fees $354,699
Portfolio Turnover Rate 13%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2035 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 65.2 %
Fixed-Income Funds 25.5 %
Money Market Funds 13.8 %
Liabilities in Excess of Other Assets (4.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 35.3 %
BlackRock Diversified Fixed Income Fund, Class K 20.5 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.0 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares Global Infrastructure ETF 1.7 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPJAX-12/25-AR
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BlackRock LifePath® Dynamic 2035 Fund
Investor C Shares | LPJCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $158(a) 1.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 14.10%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2035 Fund Custom Benchmark returned 16.08%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 14.10 % 6.40 % 8.34 %
Investor C Shares (with sales charge) 13.10 6.40 8.34
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2035 Fund Custom Benchmark 16.08 7.27 8.97
Key Fund statistics
Net Assets $458,660,348
Number of Portfolio Holdings 38
Net Investment Advisory Fees $354,699
Portfolio Turnover Rate 13%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2035 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 65.2 %
Fixed-Income Funds 25.5 %
Money Market Funds 13.8 %
Liabilities in Excess of Other Assets (4.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 35.3 %
BlackRock Diversified Fixed Income Fund, Class K 20.5 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.0 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares Global Infrastructure ETF 1.7 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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 C Shares | LPJCX
Annual Shareholder Report — December 31, 2025
LPJCX-12/25-AR
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BlackRock LifePath® Dynamic 2035 Fund
Class K Shares | LPJKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $25(a) 0.23%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 15.57%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2035 Fund Custom Benchmark returned 16.08%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 15.57 % 7.74 % 9.54 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2035 Fund Custom Benchmark 16.08 7.27 8.97
Key Fund statistics
Net Assets $458,660,348
Number of Portfolio Holdings 38
Net Investment Advisory Fees $354,699
Portfolio Turnover Rate 13%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2035 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 65.2 %
Fixed-Income Funds 25.5 %
Money Market Funds 13.8 %
Liabilities in Excess of Other Assets (4.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 35.3 %
BlackRock Diversified Fixed Income Fund, Class K 20.5 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.0 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares Global Infrastructure ETF 1.7 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Class K Shares | LPJKX
Annual Shareholder Report — December 31, 2025
LPJKX-12/25-AR
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BlackRock LifePath® Dynamic 2035 Fund
Class R Shares | LPJRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2035 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $100(a) 0.93%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 14.76%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2035 Fund Custom Benchmark returned 16.08%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 14.76 % 6.99 % 8.80 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2035 Fund Custom Benchmark 16.08 7.27 8.97
Key Fund statistics
Net Assets $458,660,348
Number of Portfolio Holdings 38
Net Investment Advisory Fees $354,699
Portfolio Turnover Rate 13%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2035 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 65.2 %
Fixed-Income Funds 25.5 %
Money Market Funds 13.8 %
Liabilities in Excess of Other Assets (4.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 35.3 %
BlackRock Diversified Fixed Income Fund, Class K 20.5 %
International Tilts Master Portfolio 12.3 %
iShares Core MSCI Emerging Markets ETF 6.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.6 %
BlackRock Real Estate Securities Fund 2.0 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares Global Infrastructure ETF 1.7 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Class R Shares | LPJRX
Annual Shareholder Report — December 31, 2025
LPJRX-12/25-AR
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BlackRock LifePath® Dynamic 2040 Fund
Institutional Shares | STLEX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $51(a) 0.47%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 16.88%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2040 Fund Custom Benchmark returned 17.67%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 16.88 % 8.84 % 10.26 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2040 Fund Custom Benchmark 17.67 8.48 9.91
Key Fund statistics
Net Assets $561,532,960
Number of Portfolio Holdings 36
Net Investment Advisory Fees $369,204
Portfolio Turnover Rate 16%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2040 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.0 %
Fixed-Income Funds 19.8 %
Money Market Funds 10.8 %
Liabilities in Excess of Other Assets (3.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 37.9 %
International Tilts Master Portfolio 15.2 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
iShares Core MSCI Emerging Markets ETF 7.6 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.4 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
STLEX-12/25-AR
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BlackRock LifePath® Dynamic 2040 Fund
Investor A Shares | LPREX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $78(a) 0.72%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 16.67%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2040 Fund Custom Benchmark returned 17.67%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 16.67 % 8.59 % 9.99 %
Investor A Shares (with sales charge) 10.55 7.42 9.40
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2040 Fund Custom Benchmark 17.67 8.48 9.91
Key Fund statistics
Net Assets $561,532,960
Number of Portfolio Holdings 36
Net Investment Advisory Fees $369,204
Portfolio Turnover Rate 16%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2040 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.0 %
Fixed-Income Funds 19.8 %
Money Market Funds 10.8 %
Liabilities in Excess of Other Assets (3.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 37.9 %
International Tilts Master Portfolio 15.2 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
iShares Core MSCI Emerging Markets ETF 7.6 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.4 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPREX-12/25-AR
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BlackRock LifePath® Dynamic 2040 Fund
Investor C Shares | LPCKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $159(a) 1.47%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 15.70%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2040 Fund Custom Benchmark returned 17.67%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 15.70 % 7.77 % 9.30 %
Investor C Shares (with sales charge) 14.70 7.77 9.30
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2040 Fund Custom Benchmark 17.67 8.48 9.91
Key Fund statistics
Net Assets $561,532,960
Number of Portfolio Holdings 36
Net Investment Advisory Fees $369,204
Portfolio Turnover Rate 16%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2040 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.0 %
Fixed-Income Funds 19.8 %
Money Market Funds 10.8 %
Liabilities in Excess of Other Assets (3.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 37.9 %
International Tilts Master Portfolio 15.2 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
iShares Core MSCI Emerging Markets ETF 7.6 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.4 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPCKX-12/25-AR
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BlackRock LifePath® Dynamic 2040 Fund
Class K Shares | LPSFX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $24(a) 0.22%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 17.23%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2040 Fund Custom Benchmark returned 17.67%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 17.23 % 9.13 % 10.51 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2040 Fund Custom Benchmark 17.67 8.48 9.91
Key Fund statistics
Net Assets $561,532,960
Number of Portfolio Holdings 36
Net Investment Advisory Fees $369,204
Portfolio Turnover Rate 16%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2040 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.0 %
Fixed-Income Funds 19.8 %
Money Market Funds 10.8 %
Liabilities in Excess of Other Assets (3.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 37.9 %
International Tilts Master Portfolio 15.2 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
iShares Core MSCI Emerging Markets ETF 7.6 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.4 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPSFX-12/25-AR
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BlackRock LifePath® Dynamic 2040 Fund
Class R Shares | LPRKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2040 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $100(a) 0.92%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 16.41%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2040 Fund Custom Benchmark returned 17.67%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 16.41 % 8.36 % 9.76 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2040 Fund Custom Benchmark 17.67 8.48 9.91
Key Fund statistics
Net Assets $561,532,960
Number of Portfolio Holdings 36
Net Investment Advisory Fees $369,204
Portfolio Turnover Rate 16%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2040 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 73.0 %
Fixed-Income Funds 19.8 %
Money Market Funds 10.8 %
Liabilities in Excess of Other Assets (3.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 37.9 %
International Tilts Master Portfolio 15.2 %
BlackRock Diversified Fixed Income Fund, Class K 15.2 %
iShares Core MSCI Emerging Markets ETF 7.6 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.4 %
BlackRock Real Estate Securities Fund 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.2 %
iShares Global Infrastructure ETF 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRKX-12/25-AR
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BlackRock LifePath® Dynamic 2045 Fund
Institutional Shares | LPHIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $52(a) 0.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 18.47%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2045 Fund Custom Benchmark returned 19.15%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 18.47 % 9.90 % 10.89 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2045 Fund Custom Benchmark 19.15 9.58 10.68
Key Fund statistics
Net Assets $390,804,021
Number of Portfolio Holdings 33
Net Investment Advisory Fees $250,292
Portfolio Turnover Rate 21%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2045 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 78.4 %
Money Market Funds 16.3 %
Fixed-Income Funds 12.6 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 40.3 %
International Tilts Master Portfolio 14.8 %
iShares Core MSCI Emerging Markets ETF 8.9 %
BlackRock Diversified Fixed Income Fund, Class K 8.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.3 %
BlackRock Real Estate Securities Fund 3.3 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPHIX-12/25-AR
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BlackRock LifePath® Dynamic 2045 Fund
Investor A Shares | LPHAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $80(a) 0.73%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 18.13%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2045 Fund Custom Benchmark returned 19.15%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 18.13 % 9.63 % 10.62 %
Investor A Shares (with sales charge) 11.93 8.45 10.03
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2045 Fund Custom Benchmark 19.15 9.58 10.68
Key Fund statistics
Net Assets $390,804,021
Number of Portfolio Holdings 33
Net Investment Advisory Fees $250,292
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2045 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 78.4 %
Money Market Funds 16.3 %
Fixed-Income Funds 12.6 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 40.3 %
International Tilts Master Portfolio 14.8 %
iShares Core MSCI Emerging Markets ETF 8.9 %
BlackRock Diversified Fixed Income Fund, Class K 8.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.3 %
BlackRock Real Estate Securities Fund 3.3 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPHAX-12/25-AR
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BlackRock LifePath® Dynamic 2045 Fund
Investor C Shares | LPHCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $161(a) 1.48%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 17.26%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2045 Fund Custom Benchmark returned 19.15%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 17.26 % 8.80 % 9.94 %
Investor C Shares (with sales charge) 16.26 8.80 9.94
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2045 Fund Custom Benchmark 19.15 9.58 10.68
Key Fund statistics
Net Assets $390,804,021
Number of Portfolio Holdings 33
Net Investment Advisory Fees $250,292
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2045 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 78.4 %
Money Market Funds 16.3 %
Fixed-Income Funds 12.6 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 40.3 %
International Tilts Master Portfolio 14.8 %
iShares Core MSCI Emerging Markets ETF 8.9 %
BlackRock Diversified Fixed Income Fund, Class K 8.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.3 %
BlackRock Real Estate Securities Fund 3.3 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPHCX-12/25-AR
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BlackRock LifePath® Dynamic 2045 Fund
Class K Shares | LPHKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $25(a) 0.23%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 18.70%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2045 Fund Custom Benchmark returned 19.15%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 18.70 % 10.17 % 11.15 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2045 Fund Custom Benchmark 19.15 9.58 10.68
Key Fund statistics
Net Assets $390,804,021
Number of Portfolio Holdings 33
Net Investment Advisory Fees $250,292
Portfolio Turnover Rate 21%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2045 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 78.4 %
Money Market Funds 16.3 %
Fixed-Income Funds 12.6 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 40.3 %
International Tilts Master Portfolio 14.8 %
iShares Core MSCI Emerging Markets ETF 8.9 %
BlackRock Diversified Fixed Income Fund, Class K 8.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.3 %
BlackRock Real Estate Securities Fund 3.3 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPHKX-12/25-AR
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BlackRock LifePath® Dynamic 2045 Fund
Class R Shares | LPHRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2045 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $101(a) 0.93%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 17.87%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2045 Fund Custom Benchmark returned 19.15%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 17.87 % 9.40 % 10.39 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2045 Fund Custom Benchmark 19.15 9.58 10.68
Key Fund statistics
Net Assets $390,804,021
Number of Portfolio Holdings 33
Net Investment Advisory Fees $250,292
Portfolio Turnover Rate 21%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2045 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 78.4 %
Money Market Funds 16.3 %
Fixed-Income Funds 12.6 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 40.3 %
International Tilts Master Portfolio 14.8 %
iShares Core MSCI Emerging Markets ETF 8.9 %
BlackRock Diversified Fixed Income Fund, Class K 8.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Broad USD Investment Grade Corporate Bond ETF 4.3 %
BlackRock Real Estate Securities Fund 3.3 %
iShares Core MSCI International Developed Markets ETF 3.0 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPHRX-12/25-AR
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BlackRock LifePath® Dynamic 2050 Fund
Institutional Shares | STLFX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $55(a) 0.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 20.05%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2050 Fund Custom Benchmark returned 20.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 20.05 % 10.38 % 11.23 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2050 Fund Custom Benchmark 20.74 10.41 11.19
Key Fund statistics
Net Assets $425,407,630
Number of Portfolio Holdings 31
Net Investment Advisory Fees $307,816
Portfolio Turnover Rate 23%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2050 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.0 %
Money Market Funds 17.4 %
Fixed-Income Funds 7.0 %
Liabilities in Excess of Other Assets (10.4 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.0 %
International Tilts Master Portfolio 15.1 %
iShares Core MSCI Emerging Markets ETF 10.2 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.6 %
BlackRock Diversified Fixed Income Fund, Class K 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Real Estate Securities Fund 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
STLFX-12/25-AR
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BlackRock LifePath® Dynamic 2050 Fund
Investor A Shares | LPRFX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $82(a) 0.75%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 19.79%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2050 Fund Custom Benchmark returned 20.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 19.79 % 10.11 % 10.95 %
Investor A Shares (with sales charge) 13.50 8.93 10.36
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2050 Fund Custom Benchmark 20.74 10.41 11.19
Key Fund statistics
Net Assets $425,407,630
Number of Portfolio Holdings 31
Net Investment Advisory Fees $307,816
Portfolio Turnover Rate 23%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2050 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.0 %
Money Market Funds 17.4 %
Fixed-Income Funds 7.0 %
Liabilities in Excess of Other Assets (10.4 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.0 %
International Tilts Master Portfolio 15.1 %
iShares Core MSCI Emerging Markets ETF 10.2 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.6 %
BlackRock Diversified Fixed Income Fund, Class K 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Real Estate Securities Fund 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRFX-12/25-AR
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BlackRock LifePath® Dynamic 2050 Fund
Investor C Shares | LPCPX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $164(a) 1.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 18.85%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2050 Fund Custom Benchmark returned 20.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 18.85 % 9.29 % 10.26 %
Investor C Shares (with sales charge) 17.85 9.29 10.26
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2050 Fund Custom Benchmark 20.74 10.41 11.19
Key Fund statistics
Net Assets $425,407,630
Number of Portfolio Holdings 31
Net Investment Advisory Fees $307,816
Portfolio Turnover Rate 23%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2050 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.0 %
Money Market Funds 17.4 %
Fixed-Income Funds 7.0 %
Liabilities in Excess of Other Assets (10.4 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.0 %
International Tilts Master Portfolio 15.1 %
iShares Core MSCI Emerging Markets ETF 10.2 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.6 %
BlackRock Diversified Fixed Income Fund, Class K 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Real Estate Securities Fund 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPCPX-12/25-AR
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BlackRock LifePath® Dynamic 2050 Fund
Class K Shares | LPSGX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $28(a) 0.25%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 20.37%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2050 Fund Custom Benchmark returned 20.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 20.37 % 10.66 % 11.48 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2050 Fund Custom Benchmark 20.74 10.41 11.19
Key Fund statistics
Net Assets $425,407,630
Number of Portfolio Holdings 31
Net Investment Advisory Fees $307,816
Portfolio Turnover Rate 23%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2050 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.0 %
Money Market Funds 17.4 %
Fixed-Income Funds 7.0 %
Liabilities in Excess of Other Assets (10.4 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.0 %
International Tilts Master Portfolio 15.1 %
iShares Core MSCI Emerging Markets ETF 10.2 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.6 %
BlackRock Diversified Fixed Income Fund, Class K 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Real Estate Securities Fund 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPSGX-12/25-AR
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BlackRock LifePath® Dynamic 2050 Fund
Class R Shares | LPRPX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2050 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $104(a) 0.95%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 19.53%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2050 Fund Custom Benchmark returned 20.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 19.53 % 9.89 % 10.73 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2050 Fund Custom Benchmark 20.74 10.41 11.19
Key Fund statistics
Net Assets $425,407,630
Number of Portfolio Holdings 31
Net Investment Advisory Fees $307,816
Portfolio Turnover Rate 23%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2050 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 86.0 %
Money Market Funds 17.4 %
Fixed-Income Funds 7.0 %
Liabilities in Excess of Other Assets (10.4 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 45.0 %
International Tilts Master Portfolio 15.1 %
iShares Core MSCI Emerging Markets ETF 10.2 %
iShares Core MSCI International Developed Markets ETF 6.0 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares Broad USD Investment Grade Corporate Bond ETF 3.6 %
BlackRock Diversified Fixed Income Fund, Class K 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Real Estate Securities Fund 2.1 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRPX-12/25-AR
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BlackRock LifePath® Dynamic 2055 Fund
Institutional Shares | LPVIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $56(a) 0.51%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 20.92%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2055 Fund Custom Benchmark returned 21.59%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 20.92 % 10.71 % 11.42 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2055 Fund Custom Benchmark 21.59 10.76 11.38
Key Fund statistics
Net Assets $319,348,756
Number of Portfolio Holdings 32
Net Investment Advisory Fees $240,304
Portfolio Turnover Rate 21%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2055 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.2 %
Money Market Funds 12.0 %
Fixed-Income Funds 2.9 %
Liabilities in Excess of Other Assets (7.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.7 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 10.6 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.4 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPVIX-12/25-AR
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BlackRock LifePath® Dynamic 2055 Fund
Investor A Shares | LPVAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $84(a) 0.76%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 20.58%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2055 Fund Custom Benchmark returned 21.59%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 20.58 % 10.43 % 11.14 %
Investor A Shares (with sales charge) 14.25 9.25 10.54
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2055 Fund Custom Benchmark 21.59 10.76 11.38
Key Fund statistics
Net Assets $319,348,756
Number of Portfolio Holdings 32
Net Investment Advisory Fees $240,304
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2055 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.2 %
Money Market Funds 12.0 %
Fixed-Income Funds 2.9 %
Liabilities in Excess of Other Assets (7.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.7 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 10.6 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.4 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPVAX-12/25-AR
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BlackRock LifePath® Dynamic 2055 Fund
Investor C Shares | LPVCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $166(a) 1.51%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 19.73%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2055 Fund Custom Benchmark returned 21.59%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 19.73 % 9.60 % 10.45 %
Investor C Shares (with sales charge) 18.73 9.60 10.45
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2055 Fund Custom Benchmark 21.59 10.76 11.38
Key Fund statistics
Net Assets $319,348,756
Number of Portfolio Holdings 32
Net Investment Advisory Fees $240,304
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2055 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.2 %
Money Market Funds 12.0 %
Fixed-Income Funds 2.9 %
Liabilities in Excess of Other Assets (7.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.7 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 10.6 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.4 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPVCX-12/25-AR
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BlackRock LifePath® Dynamic 2055 Fund
Class K Shares | LPVKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $29(a) 0.26%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 21.21%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2055 Fund Custom Benchmark returned 21.59%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 21.21 % 10.99 % 11.68 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2055 Fund Custom Benchmark 21.59 10.76 11.38
Key Fund statistics
Net Assets $319,348,756
Number of Portfolio Holdings 32
Net Investment Advisory Fees $240,304
Portfolio Turnover Rate 21%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2055 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.2 %
Money Market Funds 12.0 %
Fixed-Income Funds 2.9 %
Liabilities in Excess of Other Assets (7.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.7 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 10.6 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.4 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPVKX-12/25-AR
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BlackRock LifePath® Dynamic 2055 Fund
Class R Shares | LPVRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2055 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $106(a) 0.96%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 20.39%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2055 Fund Custom Benchmark returned 21.59%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 20.39 % 10.21 % 10.91 %
Russell 1000® Index 17.37 13.59 14.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
LifePath Dynamic 2055 Fund Custom Benchmark 21.59 10.76 11.38
Key Fund statistics
Net Assets $319,348,756
Number of Portfolio Holdings 32
Net Investment Advisory Fees $240,304
Portfolio Turnover Rate 21%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2055 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glide path, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown prior to November 7, 2016 is based on the prior investment strategy. 
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 92.2 %
Money Market Funds 12.0 %
Fixed-Income Funds 2.9 %
Liabilities in Excess of Other Assets (7.1 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.7 %
International Tilts Master Portfolio 15.0 %
iShares Core MSCI Emerging Markets ETF 10.6 %
iShares Core MSCI International Developed Markets ETF 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
BlackRock Diversified Fixed Income Fund, Class K 1.5 %
iShares Broad USD Investment Grade Corporate Bond ETF 1.4 %
iShares Russell 2000 ETF 0.8 %
BlackRock Real Estate Securities Fund 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPVRX-12/25-AR
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BlackRock LifePath® Dynamic 2060 Fund
Institutional Shares | LPDIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $55(a) 0.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 21.08%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2060 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 31, 2017 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Institutional Shares 21.08 % 10.75 % 11.05 %
Russell 1000® Index 17.37 13.59 14.55
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 1.75
LifePath Dynamic 2060 Fund Custom Benchmark 21.74 10.80 11.21
Key Fund statistics
Net Assets $167,909,187
Number of Portfolio Holdings 33
Net Investment Advisory Fees $115,348
Portfolio Turnover Rate 20%
The Fund commenced operations on May 31, 2017.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2060 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 91.6 %
Money Market Funds 11.2 %
Fixed-Income Funds 1.8 %
Liabilities in Excess of Other Assets (4.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.0 %
International Tilts Master Portfolio 14.7 %
iShares Core MSCI Emerging Markets ETF 10.0 %
iShares Core MSCI International Developed Markets ETF 7.2 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.9 %
iShares Russell 2000 ETF 0.9 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPDIX-12/25-AR
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BlackRock LifePath® Dynamic 2060 Fund
Investor A Shares | LPDAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $83(a) 0.75%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 20.79%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2060 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 31, 2017 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor A Shares 20.79 % 10.48 % 10.77 %
Investor A Shares (with sales charge) 14.44 9.29 10.07
Russell 1000® Index 17.37 13.59 14.55
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 1.75
LifePath Dynamic 2060 Fund Custom Benchmark 21.74 10.80 11.21
Key Fund statistics
Net Assets $167,909,187
Number of Portfolio Holdings 33
Net Investment Advisory Fees $115,348
Portfolio Turnover Rate 20%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on May 31, 2017.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2060 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 91.6 %
Money Market Funds 11.2 %
Fixed-Income Funds 1.8 %
Liabilities in Excess of Other Assets (4.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.0 %
International Tilts Master Portfolio 14.7 %
iShares Core MSCI Emerging Markets ETF 10.0 %
iShares Core MSCI International Developed Markets ETF 7.2 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.9 %
iShares Russell 2000 ETF 0.9 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPDAX-12/25-AR
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BlackRock LifePath® Dynamic 2060 Fund
Investor C Shares | LPDCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $166(a) 1.51%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 19.90%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2060 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 31, 2017 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor C Shares 19.90 % 9.65 % 9.98 %
Investor C Shares (with sales charge) 18.90 9.65 9.98
Russell 1000® Index 17.37 13.59 14.55
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 1.75
LifePath Dynamic 2060 Fund Custom Benchmark 21.74 10.80 11.21
Key Fund statistics
Net Assets $167,909,187
Number of Portfolio Holdings 33
Net Investment Advisory Fees $115,348
Portfolio Turnover Rate 20%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund commenced operations on May 31, 2017.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2060 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 91.6 %
Money Market Funds 11.2 %
Fixed-Income Funds 1.8 %
Liabilities in Excess of Other Assets (4.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.0 %
International Tilts Master Portfolio 14.7 %
iShares Core MSCI Emerging Markets ETF 10.0 %
iShares Core MSCI International Developed Markets ETF 7.2 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.9 %
iShares Russell 2000 ETF 0.9 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPDCX-12/25-AR
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BlackRock LifePath® Dynamic 2060 Fund
Class K Shares | LPDKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $28(a) 0.25%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 21.41%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2060 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 31, 2017 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class K Shares 21.41 % 11.02 % 11.30 %
Russell 1000® Index 17.37 13.59 14.55
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 1.75
LifePath Dynamic 2060 Fund Custom Benchmark 21.74 10.80 11.21
Key Fund statistics
Net Assets $167,909,187
Number of Portfolio Holdings 33
Net Investment Advisory Fees $115,348
Portfolio Turnover Rate 20%
The Fund commenced operations on May 31, 2017.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2060 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 91.6 %
Money Market Funds 11.2 %
Fixed-Income Funds 1.8 %
Liabilities in Excess of Other Assets (4.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.0 %
International Tilts Master Portfolio 14.7 %
iShares Core MSCI Emerging Markets ETF 10.0 %
iShares Core MSCI International Developed Markets ETF 7.2 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.9 %
iShares Russell 2000 ETF 0.9 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPDKX-12/25-AR
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BlackRock LifePath® Dynamic 2060 Fund
Class R Shares | LPDRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2060 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $105(a) 0.95%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 20.53%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2060 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: May 31, 2017 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class R Shares 20.53 % 10.25 % 10.54 %
Russell 1000® Index 17.37 13.59 14.55
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 1.75
LifePath Dynamic 2060 Fund Custom Benchmark 21.74 10.80 11.21
Key Fund statistics
Net Assets $167,909,187
Number of Portfolio Holdings 33
Net Investment Advisory Fees $115,348
Portfolio Turnover Rate 20%
Average annual total returns reflect reductions for distribution and service fees.
The Fund commenced operations on May 31, 2017.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2060 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 91.6 %
Money Market Funds 11.2 %
Fixed-Income Funds 1.8 %
Liabilities in Excess of Other Assets (4.6 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 49.0 %
International Tilts Master Portfolio 14.7 %
iShares Core MSCI Emerging Markets ETF 10.0 %
iShares Core MSCI International Developed Markets ETF 7.2 %
BlackRock Tactical Opportunities Fund, Class K 4.8 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.9 %
iShares Russell 2000 ETF 0.9 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPDRX-12/25-AR
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BlackRock LifePath® Dynamic 2065 Fund
Institutional Shares | LPWIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $55(a) 0.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 21.02%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2065 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Institutional Shares 21.02 % 10.73 % 11.88 %
Russell 1000® Index 17.37 13.59 15.52
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 0.95
LifePath Dynamic 2065 Fund Custom Benchmark 21.74 10.79 12.19
Key Fund statistics
Net Assets $83,509,512
Number of Portfolio Holdings 36
Net Investment Advisory Fees $54,038
Portfolio Turnover Rate 21%
The Fund commenced operations on October 30, 2019.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2065 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 87.4 %
Money Market Funds 14.8 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (3.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 46.5 %
International Tilts Master Portfolio 14.0 %
iShares Core MSCI Emerging Markets ETF 9.7 %
iShares Core MSCI International Developed Markets ETF 7.0 %
BlackRock Tactical Opportunities Fund, Class K 4.5 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Russell 2000 ETF 1.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPWIX-12/25-AR
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BlackRock LifePath® Dynamic 2065 Fund
Investor A Shares | LPWAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $83(a) 0.75%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 20.66%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2065 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor A Shares 20.66 % 10.45 % 11.59 %
Investor A Shares (with sales charge) 14.32 9.26 10.62
Russell 1000® Index 17.37 13.59 15.52
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 0.95
LifePath Dynamic 2065 Fund Custom Benchmark 21.74 10.79 12.19
Key Fund statistics
Net Assets $83,509,512
Number of Portfolio Holdings 36
Net Investment Advisory Fees $54,038
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on October 30, 2019.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2065 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 87.4 %
Money Market Funds 14.8 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (3.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 46.5 %
International Tilts Master Portfolio 14.0 %
iShares Core MSCI Emerging Markets ETF 9.7 %
iShares Core MSCI International Developed Markets ETF 7.0 %
BlackRock Tactical Opportunities Fund, Class K 4.5 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Russell 2000 ETF 1.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPWAX-12/25-AR
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BlackRock LifePath® Dynamic 2065 Fund
Investor C Shares | LPWCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $166(a) 1.51%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 19.76%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2065 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Investor C Shares 19.76 % 9.63 % 10.76 %
Investor C Shares (with sales charge) 18.76 9.63 10.76
Russell 1000® Index 17.37 13.59 15.52
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 0.95
LifePath Dynamic 2065 Fund Custom Benchmark 21.74 10.79 12.19
Key Fund statistics
Net Assets $83,509,512
Number of Portfolio Holdings 36
Net Investment Advisory Fees $54,038
Portfolio Turnover Rate 21%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund commenced operations on October 30, 2019.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2065 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 87.4 %
Money Market Funds 14.8 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (3.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 46.5 %
International Tilts Master Portfolio 14.0 %
iShares Core MSCI Emerging Markets ETF 9.7 %
iShares Core MSCI International Developed Markets ETF 7.0 %
BlackRock Tactical Opportunities Fund, Class K 4.5 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Russell 2000 ETF 1.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPWCX-12/25-AR
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BlackRock LifePath® Dynamic 2065 Fund
Class K Shares | LPWKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $28(a) 0.25%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 21.39%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2065 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class K Shares 21.39 % 11.01 % 12.15 %
Russell 1000® Index 17.37 13.59 15.52
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 0.95
LifePath Dynamic 2065 Fund Custom Benchmark 21.74 10.79 12.19
Key Fund statistics
Net Assets $83,509,512
Number of Portfolio Holdings 36
Net Investment Advisory Fees $54,038
Portfolio Turnover Rate 21%
The Fund commenced operations on October 30, 2019.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2065 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 87.4 %
Money Market Funds 14.8 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (3.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 46.5 %
International Tilts Master Portfolio 14.0 %
iShares Core MSCI Emerging Markets ETF 9.7 %
iShares Core MSCI International Developed Markets ETF 7.0 %
BlackRock Tactical Opportunities Fund, Class K 4.5 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Russell 2000 ETF 1.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPWKX-12/25-AR
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BlackRock LifePath® Dynamic 2065 Fund
Class R Shares | LPWRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2065 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $105(a) 0.95%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 20.44%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2065 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years Since Fund
Inception
Class R Shares 20.44 % 10.23 % 11.37 %
Russell 1000® Index 17.37 13.59 15.52
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 0.95
LifePath Dynamic 2065 Fund Custom Benchmark 21.74 10.79 12.19
Key Fund statistics
Net Assets $83,509,512
Number of Portfolio Holdings 36
Net Investment Advisory Fees $54,038
Portfolio Turnover Rate 21%
Average annual total returns reflect reductions for distribution and service fees.
The Fund commenced operations on October 30, 2019.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2065 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 87.4 %
Money Market Funds 14.8 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (3.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 46.5 %
International Tilts Master Portfolio 14.0 %
iShares Core MSCI Emerging Markets ETF 9.7 %
iShares Core MSCI International Developed Markets ETF 7.0 %
BlackRock Tactical Opportunities Fund, Class K 4.5 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI EAFE Small-Cap ETF 2.1 %
iShares Russell 2000 ETF 1.0 %
iShares Broad USD Investment Grade Corporate Bond ETF 0.8 %
BlackRock Diversified Fixed Income Fund, Class K 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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPWRX-12/25-AR
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BlackRock LifePath® Dynamic 2070 Fund
Institutional Shares | LPYIX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $55(a) 0.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 20.98%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2070 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Institutional Shares 20.98 % 19.35 %
Russell 1000® Index 17.37 16.36
Bloomberg U.S. Aggregate Bond Index 7.30 2.89
LifePath Dynamic 2070 Fund Custom Benchmark 21.74 16.39
Key Fund statistics
Net Assets $6,076,678
Number of Portfolio Holdings 32
Net Investment Advisory Fees $3,519
Portfolio Turnover Rate 41%
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2070 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 97.4 %
Money Market Funds 14.1 %
Fixed-Income Funds 1.3 %
Liabilities in Excess of Other Assets (12.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.0 %
International Tilts Master Portfolio 12.8 %
iShares Core MSCI Emerging Markets ETF 11.6 %
iShares Core MSCI International Developed Markets ETF 6.3 %
BlackRock Tactical Opportunities Fund, Class K 4.1 %
iShares Core MSCI EAFE ETF 3.3 %
iShares MSCI Japan ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.8 %
iShares Russell 2000 ETF 1.8 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPYIX-12/25-AR
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BlackRock LifePath® Dynamic 2070 Fund
Investor A Shares | LPYAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $83(a) 0.75%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 20.73%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2070 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Investor A Shares 20.73 % 19.02 %
Investor A Shares (with sales charge) 14.39 12.77
Russell 1000® Index 17.37 16.36
Bloomberg U.S. Aggregate Bond Index 7.30 2.89
LifePath Dynamic 2070 Fund Custom Benchmark 21.74 16.39
Key Fund statistics
Net Assets $6,076,678
Number of Portfolio Holdings 32
Net Investment Advisory Fees $3,519
Portfolio Turnover Rate 41%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2070 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 97.4 %
Money Market Funds 14.1 %
Fixed-Income Funds 1.3 %
Liabilities in Excess of Other Assets (12.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.0 %
International Tilts Master Portfolio 12.8 %
iShares Core MSCI Emerging Markets ETF 11.6 %
iShares Core MSCI International Developed Markets ETF 6.3 %
BlackRock Tactical Opportunities Fund, Class K 4.1 %
iShares Core MSCI EAFE ETF 3.3 %
iShares MSCI Japan ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.8 %
iShares Russell 2000 ETF 1.8 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPYAX-12/25-AR
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BlackRock LifePath® Dynamic 2070 Fund
Investor C Shares | LPYCX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $165(a) 1.50%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 19.84%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2070 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Investor C Shares 19.84 % 17.90 %
Investor C Shares (with sales charge) 18.84 17.90
Russell 1000® Index 17.37 16.36
Bloomberg U.S. Aggregate Bond Index 7.30 2.89
LifePath Dynamic 2070 Fund Custom Benchmark 21.74 16.39
Key Fund statistics
Net Assets $6,076,678
Number of Portfolio Holdings 32
Net Investment Advisory Fees $3,519
Portfolio Turnover Rate 41%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2070 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 97.4 %
Money Market Funds 14.1 %
Fixed-Income Funds 1.3 %
Liabilities in Excess of Other Assets (12.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.0 %
International Tilts Master Portfolio 12.8 %
iShares Core MSCI Emerging Markets ETF 11.6 %
iShares Core MSCI International Developed Markets ETF 6.3 %
BlackRock Tactical Opportunities Fund, Class K 4.1 %
iShares Core MSCI EAFE ETF 3.3 %
iShares MSCI Japan ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.8 %
iShares Russell 2000 ETF 1.8 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPYCX-12/25-AR
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BlackRock LifePath® Dynamic 2070 Fund
Class K Shares | LPYKX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $28(a) 0.25%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 21.26%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2070 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Class K Shares 21.26 % 19.70 %
Russell 1000® Index 17.37 16.36
Bloomberg U.S. Aggregate Bond Index 7.30 2.89
LifePath Dynamic 2070 Fund Custom Benchmark 21.74 16.39
Key Fund statistics
Net Assets $6,076,678
Number of Portfolio Holdings 32
Net Investment Advisory Fees $3,519
Portfolio Turnover Rate 41%
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2070 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 97.4 %
Money Market Funds 14.1 %
Fixed-Income Funds 1.3 %
Liabilities in Excess of Other Assets (12.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.0 %
International Tilts Master Portfolio 12.8 %
iShares Core MSCI Emerging Markets ETF 11.6 %
iShares Core MSCI International Developed Markets ETF 6.3 %
BlackRock Tactical Opportunities Fund, Class K 4.1 %
iShares Core MSCI EAFE ETF 3.3 %
iShares MSCI Japan ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.8 %
iShares Russell 2000 ETF 1.8 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPYKX-12/25-AR
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BlackRock LifePath® Dynamic 2070 Fund
Class R Shares | LPYRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic 2070 Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $105(a) 0.95%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 20.45%.
  • For the same period, the Fund’s benchmark, the Russell 1000® Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Dynamic 2070 Fund Custom Benchmark returned 21.74%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year Since Fund
Inception
Class R Shares 20.45 % 18.68 %
Russell 1000® Index 17.37 16.36
Bloomberg U.S. Aggregate Bond Index 7.30 2.89
LifePath Dynamic 2070 Fund Custom Benchmark 21.74 16.39
Key Fund statistics
Net Assets $6,076,678
Number of Portfolio Holdings 32
Net Investment Advisory Fees $3,519
Portfolio Turnover Rate 41%
Average annual total returns reflect reductions for distribution and service fees.
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic 2070 Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Equity Funds 97.4 %
Money Market Funds 14.1 %
Fixed-Income Funds 1.3 %
Liabilities in Excess of Other Assets (12.8 )
Ten largest holdings
Security(b) Percent of
Net Assets
Diversified Equity Master Portfolio 50.0 %
International Tilts Master Portfolio 12.8 %
iShares Core MSCI Emerging Markets ETF 11.6 %
iShares Core MSCI International Developed Markets ETF 6.3 %
BlackRock Tactical Opportunities Fund, Class K 4.1 %
iShares Core MSCI EAFE ETF 3.3 %
iShares MSCI Japan ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.8 %
iShares Russell 2000 ETF 1.8 %
​(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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPYRX-12/25-AR
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BlackRock LifePath® Dynamic Retirement Fund
Institutional Shares | STLAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $50(a) 0.47%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 12.01%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000® Index returned 17.37%. The LifePath Dynamic Retirement Fund Custom Benchmark returned 12.68%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Institutional Shares 12.01 % 4.40 % 6.43 %
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
Russell 1000® Index 17.37 13.59 14.59
LifePath Dynamic Retirement Fund Custom Benchmark 12.68 4.13 6.02
Key Fund statistics
Net Assets $502,351,704
Number of Portfolio Holdings 36
Net Investment Advisory Fees $576,258
Portfolio Turnover Rate 17%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic Retirement Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 50.1 %
Equity Funds 43.9 %
Money Market Funds 6.5 %
Liabilities in Excess of Other Assets (0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 40.5 %
Diversified Equity Master Portfolio 24.2 %
iShares 0-5 Year TIPS Bond ETF 9.6 %
International Tilts Master Portfolio 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Core MSCI Emerging Markets ETF 3.9 %
iShares Global Infrastructure ETF 1.8 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
STLAX-12/25-AR
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BlackRock LifePath® Dynamic Retirement Fund
Investor A Shares | LPRAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $76(a) 0.72%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 11.74%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000® Index returned 17.37%. The LifePath Dynamic Retirement Fund Custom Benchmark returned 12.68%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor A Shares 11.74 % 4.14 % 6.16 %
Investor A Shares (with sales charge) 5.87 3.03 5.59
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
Russell 1000® Index 17.37 13.59 14.59
LifePath Dynamic Retirement Fund Custom Benchmark 12.68 4.13 6.02
Key Fund statistics
Net Assets $502,351,704
Number of Portfolio Holdings 36
Net Investment Advisory Fees $576,258
Portfolio Turnover Rate 17%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic Retirement Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 50.1 %
Equity Funds 43.9 %
Money Market Funds 6.5 %
Liabilities in Excess of Other Assets (0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 40.5 %
Diversified Equity Master Portfolio 24.2 %
iShares 0-5 Year TIPS Bond ETF 9.6 %
International Tilts Master Portfolio 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Core MSCI Emerging Markets ETF 3.9 %
iShares Global Infrastructure ETF 1.8 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRAX-12/25-AR
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BlackRock LifePath® Dynamic Retirement Fund
Investor C Shares | LPCRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $155(a) 1.47%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 10.88%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000® Index returned 17.37%. The LifePath Dynamic Retirement Fund Custom Benchmark returned 12.68%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Investor C Shares 10.88 % 3.37 % 5.51 %
Investor C Shares (with sales charge) 9.88 3.37 5.51
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
Russell 1000® Index 17.37 13.59 14.59
LifePath Dynamic Retirement Fund Custom Benchmark 12.68 4.13 6.02
Key Fund statistics
Net Assets $502,351,704
Number of Portfolio Holdings 36
Net Investment Advisory Fees $576,258
Portfolio Turnover Rate 17%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic Retirement Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 50.1 %
Equity Funds 43.9 %
Money Market Funds 6.5 %
Liabilities in Excess of Other Assets (0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 40.5 %
Diversified Equity Master Portfolio 24.2 %
iShares 0-5 Year TIPS Bond ETF 9.6 %
International Tilts Master Portfolio 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Core MSCI Emerging Markets ETF 3.9 %
iShares Global Infrastructure ETF 1.8 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPCRX-12/25-AR
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BlackRock LifePath® Dynamic Retirement Fund
Class K Shares | LPSAX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $23(a) 0.22%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 12.24%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000® Index returned 17.37%. The LifePath Dynamic Retirement Fund Custom Benchmark returned 12.68%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class K Shares 12.24 % 4.67 % 6.68 %
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
Russell 1000® Index 17.37 13.59 14.59
LifePath Dynamic Retirement Fund Custom Benchmark 12.68 4.13 6.02
Key Fund statistics
Net Assets $502,351,704
Number of Portfolio Holdings 36
Net Investment Advisory Fees $576,258
Portfolio Turnover Rate 17%
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic Retirement Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 50.1 %
Equity Funds 43.9 %
Money Market Funds 6.5 %
Liabilities in Excess of Other Assets (0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 40.5 %
Diversified Equity Master Portfolio 24.2 %
iShares 0-5 Year TIPS Bond ETF 9.6 %
International Tilts Master Portfolio 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Core MSCI Emerging Markets ETF 3.9 %
iShares Global Infrastructure ETF 1.8 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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 Retirement Fund
Class K Shares | LPSAX
Annual Shareholder Report — December 31, 2025
LPSAX-12/25-AR
TSR - BLK Retail Logo
BlackRock LifePath® Dynamic Retirement Fund
Class R Shares | LPRRX
Annual Shareholder Report — December 31, 2025
This annual shareholder report contains important information about BlackRock LifePath® Dynamic Retirement Fund (the “Fund”) for the period of January 1, 2025 to December 31, 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 year ?
(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 $97(a) 0.92%(a)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
How did the Fund perform last year ?
  • For the reporting period ended December 31, 2025, the Fund’s Class R Shares returned 11.51%.
  • For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000® Index returned 17.37%. The LifePath Dynamic Retirement Fund Custom Benchmark returned 12.68%.
What contributed to performance?
U.S. equities were the top contributor to absolute performance in the funds furthest from retirement, followed by international equities, BlackRock Tactical Opportunities Fund (a liquid macro strategy), investment-grade bonds, and U.S. real estate investment trusts (REITs).
U.S. equities were the top contributor in the funds at and near retirement, followed by investment-grade bonds, international equities, U.S. Treasury Inflation Protected Securities (TIPS), global infrastructure stocks, and BlackRock Tactical Opportunities Fund.
The funds used derivatives, including financial futures, swaps, and foreign currency transactions, as a means to hedge and/or take outright views on equities, interest rates, credit risk, and/or currencies. The use of derivatives as opposed to physical securities did not have a material impact on performance.
What detracted from performance?
Currency positioning was the primary detractor from performance in the funds furthest from retirement.
In the vintages at and near retirement, currency pair trades were the primary detractor.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025
Initial investment of $10,000
Fund Performance - Growth of 10K
 See “Average annual total returns” for additional information on fund performance.
Average annual total returns
1 Year 5 Years 10 Years
Class R Shares 11.51 % 3.95 % 5.96 %
Bloomberg U.S. Aggregate Bond Index 7.30 (0.36 ) 2.01
Russell 1000® Index 17.37 13.59 14.59
LifePath Dynamic Retirement Fund Custom Benchmark 12.68 4.13 6.02
Key Fund statistics
Net Assets $502,351,704
Number of Portfolio Holdings 36
Net Investment Advisory Fees $576,258
Portfolio Turnover Rate 17%
Average annual total returns reflect reductions for distribution and service fees.
The Fund compares its performance to that of a customized weighted index (the “LifePath Dynamic Retirement Fund Custom Benchmark”) comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE® U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000® Index, Russell 2000® Index and S&P Global Infrastructure IndexTM (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Dynamic Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
The Fund’s returns shown prior to March 31, 2018 are the returns of the Fund when its assets could be allocated to underlying funds that invest primarily in commodities. The Fund’s returns prior to November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glide path and had a different investment strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2025)
Portfolio composition
Asset Type(a) Percent of
Net Assets
Fixed-Income Funds 50.1 %
Equity Funds 43.9 %
Money Market Funds 6.5 %
Liabilities in Excess of Other Assets (0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets
BlackRock Diversified Fixed Income Fund, Class K 40.5 %
Diversified Equity Master Portfolio 24.2 %
iShares 0-5 Year TIPS Bond ETF 9.6 %
International Tilts Master Portfolio 7.4 %
BlackRock Tactical Opportunities Fund, Class K 4.9 %
iShares Core MSCI Emerging Markets ETF 3.9 %
iShares Global Infrastructure ETF 1.8 %
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©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
Annual Shareholder Report — December 31, 2025
LPRRX-12/25-AR

(b) Not Applicable

 

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

 

Item 3 –

Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), have determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

 

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

 

         (a) Audit Fees   

(b) Audit-Related

Fees1

    (c) Tax Fees2    (d) All Other Fees
  Entity Name  

 Current 
Fiscal

Year

End

   

 Previous 

Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 

Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 

Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 

Fiscal

Year

End

  BlackRock LifePath® Dynamic 2030 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2035 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2040 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2045 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2050 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
                        

 

1

         (a) Audit Fees   

(b) Audit-Related

Fees1

    (c) Tax Fees2    (d) All Other Fees
  Entity Name  

 Current 
Fiscal

Year

End

   

 Previous 
Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 
Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 
Fiscal

Year

End

   

 Current 

Fiscal

Year

End

   

 Previous 

Fiscal

Year

End

  BlackRock LifePath® Dynamic 2055 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2060 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2065 Fund   $23,129    $23,129    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic 2070 Fund   $23,129    $20,610    $0    $0    $11,288    $10,750    $0    $0
  BlackRock LifePath® Dynamic Retirement Fund   $23,129    $23,129    $0    $5,500    $11,288    $10,750    $0    $0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Fund Advisors (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

 

          Current Fiscal Year End      Previous Fiscal Year End 
 

(b) Audit-Related Fees1

   $0    $0
 

(c) Tax Fees2

   $0    $0
 

(d) All Other Fees3

   $0    $0

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrants on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrants and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrants. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrants which have a direct impact on the operations or

 

2

financial reporting of the registrants will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrants or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrants, the Investment Adviser and the Affiliated Service Providers were:

 

    Entity Name     Current Fiscal Year 
End		     Previous Fiscal 
Year End
  BlackRock LifePath® Dynamic 2030 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2035 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2040 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2045 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2050 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2055 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2060 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2065 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic 2070 Fund    $11,288    $10,750
  BlackRock LifePath® Dynamic Retirement Fund    $11,288    $10,750

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

3

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements 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.

 

4

 
December 31, 2025 
2025 Annual Financial Statements
and Additional Information
 
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
51
57
60
65
115
135
136
138
140
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
December 31, 2025
BlackRock LifePath® Dynamic Retirement Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 43.9%
BlackRock Real Estate Securities Fund
 
68,122
$ 1,010,246
BlackRock Tactical Opportunities Fund, Class K
 
1,546,359
24,509,787
Diversified Equity Master Portfolio
$
121,737,742
121,737,742
International Tilts Master Portfolio
$
37,366,483
37,366,483
iShares Core MSCI Emerging Markets ETF(b)
 
288,455
19,389,945
iShares Global Infrastructure ETF(b)
 
147,927
9,076,801
iShares MSCI Canada ETF(b)
 
17,264
931,048
iShares MSCI EAFE Small-Cap ETF(b)
 
75,544
5,856,926
iShares Russell 2000 ETF(b)
 
3,639
895,776
 
220,774,754
Fixed-Income Funds — 50.1%
BlackRock Diversified Fixed Income Fund,
Class K
 
21,502,425
203,627,966
iShares 0-5 Year TIPS Bond ETF
 
468,587
47,978,623
 
251,606,589
  
Security
 
 
Shares
Value
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
8,239,520
$ 8,243,640
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
24,170,776
24,170,776
 
32,414,416
Total Investments — 100.5%
(Cost: $418,000,583)
504,795,759
Liabilities in Excess of Other Assets — (0.5)%
(2,444,055
)
Net Assets — 100.0%
$ 502,351,704
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets
Fund, Class K(a)
$ 7,673,828
$ —
$ (7,843,156
)
$ 884,844
$ (715,516
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL
Agency Shares
5,956,765
2,287,268
(b)
—
(476
)
83
8,243,640
8,239,520
20,705
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
79,955,947
—
(55,785,171
)(b)
—
—
24,170,776
24,170,776
1,130,771
—
BlackRock Diversified Fixed Income
Fund, Class K
146,370,069
98,076,302
(44,135,135
)
(2,574,733
)
5,891,463
203,627,966
21,502,425
9,784,127
1,425,239
BlackRock High Yield Bond Portfolio,
Class K(a)
674,485
—
(682,063
)
64,299
(56,721
)
—
—
253
—
BlackRock Real Estate Securities Fund
1,593,766
33,525
(2,439,862
)
1,804,505
18,312
1,010,246
68,122
(1,781,336
)
—
BlackRock Tactical Opportunities Fund,
Class K
16,975,975
6,189,860
—
—
1,343,952
24,509,787
1,546,359
—
—
Diversified Equity Master Portfolio
95,262,216
9,537,524
(b)(d)
—
6,234,905
10,703,097
121,737,742
$121,737,742
1,902,472
—
International Tilts Master Portfolio
16,959,545
13,479,985
(b)(d)
—
2,399,300
4,527,653
37,366,483
$37,366,483
636,262
—
iShares 0-5 Year TIPS Bond ETF
43,362,423
9,078,688
(5,250,204
)
77,017
710,699
47,978,623
468,587
1,876,251
—
iShares Core MSCI Emerging Markets
ETF
—
17,297,821
(1,553,711
)
288,623
3,357,212
19,389,945
288,455
549,391
—
iShares Global Infrastructure ETF
6,885,318
959,415
—
—
1,232,068
9,076,801
147,927
276,812
—
iShares MSCI Canada ETF
—
762,615
—
—
168,433
931,048
17,264
13,481
—
iShares MSCI EAFE Small-Cap ETF
7,427,538
2,467,776
(5,626,604
)
588,208
1,000,008
5,856,926
75,544
193,156
—
iShares Russell 2000 ETF
—
761,056
—
—
134,720
895,776
3,639
7,623
—
 
$ 9,766,492
$ 28,315,463
$ 504,795,759
$ 14,609,968
$ 1,425,239
 
(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 Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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
68
03/12/26
$ 14,819
$ 114,848
S&P/TSE 60 Index
18
03/19/26
4,883
12,424
10-Year U.S. Treasury Note
6
03/20/26
675
(4,369
)
10-Year U.S. Ultra Long Treasury Note
7
03/20/26
805
(5,528
)
E-mini Russell 2000 Index
16
03/20/26
1,998
(92,588
)
MSCI EAFE Index
26
03/20/26
3,773
10,312
MSCI Emerging Markets Index
20
03/20/26
1,411
21,732
S&P 500 E-Mini Index
8
03/20/26
2,757
(29,785
)
U.S. Long Bond
59
03/20/26
6,820
(78,421
)
5-Year U.S. Treasury Note
230
03/31/26
25,140
(38,095
)
 
(89,470
)
Short Contracts 
Euro Stoxx 50 Index
79
03/20/26
5,423
(21,225
)
Micro E-mini S&P 500 Index
7
03/20/26
241
2,583
NASDAQ 100 E-Mini Index
30
03/20/26
15,274
307,296
Ultra U.S. Treasury Bond
185
03/20/26
21,830
338,727
 
627,381
 
$ 537,911
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
22,728,750
USD
15,049,683
JPMorgan Chase Bank N.A.
03/18/26
$ 119,608
CAD
7,335,169
USD
5,285,986
Morgan Stanley & Co. International PLC
03/18/26
75,610
CAD
13,505,826
USD
9,732,782
Morgan Stanley & Co. International PLC
03/18/26
139,216
EUR
17,198,110
USD
20,172,695
Barclays Bank PLC
03/18/26
106,675
USD
177,811
JPY
27,289,000
Barclays Bank PLC
03/18/26
2,515
 
 
 
 
 
 
443,624
JPY
3,100,446,535
EUR
17,250,243
Barclays Bank PLC
03/18/26
(424,484
)
JPY
3,026,197,598
USD
19,718,278
Barclays Bank PLC
03/18/26
(278,872
)
USD
1,424,932
AUD
2,152,000
JPMorgan Chase Bank N.A.
03/18/26
(11,325
)
USD
43,399
EUR
37,000
Barclays Bank PLC
03/18/26
(229
)
 
 
 
 
 
 
(714,910
)
 
$ (271,286
)
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)
$ —
$ —
$ 469,195
$ —
$ 338,727
$ —
$ 807,922
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
443,624
—
—
443,624
 
$ —
$ —
$ 469,195
$ 443,624
$ 338,727
$ —
$ 1,251,546
Schedule of Investments
5
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 143,598
$ —
$ 126,413
$ —
$ 270,011
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
714,910
—
—
714,910
 
$ —
$ —
$ 143,598
$ 714,910
$ 126,413
$ —
$ 984,921
 
(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 December 31, 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
$ —
$ —
$ 2,166,594
$ —
$ (242,903
)
$ —
$ 1,923,691
Forward foreign currency exchange contracts
—
—
—
(3,644,618
)
—
—
(3,644,618
)
Swaps
—
—
(238,258
)
—
—
—
(238,258
)
 
$ —
$ —
$ 1,928,336
$ (3,644,618
)
$ (242,903
)
$ —
$ (1,959,185
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,379,969
$ —
$ 340,041
$ —
$ 1,720,010
Forward foreign currency exchange contracts
—
—
—
455,643
—
—
455,643
Swaps
—
—
127,144
—
—
—
127,144
 
$ —
$ —
$ 1,507,113
$ 455,643
$ 340,041
$ —
$ 2,302,797
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$70,900,777
Average notional value of contracts — short
43,375,189
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
20,707,754
Average amounts sold — in USD
73,964,204
Total return swaps:
Average notional value
979,271
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
$ 209,608
$ 122,112
Forward foreign currency exchange contracts
443,624
714,910
Total derivative assets and liabilities in the Statements of Assets and Liabilities
653,232
837,022
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(209,608
)
(122,112
)
Total derivative assets and liabilities subject to an MNA
$ 443,624
$ 714,910
6
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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
$ 109,190
$ (109,190
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
119,608
(11,325
)
—
—
108,283
Morgan Stanley & Co. International PLC
214,826
—
—
—
214,826
 
$ 443,624
$ (120,515
)
$ —
$ —
$ 323,109
 
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
$ 703,585
$ (109,190
)
$ —
$ —
$ 594,395
JPMorgan Chase Bank N.A.
11,325
(11,325
)
—
—
—
 
$ 714,910
$ (120,515
)
$ —
$ —
$ 594,395
 
(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
$ 61,670,529
$ —
$ —
$ 61,670,529
Fixed-Income Funds
251,606,589
—
—
251,606,589
Money Market Funds
32,414,416
—
—
32,414,416
 
$345,691,534
$—
$—
345,691,534
Investments Valued at NAV(a)
159,104,225
 
$ 504,795,759
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 354,347
$ 114,848
$ —
$ 469,195
Foreign Currency Exchange Contracts
—
443,624
—
443,624
Interest Rate Contracts
338,727
—
—
338,727
Liabilities 
Equity Contracts
(143,598
)
—
—
(143,598
)
Schedule of Investments
7
Schedule of Investments (continued)
December 31, 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
$ —
$ (714,910
)
$ —
$ (714,910
)
Interest Rate Contracts
(126,413
)
—
—
(126,413
)
 
$423,063
$(156,438
)
$—
$266,625
 
(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 Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2030 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 55.5%
BlackRock Real Estate Securities Fund
 
495,539
$ 7,348,839
BlackRock Tactical Opportunities Fund, Class K
 
1,704,540
27,016,960
Diversified Equity Master Portfolio
$
164,310,107
164,310,107
International Tilts Master Portfolio
$
54,042,131
54,042,131
iShares Core MSCI Emerging Markets ETF(b)
 
433,228
29,121,586
iShares Global Infrastructure ETF
 
139,260
8,544,994
iShares MSCI Canada ETF(b)
 
22,411
1,208,625
iShares MSCI EAFE Small-Cap ETF(b)
 
107,260
8,315,868
 
299,909,110
Fixed-Income Funds — 35.1%
BlackRock Diversified Fixed Income Fund,
Class K
 
13,204,650
125,048,039
iShares 0-5 Year TIPS Bond ETF
 
432,636
44,297,600
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
388,547
20,115,078
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
188
20,716
 
189,481,433
  
Security
 
 
Shares
Value
Money Market Funds — 10.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
10,735,681
$ 10,741,049
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
43,569,467
43,569,467
 
54,310,516
Total Investments — 100.7%
(Cost: $472,555,029)
543,701,059
Liabilities in Excess of Other Assets — (0.7)%
(3,796,923
)
Net Assets — 100.0%
$ 539,904,136
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 10,249,883
$ 4,358,382
$ (14,746,439
)
$ 885,651
$ (747,477
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
14,933,572
—
(4,193,083
)(b)
927
(367
)
10,741,049
10,735,681
46,961
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
77,527,502
—
(33,958,035
)(b)
—
—
43,569,467
43,569,467
1,736,220
—
BlackRock Diversified Fixed Income
Fund, Class K
86,182,468
86,887,721
(50,336,989
)
(2,936,396
)
5,251,235
125,048,039
13,204,650
6,237,423
875,240
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(4,845
)
—
BlackRock Real Estate Securities
Fund
6,176,188
1,177,274
(1,083,156
)
1,083,156
(4,623
)
7,348,839
495,539
(872,884
)
—
BlackRock Tactical Opportunities
Fund, Class K
14,948,295
10,727,367
—
—
1,341,298
27,016,960
1,704,540
—
—
Diversified Equity Master Portfolio
118,565,440
23,695,684
(b)(d)
—
7,366,956
14,682,027
164,310,107
$164,310,107
2,516,462
—
International Tilts Master Portfolio
28,843,081
14,751,527
(b)(d)
—
3,626,504
6,821,019
54,042,131
$54,042,131
952,586
—
iShares 0-5 Year TIPS Bond ETF
34,164,062
9,529,579
—
—
603,959
44,297,600
432,636
1,670,554
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
19,675,355
—
—
439,723
20,115,078
388,547
599,674
—
iShares Core MSCI Emerging Markets
ETF
—
24,079,419
—
—
5,042,167
29,121,586
433,228
800,866
—
iShares Global Infrastructure ETF
6,359,691
1,061,694
—
—
1,123,609
8,544,994
139,260
258,295
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
7,271,103
—
(7,274,026
)
(837,587
)
861,226
20,716
188
113,076
—
iShares MSCI Canada ETF
—
923,961
—
—
284,664
1,208,625
22,411
17,500
—
iShares MSCI EAFE Small-Cap ETF
7,330,095
2,185,480
(3,134,137
)
291,951
1,642,479
8,315,868
107,260
274,250
—
 
$ 9,481,162
$ 37,340,939
$ 543,701,059
$ 14,346,138
$ 875,240
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Schedule of Investments
9
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2030 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
75
03/12/26
$ 16,345
$ 126,709
S&P/TSE 60 Index
23
03/19/26
6,240
15,889
10-Year U.S. Treasury Note
114
03/20/26
12,818
(83,019
)
E-mini Russell 2000 Index
19
03/20/26
2,373
(109,949
)
MSCI EAFE Index
20
03/20/26
2,902
7,933
MSCI Emerging Markets Index
3
03/20/26
212
3,260
S&P 500 E-Mini Index
14
03/20/26
4,825
(52,123
)
U.S. Long Bond
134
03/20/26
15,490
(178,108
)
2-Year U.S. Treasury Note
33
03/31/26
6,890
1,753
5-Year U.S. Treasury Note
146
03/31/26
15,958
(24,182
)
 
(291,837
)
Short Contracts 
Euro Stoxx 50 Index
82
03/20/26
5,629
(22,012
)
Micro E-mini S&P 500 Index
167
03/20/26
5,755
39,282
NASDAQ 100 E-Mini Index
32
03/20/26
16,292
327,782
Ultra U.S. Treasury Bond
186
03/20/26
21,948
359,179
 
704,231
 
$ 412,394
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
23,750,197
USD
15,726,027
JPMorgan Chase Bank N.A.
03/18/26
$ 124,983
CAD
11,495,116
USD
8,283,792
Morgan Stanley & Co. International PLC
03/18/26
118,490
CAD
14,865,950
USD
10,712,937
Morgan Stanley & Co. International PLC
03/18/26
153,236
EUR
17,502,284
USD
20,529,479
Barclays Bank PLC
03/18/26
108,561
USD
920,523
EUR
777,000
Barclays Bank PLC
03/18/26
4,314
USD
1,036,373
JPY
159,054,000
Barclays Bank PLC
03/18/26
14,657
 
 
 
 
 
 
524,241
JPY
133,558,000
EUR
728,197
Barclays Bank PLC
03/18/26
(725
)
JPY
3,226,411,257
EUR
17,951,085
Barclays Bank PLC
03/18/26
(441,729
)
JPY
133,558,000
USD
860,432
Barclays Bank PLC
03/18/26
(2,494
)
JPY
3,226,410,722
USD
21,022,838
Barclays Bank PLC
03/18/26
(297,322
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(742,332
)
 
$ (218,091
)
10
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2030 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)
$ —
$ —
$ 520,855
$ —
$ 360,932
$ —
$ 881,787
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
524,241
—
—
524,241
 
$ —
$ —
$ 520,855
$ 524,241
$ 360,932
$ —
$ 1,406,028
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 184,084
$ —
$ 285,309
$ —
$ 469,393
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
742,332
—
—
742,332
 
$ —
$ —
$ 184,084
$ 742,332
$ 285,309
$ —
$ 1,211,725
 
(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 December 31, 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
$ —
$ —
$ 3,295,001
$ —
$ 111,528
$ —
$ 3,406,529
Forward foreign currency exchange contracts
—
—
—
(3,881,375
)
—
—
(3,881,375
)
Swaps
—
—
(231,939
)
—
—
—
(231,939
)
 
$ —
$ —
$ 3,063,062
$ (3,881,375
)
$ 111,528
$ —
$ (706,785
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,448,864
$ —
$ 261,333
$ —
$ 1,710,197
Forward foreign currency exchange contracts
—
—
—
593,794
—
—
593,794
Swaps
—
—
118,543
—
—
—
118,543
 
$ —
$ —
$ 1,567,407
$ 593,794
$ 261,333
$ —
$ 2,422,534
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$82,654,406
Average notional value of contracts — short
46,306,008
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
20,700,438
Average amounts sold — in USD
80,037,461
Total return swaps:
Average notional value
1,085,178
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
11
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2030 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
$ 244,168
$ 189,455
Forward foreign currency exchange contracts
524,241
742,332
Total derivative assets and liabilities in the Statements of Assets and Liabilities
768,409
931,787
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(244,168
)
(189,455
)
Total derivative assets and liabilities subject to an MNA
$ 524,241
$ 742,332
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
$ 127,532
$ (127,532
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
124,983
—
—
—
124,983
Morgan Stanley & Co. International PLC
271,726
—
—
—
271,726
 
$ 524,241
$ (127,532
)
$ —
$ —
$ 396,709
 
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
$ 742,332
$ (127,532
)
$ —
$ —
$ 614,800
 
(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
$ 81,556,872
$ —
$ —
$ 81,556,872
Fixed-Income Funds
189,481,433
—
—
189,481,433
Money Market Funds
54,310,516
—
—
54,310,516
 
$325,348,821
$—
$—
325,348,821
Investments Valued at NAV(a)
218,352,238
 
$ 543,701,059
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 394,146
$ 126,709
$ —
$ 520,855
Foreign Currency Exchange Contracts
—
524,241
—
524,241
Interest Rate Contracts
360,932
—
—
360,932
12
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2030 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities 
Equity Contracts
$ (184,084
)
$ —
$ —
$ (184,084
)
Foreign Currency Exchange Contracts
—
(742,332
)
—
(742,332
)
Interest Rate Contracts
(285,309
)
—
—
(285,309
)
 
$285,685
$(91,382
)
$—
$194,303
 
(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
December 31, 2025
BlackRock LifePath® Dynamic 2035 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 65.2%
BlackRock Real Estate Securities Fund
 
616,024
$ 9,135,640
BlackRock Tactical Opportunities Fund, Class K
 
1,412,190
22,383,210
Diversified Equity Master Portfolio
$
162,120,532
162,120,532
International Tilts Master Portfolio
$
56,613,839
56,613,839
iShares Core MSCI Emerging Markets ETF(b)
 
436,992
29,374,602
iShares Global Infrastructure ETF
 
125,268
7,686,444
iShares MSCI Canada ETF(b)
 
46,683
2,517,614
iShares MSCI EAFE Small-Cap ETF(b)
 
113,267
8,781,591
iShares Russell 2000 ETF(b)
 
1,828
449,980
 
299,063,452
Fixed-Income Funds — 25.5%
BlackRock Diversified Fixed Income Fund,
Class K
 
9,926,818
94,006,963
iShares 0-5 Year TIPS Bond ETF
 
18,228
1,866,365
iShares Broad USD Investment Grade Corporate
Bond ETF
 
406,282
21,033,219
 
116,906,547
  
Security
 
 
Shares
Value
Money Market Funds — 13.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
26,497,634
$ 26,510,883
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
36,634,040
36,634,040
 
63,144,923
Total Investments — 104.5%
(Cost: $423,939,833)
479,114,922
Liabilities in Excess of Other Assets — (4.5)%
(20,454,574
)
Net Assets — 100.0%
$ 458,660,348
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
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
18,298,441
(b)
—
(449
)
293
26,510,883
26,497,634
40,985
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
99,536,975
—
(62,902,935
)(b)
—
—
36,634,040
36,634,040
1,811,445
—
BlackRock Diversified Fixed Income
Fund, Class K
30,754,257
72,312,278
(10,399,182
)
(606,755
)
1,946,365
94,006,963
9,926,818
3,986,904
657,977
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,891
)
—
BlackRock Real Estate Securities Fund
6,865,805
2,975,294
(1,071,638
)
313,445
52,734
9,135,640
616,024
(128,342
)
—
BlackRock Tactical Opportunities Fund,
Class K
7,444,818
13,949,675
—
—
988,717
22,383,210
1,412,190
—
—
Diversified Equity Master Portfolio
98,399,869
43,071,240
(b)(d)
—
2,638,612
18,010,811
162,120,532
$162,120,532
2,344,921
—
International Tilts Master Portfolio
17,465,551
30,160,488
(b)(d)
—
2,469,801
6,517,999
56,613,839
$56,613,839
825,224
—
iShares 0-5 Year TIPS Bond ETF
1,702,655
1,363,700
(1,238,454
)
26,106
12,358
1,866,365
18,228
70,384
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
20,595,091
—
—
438,128
21,033,219
406,282
624,278
—
iShares Core MSCI Emerging Markets
ETF
—
24,463,741
—
—
4,910,861
29,374,602
436,992
788,754
—
iShares Global Infrastructure ETF
5,181,107
1,563,181
—
—
942,156
7,686,444
125,268
233,071
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
4,386,423
—
(4,400,342
)
(305,415
)
319,334
—
—
67,843
—
iShares MSCI Canada ETF
—
2,065,662
—
—
451,952
2,517,614
46,683
30,952
—
iShares MSCI EAFE Small-Cap ETF
5,468,411
13,761,395
(12,919,367
)
601,621
1,869,531
8,781,591
113,267
272,873
—
iShares Russell 2000 ETF
—
405,996
—
—
43,984
449,980
1,828
2,777
—
 
$ 5,274,198
$ 36,307,321
$ 479,114,922
$ 10,969,178
$ 657,977
 
(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.
14
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2035 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
60
03/12/26
$ 13,076
$ 101,183
S&P/TSE 60 Index
22
03/19/26
5,969
15,187
10-Year U.S. Treasury Note
49
03/20/26
5,509
(35,683
)
E-mini Russell 2000 Index
37
03/20/26
4,621
(214,111
)
MSCI EAFE Index
9
03/20/26
1,306
1,842
MSCI Emerging Markets Index
32
03/20/26
2,258
33,392
S&P 500 E-Mini Index
15
03/20/26
5,169
(44,498
)
U.S. Long Bond
111
03/20/26
12,831
(147,537
)
2-Year U.S. Treasury Note
9
03/31/26
1,879
478
5-Year U.S. Treasury Note
156
03/31/26
17,052
(25,839
)
 
(315,586
)
Short Contracts 
Euro Stoxx 50 Index
67
03/20/26
4,599
(17,949
)
NASDAQ 100 E-Mini Index
27
03/20/26
13,747
276,567
Ultra U.S. Treasury Bond
197
03/20/26
23,246
360,698
 
619,316
 
$ 303,730
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
20,425,627
USD
13,524,686
JPMorgan Chase Bank N.A.
03/18/26
$ 107,488
CAD
8,164,099
USD
5,883,342
Morgan Stanley & Co. International PLC
03/18/26
84,155
CAD
12,284,570
USD
8,852,702
Morgan Stanley & Co. International PLC
03/18/26
126,628
EUR
15,032,584
USD
17,632,620
Barclays Bank PLC
03/18/26
93,242
USD
760,586
EUR
642,000
Barclays Bank PLC
03/18/26
3,564
USD
884,371
JPY
135,726,000
Barclays Bank PLC
03/18/26
12,507
 
 
 
 
 
 
427,584
JPY
2,683,897,103
EUR
14,932,648
Barclays Bank PLC
03/18/26
(367,454
)
JPY
120,305,000
EUR
663,006
Morgan Stanley & Co. International PLC
03/18/26
(8,987
)
JPY
2,683,897,643
USD
17,487,899
Barclays Bank PLC
03/18/26
(247,328
)
JPY
120,305,000
USD
781,608
Morgan Stanley & Co. International PLC
03/18/26
(8,804
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(632,635
)
 
$ (205,051
)
Schedule of Investments
15
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2035 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)
$ —
$ —
$ 428,171
$ —
$ 361,176
$ —
$ 789,347
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
427,584
—
—
427,584
 
$ —
$ —
$ 428,171
$ 427,584
$ 361,176
$ —
$ 1,216,931
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 276,558
$ —
$ 209,059
$ —
$ 485,617
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
632,635
—
—
632,635
 
$ —
$ —
$ 276,558
$ 632,635
$ 209,059
$ —
$ 1,118,252
 
(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 December 31, 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
$ —
$ —
$ 4,366,754
$ —
$ (325,151
)
$ —
$ 4,041,603
Forward foreign currency exchange contracts
—
—
—
(3,093,346
)
—
—
(3,093,346
)
Swaps
—
—
(158,052
)
—
—
—
(158,052
)
 
$ —
$ —
$ 4,208,702
$ (3,093,346
)
$ (325,151
)
$ —
$ 790,205
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,818,884
$ —
$ 466,134
$ —
$ 2,285,018
Forward foreign currency exchange contracts
—
—
—
394,673
—
—
394,673
Swaps
—
—
75,193
—
—
—
75,193
 
$ —
$ —
$ 1,894,077
$ 394,673
$ 466,134
$ —
$ 2,754,884
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$66,497,160
Average notional value of contracts — short
36,753,921
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
16,658,646
Average amounts sold — in USD
64,049,681
Total return swaps:
Average notional value
718,820
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
16
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2035 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
$ 199,401
$ 202,958
Forward foreign currency exchange contracts
427,584
632,635
Total derivative assets and liabilities in the Statements of Assets and Liabilities
626,985
835,593
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(199,401
)
(202,958
)
Total derivative assets and liabilities subject to an MNA
$ 427,584
$ 632,635
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
$ 109,313
$ (109,313
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
107,488
—
—
—
107,488
Morgan Stanley & Co. International PLC
210,783
(17,791
)
—
—
192,992
 
$ 427,584
$ (127,104
)
$ —
$ —
$ 300,480
 
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
$ 614,844
$ (109,313
)
$ —
$ —
$ 505,531
Morgan Stanley & Co. International PLC
17,791
(17,791
)
—
—
—
 
$ 632,635
$ (127,104
)
$ —
$ —
$ 505,531
 
(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
$ 80,329,081
$ —
$ —
$ 80,329,081
Fixed-Income Funds
116,906,547
—
—
116,906,547
Money Market Funds
63,144,923
—
—
63,144,923
 
$260,380,551
$—
$—
260,380,551
Investments Valued at NAV(a)
218,734,371
 
$ 479,114,922
Schedule of Investments
17
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2035 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 326,988
$ 101,183
$ —
$ 428,171
Foreign Currency Exchange Contracts
—
427,584
—
427,584
Interest Rate Contracts
361,176
—
—
361,176
Liabilities 
Equity Contracts
(276,558
)
—
—
(276,558
)
Foreign Currency Exchange Contracts
—
(632,635
)
—
(632,635
)
Interest Rate Contracts
(209,059
)
—
—
(209,059
)
 
$202,547
$(103,868
)
$—
$98,679
 
(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.
18
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2040 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 73.0%
BlackRock Real Estate Securities Fund
 
1,083,726
$ 16,071,650
BlackRock Tactical Opportunities Fund, Class K
 
1,709,493
27,095,460
Diversified Equity Master Portfolio
$
212,774,287
212,774,287
International Tilts Master Portfolio
$
85,476,111
85,476,111
iShares Core MSCI Emerging Markets ETF(b)
 
635,262
42,702,312
iShares Global Infrastructure ETF(b)
 
173,401
10,639,885
iShares MSCI Canada ETF(b)
 
47,257
2,548,570
iShares MSCI EAFE Small-Cap ETF(b)
 
158,773
12,309,671
 
409,617,946
Fixed-Income Funds — 19.8%
BlackRock Diversified Fixed Income Fund,
Class K
 
9,019,621
85,415,811
iShares 0-5 Year TIPS Bond ETF
 
12,450
1,274,756
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
476,835
24,685,748
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
153
16,859
 
111,393,174
  
Security
 
 
Shares
Value
Money Market Funds — 10.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
24,600,772
$ 24,613,072
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
36,220,176
36,220,176
 
60,833,248
Total Investments — 103.6%
(Cost: $483,490,953)
581,844,368
Liabilities in Excess of Other Assets — (3.6)%
(20,311,408
)
Net Assets — 100.0%
$ 561,532,960
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 12,468,325
$ 13,363,827
$ (25,837,436
)
$ 1,209,997
$ (1,204,713
)
$ —
—
$ —
$ —
BlackRock Cash
Funds: Institutional, SL Agency
Shares
25,019,550
—
(408,243
)(b)
2,121
(356
)
24,613,072
24,600,772
74,011
(c)
—
BlackRock Cash Funds: Treasury,
SL Agency Shares
96,316,721
—
(60,096,545
)(b)
—
—
36,220,176
36,220,176
1,806,643
—
BlackRock Diversified Fixed Income
Fund, Class K
23,654,521
61,886,125
(1,315,655
)
(77,208
)
1,268,028
85,415,811
9,019,621
3,608,583
597,845
BlackRock High Yield Bond
Portfolio, Class K(a)
—
—
—
—
—
—
—
(4,887
)
—
BlackRock Real Estate Securities
Fund
12,251,327
3,854,694
(299,543
)
299,543
(34,371
)
16,071,650
1,083,726
133,151
—
BlackRock Tactical Opportunities
Fund, Class K
14,506,415
11,233,163
—
—
1,355,882
27,095,460
1,709,493
—
—
Diversified Equity Master Portfolio
168,798,035
17,325,584
(b)(d)
—
9,982,739
16,667,929
212,774,287
$212,774,287
3,317,979
—
International Tilts Master Portfolio
39,157,999
30,899,387
(b)(d)
—
5,025,867
10,392,858
85,476,111
$85,476,111
1,406,249
—
iShares 0-5 Year TIPS Bond ETF
2,056,465
—
(827,085
)
19,190
26,186
1,274,756
12,450
59,548
—
iShares Broad USD Investment
Grade Corporate Bond ETF
—
24,152,680
—
—
533,068
24,685,748
476,835
742,170
—
iShares Core MSCI Emerging
Markets ETF
—
35,308,751
—
—
7,393,561
42,702,312
635,262
1,174,347
—
iShares Global Infrastructure ETF
7,888,641
1,356,844
—
—
1,394,400
10,639,885
173,401
321,050
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
12,631,159
—
(12,654,841
)
(928,094
)
968,635
16,859
153
195,862
—
Schedule of Investments
19
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2040 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
iShares MSCI Canada ETF
$ 1,007,903
$ 945,342
$ —
$ —
$ 595,325
$ 2,548,570
47,257
$ 36,901
$ —
iShares MSCI EAFE Small-Cap
ETF
11,357,516
13,620,787
(15,993,184
)
1,306,612
2,017,940
12,309,671
158,773
405,962
—
 
$ 16,840,767
$ 41,374,372
$ 581,844,368
$ 13,277,569
$ 597,845
 
(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
76
03/12/26
$ 16,563
$ 128,367
S&P/TSE 60 Index
34
03/19/26
9,224
23,461
10-Year U.S. Treasury Note
59
03/20/26
6,634
(42,966
)
E-mini Russell 2000 Index
73
03/20/26
9,118
(422,434
)
Micro E-mini S&P 500 Index
586
03/20/26
20,195
(136,526
)
MSCI EAFE Index
7
03/20/26
1,016
2,776
MSCI Emerging Markets Index
45
03/20/26
3,176
48,898
S&P 500 E-Mini Index
16
03/20/26
5,514
(59,569
)
U.S. Long Bond
72
03/20/26
8,323
(95,700
)
5-Year U.S. Treasury Note
36
03/31/26
3,935
(5,963
)
 
(559,656
)
Short Contracts 
Euro Stoxx 50 Index
85
03/20/26
5,835
(22,798
)
NASDAQ 100 E-Mini Index
34
03/20/26
17,311
348,269
Ultra U.S. Treasury Bond
239
03/20/26
28,202
436,146
 
761,617
 
$ 201,961
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
25,572,231
USD
16,932,473
JPMorgan Chase Bank N.A.
03/18/26
$ 134,571
CAD
15,380,543
USD
11,083,771
Morgan Stanley & Co. International PLC
03/18/26
158,541
CAD
17,747,945
USD
12,789,806
Morgan Stanley & Co. International PLC
03/18/26
182,944
EUR
18,736,158
USD
21,976,764
Barclays Bank PLC
03/18/26
116,215
USD
966,727
EUR
816,000
Barclays Bank PLC
03/18/26
4,530
USD
1,105,461
JPY
169,657,000
Barclays Bank PLC
03/18/26
15,634
 
 
 
 
 
 
612,435
JPY
3,423,158,371
EUR
19,045,745
Barclays Bank PLC
03/18/26
(468,666
)
JPY
3,423,157,852
USD
22,304,815
Barclays Bank PLC
03/18/26
(315,453
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(784,181
)
 
$ (171,746
)
20
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 551,771
$ —
$ 436,146
$ —
$ 987,917
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
612,435
—
—
612,435
 
$ —
$ —
$ 551,771
$ 612,435
$ 436,146
$ —
$ 1,600,352
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 641,327
$ —
$ 144,629
$ —
$ 785,956
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
784,181
—
—
784,181
 
$ —
$ —
$ 641,327
$ 784,181
$ 144,629
$ —
$ 1,570,137
 
(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 December 31, 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
$ —
$ —
$ 9,079,270
$ —
$ (691,245
)
$ —
$ 8,388,025
Forward foreign currency exchange contracts
—
—
—
(4,144,107
)
—
—
(4,144,107
)
Swaps
—
—
(224,664
)
—
—
—
(224,664
)
 
$ —
$ —
$ 8,854,606
$ (4,144,107
)
$ (691,245
)
$ —
$ 4,019,254
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 2,023,783
$ —
$ 477,326
$ —
$ 2,501,109
Forward foreign currency exchange contracts
—
—
—
724,392
—
—
724,392
Swaps
—
—
119,518
—
—
—
119,518
 
$ —
$ —
$ 2,143,301
$ 724,392
$ 477,326
$ —
$ 3,345,019
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$78,517,187
Average notional value of contracts — short
47,203,068
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
21,531,197
Average amounts sold — in USD
85,818,241
Total return swaps:
Average notional value
926,356
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 (continued)
December 31, 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
$ 239,022
$ 409,192
Forward foreign currency exchange contracts
612,435
784,181
Total derivative assets and liabilities in the Statements of Assets and Liabilities
851,457
1,193,373
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(239,022
)
(409,192
)
Total derivative assets and liabilities subject to an MNA
$ 612,435
$ 784,181
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
Non-Cash
Collateral
Received
Cash
Collateral
Received
Net Amount
of Derivative
Assets
Barclays Bank PLC
$ 136,379
$ (136,379
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
134,571
—
—
—
134,571
Morgan Stanley & Co. International PLC
341,485
—
—
—
341,485
 
$ 612,435
$ (136,379
)
$ —
$ —
$ 476,056
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged
Net Amount
of Derivative
Liabilities
Barclays Bank PLC
$ 784,181
$ (136,379
)
$ —
$ —
$ 647,802
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
$ 111,367,548
$ —
$ —
$ 111,367,548
Fixed-Income Funds
111,393,174
—
—
111,393,174
Money Market Funds
60,833,248
—
—
60,833,248
 
$283,593,970
$—
$—
283,593,970
Investments Valued at NAV(a)
298,250,398
 
$ 581,844,368
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 423,404
$ 128,367
$ —
$ 551,771
Foreign Currency Exchange Contracts
—
612,435
—
612,435
Interest Rate Contracts
436,146
—
—
436,146
Liabilities 
Equity Contracts
(641,327
)
—
—
(641,327
)
22
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2040 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities (continued)
Foreign Currency Exchange Contracts
$ —
$ (784,181
)
$ —
$ (784,181
)
Interest Rate Contracts
(144,629
)
—
—
(144,629
)
 
$73,594
$(43,379
)
$—
$30,215
 
(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
23
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2045 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 78.4%
BlackRock Real Estate Securities Fund
 
871,833
$ 12,929,278
BlackRock Tactical Opportunities Fund, Class K
 
1,205,853
19,112,763
Diversified Equity Master Portfolio
$
157,567,568
157,567,568
International Tilts Master Portfolio
$
57,990,771
57,990,771
iShares Core MSCI Emerging Markets ETF(b)
 
517,619
34,794,349
iShares Core MSCI International Developed
Markets ETF(b)
 
143,871
11,866,480
iShares Global Infrastructure ETF(b)
 
28,584
1,753,914
iShares MSCI Canada ETF(b)
 
41,080
2,215,444
iShares MSCI EAFE Small-Cap ETF(b)
 
107,856
8,362,076
 
306,592,643
Fixed-Income Funds — 12.6%
BlackRock Diversified Fixed Income Fund,
Class K
 
3,461,000
32,775,670
iShares 0-5 Year TIPS Bond ETF
 
230
23,550
iShares Broad USD Investment Grade Corporate
Bond ETF
 
320,568
16,595,805
 
49,395,025
  
Security
 
 
Shares
Value
Money Market Funds — 16.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
33,379,362
$ 33,396,052
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
30,123,888
30,123,888
 
63,519,940
Total Investments — 107.3%
(Cost: $365,560,576)
419,507,608
Liabilities in Excess of Other Assets — (7.3)%
(28,703,587
)
Net Assets — 100.0%
$ 390,804,021
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 4,085,783
$ 14,756,914
$ (18,634,878
)
$ 13,619
$ (221,438
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
9,307,503
24,086,613
(b)
—
2,077
(141
)
33,396,052
33,379,362
49,939
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
71,317,071
—
(41,193,183
)(b)
—
—
30,123,888
30,123,888
1,260,671
—
BlackRock Diversified Fixed Income
Fund, Class K
1,741,986
35,677,438
(5,140,965
)
4,571
492,640
32,775,670
3,461,000
1,349,745
229,404
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,447
)
—
BlackRock Real Estate Securities
Fund
8,684,176
4,828,704
(621,399
)
(34,025
)
71,822
12,929,278
871,833
314,844
—
BlackRock Tactical Opportunities
Fund, Class K
6,305,429
11,994,508
—
—
812,826
19,112,763
1,205,853
—
—
Diversified Equity Master Portfolio
108,638,561
30,724,158
(b)(d)
—
3,133,469
15,071,380
157,567,568
$157,567,568
2,319,986
—
International Tilts Master Portfolio
20,641,748
27,849,214
(b)(d)
—
2,709,761
6,790,048
57,990,771
$57,990,771
862,979
—
iShares 0-5 Year TIPS Bond ETF
23,138
—
—
—
412
23,550
230
968
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
16,260,796
—
—
335,009
16,595,805
320,568
489,179
—
iShares Core MSCI Emerging Markets
ETF
—
29,065,765
—
—
5,728,584
34,794,349
517,619
920,447
—
iShares Core MSCI International
Developed Markets ETF
—
10,563,574
—
—
1,302,906
11,866,480
143,871
380,333
—
iShares Global Infrastructure ETF
752,897
855,874
—
—
145,143
1,753,914
28,584
42,622
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF(a)
4,922,012
—
(4,937,631
)
(342,706
)
358,325
—
—
76,126
—
24
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2045 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
iShares MSCI Canada ETF
$ 519,951
$ 2,654,591
$ (1,396,740
)
$ 43,163
$ 394,479
$ 2,215,444
41,080
$ 32,077
$ —
iShares MSCI EAFE Small-Cap ETF
4,621,617
18,412,362
(17,320,549
)
961,442
1,687,204
8,362,076
107,856
260,889
—
 
$ 6,491,371
$ 32,969,199
$ 419,507,608
$ 8,358,358
$ 229,404
 
(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
53
03/12/26
$ 11,550
$ 89,451
S&P/TSE 60 Index
24
03/19/26
6,511
16,574
E-mini Russell 2000 Index
77
03/20/26
9,617
(445,581
)
Micro E-mini S&P 500 Index
712
03/20/26
24,537
(166,024
)
MSCI EAFE Index
21
03/20/26
3,047
9,977
MSCI Emerging Markets Index
39
03/20/26
2,752
43,957
S&P 500 E-Mini Index
11
03/20/26
3,791
(40,954
)
 
(492,600
)
Short Contracts 
Euro Stoxx 50 Index
57
03/20/26
3,913
(15,265
)
NASDAQ 100 E-Mini Index
22
03/20/26
11,201
225,350
Ultra U.S. Treasury Bond
122
03/20/26
14,396
222,339
 
432,424
 
$ (60,176
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
17,447,514
USD
11,552,749
JPMorgan Chase Bank N.A.
03/18/26
$ 91,816
CAD
9,510,995
USD
6,853,964
Morgan Stanley & Co. International PLC
03/18/26
98,038
CAD
10,622,158
USD
7,654,708
Morgan Stanley & Co. International PLC
03/18/26
109,492
EUR
12,808,378
USD
15,023,715
Barclays Bank PLC
03/18/26
79,446
USD
649,223
EUR
548,000
Barclays Bank PLC
03/18/26
3,042
USD
732,376
JPY
112,399,000
Barclays Bank PLC
03/18/26
10,358
 
 
 
 
 
 
392,192
JPY
2,387,976,148
EUR
13,286,205
Barclays Bank PLC
03/18/26
(326,939
)
JPY
2,387,975,653
USD
15,559,713
Barclays Bank PLC
03/18/26
(220,058
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(547,059
)
 
$ (154,867
)
Schedule of Investments
25
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 385,309
$ —
$ 222,339
$ —
$ 607,648
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
392,192
—
—
392,192
 
$ —
$ —
$ 385,309
$ 392,192
$ 222,339
$ —
$ 999,840
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 667,824
$ —
$ —
$ —
$ 667,824
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
547,059
—
—
547,059
 
$ —
$ —
$ 667,824
$ 547,059
$ —
$ —
$ 1,214,883
 
(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 December 31, 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
$ —
$ —
$ 9,264,068
$ —
$ (640,329
)
$ —
$ 8,623,739
Forward foreign currency exchange contracts
—
—
—
(2,701,291
)
—
—
(2,701,291
)
Swaps
—
—
(151,331
)
—
—
—
(151,331
)
 
$ —
$ —
$ 9,112,737
$ (2,701,291
)
$ (640,329
)
$ —
$ 5,771,117
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,760,562
$ —
$ 191,973
$ —
$ 1,952,535
Forward foreign currency exchange contracts
—
—
—
357,728
—
—
357,728
Swaps
—
—
80,506
—
—
—
80,506
 
$ —
$ —
$ 1,841,068
$ 357,728
$ 191,973
$ —
$ 2,390,769
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$54,370,832
Average notional value of contracts — short
28,700,716
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
13,781,295
Average amounts sold — in USD
55,538,275
Total return swaps:
Average notional value
623,985
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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
$ 149,051
$ 389,239
Forward foreign currency exchange contracts
392,192
547,059
Total derivative assets and liabilities in the Statements of Assets and Liabilities
541,243
936,298
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(149,051
)
(389,239
)
Total derivative assets and liabilities subject to an MNA
$ 392,192
$ 547,059
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
$ 92,846
$ (92,846
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
91,816
—
—
—
91,816
Morgan Stanley & Co. International PLC
207,530
—
—
—
207,530
 
$ 392,192
$ (92,846
)
$ —
$ —
$ 299,346
 
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
$ 547,059
$ (92,846
)
$ —
$ —
$ 454,213
 
(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
$ 91,034,304
$ —
$ —
$ 91,034,304
Fixed-Income Funds
49,395,025
—
—
49,395,025
Money Market Funds
63,519,940
—
—
63,519,940
 
$203,949,269
$—
$—
203,949,269
Investments Valued at NAV(a)
215,558,339
 
$ 419,507,608
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 295,858
$ 89,451
$ —
$ 385,309
Foreign Currency Exchange Contracts
—
392,192
—
392,192
Interest Rate Contracts
222,339
—
—
222,339
Schedule of Investments
27
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2045 Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Liabilities 
Equity Contracts
$ (667,824
)
$ —
$ —
$ (667,824
)
Foreign Currency Exchange Contracts
—
(547,059
)
—
(547,059
)
 
$(149,627
)
$(65,416
)
$—
$(215,043
)
 
(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 Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2050 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 86.0%
BlackRock Real Estate Securities Fund
 
601,188
$ 8,915,619
BlackRock Tactical Opportunities Fund, Class K
 
1,277,392
20,246,661
Diversified Equity Master Portfolio
$
191,353,035
191,353,035
International Tilts Master Portfolio
$
64,086,019
64,086,019
iShares Core MSCI Emerging Markets ETF(b)
 
645,408
43,384,326
iShares Core MSCI International Developed
Markets ETF(b)
 
308,808
25,470,484
iShares MSCI Canada ETF(b)
 
51,080
2,754,744
iShares MSCI EAFE Small-Cap ETF(b)
 
123,953
9,610,076
 
365,820,964
Fixed-Income Funds — 7.0%
BlackRock Diversified Fixed Income Fund,
Class K
 
1,489,748
14,107,915
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
299,250
15,492,172
 
29,600,087
  
Security
 
 
Shares
Value
Money Market Funds — 17.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
47,786,941
$ 47,810,834
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
26,276,162
26,276,162
 
74,086,996
Total Investments — 110.4%
(Cost: $388,105,764)
469,508,047
Liabilities in Excess of Other Assets — (10.4)%
(44,100,417
)
Net Assets — 100.0%
$ 425,407,630
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging
Markets Fund, Class K(a)
$ 8,238,298
$ 18,037,179
$ (26,135,071
)
$ 149,625
$ (290,031
)
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional,
SL Agency Shares
8,355,438
39,458,983
(b)
—
(4,728
)
1,141
47,810,834
47,786,941
65,178
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
67,080,148
—
(40,803,986
)(b)
—
—
26,276,162
26,276,162
1,391,335
—
BlackRock Diversified Fixed Income
Fund, Class K
104,181
13,960,667
—
—
43,067
14,107,915
1,489,748
429,440
98,745
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(2,940
)
—
BlackRock Real Estate Securities
Fund
4,747,954
4,816,882
(579,042
)
(54,008
)
(16,167
)
8,915,619
601,188
220,841
—
BlackRock Tactical Opportunities
Fund, Class K
8,565,747
10,742,977
—
—
937,937
20,246,661
1,277,392
—
—
Diversified Equity Master Portfolio
143,107,048
25,412,311
(b)(d)
—
4,721,771
18,111,905
191,353,035
$191,353,035
2,915,776
—
International Tilts Master Portfolio
26,864,425
26,170,191
(b)(d)
—
3,430,800
7,620,603
64,086,019
$64,086,019
1,006,462
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
15,169,324
—
—
322,848
15,492,172
299,250
461,248
—
iShares Core MSCI Emerging Markets
ETF
—
36,143,002
—
—
7,241,324
43,384,326
645,408
1,163,664
—
iShares Core MSCI International
Developed Markets ETF
—
22,687,529
—
—
2,782,955
25,470,484
308,808
813,143
—
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
2,220,479
(2,240,289
)
62,497
561,327
2,754,744
51,080
36,319
—
iShares MSCI EAFE Small-Cap ETF
7,077,496
22,992,428
(23,684,801
)
1,346,406
1,878,547
9,610,076
123,953
298,300
—
 
$ 9,477,799
$ 39,383,027
$ 469,508,047
$ 8,862,165
$ 98,745
 
(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 (continued)
December 31, 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
57
03/12/26
$ 12,422
$ 96,206
S&P/TSE 60 Index
25
03/19/26
6,783
17,263
E-mini Russell 2000 Index
115
03/20/26
14,364
(665,479
)
Micro E-mini S&P 500 Index
821
03/20/26
28,294
(191,516
)
MSCI EAFE Index
13
03/20/26
1,886
6,663
MSCI Emerging Markets Index
44
03/20/26
3,105
46,930
S&P 500 E-Mini Index
22
03/20/26
7,582
(59,610
)
 
(749,543
)
Short Contracts 
Euro Stoxx 50 Index
63
03/20/26
4,325
(16,897
)
NASDAQ 100 E-Mini Index
25
03/20/26
12,728
256,080
Ultra U.S. Treasury Bond
79
03/20/26
9,322
139,838
 
379,021
 
$ (370,522
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
19,053,865
USD
12,616,383
JPMorgan Chase Bank N.A.
03/18/26
$ 100,269
CAD
9,564,444
USD
6,892,481
Morgan Stanley & Co. International PLC
03/18/26
98,589
CAD
11,737,770
USD
8,458,658
Morgan Stanley & Co. International PLC
03/18/26
120,991
EUR
14,423,264
USD
16,917,912
Barclays Bank PLC
03/18/26
89,463
 
 
 
 
 
 
409,312
JPY
123,436,000
EUR
673,009
Barclays Bank PLC
03/18/26
(670
)
JPY
2,561,893,764
EUR
14,253,847
Barclays Bank PLC
03/18/26
(350,750
)
JPY
123,435,000
USD
795,215
Barclays Bank PLC
03/18/26
(2,305
)
JPY
2,561,893,987
USD
16,692,941
Barclays Bank PLC
03/18/26
(236,085
)
USD
241,630
EUR
206,000
Barclays Bank PLC
03/18/26
(1,278
)
 
 
 
 
 
 
(591,088
)
 
$ (181,776
)
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)
$ —
$ —
$ 423,142
$ —
$ 139,838
$ —
$ 562,980
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
409,312
—
—
409,312
 
$ —
$ —
$ 423,142
$ 409,312
$ 139,838
$ —
$ 972,292
30
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 933,502
$ —
$ —
$ —
$ 933,502
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
591,088
—
—
591,088
 
$ —
$ —
$ 933,502
$ 591,088
$ —
$ —
$ 1,524,590
 
(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 December 31, 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
$ —
$ —
$ 11,055,414
$ —
$ (265,348
)
$ —
$ 10,790,066
Forward foreign currency exchange contracts
—
—
—
(2,991,357
)
—
—
(2,991,357
)
Swaps
—
—
(157,969
)
—
—
—
(157,969
)
 
$ —
$ —
$ 10,897,445
$ (2,991,357
)
$ (265,348
)
$ —
$ 7,640,740
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 2,132,705
$ —
$ 278,474
$ —
$ 2,411,179
Forward foreign currency exchange contracts
—
—
—
401,916
—
—
401,916
Swaps
—
—
80,240
—
—
—
80,240
 
$ —
$ —
$ 2,212,945
$ 401,916
$ 278,474
$ —
$ 2,893,335
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$67,835,604
Average notional value of contracts — short
20,213,617
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
15,031,523
Average amounts sold — in USD
60,997,313
Total return swaps:
Average notional value
752,312
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
$ 145,180
$ 481,156
Forward foreign currency exchange contracts
409,312
591,088
Total derivative assets and liabilities in the Statements of Assets and Liabilities
554,492
1,072,244
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(145,180
)
(481,156
)
Total derivative assets and liabilities subject to an MNA
$ 409,312
$ 591,088
Schedule of Investments
31
Schedule of Investments (continued)
December 31, 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
$ 89,463
$ (89,463
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
100,269
—
—
—
100,269
Morgan Stanley & Co. International PLC
219,580
—
—
—
219,580
 
$ 409,312
$ (89,463
)
$ —
$ —
$ 319,849
 
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
$ 591,088
$ (89,463
)
$ —
$ —
$ 501,625
 
(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
$ 110,381,910
$ —
$ —
$ 110,381,910
Fixed-Income Funds
29,600,087
—
—
29,600,087
Money Market Funds
74,086,996
—
—
74,086,996
 
$214,068,993
$—
$—
214,068,993
Investments Valued at NAV(a)
255,439,054
 
$ 469,508,047
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 326,936
$ 96,206
$ —
$ 423,142
Foreign Currency Exchange Contracts
—
409,312
—
409,312
Interest Rate Contracts
139,838
—
—
139,838
Liabilities 
Equity Contracts
(933,502
)
—
—
(933,502
)
Foreign Currency Exchange Contracts
—
(591,088
)
—
(591,088
)
 
$(466,728
)
$(85,570
)
$—
$(552,298
)
 
(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.
32
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2055 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 92.2%
BlackRock Real Estate Securities Fund
 
170,266
$ 2,525,050
BlackRock Tactical Opportunities Fund, Class K
 
993,278
15,743,458
Diversified Equity Master Portfolio
$
158,747,294
158,747,294
International Tilts Master Portfolio
$
47,716,194
47,716,194
iShares Core MSCI Emerging Markets ETF(b)
 
502,200
33,757,884
iShares Core MSCI International Developed
Markets ETF(b)
 
287,248
23,692,215
iShares MSCI Canada ETF(b)
 
46,527
2,509,201
iShares MSCI EAFE Small-Cap ETF(b)
 
93,478
7,247,349
iShares Russell 2000 ETF(b)
 
10,793
2,656,805
 
294,595,450
Fixed-Income Funds — 2.9%
BlackRock Diversified Fixed Income Fund,
Class K
 
496,555
4,702,373
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
88,288
4,570,670
 
9,273,043
  
Security
 
 
Shares
Value
Money Market Funds — 12.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
24,987,561
$ 25,000,055
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
13,222,370
13,222,370
 
38,222,425
Total Investments — 107.1%
(Cost: $290,202,584)
342,090,918
Liabilities in Excess of Other Assets — (7.1)%
(22,742,162
)
Net Assets — 100.0%
$ 319,348,756
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
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
22,086,113
(b)
—
(2,829
)
496
25,000,055
24,987,561
37,670
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
51,026,442
—
(37,804,072
)(b)
—
—
13,222,370
13,222,370
865,215
—
BlackRock Diversified Fixed Income
Fund, Class K
68,114
4,621,611
—
—
12,648
4,702,373
496,555
138,421
32,913
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(1,913
)
—
BlackRock Real Estate Securities
Fund
1,389,725
1,660,223
(490,528
)
(33,072
)
(1,298
)
2,525,050
170,266
61,680
—
BlackRock Tactical Opportunities
Fund, Class K
4,741,036
10,329,851
—
—
672,571
15,743,458
993,278
—
—
Diversified Equity Master Portfolio
103,027,587
36,860,133
(b)(d)
—
1,198,632
17,660,942
158,747,294
$158,747,294
2,317,844
—
International Tilts Master Portfolio
18,683,163
20,976,884
(b)(d)
—
2,299,937
5,756,210
47,716,194
$47,716,194
730,245
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
4,492,663
—
—
78,007
4,570,670
88,288
126,748
—
iShares Core MSCI Emerging Markets
ETF
—
28,161,961
—
—
5,595,923
33,757,884
502,200
898,319
—
iShares Core MSCI International
Developed Markets ETF
—
21,168,948
—
—
2,523,267
23,692,215
287,248
751,304
—
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
2,481,297
(2,324,509
)
72,217
509,293
2,509,201
46,527
32,397
—
iShares MSCI EAFE Small-Cap ETF
3,555,333
20,556,634
(19,443,003
)
1,075,931
1,502,454
7,247,349
93,478
225,426
—
iShares Russell 2000 ETF
1,320,015
1,033,268
—
—
303,522
2,656,805
10,793
24,610
—
 
$ 4,558,533
$ 34,441,384
$ 342,090,918
$ 6,215,020
$ 32,913
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Schedule of Investments
33
Schedule of Investments (continued)
December 31, 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
44
03/12/26
$ 9,589
$ 74,201
S&P/TSE 60 Index
17
03/19/26
4,612
11,737
E-mini Russell 2000 Index
76
03/20/26
9,492
(439,795
)
Micro E-mini S&P 500 Index
486
03/20/26
16,749
(113,225
)
MSCI EAFE Index
2
03/20/26
290
1,091
MSCI Emerging Markets Index
67
03/20/26
4,728
71,702
S&P 500 E-Mini Index
13
03/20/26
4,480
(34,613
)
 
(428,902
)
Short Contracts 
Euro Stoxx 50 Index
47
03/20/26
3,226
(12,571
)
NASDAQ 100 E-Mini Index
19
03/20/26
9,674
194,635
Ultra U.S. Treasury Bond
17
03/20/26
2,006
31,126
 
213,190
 
$ (215,712
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
14,440,168
USD
9,561,456
JPMorgan Chase Bank N.A.
03/18/26
$ 75,990
CAD
5,094,734
USD
3,671,448
Morgan Stanley & Co. International PLC
03/18/26
52,516
CAD
8,243,166
USD
5,940,321
Morgan Stanley & Co. International PLC
03/18/26
84,970
EUR
10,557,304
USD
12,383,295
Barclays Bank PLC
03/18/26
65,484
 
 
 
 
 
 
278,960
JPY
1,903,583,642
EUR
10,591,146
Barclays Bank PLC
03/18/26
(260,621
)
JPY
80,390,000
EUR
443,033
Morgan Stanley & Co. International PLC
03/18/26
(6,006
)
JPY
1,903,584,283
USD
12,403,487
Barclays Bank PLC
03/18/26
(175,420
)
JPY
80,390,000
USD
522,285
Morgan Stanley & Co. International PLC
03/18/26
(5,883
)
USD
114,950
EUR
98,000
Barclays Bank PLC
03/18/26
(608
)
 
 
 
 
 
 
(448,538
)
 
$ (169,578
)
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)
$ —
$ —
$ 353,366
$ —
$ 31,126
$ —
$ 384,492
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
278,960
—
—
278,960
 
$ —
$ —
$ 353,366
$ 278,960
$ 31,126
$ —
$ 663,452
34
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2055 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)
$ —
$ —
$ 600,204
$ —
$ —
$ —
$ 600,204
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
448,538
—
—
448,538
 
$ —
$ —
$ 600,204
$ 448,538
$ —
$ —
$ 1,048,742
 
(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 December 31, 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
$ —
$ —
$ 7,367,385
$ —
$ (117,457
)
$ —
$ 7,249,928
Forward foreign currency exchange contracts
—
—
—
(2,165,113
)
—
—
(2,165,113
)
Swaps
—
—
(114,856
)
—
—
—
(114,856
)
 
$ —
$ —
$ 7,252,529
$ (2,165,113
)
$ (117,457
)
$ —
$ 4,969,959
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 1,679,533
$ —
$ 112,135
$ —
$ 1,791,668
Forward foreign currency exchange contracts
—
—
—
230,639
—
—
230,639
Swaps
—
—
60,462
—
—
—
60,462
 
$ —
$ —
$ 1,739,995
$ 230,639
$ 112,135
$ —
$ 2,082,769
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$46,496,060
Average notional value of contracts — short
9,880,153
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
11,184,083
Average amounts sold — in USD
44,311,725
Total return swaps:
Average notional value
475,548
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
$ 89,878
$ 310,890
Forward foreign currency exchange contracts
278,960
448,538
Total derivative assets and liabilities in the Statements of Assets and Liabilities
368,838
759,428
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(89,878
)
(310,890
)
Total derivative assets and liabilities subject to an MNA
$ 278,960
$ 448,538
Schedule of Investments
35
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2055 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
$ 65,484
$ (65,484
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
75,990
—
—
—
75,990
Morgan Stanley & Co. International PLC
137,486
(11,889
)
—
—
125,597
 
$ 278,960
$ (77,373
)
$ —
$ —
$ 201,587
 
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
$ 436,649
$ (65,484
)
$ —
$ —
$ 371,165
Morgan Stanley & Co. International PLC
11,889
(11,889
)
—
—
—
 
$ 448,538
$ (77,373
)
$ —
$ —
$ 371,165
 
(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
$ 88,131,962
$ —
$ —
$ 88,131,962
Fixed-Income Funds
9,273,043
—
—
9,273,043
Money Market Funds
38,222,425
—
—
38,222,425
 
$135,627,430
$—
$—
135,627,430
Investments Valued at NAV(a)
206,463,488
 
$ 342,090,918
Derivative Financial Instruments(b)
Assets 
Equity Contracts
$ 279,165
$ 74,201
$ —
$ 353,366
Foreign Currency Exchange Contracts
—
278,960
—
278,960
Interest Rate Contracts
31,126
—
—
31,126
Liabilities 
Equity Contracts
(600,204
)
—
—
(600,204
)
Foreign Currency Exchange Contracts
—
(448,538
)
—
(448,538
)
 
$(289,913
)
$(95,377
)
$—
$(385,290
)
 
(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.
36
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2060 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 91.6%
BlackRock Real Estate Securities Fund
 
72,770
$ 1,079,183
BlackRock Tactical Opportunities Fund, Class K
 
511,684
8,110,195
Diversified Equity Master Portfolio
$
82,181,433
82,181,433
International Tilts Master Portfolio
$
24,681,775
24,681,775
iShares Core MSCI Emerging Markets ETF(b)
 
250,556
16,842,374
iShares Core MSCI International Developed
Markets ETF
 
146,938
12,119,446
iShares MSCI Canada ETF(b)
 
70,041
3,777,311
iShares MSCI EAFE Small-Cap ETF(b)
 
45,391
3,519,164
iShares Russell 2000 ETF(b)
 
6,115
1,505,268
 
153,816,149
Fixed-Income Funds — 1.8%
BlackRock Diversified Fixed Income Fund,
Class K
 
146,100
1,383,565
iShares Broad USD Investment Grade Corporate
Bond ETF
 
29,962
1,551,133
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
41
4,518
 
2,939,216
  
Security
 
 
Shares
Value
Money Market Funds — 11.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)
 
8,672,234
$ 8,676,570
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
10,183,727
10,183,727
 
18,860,297
Total Investments — 104.6%
(Cost: $149,381,967)
175,615,662
Liabilities in Excess of Other Assets — (4.6)%
(7,706,475
)
Net Assets — 100.0%
$ 167,909,187
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
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
5,668,369
(b)
—
1,765
252
8,676,570
8,672,234
30,291
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
20,698,367
—
(10,514,640
)(b)
—
—
10,183,727
10,183,727
428,094
—
BlackRock Diversified Fixed Income Fund,
Class K
22,988
2,050,604
(690,308
)
(4,948
)
5,229
1,383,565
146,100
46,165
9,684
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(900
)
—
BlackRock Real Estate Securities Fund
419,225
858,648
(193,857
)
(4,431
)
(402
)
1,079,183
72,770
20,794
—
BlackRock Tactical Opportunities Fund,
Class K
1,302,546
6,513,143
—
—
294,506
8,110,195
511,684
—
—
Diversified Equity Master Portfolio
42,609,411
30,202,682
(b)(d)
—
(2,132,169
)
11,501,509
82,181,433
$82,181,433
1,115,670
—
International Tilts Master Portfolio
7,184,412
13,777,711
(b)(d)
—
912,282
2,807,370
24,681,775
$24,681,775
335,511
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
1,529,081
—
—
22,052
1,551,133
29,962
38,762
—
iShares Core MSCI Emerging Markets
ETF
—
14,108,154
—
—
2,734,220
16,842,374
250,556
439,658
—
iShares Core MSCI International
Developed Markets ETF
—
10,823,008
—
—
1,296,438
12,119,446
146,938
370,769
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
158,016
—
(154,124
)
(6,892
)
7,518
4,518
41
2,579
—
iShares MSCI Canada ETF
2,203,564
1,795,156
(1,096,774
)
37,767
837,598
3,777,311
70,041
50,302
—
iShares MSCI EAFE ETF(a)
376,914
—
(408,848
)
79,528
(47,594
)
—
—
—
—
Schedule of Investments
37
Schedule of Investments (continued)
December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
iShares MSCI EAFE Small-Cap ETF
$ 1,661,148
$ 11,187,031
$ (10,715,568
)
$ 617,737
$ 768,816
$ 3,519,164
45,391
$ 108,351
$ —
iShares Russell 2000 ETF
576,264
766,962
—
—
162,042
1,505,268
6,115
12,334
—
 
$ (554,062
)
$ 20,319,726
$ 175,615,662
$ 2,998,380
$ 9,684
 
(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
22
03/12/26
$ 4,794
$ 37,100
E-mini Russell 2000 Index
40
03/20/26
4,996
(231,471
)
MSCI EAFE Index
15
03/20/26
2,177
6,630
MSCI Emerging Markets Index
42
03/20/26
2,964
45,944
S&P 500 E-Mini Index
40
03/20/26
13,785
(139,758
)
 
(281,555
)
Short Contracts 
Euro Stoxx 50 Index
24
03/20/26
1,647
(6,422
)
NASDAQ 100 E-Mini Index
10
03/20/26
5,091
102,432
Ultra U.S. Treasury Bond
8
03/20/26
944
14,648
 
110,658
 
$ (170,897
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
7,294,837
USD
4,830,225
JPMorgan Chase Bank N.A.
03/18/26
$ 38,388
CAD
208,600
USD
150,325
Morgan Stanley & Co. International PLC
03/18/26
2,150
CAD
4,359,217
USD
3,141,408
Morgan Stanley & Co. International PLC
03/18/26
44,934
EUR
5,565,274
USD
6,527,844
Barclays Bank PLC
03/18/26
34,520
USD
274,854
EUR
232,000
Barclays Bank PLC
03/18/26
1,288
USD
304,004
JPY
46,656,000
Barclays Bank PLC
03/18/26
4,299
 
 
 
 
 
 
125,579
JPY
987,692,384
EUR
5,495,316
Barclays Bank PLC
03/18/26
(135,225
)
JPY
49,642,000
EUR
273,579
Morgan Stanley & Co. International PLC
03/18/26
(3,708
)
JPY
987,691,749
USD
6,435,660
Barclays Bank PLC
03/18/26
(91,018
)
JPY
49,643,000
USD
322,525
Morgan Stanley & Co. International PLC
03/18/26
(3,633
)
USD
11,729
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(233,646
)
 
$ (108,067
)
38
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 192,106
$ —
$ 14,648
$ —
$ 206,754
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
125,579
—
—
125,579
 
$ —
$ —
$ 192,106
$ 125,579
$ 14,648
$ —
$ 332,333
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 377,651
$ —
$ —
$ —
$ 377,651
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
233,646
—
—
233,646
 
$ —
$ —
$ 377,651
$ 233,646
$ —
$ —
$ 611,297
 
(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 December 31, 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
$ —
$ —
$ 3,585,707
$ —
$ (56,369
)
$ —
$ 3,529,338
Forward foreign currency exchange contracts
—
—
—
(1,053,709
)
—
—
(1,053,709
)
Swaps
—
—
(50,787
)
—
—
—
(50,787
)
 
$ —
$ —
$ 3,534,920
$ (1,053,709
)
$ (56,369
)
$ —
$ 2,424,842
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 570,049
$ —
$ 40,273
$ —
$ 610,322
Forward foreign currency exchange contracts
—
—
—
33,162
—
—
33,162
Swaps
—
—
26,266
—
—
—
26,266
 
$ —
$ —
$ 596,315
$ 33,162
$ 40,273
$ —
$ 669,750
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$22,981,164
Average notional value of contracts — short
4,861,822
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
5,665,969
Average amounts sold — in USD
20,388,035
Total return swaps:
Average notional value
246,650
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
39
Schedule of Investments (continued)
December 31, 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
$ 46,936
$ 182,814
Forward foreign currency exchange contracts
125,579
233,646
Total derivative assets and liabilities in the Statements of Assets and Liabilities
172,515
416,460
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(46,936
)
(182,814
)
Total derivative assets and liabilities subject to an MNA
$ 125,579
$ 233,646
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
$ 40,107
$ (40,107
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
38,388
—
—
—
38,388
Morgan Stanley & Co. International PLC
47,084
(7,341
)
—
—
39,743
 
$ 125,579
$ (47,448
)
$ —
$ —
$ 78,131
 
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
$ 226,305
$ (40,107
)
$ —
$ —
$ 186,198
Morgan Stanley & Co. International PLC
7,341
(7,341
)
—
—
—
 
$ 233,646
$ (47,448
)
$ —
$ —
$ 186,198
 
(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
$ 46,952,941
$ —
$ —
$ 46,952,941
Fixed-Income Funds
2,939,216
—
—
2,939,216
Money Market Funds
18,860,297
—
—
18,860,297
 
$68,752,454
$—
$—
68,752,454
Investments Valued at NAV(a)
106,863,208
 
$ 175,615,662
40
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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
$ 155,006
$ 37,100
$ —
$ 192,106
Foreign Currency Exchange Contracts
—
125,579
—
125,579
Interest Rate Contracts
14,648
—
—
14,648
Liabilities 
Equity Contracts
(377,651
)
—
—
(377,651
)
Foreign Currency Exchange Contracts
—
(233,646
)
—
(233,646
)
 
$(207,997
)
$(70,967
)
$—
$(278,964
)
 
(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
41
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2065 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 87.4%
BlackRock Real Estate Securities Fund
 
18,974
$ 281,380
BlackRock Tactical Opportunities Fund, Class K
 
239,067
3,789,217
Diversified Equity Master Portfolio
$
38,814,080
38,814,080
International Tilts Master Portfolio
$
11,659,018
11,659,018
iShares Core MSCI Emerging Markets ETF(b)
 
121,038
8,136,174
iShares Core MSCI International Developed
Markets ETF
 
70,991
5,855,338
iShares MSCI Canada ETF(b)
 
35,257
1,901,459
iShares MSCI EAFE Small-Cap ETF(b)
 
22,202
1,721,321
iShares Russell 2000 ETF(b)
 
3,273
805,682
 
72,963,669
Fixed-Income Funds — 1.6%
BlackRock Diversified Fixed Income Fund, Class K
 
66,993
634,428
iShares Broad USD Investment Grade Corporate
Bond ETF(b)
 
13,744
711,527
iShares iBoxx $ Investment Grade Corporate Bond
ETF(b)
 
5
551
 
1,346,506
  
Security
 
 
Shares
Value
Money Market Funds — 14.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.89%(c)(d)
 
3,999,778
$ 4,001,778
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
8,373,510
8,373,510
 
12,375,288
Total Investments — 103.8%
(Cost: $74,439,038)
86,685,463
Liabilities in Excess of Other Assets — (3.8)%
(3,175,951
)
Net Assets — 100.0%
$ 83,509,512
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
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
2,917,256
(b)
—
(1,085
)
93
4,001,778
3,999,778
10,885
(c)
—
BlackRock Cash Funds: Treasury, SL
Agency Shares
9,312,754
—
(939,244
)(b)
—
—
8,373,510
8,373,510
213,844
—
BlackRock Diversified Fixed Income Fund,
Class K
91,920
773,520
(232,454
)
(2,750
)
4,192
634,428
66,993
22,008
4,441
BlackRock High Yield Bond Portfolio,
Class K(a)
—
—
—
—
—
—
—
(334
)
—
BlackRock Real Estate Securities Fund
174,075
326,933
(218,166
)
(3,147
)
1,685
281,380
18,974
7,767
—
BlackRock Tactical Opportunities Fund,
Class K
494,628
3,163,795
—
—
130,794
3,789,217
239,067
—
—
Diversified Equity Master Portfolio
18,058,639
16,510,013
(b)(d)
—
(1,808,873
)
6,054,301
38,814,080
$38,814,080
500,668
—
International Tilts Master Portfolio
2,002,375
8,117,911
(b)(d)
—
329,599
1,209,133
11,659,018
$11,659,018
138,557
—
iShares Broad USD Investment Grade
Corporate Bond ETF
—
701,987
—
—
9,540
711,527
13,744
17,433
—
iShares Core MSCI Emerging Markets
ETF
—
6,905,809
—
—
1,230,365
8,136,174
121,038
205,373
—
iShares Core MSCI International
Developed Markets ETF
—
5,265,020
—
—
590,318
5,855,338
70,991
175,509
—
iShares iBoxx $ Investment Grade
Corporate Bond ETF
91,776
—
(91,531
)
(4,503
)
4,809
551
5
1,436
—
iShares MSCI Canada ETF
880,474
1,093,370
(441,950
)
9,407
360,158
1,901,459
35,257
23,608
—
iShares MSCI EAFE ETF(a)
159,915
—
(173,463
)
30,998
(17,450
)
—
—
—
—
iShares MSCI EAFE Small-Cap ETF
650,268
6,354,758
(5,951,441
)
350,923
316,813
1,721,321
22,202
50,874
—
iShares Russell 2000 ETF
353,315
339,433
—
—
112,934
805,682
3,273
7,592
—
 
$ (1,141,837
)
$ 9,994,865
$ 86,685,463
$ 1,375,220
$ 4,441
 
(a)
As of period end, the entity is no longer held.
42
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2065 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
11
03/12/26
$ 2,397
$ 18,582
E-mini Russell 2000 Index
20
03/20/26
2,498
(115,743
)
Micro E-mini S&P 500 Index
153
03/20/26
5,273
(35,681
)
MSCI EAFE Index
13
03/20/26
1,886
5,600
MSCI Emerging Markets Index
22
03/20/26
1,553
24,236
S&P 500 E-Mini Index
8
03/20/26
2,757
(25,202
)
 
(128,208
)
Short Contracts 
Euro Stoxx 50 Index
11
03/20/26
755
(2,936
)
NASDAQ 100 E-Mini Index
5
03/20/26
2,546
51,216
 
48,280
 
$ (79,928
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
3,550,031
USD
2,350,628
JPMorgan Chase Bank N.A.
03/18/26
$ 18,682
CAD
170,000
USD
123,629
Barclays Bank PLC
03/18/26
631
CAD
367,000
USD
264,473
Morgan Stanley & Co. International PLC
03/18/26
3,783
CAD
2,052,151
USD
1,478,854
Morgan Stanley & Co. International PLC
03/18/26
21,153
EUR
2,718,366
USD
3,188,535
Barclays Bank PLC
03/18/26
16,862
USD
145,278
JPY
22,296,000
Barclays Bank PLC
03/18/26
2,055
 
 
 
 
 
 
63,166
JPY
23,379,000
EUR
127,469
Barclays Bank PLC
03/18/26
(127
)
JPY
473,752,386
EUR
2,635,860
Barclays Bank PLC
03/18/26
(64,862
)
JPY
22,040,000
EUR
122,034
UBS AG
03/18/26
(2,319
)
JPY
23,379,000
USD
150,617
Barclays Bank PLC
03/18/26
(437
)
JPY
473,752,527
USD
3,086,905
Barclays Bank PLC
03/18/26
(43,657
)
JPY
22,040,000
USD
142,839
UBS AG
03/18/26
(1,261
)
USD
242,106
CAD
332,000
UBS AG
03/18/26
(567
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(113,292
)
 
$ (50,126
)
Schedule of Investments
43
Schedule of Investments (continued)
December 31, 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)
$ —
$ —
$ 99,634
$ —
$ —
$ —
$ 99,634
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
63,166
—
—
63,166
 
$ —
$ —
$ 99,634
$ 63,166
$ —
$ —
$ 162,800
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 179,562
$ —
$ —
$ —
$ 179,562
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
113,292
—
—
113,292
 
$ —
$ —
$ 179,562
$ 113,292
$ —
$ —
$ 292,854
 
(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 December 31, 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
$ —
$ —
$ 1,693,043
$ —
$ 21,638
$ —
$ 1,714,681
Forward foreign currency exchange contracts
—
—
—
(483,036
)
—
—
(483,036
)
Swaps
—
—
(22,216
)
—
—
—
(22,216
)
 
$ —
$ —
$ 1,670,827
$ (483,036
)
$ 21,638
$ —
$ 1,209,429
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 273,482
$ —
$ 15,054
$ —
$ 288,536
Forward foreign currency exchange contracts
—
—
—
9,509
—
—
9,509
Swaps
—
—
11,510
—
—
—
11,510
 
$ —
$ —
$ 284,992
$ 9,509
$ 15,054
$ —
$ 309,555
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$11,193,636
Average notional value of contracts — short
1,975,483
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
2,721,028
Average amounts sold — in USD
9,611,221
Total return swaps:
Average notional value
106,897
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
44
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 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
$ 21,968
$ 102,587
Forward foreign currency exchange contracts
63,166
113,292
Total derivative assets and liabilities in the Statements of Assets and Liabilities
85,134
215,879
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(21,968
)
(102,587
)
Total derivative assets and liabilities subject to an MNA
$ 63,166
$ 113,292
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
$ 19,548
$ (19,548
)
$ —
$ —
$ —
JPMorgan Chase Bank N.A.
18,682
—
—
—
18,682
Morgan Stanley & Co. International PLC
24,936
—
—
—
24,936
 
$ 63,166
$ (19,548
)
$ —
$ —
$ 43,618
 
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
$ 109,145
$ (19,548
)
$ —
$ —
$ 89,597
UBS AG
4,147
—
—
—
4,147
 
$ 113,292
$ (19,548
)
$ —
$ —
$ 93,744
 
(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
$ 22,490,571
$ —
$ —
$ 22,490,571
Fixed-Income Funds
1,346,506
—
—
1,346,506
Money Market Funds
12,375,288
—
—
12,375,288
 
$36,212,365
$—
$—
36,212,365
Investments Valued at NAV(a)
50,473,098
 
$ 86,685,463
Schedule of Investments
45
Schedule of Investments (continued)
December 31, 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
$ 81,052
$ 18,582
$ —
$ 99,634
Foreign Currency Exchange Contracts
—
63,166
—
63,166
Liabilities 
Equity Contracts
(179,562
)
—
—
(179,562
)
Foreign Currency Exchange Contracts
—
(113,292
)
—
(113,292
)
 
$(98,510
)
$(31,544
)
$—
$(130,054
)
 
(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.
46
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments
December 31, 2025
BlackRock LifePath® Dynamic 2070 Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment Value
Value
Investment Companies(a)
Equity Funds — 97.4%
BlackRock Real Estate Securities Fund
 
1,420
$ 21,052
BlackRock Tactical Opportunities Fund, Class K
 
15,618
247,548
Diversified Equity Master Portfolio
$
3,039,988
3,039,988
International Tilts Master Portfolio
$
779,486
779,486
iShares Core MSCI EAFE ETF
 
2,225
199,048
iShares Core MSCI Emerging Markets ETF(b)
 
10,483
704,670
iShares Core MSCI International Developed Markets
ETF
 
4,616
380,728
iShares MSCI Canada ETF(b)
 
2,761
148,901
iShares MSCI EAFE Small-Cap ETF
 
1,400
108,542
iShares MSCI Japan ETF(b)
 
2,249
181,584
iShares Russell 2000 ETF
 
438
107,818
 
5,919,365
Fixed-Income Funds — 1.3%
BlackRock Diversified Fixed Income Fund, Class K
 
4,295
40,674
iShares Broad USD Investment Grade Corporate
Bond ETF
 
743
38,465
 
79,139
  
Security
 
 
Shares
Value
Money Market Funds — 14.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.89%(c)(d)
 
808,277
$ 808,682
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.72%(c)
 
44,450
44,450
 
853,132
Total Investments — 112.8%
(Cost: $5,973,743)
6,851,636
Liabilities in Excess of Other Assets — (12.8)%
(774,958
)
Net Assets — 100.0%
$ 6,076,678
 
(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 year ended December 31, 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
12/31/25
Shares/
Investment Value
Held at
12/31/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Advantage Emerging Markets Fund,
Class K(a)
$ 196,700
$ 163,580
$ (361,529
)
$ (12,641
)
$ 13,890
$ —
—
$ —
$ —
BlackRock Cash Funds: Institutional, SL Agency
Shares
465,741
342,887
(b)
—
54
—
808,682
808,277
1,346
(c)
—
BlackRock Cash Funds: Treasury, SL Agency
Shares
392,450
—
(348,000
)(b)
—
—
44,450
44,450
6,630
—
BlackRock Diversified Fixed Income Fund,
Class K
3,303
37,172
—
—
199
40,674
4,295
1,384
285
BlackRock High Yield Bond Portfolio, Class K(a)
—
—
—
—
—
—
—
(56
)
—
BlackRock Real Estate Securities Fund
20,431
616
—
—
5
21,052
1,420
1,939
—
BlackRock Tactical Opportunities Fund, Class K
5,258
232,885
—
—
9,405
247,548
15,618
—
—
Diversified Equity Master Portfolio
2,284,662
442,989
(b)(d)
—
(197,882
)
510,219
3,039,988
$3,039,988
39,839
—
International Tilts Master Portfolio
409,587
226,197
(b)(d)
—
31,928
111,774
779,486
$779,486
13,023
—
iShares Broad USD Investment Grade Corporate
Bond ETF
—
37,527
—
—
938
38,465
743
1,197
—
iShares Core MSCI EAFE ETF
—
523,865
(333,663
)
6,388
2,458
199,048
2,225
1,253
—
iShares Core MSCI Emerging Markets ETF
—
698,674
(89,815
)
2,526
93,285
704,670
10,483
15,813
—
iShares Core MSCI International Developed
Markets ETF
—
361,619
(21,347
)
(99
)
40,555
380,728
4,616
12,235
—
iShares iBoxx $ Investment Grade Corporate Bond
ETF(a)
42,095
—
(42,228
)
(1,911
)
2,044
—
—
651
—
iShares MSCI Canada ETF
109,414
67,970
(58,067
)
1,402
28,182
148,901
2,761
1,702
—
iShares MSCI EAFE ETF(a)
19,734
233
(21,632
)
(356
)
2,021
—
—
—
—
iShares MSCI EAFE Small-Cap ETF
306,909
96,556
(335,399
)
483
39,993
108,542
1,400
3,518
—
iShares MSCI Japan ETF
—
255,111
(77,081
)
1,242
2,312
181,584
2,249
5,806
—
iShares MSCI USA Value Factor ETF(a)
39,710
—
(38,302
)
(2,537
)
1,129
—
—
255
—
iShares Russell 2000 ETF
51,484
78,133
(27,919
)
(2,155
)
8,275
107,818
438
761
—
 
$ (173,558
)
$ 866,684
$ 6,851,636
$ 107,296
$ 285
 
(a)
As of period end, the entity is no longer held.
Schedule of Investments
47
Schedule of Investments (continued)
December 31, 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 
E-mini Russell 2000 Index
1
03/20/26
$ 125
$ (5,787
)
Micro E-mini S&P 500 Index
7
03/20/26
241
(1,056
)
 
$ (6,843
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
AUD
37,000
USD
24,580
Barclays Bank PLC
03/18/26
$ 114
AUD
235,754
USD
156,159
Barclays Bank PLC
03/18/26
1,185
CAD
5,000
USD
3,603
UBS AG
03/18/26
52
CAD
28,000
USD
20,441
UBS AG
03/18/26
25
CAD
137,826
USD
99,312
UBS AG
03/18/26
1,432
EUR
177,372
USD
208,050
Barclays Bank PLC
03/18/26
1,100
 
 
 
 
 
 
3,908
EUR
27,000
USD
31,994
Barclays Bank PLC
03/18/26
(156
)
JPY
1,235,000
EUR
6,806
Barclays Bank PLC
03/18/26
(92
)
JPY
4,478,000
EUR
24,678
Barclays Bank PLC
03/18/26
(335
)
JPY
31,450,412
EUR
174,984
Barclays Bank PLC
03/18/26
(4,306
)
JPY
4,477,000
USD
29,157
Barclays Bank PLC
03/18/26
(398
)
JPY
31,450,228
USD
204,925
Barclays Bank PLC
03/18/26
(2,898
)
JPY
1,236,000
USD
8,030
UBS AG
03/18/26
(91
)
USD
3,312
AUD
5,000
Barclays Bank PLC
03/18/26
(25
)
USD
11,730
EUR
10,000
Barclays Bank PLC
03/18/26
(62
)
 
 
 
 
 
 
(8,363
)
 
$ (4,455
)
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
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
$ —
$ —
$ —
$ 3,908
$ —
$ —
$ 3,908
48
2025 BlackRock Annual Financial Statements and Additional Information
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2070 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)
$ —
$ —
$ 6,843
$ —
$ —
$ —
$ 6,843
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
8,363
—
—
8,363
 
$ —
$ —
$ 6,843
$ 8,363
$ —
$ —
$ 15,206
 
(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 December 31, 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
$ —
$ —
$ 70,668
$ —
$ (1,166
)
$ —
$ 69,502
Forward foreign currency exchange contracts
—
—
—
(31,328
)
—
—
(31,328
)
 
$ —
$ —
$ 70,668
$ (31,328
)
$ (1,166
)
$ —
$ 38,174
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 14,158
$ —
$ —
$ —
$ 14,158
Forward foreign currency exchange contracts
—
—
—
2,495
—
—
2,495
 
$ —
$ —
$ 14,158
$ 2,495
$ —
$ —
$ 16,653
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$433,130
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
216,489
Average amounts sold — in USD
661,618
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
$ —
$ 2,811
Forward foreign currency exchange contracts
3,908
8,363
Total derivative assets and liabilities in the Statements of Assets and Liabilities
3,908
11,174
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
—
(2,811
)
Total derivative assets and liabilities subject to an MNA
$ 3,908
$ 8,363
Schedule of Investments
49
Schedule of Investments (continued)
December 31, 2025
BlackRock LifePath® Dynamic 2070 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
$ 2,399
$ (2,399
)
$ —
$ —
$ —
UBS AG
1,509
(91
)
—
—
1,418
 
$ 3,908
$ (2,490
)
$ —
$ —
$ 1,418
 
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)(d)
Barclays Bank PLC
$ 8,272
$ (2,399
)
$ —
$ —
$ 5,873
UBS AG
91
(91
)
—
—
—
 
$ 8,363
$ (2,490
)
$ —
$ —
$ 5,873
 
(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.
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
$ 2,099,891
$ —
$ —
$ 2,099,891
Fixed-Income Funds
79,139
—
—
79,139
Money Market Funds
853,132
—
—
853,132
 
$3,032,162
$—
$—
3,032,162
Investments Valued at NAV(a)
3,819,474
 
$ 6,851,636
Derivative Financial Instruments(b)
Assets 
Foreign Currency Exchange Contracts
$ —
$ 3,908
$ —
$ 3,908
Liabilities 
Equity Contracts
(6,843
)
—
—
(6,843
)
Foreign Currency Exchange Contracts
—
(8,363
)
—
(8,363
)
 
$(6,843
)
$(4,455
)
$—
$(11,298
)
 
(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.
50
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities
December 31, 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)
$ 504,795,759
$ 543,701,059
$ 479,114,922
$ 581,844,368
Cash pledged for futures contracts
3,046,000
3,031,000
2,579,000
4,183,000
Foreign currency, at value(c)
2,943,943
1,673,852
1,457,318
1,958,841
Receivables:
Securities lending income — affiliated
4,336
6,191
7,050
10,025
Capital shares sold
1,457,680
4,926,935
3,327,649
988,387
Dividends — affiliated
841,802
609,057
466,305
438,504
Variation margin on futures contracts
209,608
244,168
199,401
239,022
Unrealized appreciation on forward foreign currency exchange contracts
443,624
524,241
427,584
612,435
Total assets
513,742,752
554,716,503
487,579,229
590,274,582
LIABILITIES
Collateral on securities loaned
8,243,573
10,742,505
26,509,375
24,613,164
Payables:
Investments purchased
798,313
490,245
368,550
334,868
Administration fees
52,636
56,549
26,655
62,632
Capital shares redeemed
1,346,249
2,478,699
1,101,769
2,432,959
Investment advisory fees
52,241
51,230
35,913
38,392
Trustees’ and Officer’s fees
2,143
2,165
2,044
2,209
Professional fees
23,319
23,293
23,226
23,289
Service and distribution fees
35,552
35,894
15,756
40,736
Variation margin on futures contracts
122,112
189,455
202,958
409,192
Unrealized depreciation on forward foreign currency exchange contracts
714,910
742,332
632,635
784,181
Total liabilities
11,391,048
14,812,367
28,918,881
28,741,622
Commitments and contingent liabilities
NET ASSETS
$ 502,351,704
$ 539,904,136
$ 458,660,348
$ 561,532,960
NET ASSETS CONSIST OF
Paid-in capital
$ 425,645,391
$ 484,860,711
$ 405,584,213
$ 464,448,507
Accumulated earnings
76,706,313
55,043,425
53,076,135
97,084,453
NET ASSETS
$ 502,351,704
$ 539,904,136
$ 458,660,348
$ 561,532,960
(a) Investments, at cost—affiliated
$418,000,583
$472,555,029
$423,939,833
$483,490,953
(b) Securities loaned, at value
$8,037,611
$10,476,722
$25,875,997
$24,019,346
(c) Foreign currency, at cost
$2,978,264
$1,673,863
$1,456,717
$1,955,960
Statements of Assets and Liabilities
51
Statements of Assets and Liabilities  (continued)
December 31, 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
$ 36,260,774
$ 49,245,336
$ 13,830,222
$ 52,738,618
Shares outstanding
3,673,329
3,371,963
801,257
2,806,181
Net asset value
$ 9.87
$ 14.60
$ 17.26
$ 18.79
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 127,301,230
$ 134,117,154
$ 45,174,486
$ 152,368,589
Shares outstanding
16,361,375
9,859,160
2,638,775
9,757,582
Net asset value
$ 7.78
$ 13.60
$ 17.12
$ 15.62
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor C
Net assets
$ 2,349,636
$ 2,093,995
$ 3,431,550
$ 2,891,750
Shares outstanding
245,489
149,192
205,429
160,364
Net asset value
$ 9.57
$ 14.04
$ 16.70
$ 18.03
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 323,824,846
$ 343,831,575
$ 388,172,876
$ 339,319,356
Shares outstanding
32,985,088
23,597,560
22,040,381
17,851,368
Net asset value
$ 9.82
$ 14.57
$ 17.61
$ 19.01
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class R
Net assets
$ 12,615,218
$ 10,616,076
$ 8,051,214
$ 14,214,647
Shares outstanding
1,305,057
745,132
471,892
776,776
Net asset value
$ 9.67
$ 14.25
$ 17.06
$ 18.30
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
52
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities  (continued)
December 31, 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)
$ 419,507,608
$ 469,508,047
$ 342,090,918
$ 175,615,662
Cash pledged for futures contracts
4,104,000
4,697,000
2,789,000
1,554,000
Foreign currency, at value(c)
1,347,801
1,431,492
1,060,404
359,689
Receivables:
Securities lending income — affiliated
7,305
11,518
8,181
5,520
Capital shares sold
374,921
595,215
333,519
1,323,525
Dividends — affiliated
215,588
133,483
56,973
44,108
Variation margin on futures contracts
149,051
145,180
89,878
46,936
Unrealized appreciation on forward foreign currency exchange contracts
392,192
409,312
278,960
125,579
Total assets
426,098,466
476,931,247
346,707,833
179,075,019
LIABILITIES
Bank overdraft
116,448
48,250
13,399
—
Collateral on securities loaned
33,394,684
47,810,368
25,002,294
8,675,088
Payables:
Investments purchased
—
—
—
698,395
Administration fees
23,662
40,852
19,970
8,300
Capital shares redeemed
754,229
2,463,980
1,498,767
1,323,735
Investment advisory fees
28,238
34,668
27,249
13,757
Trustees’ and Officer’s fees
1,955
1,995
1,853
1,629
Professional fees
23,260
23,268
23,219
23,137
Service and distribution fees
15,671
27,992
12,898
5,331
Variation margin on futures contracts
389,239
481,156
310,890
182,814
Unrealized depreciation on forward foreign currency exchange contracts
547,059
591,088
448,538
233,646
Total liabilities
35,294,445
51,523,617
27,359,077
11,165,832
Commitments and contingent liabilities
NET ASSETS
$ 390,804,021
$ 425,407,630
$ 319,348,756
$ 167,909,187
NET ASSETS CONSIST OF
Paid-in capital
$ 338,203,986
$ 351,854,718
$ 268,529,824
$ 142,809,324
Accumulated earnings
52,600,035
73,552,912
50,818,932
25,099,863
NET ASSETS
$ 390,804,021
$ 425,407,630
$ 319,348,756
$ 167,909,187
(a) Investments, at cost—affiliated
$365,560,576
$388,105,764
$290,202,584
$149,381,967
(b) Securities loaned, at value
$32,597,269
$46,681,251
$24,390,463
$8,445,912
(c) Foreign currency, at cost
$1,345,521
$1,429,017
$1,059,231
$361,612
Statements of Assets and Liabilities
53
Statements of Assets and Liabilities  (continued)
December 31, 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
$ 8,232,826
$ 22,743,840
$ 9,512,025
$ 8,346,898
Shares outstanding
416,854
894,314
433,866
492,001
Net asset value
$ 19.75
$ 25.43
$ 21.92
$ 16.97
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 45,715,891
$ 106,870,044
$ 41,618,934
$ 14,071,860
Shares outstanding
2,332,389
4,240,948
1,919,475
834,333
Net asset value
$ 19.60
$ 25.20
$ 21.68
$ 16.87
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor C
Net assets
$ 1,612,951
$ 1,626,223
$ 1,523,483
$ 106,734
Shares outstanding
84,614
66,336
72,274
6,349
Net asset value
$ 19.06
$ 24.51
$ 21.08
$ 16.81
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 323,338,446
$ 283,219,472
$ 259,032,625
$ 138,612,128
Shares outstanding
16,083,161
11,050,598
11,560,638
8,139,747
Net asset value
$ 20.10
$ 25.63
$ 22.41
$ 17.03
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class R
Net assets
$ 11,903,907
$ 10,948,051
$ 7,661,689
$ 6,771,567
Shares outstanding
611,873
438,911
355,427
401,777
Net asset value
$ 19.45
$ 24.94
$ 21.56
$ 16.85
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
54
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Assets and Liabilities  (continued)
December 31, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 86,685,463
$ 6,851,636
Cash
1,049
—
Cash pledged for futures contracts
906,000
28,000
Foreign currency, at value(c)
172,483
8,730
Receivables:
Investments sold
—
34,668
Securities lending income — affiliated
1,747
238
Capital shares sold
305,379
44,905
Dividends — affiliated
28,269
777
Variation margin on futures contracts
21,968
—
Unrealized appreciation on forward foreign currency exchange contracts
63,166
3,908
Total assets
88,185,524
6,972,862
LIABILITIES
Collateral on securities loaned
4,002,899
808,627
Payables:
Investments purchased
351,420
40,444
Administration fees
3,755
299
Capital shares redeemed
65,811
13,312
Investment advisory fees
7,115
440
Trustees’ and Officer’s fees
1,850
1,412
Professional fees
23,135
20,293
Service and distribution fees
4,148
183
Variation margin on futures contracts
102,587
2,811
Unrealized depreciation on forward foreign currency exchange contracts
113,292
8,363
Total liabilities
4,676,012
896,184
Commitments and contingent liabilities
NET ASSETS
$ 83,509,512
$ 6,076,678
NET ASSETS CONSIST OF
Paid-in capital
$ 72,236,613
$ 5,457,505
Accumulated earnings
11,272,899
619,173
NET ASSETS
$ 83,509,512
$ 6,076,678
(a) Investments, at cost—affiliated
$74,439,038
$5,973,743
(b) Securities loaned, at value
$3,902,491
$789,121
(c) Foreign currency, at cost
$173,287
$8,798
Statements of Assets and Liabilities
55
Statements of Assets and Liabilities  (continued)
December 31, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
NET ASSET VALUE
Institutional
Net assets
$ 2,402,223
$ 115,006
Shares outstanding
156,781
10,000
Net asset value
$ 15.32
$ 11.50
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor A
Net assets
$ 14,925,116
$ 189,284
Shares outstanding
979,676
16,480
Net asset value
$ 15.23
$ 11.49
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor C
Net assets
$ 987,649
$ 114,052
Shares outstanding
65,180
10,000
Net asset value
$ 15.15
$ 11.41
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class K
Net assets
$ 64,371,996
$ 5,514,438
Shares outstanding
4,191,390
479,431
Net asset value
$ 15.36
$ 11.50
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class R
Net assets
$ 822,528
$ 143,898
Shares outstanding
53,965
12,547
Net asset value
$ 15.24
$ 11.47
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
See notes to financial statements.
56
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Operations
Year Ended December 31, 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
$12,050,529
$10,830,129
$7,758,048
$8,479,330
Interest — unaffiliated
115,905
108,222
101,572
163,843
Securities lending income — affiliated — net
20,705
46,961
40,985
74,011
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
2,390,853
3,287,697
3,000,923
4,507,411
Interest — affiliated
419,497
559,210
517,884
746,956
Expenses
(870,059
)
(1,174,846
)
(1,092,192
)
(1,590,322
)
Fees waived
598,443
796,987
743,530
1,060,183
Total investment income
14,725,873
14,454,360
11,070,750
13,441,412
EXPENSES
Investment advisory
1,394,453
1,437,654
1,139,360
1,474,544
Administration — class specific
622,030
671,866
306,877
725,214
Service and distribution — class specific
402,813
403,813
172,740
457,056
Trustees and Officer
10,225
10,173
9,533
10,297
Professional
8,478
23,556
24,633
23,944
Miscellaneous
2,658
3,635
2,134
3,635
Total expenses
2,440,657
2,550,697
1,655,277
2,694,690
Less fees waived and/or reimbursed by the Administrator/Manager
(836,898
)
(946,212
)
(818,828
)
(1,139,581
)
Total expenses after fees waived and/or reimbursed
1,603,759
1,604,485
836,449
1,555,109
Net investment income
13,122,114
12,849,875
10,234,301
11,886,303
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
1,132,287
(1,512,298
)
165,785
1,832,161
Capital gain distributions from underlying funds — affiliated
1,425,239
875,240
657,977
597,845
Forward foreign currency exchange contracts
(3,644,618
)
(3,881,375
)
(3,093,346
)
(4,144,107
)
Foreign currency transactions
29,444
69,273
55,861
70,880
Futures contracts
1,923,691
3,406,529
4,041,603
8,388,025
Swaps
(238,258
)
(231,939
)
(158,052
)
(224,664
)
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
8,634,205
10,993,460
5,108,413
15,008,606
 
9,261,990
9,718,890
6,778,241
21,528,746
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
13,084,713
15,837,893
11,778,511
14,313,585
Forward foreign currency exchange contracts
455,643
593,794
394,673
724,392
Foreign currency translations
160,571
7,068
4,879
12,791
Futures contracts
1,720,010
1,710,197
2,285,018
2,501,109
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
15,230,750
21,503,046
24,528,810
27,060,787
 
30,778,831
39,770,541
39,067,084
44,732,182
Net realized and unrealized gain
40,040,821
49,489,431
45,845,325
66,260,928
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$53,162,935
$62,339,306
$56,079,626
$78,147,231
See notes to financial statements.
Statements of Operations
57
Statements of Operations  (continued)
Year Ended December 31, 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
$5,125,454
$4,874,748
$3,129,261
$1,516,908
Interest — unaffiliated
142,359
158,867
100,787
46,429
Securities lending income — affiliated — net
49,939
65,179
37,670
30,291
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
3,019,986
3,702,825
2,866,296
1,363,731
Interest — affiliated
516,496
645,745
509,232
244,271
Expenses
(1,091,857
)
(1,348,154
)
(1,057,935
)
(509,332
)
Fees waived
738,340
921,822
730,496
352,511
Total investment income
8,500,717
9,021,032
6,315,807
3,044,809
EXPENSES
Investment advisory
952,742
1,070,100
786,955
382,875
Administration — class specific
268,618
463,622
229,064
103,442
Service and distribution — class specific
167,721
312,869
135,956
52,112
Professional
24,516
24,414
24,419
24,069
Trustees and Officer
9,102
9,359
8,703
7,739
Miscellaneous
1,720
2,135
2,134
722
Total expenses
1,424,419
1,882,499
1,187,231
570,959
Less fees waived and/or reimbursed by the Administrator/Manager
(736,068
)
(796,057
)
(579,773
)
(299,335
)
Total expenses after fees waived and/or reimbursed
688,351
1,086,442
607,458
271,624
Net investment income
7,812,366
7,934,590
5,708,349
2,773,185
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
648,141
1,325,228
1,059,964
665,825
Capital gain distributions from underlying funds — affiliated
229,404
98,745
32,913
9,684
Forward foreign currency exchange contracts
(2,701,291
)
(2,991,357
)
(2,165,113
)
(1,053,709
)
Foreign currency transactions
47,282
53,760
39,034
13,784
Futures contracts
8,623,739
10,790,066
7,249,928
3,529,338
Swaps
(151,331
)
(157,969
)
(114,856
)
(50,787
)
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
5,843,230
8,152,571
3,498,569
(1,219,887
)
 
12,539,174
17,271,044
9,600,439
1,894,248
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
11,107,771
13,650,519
11,024,232
6,010,847
Forward foreign currency exchange contracts
357,728
401,916
230,639
33,162
Foreign currency translations
7,387
8,331
5,180
157
Futures contracts
1,952,535
2,411,179
1,791,668
610,322
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
21,861,428
25,732,508
23,417,152
14,308,879
 
35,367,355
42,284,693
36,529,333
20,989,633
Net realized and unrealized gain
47,906,529
59,555,737
46,129,772
22,883,881
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$55,718,895
$67,490,327
$51,838,121
$25,657,066
See notes to financial statements.
58
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Operations  (continued)
Year Ended December 31, 2025
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
INVESTMENT INCOME
Dividends — affiliated
$725,110
$53,088
Interest — unaffiliated
21,620
1,116
Securities lending income — affiliated — net
10,885
1,346
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated
599,505
49,723
Interest — affiliated
108,946
8,778
Expenses
(227,426
)
(18,206
)
Fees waived
158,200
12,567
Total investment income
1,396,840
108,412
EXPENSES
Investment advisory
174,389
13,188
Administration — class specific
60,861
2,814
Service and distribution — class specific
41,602
1,903
Professional
23,944
23,129
Trustees and Officer
7,395
8,226
Miscellaneous
168
56
Total expenses
308,359
49,316
Less fees waived and/or reimbursed by the Administrator/Manager
(151,690
)
(41,024
)
Total expenses after fees waived and/or reimbursed
156,669
8,292
Net investment income
1,240,171
100,120
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
337,437
(7,604
)
Capital gain distributions from underlying funds — affiliated
4,441
285
Forward foreign currency exchange contracts
(483,036
)
(31,328
)
Foreign currency transactions
5,527
12
Futures contracts
1,714,681
69,502
Swaps
(22,216
)
—
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
(1,479,274
)
(165,954
)
 
77,560
(135,087
)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
2,731,431
244,691
Forward foreign currency exchange contracts
9,509
2,495
Foreign currency translations
77
421
Futures contracts
288,536
14,158
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
7,263,434
621,993
 
10,304,497
883,758
Net realized and unrealized gain
10,382,057
748,671
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$11,622,228
$848,791
See notes to financial statements.
Statements of Operations
59
Statements of Changes in Net Assets
 
 
BlackRock
LifePath® Dynamic
Retirement Fund
BlackRock
LifePath® Dynamic
2030 Fund
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$13,122,114
$11,182,045
$12,849,875
$11,310,738
Net realized gain
9,261,990
14,814,630
9,718,890
23,389,789
Net change in unrealized appreciation (depreciation)
30,778,831
(8,563,836
)
39,770,541
(1,568,745
)
Net increase in net assets resulting from operations
53,162,935
17,432,839
62,339,306
33,131,782
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(1,699,556
)
(3,607,461
)
(1,957,788
)
(3,150,094
)
Investor A
(7,259,774
)
(14,320,640
)
(5,514,691
)
(9,127,591
)
Investor C
(86,990
)
(170,625
)
(67,175
)
(122,832
)
Class K
(15,710,786
)
(15,943,071
)
(14,061,568
)
(14,022,851
)
Class R
(565,968
)
(786,223
)
(402,084
)
(575,186
)
Decrease in net assets resulting from distributions to shareholders
(25,323,074
)
(34,828,020
)
(22,003,306
)
(26,998,554
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
51,801,419
227,564,342
104,647,241
111,643,760
NET ASSETS
Total increase in net assets
79,641,280
210,169,161
144,983,241
117,776,988
Beginning of year
422,710,424
212,541,263
394,920,895
277,143,907
End of year
$502,351,704
$422,710,424
$539,904,136
$394,920,895
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
60
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2035 Fund
BlackRock
LifePath® Dynamic
2040 Fund
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$10,234,301
$7,163,766
$11,886,303
$9,033,914
Net realized gain
6,778,241
15,715,309
21,528,746
31,941,787
Net change in unrealized appreciation (depreciation)
39,067,084
752,443
44,732,182
2,942,358
Net increase in net assets resulting from operations
56,079,626
23,631,518
78,147,231
43,918,059
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(528,876
)
(746,994
)
(3,115,436
)
(4,966,645
)
Investor A
(1,650,042
)
(2,228,222
)
(10,541,319
)
(16,207,378
)
Investor C
(104,307
)
(235,790
)
(150,658
)
(251,932
)
Class K
(15,167,622
)
(16,145,033
)
(19,983,648
)
(19,814,930
)
Class R
(309,801
)
(518,842
)
(830,373
)
(943,168
)
Decrease in net assets resulting from distributions to shareholders
(17,760,648
)
(19,874,881
)
(34,621,434
)
(42,184,053
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
130,912,503
130,155,941
111,078,555
129,490,624
NET ASSETS
Total increase in net assets
169,231,481
133,912,578
154,604,352
131,224,630
Beginning of year
289,428,867
155,516,289
406,928,608
275,703,978
End of year
$458,660,348
$289,428,867
$561,532,960
$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
61
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2045 Fund
BlackRock
LifePath® Dynamic
2050 Fund
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,812,366
$4,912,804
$7,934,590
$5,221,649
Net realized gain
12,539,174
18,020,719
17,271,044
23,940,049
Net change in unrealized appreciation (depreciation)
35,367,355
2,847,716
42,284,693
3,020,198
Net increase in net assets resulting from operations
55,718,895
25,781,239
67,490,327
32,181,896
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(452,836
)
(582,214
)
(1,336,486
)
(2,124,259
)
Investor A
(2,427,112
)
(2,717,250
)
(6,189,683
)
(9,620,666
)
Investor C
(77,180
)
(132,144
)
(82,701
)
(204,604
)
Class K
(17,903,993
)
(16,601,297
)
(16,978,702
)
(16,721,620
)
Class R
(646,291
)
(846,680
)
(626,635
)
(846,942
)
Decrease in net assets resulting from distributions to shareholders
(21,507,412
)
(20,879,585
)
(25,214,207
)
(29,518,091
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
120,176,374
100,800,170
104,414,771
114,481,816
NET ASSETS
Total increase in net assets
154,387,857
105,701,824
146,690,891
117,145,621
Beginning of year
236,416,164
130,714,340
278,716,739
161,571,118
End of year
$390,804,021
$236,416,164
$425,407,630
$278,716,739
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
62
2025 BlackRock Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2055 Fund
BlackRock
LifePath® Dynamic
2060 Fund
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Year Ended
12/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$5,708,349
$3,603,610
$2,773,185
$1,421,642
Net realized gain
9,600,439
14,903,802
1,894,248
4,773,805
Net change in unrealized appreciation (depreciation)
36,529,333
3,045,614
20,989,633
1,595,562
Net increase in net assets resulting from operations
51,838,121
21,553,026
25,657,066
7,791,009
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(487,276
)
(576,032
)
(277,704
)
(325,057
)
Investor A
(2,056,263
)
(2,037,263
)
(410,688
)
(337,110
)
Investor C
(68,000
)
(96,322
)
(2,664
)
(5,897
)
Class K
(13,459,455
)
(12,313,668
)
(4,876,791
)
(4,143,679
)
Class R
(397,444
)
(465,334
)
(212,172
)
(179,012
)
Decrease in net assets resulting from distributions to shareholders
(16,468,438
)
(15,488,619
)
(5,780,019
)
(4,990,755
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
88,480,094
92,453,447
66,649,175
49,696,273
NET ASSETS
Total increase in net assets
123,849,777
98,517,854
86,526,222
52,496,527
Beginning of year
195,498,979
96,981,125
81,382,965
28,886,438
End of year
$319,348,756
$195,498,979
$167,909,187
$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
63
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® Dynamic
2065 Fund
BlackRock
LifePath® Dynamic
2070 Fund
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/25
Period from
09/24/24(a)
to 12/31/24
 
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$1,240,171
$617,607
$100,120
$32,921
Net realized gain (loss)
77,560
1,896,992
(135,087
)
(69,212
)
Net change in unrealized appreciation (depreciation)
10,304,497
420,550
883,758
(17,231
)
Net increase (decrease) in net assets resulting from operations
11,622,228
2,935,149
848,791
(53,522
)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Institutional
(61,569
)
(100,578
)
(3,388
)
(559
)
Investor A
(354,650
)
(561,288
)
(3,926
)
(492
)
Investor C
(17,361
)
(56,598
)
(3,176
)
(291
)
Class K
(1,724,267
)
(1,618,832
)
(138,096
)
(22,553
)
Class R
(18,359
)
(41,613
)
(3,176
)
(439
)
Decrease in net assets resulting from distributions to shareholders
(2,176,206
)
(2,378,909
)
(151,762
)
(24,334
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
40,477,611
20,814,996
1,457,505
4,000,000
NET ASSETS
Total increase in net assets
49,923,633
21,371,236
2,154,534
3,922,144
Beginning of period
33,585,879
12,214,643
3,922,144
—
End of period
$83,509,512
$33,585,879
$6,076,678
$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.
64
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$9.24
$9.49
$9.17
$10.89
$11.68
Net investment income(a)
0.26
0.36
0.33
0.20
0.16
Net realized and unrealized gain (loss)
0.85
0.42
0.78
(1.81
)
0.63
Net increase (decrease) from investment operations
1.11
0.78
1.11
(1.61
)
0.79
Distributions(b)
From net investment income
(0.24
)
(0.46
)
(0.36
)
(0.01
)
(0.43
)
From net realized gain
(0.24
)
(0.57
)
(0.43
)
(0.04
)
(1.15
)
Return of capital
—
—
—
(0.06
)
—
Total distributions
(0.48
)
(1.03
)
(0.79
)
(0.11
)
(1.58
)
Net asset value, end of year
$9.87
$9.24
$9.49
$9.17
$10.89
Total Return(c)
Based on net asset value
12.01
%
8.40
%
12.27
%
(14.85
)%
6.88
%
Ratios to Average Net Assets(d)
Total expenses
0.65
%
0.71
%(e)
0.70
%
0.72
%
0.77
%
Total expenses after fees waived and/or reimbursed
0.47
%
0.44
%(e)
0.46
%
0.51
%
0.55
%
Net investment income
2.70
%
3.77
%
3.40
%
2.03
%
1.34
%
Supplemental Data
Net assets, end of year (000)
$36,261
$36,706
$34,048
$36,438
$49,943
Portfolio turnover rate(f)
17
%
23
%
53
%
7
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
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.
(f)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
Financial Highlights
65
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$7.38
$7.78
$7.65
$9.12
$10.03
Net investment income(a)
0.19
0.28
0.25
0.14
0.11
Net realized and unrealized gain (loss)
0.68
0.34
0.66
(1.51
)
0.54
Net increase (decrease) from investment operations
0.87
0.62
0.91
(1.37
)
0.65
Distributions(b)
From net investment income
(0.23
)
(0.45
)
(0.35
)
(0.01
)
(0.40
)
From net realized gain
(0.24
)
(0.57
)
(0.43
)
(0.04
)
(1.16
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.47
)
(1.02
)
(0.78
)
(0.10
)
(1.56
)
Net asset value, end of year
$7.78
$7.38
$7.78
$7.65
$9.12
Total Return(c)
Based on net asset value
11.74
%
8.12
%
12.00
%
(15.08
)%
6.61
%
Ratios to Average Net Assets(d)
Total expenses
0.90
%
0.96
%(e)
0.95
%
0.97
%
1.02
%
Total expenses after fees waived and/or reimbursed
0.72
%
0.69
%(e)
0.71
%
0.76
%
0.80
%
Net investment income
2.47
%
3.53
%
3.15
%
1.77
%
1.09
%
Supplemental Data
Net assets, end of year (000)
$127,301
$120,783
$111,979
$116,173
$164,481
Portfolio turnover rate(f)
17
%
23
%
53
%
7
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
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.
(f)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
66
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$8.97
$9.25
$8.95
$10.69
$11.50
Net investment income(a)
0.16
0.28
0.22
0.10
0.04
Net realized and unrealized gain (loss)
0.82
0.39
0.78
(1.78
)
0.63
Net increase (decrease) from investment operations
0.98
0.67
1.00
(1.68
)
0.67
Distributions(b)
From net investment income
(0.14
)
(0.38
)
(0.27
)
—
(0.33
)
From net realized gain
(0.24
)
(0.57
)
(0.43
)
(0.04
)
(1.15
)
Return of capital
—
—
—
(0.02
)
—
Total distributions
(0.38
)
(0.95
)
(0.70
)
(0.06
)
(1.48
)
Net asset value, end of year
$9.57
$8.97
$9.25
$8.95
$10.69
Total Return(c)
Based on net asset value
10.88
%
7.33
%
11.22
%
(15.75
)%
5.83
%
Ratios to Average Net Assets(d)
Total expenses
1.65
%
1.71
%(e)
1.70
%
1.72
%
1.77
%
Total expenses after fees waived and/or reimbursed
1.47
%
1.46
%(e)
1.46
%
1.51
%
1.55
%
Net investment income
1.69
%
2.97
%
2.35
%
1.02
%
0.35
%
Supplemental Data
Net assets, end of year (000)
$2,350
$2,575
$1,330
$1,585
$2,249
Portfolio turnover rate(f)
17
%
23
%
53
%
7
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
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.
(f)
Includes the purchases and sales share 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)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$9.20
$9.45
$9.13
$10.83
$11.63
Net investment income(a)
0.29
0.42
0.36
0.21
0.19
Net realized and unrealized gain (loss)
0.84
0.39
0.78
(1.79
)
0.63
Net increase (decrease) from investment operations
1.13
0.81
1.14
(1.58
)
0.82
Distributions(b)
From net investment income
(0.27
)
(0.49
)
(0.39
)
(0.02
)
(0.47
)
From net realized gain
(0.24
)
(0.57
)
(0.43
)
(0.04
)
(1.15
)
Return of capital
—
—
—
(0.06
)
—
Total distributions
(0.51
)
(1.06
)
(0.82
)
(0.12
)
(1.62
)
Net asset value, end of year
$9.82
$9.20
$9.45
$9.13
$10.83
Total Return(c)
Based on net asset value
12.24
%
8.71
%
12.61
%
(14.64
)%
7.11
%
Ratios to Average Net Assets(d)
Total expenses
0.40
%
0.45
%(e)
0.45
%
0.47
%
0.52
%
Total expenses after fees waived and/or reimbursed
0.22
%
0.21
%(e)
0.21
%
0.26
%
0.30
%
Net investment income
3.03
%
4.38
%
3.78
%
2.17
%
1.61
%
Supplemental Data
Net assets, end of year (000)
$323,825
$250,200
$59,644
$43,138
$78,916
Portfolio turnover rate(f)
17
%
23
%
53
%
7
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
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.
(f)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
68
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic Retirement Fund (continued)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$9.06
$9.32
$9.02
$10.74
$11.54
Net investment income(a)
0.21
0.34
0.28
0.16
0.11
Net realized and unrealized gain (loss)
0.83
0.39
0.77
(1.79
)
0.62
Net increase (decrease) from investment operations
1.04
0.73
1.05
(1.63
)
0.73
Distributions(b)
From net investment income
(0.19
)
(0.42
)
(0.32
)
—
(0.38
)
From net realized gain
(0.24
)
(0.57
)
(0.43
)
(0.04
)
(1.15
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.43
)
(0.99
)
(0.75
)
(0.09
)
(1.53
)
Net asset value, end of year
$9.67
$9.06
$9.32
$9.02
$10.74
Total Return(c)
Based on net asset value
11.51
%
8.00
%
11.76
%
(15.25
)%
6.41
%
Ratios to Average Net Assets(d)
Total expenses
1.10
%
1.16
%(e)
1.15
%
1.17
%
1.22
%
Total expenses after fees waived and/or reimbursed
0.92
%
0.91
%(e)
0.91
%
0.95
%
1.00
%
Net investment income
2.25
%
3.58
%
2.99
%
1.66
%
0.91
%
Supplemental Data
Net assets, end of year (000)
$12,615
$12,446
$5,540
$5,292
$6,183
Portfolio turnover rate(f)
17
%
23
%
53
%
7
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
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.
(f)
Includes the purchases and sales share 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 2030 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$13.38
$13.00
$11.64
$14.10
$14.80
Net investment income(a)
0.36
0.44
0.39
0.23
0.19
Net realized and unrealized gain (loss)
1.46
0.90
1.38
(2.46
)
1.48
Net increase (decrease) from investment operations
1.82
1.34
1.77
(2.23
)
1.67
Distributions(b)
From net investment income
(0.34
)
(0.70
)
(0.41
)
(0.10
)
(0.75
)
From net realized gain
(0.26
)
(0.26
)
—
(0.06
)
(1.62
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.60
)
(0.96
)
(0.41
)
(0.23
)
(2.37
)
Net asset value, end of year
$14.60
$13.38
$13.00
$11.64
$14.10
Total Return(c)
Based on net asset value
13.60
%
10.28
%
15.38
%
(15.83
)%
11.46
%
Ratios to Average Net Assets(d)
Total expenses
0.68
%
0.68
%
0.71
%
0.74
%
0.79
%
Total expenses after fees waived and/or reimbursed
0.48
%
0.46
%
0.46
%
0.49
%
0.53
%
Net investment income
2.57
%
3.19
%
3.16
%
1.88
%
1.25
%
Supplemental Data
Net assets, end of year (000)
$49,245
$46,932
$45,102
$40,746
$55,606
Portfolio turnover rate(e)
19
%
21
%
33
%
11
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
70
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.51
$12.20
$10.96
$13.30
$14.09
Net investment income(a)
0.31
0.38
0.33
0.19
0.15
Net realized and unrealized gain (loss)
1.35
0.85
1.29
(2.31
)
1.40
Net increase (decrease) from investment operations
1.66
1.23
1.62
(2.12
)
1.55
Distributions(b)
From net investment income
(0.31
)
(0.66
)
(0.38
)
(0.09
)
(0.72
)
From net realized gain
(0.26
)
(0.26
)
—
(0.06
)
(1.62
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.57
)
(0.92
)
(0.38
)
(0.22
)
(2.34
)
Net asset value, end of year
$13.60
$12.51
$12.20
$10.96
$13.30
Total Return(c)
Based on net asset value
13.27
%
10.11
%
14.97
%
(15.98
)%
11.13
%
Ratios to Average Net Assets(d)
Total expenses
0.93
%
0.93
%
0.96
%
0.99
%
1.04
%
Total expenses after fees waived and/or reimbursed
0.73
%
0.71
%
0.71
%
0.74
%
0.78
%
Net investment income
2.33
%
2.94
%
2.88
%
1.64
%
1.00
%
Supplemental Data
Net assets, end of year (000)
$134,117
$130,356
$132,514
$133,740
$172,296
Portfolio turnover rate(e)
19
%
21
%
33
%
11
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.89
$12.55
$11.26
$13.71
$14.47
Net investment income(a)
0.22
0.29
0.25
0.11
0.04
Net realized and unrealized gain (loss)
1.39
0.87
1.33
(2.38
)
1.43
Net increase (decrease) from investment operations
1.61
1.16
1.58
(2.27
)
1.47
Distributions(b)
From net investment income
(0.20
)
(0.56
)
(0.29
)
(0.05
)
(0.61
)
From net realized gain
(0.26
)
(0.26
)
—
(0.06
)
(1.62
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.46
)
(0.82
)
(0.29
)
(0.18
)
(2.23
)
Net asset value, end of year
$14.04
$12.89
$12.55
$11.26
$13.71
Total Return(c)
Based on net asset value
12.51
%
9.27
%
14.10
%
(16.62
)%
10.29
%
Ratios to Average Net Assets(d)
Total expenses
1.68
%
1.68
%
1.71
%
1.74
%
1.79
%
Total expenses after fees waived and/or reimbursed
1.48
%
1.46
%
1.46
%
1.49
%
1.53
%
Net investment income
1.60
%
2.20
%
2.07
%
0.91
%
0.23
%
Supplemental Data
Net assets, end of year (000)
$2,094
$2,006
$1,972
$2,359
$2,698
Portfolio turnover rate(e)
19
%
21
%
33
%
11
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
72
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2030 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$13.35
$12.97
$11.62
$14.06
$14.77
Net investment income(a)
0.41
0.49
0.43
0.25
0.24
Net realized and unrealized gain (loss)
1.45
0.88
1.36
(2.44
)
1.46
Net increase (decrease) from investment operations
1.86
1.37
1.79
(2.19
)
1.70
Distributions(b)
From net investment income
(0.38
)
(0.73
)
(0.44
)
(0.12
)
(0.79
)
From net realized gain
(0.26
)
(0.26
)
—
(0.06
)
(1.62
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.64
)
(0.99
)
(0.44
)
(0.25
)
(2.41
)
Net asset value, end of year
$14.57
$13.35
$12.97
$11.62
$14.06
Total Return(c)
Based on net asset value
13.92
%
10.58
%
15.61
%
(15.63
)%
11.70
%
Ratios to Average Net Assets(d)
Total expenses
0.43
%
0.43
%
0.46
%
0.49
%
0.54
%
Total expenses after fees waived and/or reimbursed
0.23
%
0.22
%
0.21
%
0.24
%
0.28
%
Net investment income
2.89
%
3.55
%
3.46
%
2.08
%
1.54
%
Supplemental Data
Net assets, end of year (000)
$343,832
$206,809
$90,777
$70,367
$100,750
Portfolio turnover rate(e)
19
%
21
%
33
%
11
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$13.07
$12.73
$11.41
$13.86
$14.59
Net investment income(a)
0.30
0.38
0.33
0.18
0.13
Net realized and unrealized gain (loss)
1.42
0.86
1.35
(2.42
)
1.45
Net increase (decrease) from investment operations
1.72
1.24
1.68
(2.24
)
1.58
Distributions(b)
From net investment income
(0.28
)
(0.64
)
(0.36
)
(0.08
)
(0.69
)
From net realized gain
(0.26
)
(0.26
)
—
(0.06
)
(1.62
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.54
)
(0.90
)
(0.36
)
(0.21
)
(2.31
)
Net asset value, end of year
$14.25
$13.07
$12.73
$11.41
$13.86
Total Return(c)
Based on net asset value
13.17
%
9.78
%
14.85
%
(16.21
)%
10.93
%
Ratios to Average Net Assets(d)
Total expenses
1.13
%
1.13
%
1.16
%
1.19
%
1.24
%
Total expenses after fees waived and/or reimbursed
0.93
%
0.91
%
0.91
%
0.94
%
0.98
%
Net investment income
2.14
%
2.78
%
2.75
%
1.50
%
0.84
%
Supplemental Data
Net assets, end of year (000)
$10,616
$8,819
$6,778
$5,157
$5,389
Portfolio turnover rate(e)
19
%
21
%
33
%
11
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
74
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$15.57
$14.97
$13.19
$16.13
$15.92
Net investment income(a)
0.41
0.47
0.43
0.25
0.20
Net realized and unrealized gain (loss)
1.97
1.30
1.83
(2.91
)
1.97
Net increase (decrease) from investment operations
2.38
1.77
2.26
(2.66
)
2.17
Distributions(b)
From net investment income
(0.27
)
(0.70
)
(0.48
)
(0.10
)
(0.85
)
From net realized gain
(0.42
)
(0.47
)
—
(0.09
)
(1.11
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(0.69
)
(1.17
)
(0.48
)
(0.28
)
(1.96
)
Net asset value, end of year
$17.26
$15.57
$14.97
$13.19
$16.13
Total Return(c)
Based on net asset value
15.28
%
11.78
%
17.25
%
(16.56
)%
13.76
%
Ratios to Average Net Assets(d)
Total expenses
0.69
%
0.69
%
0.73
%
0.76
%
0.82
%
Total expenses after fees waived and/or reimbursed
0.48
%
0.48
%
0.48
%
0.48
%
0.52
%
Net investment income
2.48
%
2.96
%
3.04
%
1.80
%
1.19
%
Supplemental Data
Net assets, end of year (000)
$13,830
$10,726
$13,914
$10,486
$12,898
Portfolio turnover rate(e)
13
%
17
%
19
%
14
%
3
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2035 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$15.45
$14.87
$13.10
$16.05
$15.85
Net investment income(a)
0.37
0.44
0.39
0.22
0.16
Net realized and unrealized gain (loss)
1.95
1.27
1.82
(2.91
)
1.96
Net increase (decrease) from investment operations
2.32
1.71
2.21
(2.69
)
2.12
Distributions(b)
From net investment income
(0.23
)
(0.66
)
(0.44
)
(0.08
)
(0.81
)
From net realized gain
(0.42
)
(0.47
)
—
(0.09
)
(1.11
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(0.65
)
(1.13
)
(0.44
)
(0.26
)
(1.92
)
Net asset value, end of year
$17.12
$15.45
$14.87
$13.10
$16.05
Total Return(c)
Based on net asset value
15.04
%
11.47
%
17.00
%
(16.79
)%
13.46
%
Ratios to Average Net Assets(d)
Total expenses
0.94
%
0.94
%
0.99
%
1.01
%
1.07
%
Total expenses after fees waived and/or reimbursed
0.73
%
0.73
%
0.73
%
0.73
%
0.77
%
Net investment income
2.27
%
2.75
%
2.77
%
1.57
%
0.93
%
Supplemental Data
Net assets, end of year (000)
$45,174
$32,354
$30,565
$24,670
$26,304
Portfolio turnover rate(e)
13
%
17
%
19
%
14
%
3
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
76
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$15.10
$14.58
$12.85
$15.80
$15.67
Net investment income(a)
0.23
0.32
0.27
0.11
0.03
Net realized and unrealized gain (loss)
1.90
1.24
1.79
(2.85
)
1.93
Net increase (decrease) from investment operations
2.13
1.56
2.06
(2.74
)
1.96
Distributions(b)
From net investment income
(0.11
)
(0.57
)
(0.33
)
(0.03
)
(0.72
)
From net realized gain
(0.42
)
(0.47
)
—
(0.09
)
(1.11
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(0.53
)
(1.04
)
(0.33
)
(0.21
)
(1.83
)
Net asset value, end of year
$16.70
$15.10
$14.58
$12.85
$15.80
Total Return(c)
Based on net asset value
14.10
%
10.69
%
16.12
%
(17.38
)%
12.56
%
Ratios to Average Net Assets(d)
Total expenses
1.69
%
1.69
%
1.74
%
1.76
%
1.82
%
Total expenses after fees waived and/or reimbursed
1.48
%
1.48
%
1.49
%
1.48
%
1.52
%
Net investment income
1.47
%
2.03
%
1.95
%
0.80
%
0.20
%
Supplemental Data
Net assets, end of year (000)
$3,432
$3,628
$2,768
$3,066
$3,637
Portfolio turnover rate(e)
13
%
17
%
19
%
14
%
3
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$15.87
$15.24
$13.42
$16.38
$16.15
Net investment income(a)
0.47
0.54
0.48
0.28
0.25
Net realized and unrealized gain (loss)
2.00
1.30
1.85
(2.94
)
1.99
Net increase (decrease) from investment operations
2.47
1.84
2.33
(2.66
)
2.24
Distributions(b)
From net investment income
(0.31
)
(0.74
)
(0.51
)
(0.12
)
(0.90
)
From net realized gain
(0.42
)
(0.47
)
—
(0.09
)
(1.11
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(0.73
)
(1.21
)
(0.51
)
(0.30
)
(2.01
)
Net asset value, end of year
$17.61
$15.87
$15.24
$13.42
$16.38
Total Return(c)
Based on net asset value
15.57
%
12.06
%
17.53
%
(16.32
)%
13.96
%
Ratios to Average Net Assets(d)
Total expenses
0.44
%
0.44
%
0.48
%
0.51
%
0.57
%
Total expenses after fees waived and/or reimbursed
0.23
%
0.23
%
0.23
%
0.23
%
0.27
%
Net investment income
2.79
%
3.31
%
3.32
%
1.97
%
1.47
%
Supplemental Data
Net assets, end of year (000)
$388,173
$234,968
$102,494
$68,520
$95,154
Portfolio turnover rate(e)
13
%
17
%
19
%
14
%
3
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
78
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2035 Fund (continued)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$15.40
$14.83
$13.08
$16.03
$15.85
Net investment income(a)
0.33
0.41
0.36
0.19
0.13
Net realized and unrealized gain (loss)
1.94
1.27
1.81
(2.89
)
1.95
Net increase (decrease) from investment operations
2.27
1.68
2.17
(2.70
)
2.08
Distributions(b)
From net investment income
(0.19
)
(0.64
)
(0.42
)
(0.07
)
(0.79
)
From net realized gain
(0.42
)
(0.47
)
—
(0.09
)
(1.11
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(0.61
)
(1.11
)
(0.42
)
(0.25
)
(1.90
)
Net asset value, end of year
$17.06
$15.40
$14.83
$13.08
$16.03
Total Return(c)
Based on net asset value
14.76
%
11.31
%
16.69
%
(16.91
)%
13.19
%
Ratios to Average Net Assets(d)
Total expenses
1.14
%
1.14
%
1.18
%
1.21
%
1.27
%
Total expenses after fees waived and/or reimbursed
0.93
%
0.93
%
0.93
%
0.93
%
0.97
%
Net investment income
2.03
%
2.57
%
2.60
%
1.40
%
0.77
%
Supplemental Data
Net assets, end of year (000)
$8,051
$7,753
$5,775
$4,143
$3,687
Portfolio turnover rate(e)
13
%
17
%
19
%
14
%
3
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2040 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.07
$16.61
$14.63
$18.02
$18.74
Net investment income(a)
0.42
0.45
0.44
0.26
0.23
Net realized and unrealized gain (loss)
2.45
1.88
2.34
(3.33
)
2.73
Net increase (decrease) from investment operations
2.87
2.33
2.78
(3.07
)
2.96
Distributions(b)
From net investment income
(0.42
)
(0.80
)
(0.56
)
(0.13
)
(1.29
)
From net realized gain
(0.73
)
(1.07
)
(0.24
)
(0.11
)
(2.39
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(1.15
)
(1.87
)
(0.80
)
(0.32
)
(3.68
)
Net asset value, end of year
$18.79
$17.07
$16.61
$14.63
$18.02
Total Return(c)
Based on net asset value
16.88
%
14.00
%
19.15
%
(17.09
)%
16.04
%
Ratios to Average Net Assets(d)
Total expenses
0.71
%
0.71
%
0.75
%
0.76
%
0.81
%
Total expenses after fees waived and/or reimbursed
0.47
%
0.48
%
0.49
%
0.47
%
0.52
%
Net investment income
2.32
%
2.54
%
2.81
%
1.67
%
1.13
%
Supplemental Data
Net assets, end of year (000)
$52,739
$49,329
$48,906
$41,098
$54,509
Portfolio turnover rate(e)
16
%
19
%
11
%
13
%
6
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
80
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.36
$14.25
$12.65
$15.66
$16.71
Net investment income(a)
0.32
0.35
0.35
0.19
0.16
Net realized and unrealized gain (loss)
2.07
1.60
2.02
(2.89
)
2.45
Net increase (decrease) from investment operations
2.39
1.95
2.37
(2.70
)
2.61
Distributions(b)
From net investment income
(0.40
)
(0.77
)
(0.53
)
(0.13
)
(1.26
)
From net realized gain
(0.73
)
(1.07
)
(0.24
)
(0.11
)
(2.40
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(1.13
)
(1.84
)
(0.77
)
(0.31
)
(3.66
)
Net asset value, end of year
$15.62
$14.36
$14.25
$12.65
$15.66
Total Return(c)
Based on net asset value
16.67
%
13.63
%
18.90
%
(17.32
)%
15.84
%
Ratios to Average Net Assets(d)
Total expenses
0.96
%
0.96
%
1.00
%
1.01
%
1.06
%
Total expenses after fees waived and/or reimbursed
0.72
%
0.73
%
0.74
%
0.72
%
0.77
%
Net investment income
2.08
%
2.29
%
2.54
%
1.43
%
0.89
%
Supplemental Data
Net assets, end of year (000)
$152,369
$138,167
$134,232
$121,680
$153,955
Portfolio turnover rate(e)
16
%
19
%
11
%
13
%
6
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$16.44
$16.06
$14.17
$17.56
$18.38
Net investment income(a)
0.23
0.27
0.28
0.11
0.03
Net realized and unrealized gain (loss)
2.34
1.80
2.26
(3.25
)
2.69
Net increase (decrease) from investment operations
2.57
2.07
2.54
(3.14
)
2.72
Distributions(b)
From net investment income
(0.25
)
(0.62
)
(0.41
)
(0.06
)
(1.15
)
From net realized gain
(0.73
)
(1.07
)
(0.24
)
(0.11
)
(2.39
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(0.98
)
(1.69
)
(0.65
)
(0.25
)
(3.54
)
Net asset value, end of year
$18.03
$16.44
$16.06
$14.17
$17.56
Total Return(c)
Based on net asset value
15.70
%
12.86
%
18.00
%
(17.94
)%
14.97
%
Ratios to Average Net Assets(d)
Total expenses
1.71
%
1.71
%
1.75
%
1.76
%
1.81
%
Total expenses after fees waived and/or reimbursed
1.47
%
1.48
%
1.49
%
1.47
%
1.52
%
Net investment income
1.32
%
1.54
%
1.82
%
0.71
%
0.15
%
Supplemental Data
Net assets, end of year (000)
$2,892
$2,619
$2,625
$2,210
$2,486
Portfolio turnover rate(e)
16
%
19
%
11
%
13
%
6
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
82
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2040 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.25
$16.78
$14.76
$18.16
$18.85
Net investment income(a)
0.49
0.52
0.49
0.29
0.29
Net realized and unrealized gain (loss)
2.47
1.87
2.37
(3.35
)
2.75
Net increase (decrease) from investment operations
2.96
2.39
2.86
(3.06
)
3.04
Distributions(b)
From net investment income
(0.47
)
(0.85
)
(0.60
)
(0.15
)
(1.34
)
From net realized gain
(0.73
)
(1.07
)
(0.24
)
(0.11
)
(2.39
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(1.20
)
(1.92
)
(0.84
)
(0.34
)
(3.73
)
Net asset value, end of year
$19.01
$17.25
$16.78
$14.76
$18.16
Total Return(c)
Based on net asset value
17.23
%
14.20
%
19.55
%
(16.90
)%
16.38
%
Ratios to Average Net Assets(d)
Total expenses
0.46
%
0.46
%
0.50
%
0.51
%
0.56
%
Total expenses after fees waived and/or reimbursed
0.22
%
0.23
%
0.24
%
0.22
%
0.27
%
Net investment income
2.65
%
2.87
%
3.10
%
1.87
%
1.44
%
Supplemental Data
Net assets, end of year (000)
$339,319
$207,157
$83,738
$60,687
$85,150
Portfolio turnover rate(e)
16
%
19
%
11
%
13
%
6
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$16.66
$16.28
$14.35
$17.73
$18.51
Net investment income(a)
0.34
0.38
0.37
0.19
0.14
Net realized and unrealized gain (loss)
2.39
1.81
2.29
(3.28
)
2.70
Net increase (decrease) from investment operations
2.73
2.19
2.66
(3.09
)
2.84
Distributions(b)
From net investment income
(0.36
)
(0.74
)
(0.49
)
(0.10
)
(1.23
)
From net realized gain
(0.73
)
(1.07
)
(0.24
)
(0.11
)
(2.39
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(1.09
)
(1.81
)
(0.73
)
(0.29
)
(3.62
)
Net asset value, end of year
$18.30
$16.66
$16.28
$14.35
$17.73
Total Return(c)
Based on net asset value
16.41
%
13.44
%
18.68
%
(17.48
)%
15.55
%
Ratios to Average Net Assets(d)
Total expenses
1.16
%
1.16
%
1.20
%
1.21
%
1.26
%
Total expenses after fees waived and/or reimbursed
0.92
%
0.93
%
0.94
%
0.92
%
0.97
%
Net investment income
1.92
%
2.15
%
2.39
%
1.28
%
0.72
%
Supplemental Data
Net assets, end of year (000)
$14,215
$9,657
$6,203
$4,880
$4,977
Portfolio turnover rate(e)
16
%
19
%
11
%
13
%
6
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
84
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.64
$16.76
$14.31
$17.81
$17.06
Net investment income(a)
0.42
0.44
0.43
0.23
0.20
Net realized and unrealized gain (loss)
2.83
2.17
2.55
(3.36
)
2.79
Net increase (decrease) from investment operations
3.25
2.61
2.98
(3.13
)
2.99
Distributions(b)
From net investment income
(0.29
)
(0.79
)
(0.53
)
(0.13
)
(1.16
)
From net realized gain
(0.85
)
(0.94
)
—
(0.15
)
(1.08
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.14
)
(1.73
)
(0.53
)
(0.37
)
(2.24
)
Net asset value, end of year
$19.75
$17.64
$16.76
$14.31
$17.81
Total Return(c)
Based on net asset value
18.47
%
15.51
%
20.98
%
(17.68
)%
17.61
%
Ratios to Average Net Assets(d)
Total expenses
0.71
%
0.73
%
0.77
%
0.78
%
0.84
%
Total expenses after fees waived and/or reimbursed
0.48
%
0.50
%
0.50
%
0.47
%
0.51
%
Net investment income
2.23
%
2.41
%
2.78
%
1.49
%
1.07
%
Supplemental Data
Net assets, end of year (000)
$8,233
$6,394
$9,509
$6,317
$8,641
Portfolio turnover rate(e)
21
%
15
%
2
%
16
%
—
%(f)
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
(f)
Rounds to less than 1%.
See notes to financial statements.
Financial Highlights
85
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.53
$16.68
$14.24
$17.75
$17.02
Net investment income(a)
0.38
0.40
0.39
0.19
0.16
Net realized and unrealized gain (loss)
2.79
2.16
2.54
(3.35
)
2.77
Net increase (decrease) from investment operations
3.17
2.56
2.93
(3.16
)
2.93
Distributions(b)
From net investment income
(0.25
)
(0.77
)
(0.49
)
(0.12
)
(1.12
)
From net realized gain
(0.85
)
(0.94
)
—
(0.15
)
(1.08
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(1.10
)
(1.71
)
(0.49
)
(0.35
)
(2.20
)
Net asset value, end of year
$19.60
$17.53
$16.68
$14.24
$17.75
Total Return(c)
Based on net asset value
18.13
%
15.25
%
20.72
%
(17.89
)%
17.33
%
Ratios to Average Net Assets(d)
Total expenses
0.96
%
0.97
%
1.02
%
1.03
%
1.09
%
Total expenses after fees waived and/or reimbursed
0.73
%
0.75
%
0.76
%
0.72
%
0.76
%
Net investment income
2.03
%
2.21
%
2.51
%
1.23
%
0.84
%
Supplemental Data
Net assets, end of year (000)
$45,716
$30,894
$25,035
$17,896
$21,856
Portfolio turnover rate(e)
21
%
15
%
2
%
16
%
—
%(f)
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
(f)
Rounds to less than 1%.
See notes to financial statements.
86
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.06
$16.27
$13.90
$17.42
$16.78
Net investment income(a)
0.22
0.26
0.26
0.07
0.02
Net realized and unrealized gain (loss)
2.72
2.09
2.48
(3.28
)
2.72
Net increase (decrease) from investment operations
2.94
2.35
2.74
(3.21
)
2.74
Distributions(b)
From net investment income
(0.10
)
(0.62
)
(0.37
)
(0.08
)
(1.02
)
From net realized gain
(0.84
)
(0.94
)
—
(0.15
)
(1.08
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(0.94
)
(1.56
)
(0.37
)
(0.31
)
(2.10
)
Net asset value, end of year
$19.06
$17.06
$16.27
$13.90
$17.42
Total Return(c)
Based on net asset value
17.26
%
14.38
%
19.81
%
(18.51
)%
16.40
%
Ratios to Average Net Assets(d)
Total expenses
1.71
%
1.72
%
1.78
%
1.78
%
1.84
%
Total expenses after fees waived and/or reimbursed
1.48
%
1.50
%
1.51
%
1.47
%
1.51
%
Net investment income
1.20
%
1.46
%
1.70
%
0.47
%
0.08
%
Supplemental Data
Net assets, end of year (000)
$1,613
$1,554
$1,358
$1,284
$1,392
Portfolio turnover rate(e)
21
%
15
%
2
%
16
%
—
%(f)
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
(f)
Rounds to less than 1%.
See notes to financial statements.
Financial Highlights
87
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.94
$17.02
$14.53
$18.05
$17.25
Net investment income(a)
0.50
0.51
0.48
0.26
0.26
Net realized and unrealized gain (loss)
2.85
2.20
2.57
(3.39
)
2.81
Net increase (decrease) from investment operations
3.35
2.71
3.05
(3.13
)
3.07
Distributions(b)
From net investment income
(0.34
)
(0.85
)
(0.56
)
(0.15
)
(1.19
)
From net realized gain
(0.85
)
(0.94
)
—
(0.15
)
(1.08
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.19
)
(1.79
)
(0.56
)
(0.39
)
(2.27
)
Net asset value, end of year
$20.10
$17.94
$17.02
$14.53
$18.05
Total Return(c)
Based on net asset value
18.70
%
15.85
%
21.22
%
(17.44
)%
17.93
%
Ratios to Average Net Assets(d)
Total expenses
0.46
%
0.47
%
0.52
%
0.53
%
0.59
%
Total expenses after fees waived and/or reimbursed
0.23
%
0.25
%
0.26
%
0.22
%
0.26
%
Net investment income
2.57
%
2.73
%
3.02
%
1.68
%
1.35
%
Supplemental Data
Net assets, end of year (000)
$323,338
$187,920
$87,416
$60,100
$82,853
Portfolio turnover rate(e)
21
%
15
%
2
%
16
%
—
%(f)
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
(f)
Rounds to less than 1%.
See notes to financial statements.
88
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2045 Fund (continued)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$17.41
$16.58
$14.17
$17.68
$16.97
Net investment income(a)
0.34
0.36
0.36
0.17
0.12
Net realized and unrealized gain (loss)
2.77
2.14
2.51
(3.34
)
2.77
Net increase (decrease) from investment operations
3.11
2.50
2.87
(3.17
)
2.89
Distributions(b)
From net investment income
(0.22
)
(0.73
)
(0.46
)
(0.11
)
(1.10
)
From net realized gain
(0.85
)
(0.94
)
—
(0.15
)
(1.08
)
Return of capital
—
—
—
(0.08
)
—
Total distributions
(1.07
)
(1.67
)
(0.46
)
(0.34
)
(2.18
)
Net asset value, end of year
$19.45
$17.41
$16.58
$14.17
$17.68
Total Return(c)
Based on net asset value
17.87
%
15.03
%
20.43
%
(18.03
)%
17.10
%
Ratios to Average Net Assets(d)
Total expenses
1.16
%
1.17
%
1.22
%
1.23
%
1.29
%
Total expenses after fees waived and/or reimbursed
0.93
%
0.95
%
0.95
%
0.92
%
0.96
%
Net investment income
1.81
%
2.01
%
2.35
%
1.17
%
0.64
%
Supplemental Data
Net assets, end of year (000)
$11,904
$9,654
$7,396
$4,108
$2,989
Portfolio turnover rate(e)
21
%
15
%
2
%
16
%
—
%(f)
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
(f)
Rounds to less than 1%.
See notes to financial statements.
Financial Highlights
89
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$22.50
$21.61
$18.25
$22.99
$22.78
Net investment income(a)
0.51
0.53
0.52
0.28
0.26
Net realized and unrealized gain (loss)
3.99
3.04
3.47
(4.56
)
3.83
Net increase (decrease) from investment operations
4.50
3.57
3.99
(4.28
)
4.09
Distributions(b)
From net investment income
(0.38
)
(1.11
)
(0.63
)
(0.20
)
(1.69
)
From net realized gain
(1.19
)
(1.57
)
—
(0.17
)
(2.19
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.57
)
(2.68
)
(0.63
)
(0.46
)
(3.88
)
Net asset value, end of year
$25.43
$22.50
$21.61
$18.25
$22.99
Total Return(c)
Based on net asset value
20.05
%
16.46
%
22.02
%
(18.71
)%
18.15
%
Ratios to Average Net Assets(d)
Total expenses
0.72
%
0.73
%
0.78
%
0.78
%
0.84
%
Total expenses after fees waived and/or reimbursed
0.50
%
0.49
%
0.50
%
0.49
%
0.54
%
Net investment income
2.09
%
2.26
%
2.60
%
1.45
%
1.04
%
Supplemental Data
Net assets, end of year (000)
$22,744
$19,712
$20,535
$15,423
$21,290
Portfolio turnover rate(e)
23
%
12
%
7
%
16
%
1
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
90
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$22.31
$21.46
$18.13
$22.87
$22.69
Net investment income(a)
0.45
0.48
0.46
0.24
0.19
Net realized and unrealized gain (loss)
3.96
3.00
3.45
(4.54
)
3.82
Net increase (decrease) from investment operations
4.41
3.48
3.91
(4.30
)
4.01
Distributions(b)
From net investment income
(0.33
)
(1.06
)
(0.58
)
(0.18
)
(1.64
)
From net realized gain
(1.19
)
(1.57
)
—
(0.17
)
(2.19
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.52
)
(2.63
)
(0.58
)
(0.44
)
(3.83
)
Net asset value, end of year
$25.20
$22.31
$21.46
$18.13
$22.87
Total Return(c)
Based on net asset value
19.79
%
16.14
%
21.69
%
(18.90
)%
17.88
%
Ratios to Average Net Assets(d)
Total expenses
0.97
%
0.98
%
1.03
%
1.03
%
1.09
%
Total expenses after fees waived and/or reimbursed
0.75
%
0.74
%
0.75
%
0.75
%
0.79
%
Net investment income
1.85
%
2.03
%
2.32
%
1.22
%
0.78
%
Supplemental Data
Net assets, end of year (000)
$106,870
$88,951
$75,362
$64,526
$77,982
Portfolio turnover rate(e)
23
%
12
%
7
%
16
%
1
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$21.69
$20.93
$17.70
$22.42
$22.36
Net investment income(a)
0.21
0.29
0.30
0.09
0.01
Net realized and unrealized gain (loss)
3.87
2.93
3.37
(4.44
)
3.75
Net increase (decrease) from investment operations
4.08
3.22
3.67
(4.35
)
3.76
Distributions(b)
From net investment income
(0.16
)
(0.89
)
(0.44
)
(0.11
)
(1.51
)
From net realized gain
(1.10
)
(1.57
)
—
(0.17
)
(2.19
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.26
)
(2.46
)
(0.44
)
(0.37
)
(3.70
)
Net asset value, end of year
$24.51
$21.69
$20.93
$17.70
$22.42
Total Return(c)
Based on net asset value
18.85
%
15.31
%
20.78
%
(19.50
)%
17.00
%
Ratios to Average Net Assets(d)
Total expenses
1.72
%
1.73
%
1.78
%
1.78
%
1.84
%
Total expenses after fees waived and/or reimbursed
1.50
%
1.49
%
1.50
%
1.50
%
1.54
%
Net investment income
0.89
%
1.28
%
1.57
%
0.47
%
0.05
%
Supplemental Data
Net assets, end of year (000)
$1,626
$1,981
$1,812
$1,690
$2,002
Portfolio turnover rate(e)
23
%
12
%
7
%
16
%
1
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
92
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2050 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$22.66
$21.75
$18.37
$23.10
$22.86
Net investment income(a)
0.60
0.61
0.57
0.32
0.33
Net realized and unrealized gain (loss)
4.01
3.05
3.49
(4.56
)
3.83
Net increase (decrease) from investment operations
4.61
3.66
4.06
(4.24
)
4.16
Distributions(b)
From net investment income
(0.45
)
(1.18
)
(0.68
)
(0.23
)
(1.73
)
From net realized gain
(1.19
)
(1.57
)
—
(0.17
)
(2.19
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.64
)
(2.75
)
(0.68
)
(0.49
)
(3.92
)
Net asset value, end of year
$25.63
$22.66
$21.75
$18.37
$23.10
Total Return(c)
Based on net asset value
20.37
%
16.74
%
22.28
%
(18.47
)%
18.45
%
Ratios to Average Net Assets(d)
Total expenses
0.47
%
0.48
%
0.53
%
0.53
%
0.59
%
Total expenses after fees waived and/or reimbursed
0.25
%
0.24
%
0.25
%
0.24
%
0.29
%
Net investment income
2.43
%
2.57
%
2.86
%
1.62
%
1.34
%
Supplemental Data
Net assets, end of year (000)
$283,219
$159,941
$59,474
$42,971
$66,065
Portfolio turnover rate(e)
23
%
12
%
7
%
16
%
1
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$22.10
$21.30
$18.01
$22.74
$22.59
Net investment income(a)
0.39
0.44
0.42
0.21
0.15
Net realized and unrealized gain (loss)
3.92
2.97
3.42
(4.52
)
3.80
Net increase (decrease) from investment operations
4.31
3.41
3.84
(4.31
)
3.95
Distributions(b)
From net investment income
(0.28
)
(1.04
)
(0.55
)
(0.16
)
(1.61
)
From net realized gain
(1.19
)
(1.57
)
—
(0.17
)
(2.19
)
Return of capital
—
—
—
(0.09
)
—
Total distributions
(1.47
)
(2.61
)
(0.55
)
(0.42
)
(3.80
)
Net asset value, end of year
$24.94
$22.10
$21.30
$18.01
$22.74
Total Return(c)
Based on net asset value
19.53
%
15.93
%
21.41
%
(19.05
)%
17.65
%
Ratios to Average Net Assets(d)
Total expenses
1.17
%
1.18
%
1.23
%
1.23
%
1.29
%
Total expenses after fees waived and/or reimbursed
0.95
%
0.94
%
0.95
%
0.94
%
0.99
%
Net investment income
1.63
%
1.86
%
2.14
%
1.10
%
0.60
%
Supplemental Data
Net assets, end of year (000)
$10,948
$8,132
$4,388
$3,302
$3,149
Portfolio turnover rate(e)
23
%
12
%
7
%
16
%
1
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
94
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$19.11
$17.76
$14.99
$18.90
$17.94
Net investment income(a)
0.41
0.44
0.43
0.22
0.20
Net realized and unrealized gain (loss)
3.58
2.60
2.87
(3.75
)
3.07
Net increase (decrease) from investment operations
3.99
3.04
3.30
(3.53
)
3.27
Distributions(b)
From net investment income
(0.13
)
(0.79
)
(0.53
)
(0.14
)
(1.24
)
From net realized gain
(1.05
)
(0.90
)
—
(0.17
)
(1.07
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(1.18
)
(1.69
)
(0.53
)
(0.38
)
(2.31
)
Net asset value, end of year
$21.92
$19.11
$17.76
$14.99
$18.90
Total Return(c)
Based on net asset value
20.92
%
16.97
%
22.18
%
(18.75
)%
18.43
%
Ratios to Average Net Assets(d)
Total expenses
0.73
%
0.75
%
0.80
%
0.79
%
0.87
%
Total expenses after fees waived and/or reimbursed
0.51
%
0.51
%
0.51
%
0.50
%
0.54
%
Net investment income
1.99
%
2.28
%
2.64
%
1.40
%
0.99
%
Supplemental Data
Net assets, end of year (000)
$9,512
$7,105
$9,062
$6,014
$7,814
Portfolio turnover rate(e)
21
%
9
%
3
%
27
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2055 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$18.93
$17.61
$14.88
$18.78
$17.85
Net investment income(a)
0.36
0.40
0.38
0.18
0.15
Net realized and unrealized gain (loss)
3.53
2.58
2.84
(3.72
)
3.06
Net increase (decrease) from investment operations
3.89
2.98
3.22
(3.54
)
3.21
Distributions(b)
From net investment income
(0.09
)
(0.76
)
(0.49
)
(0.12
)
(1.21
)
From net realized gain
(1.05
)
(0.90
)
—
(0.17
)
(1.07
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(1.14
)
(1.66
)
(0.49
)
(0.36
)
(2.28
)
Net asset value, end of year
$21.68
$18.93
$17.61
$14.88
$18.78
Total Return(c)
Based on net asset value
20.58
%
16.76
%
21.77
%
(18.90
)%
18.13
%
Ratios to Average Net Assets(d)
Total expenses
0.98
%
0.99
%
1.06
%
1.04
%
1.12
%
Total expenses after fees waived and/or reimbursed
0.76
%
0.76
%
0.77
%
0.75
%
0.79
%
Net investment income
1.77
%
2.05
%
2.35
%
1.15
%
0.75
%
Supplemental Data
Net assets, end of year (000)
$41,619
$25,709
$18,754
$14,873
$17,422
Portfolio turnover rate(e)
21
%
9
%
3
%
27
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
96
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$18.43
$17.20
$14.53
$18.42
$17.59
Net investment income(a)
0.19
0.24
0.24
0.07
(0.00
)(b)
Net realized and unrealized gain (loss)
3.44
2.50
2.79
(3.66
)
3.00
Net increase (decrease) from investment operations
3.63
2.74
3.03
(3.59
)
3.00
Distributions(c)
From net investment income
(0.05
)
(0.61
)
(0.36
)
(0.06
)
(1.10
)
From net realized gain
(0.93
)
(0.90
)
—
(0.17
)
(1.07
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(0.98
)
(1.51
)
(0.36
)
(0.30
)
(2.17
)
Net asset value, end of year
$21.08
$18.43
$17.20
$14.53
$18.42
Total Return(d)
Based on net asset value
19.73
%
15.82
%
20.94
%
(19.53
)%
17.19
%
Ratios to Average Net Assets(e)
Total expenses
1.73
%
1.74
%
1.83
%
1.79
%
1.87
%
Total expenses after fees waived and/or reimbursed
1.51
%
1.51
%
1.54
%
1.50
%
1.54
%
Net investment income
0.94
%
1.29
%
1.54
%
0.45
%
(0.00
)%
Supplemental Data
Net assets, end of year (000)
$1,523
$1,268
$1,099
$1,341
$1,340
Portfolio turnover rate(f)
21
%
9
%
3
%
27
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Includes the purchases and sales share 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)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$19.51
$18.09
$15.27
$19.21
$18.19
Net investment income(a)
0.49
0.51
0.49
0.25
0.26
Net realized and unrealized gain (loss)
3.64
2.66
2.90
(3.79
)
3.11
Net increase (decrease) from investment operations
4.13
3.17
3.39
(3.54
)
3.37
Distributions(b)
From net investment income
(0.18
)
(0.85
)
(0.57
)
(0.16
)
(1.28
)
From net realized gain
(1.05
)
(0.90
)
—
(0.17
)
(1.07
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(1.23
)
(1.75
)
(0.57
)
(0.40
)
(2.35
)
Net asset value, end of year
$22.41
$19.51
$18.09
$15.27
$19.21
Total Return(c)
Based on net asset value
21.21
%
17.36
%
22.38
%
(18.49
)%
18.72
%
Ratios to Average Net Assets(d)
Total expenses
0.48
%
0.49
%
0.54
%
0.54
%
0.62
%
Total expenses after fees waived and/or reimbursed
0.26
%
0.26
%
0.25
%
0.25
%
0.29
%
Net investment income
2.28
%
2.56
%
2.91
%
1.57
%
1.28
%
Supplemental Data
Net assets, end of year (000)
$259,033
$155,499
$64,423
$37,439
$53,041
Portfolio turnover rate(e)
21
%
9
%
3
%
27
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
98
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2055 Fund (continued)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$18.82
$17.53
$14.81
$18.72
$17.82
Net investment income(a)
0.31
0.36
0.35
0.16
0.12
Net realized and unrealized gain (loss)
3.52
2.56
2.83
(3.72
)
3.03
Net increase (decrease) from investment operations
3.83
2.92
3.18
(3.56
)
3.15
Distributions(b)
From net investment income
(0.05
)
(0.73
)
(0.46
)
(0.11
)
(1.18
)
From net realized gain
(1.04
)
(0.90
)
—
(0.17
)
(1.07
)
Return of capital
—
—
—
(0.07
)
—
Total distributions
(1.09
)
(1.63
)
(0.46
)
(0.35
)
(2.25
)
Net asset value, end of year
$21.56
$18.82
$17.53
$14.81
$18.72
Total Return(c)
Based on net asset value
20.39
%
16.50
%
21.60
%
(19.09
)%
17.83
%
Ratios to Average Net Assets(d)
Total expenses
1.18
%
1.19
%
1.25
%
1.24
%
1.32
%
Total expenses after fees waived and/or reimbursed
0.96
%
0.96
%
0.96
%
0.95
%
0.99
%
Net investment income
1.54
%
1.85
%
2.17
%
1.05
%
0.59
%
Supplemental Data
Net assets, end of year (000)
$7,662
$5,918
$3,643
$2,464
$2,204
Portfolio turnover rate(e)
21
%
9
%
3
%
27
%
2
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2060 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.50
$13.20
$11.11
$13.93
$12.85
Net investment income(a)
0.31
0.36
0.33
0.18
0.16
Net realized and unrealized gain (loss)
2.75
1.91
2.13
(2.77
)
2.17
Net increase (decrease) from investment operations
3.06
2.27
2.46
(2.59
)
2.33
Distributions(b)
From net investment income
(0.04
)
(0.48
)
(0.37
)
(0.09
)
(0.73
)
From net realized gain
(0.55
)
(0.49
)
—
(0.09
)
(0.52
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.59
)
(0.97
)
(0.37
)
(0.23
)
(1.25
)
Net asset value, end of year
$16.97
$14.50
$13.20
$11.11
$13.93
Total Return(c)
Based on net asset value
21.08
%
17.07
%
22.30
%
(18.64
)%
18.14
%
Ratios to Average Net Assets(d)
Total expenses
0.74
%
0.78
%
0.86
%
0.91
%
1.05
%
Total expenses after fees waived and/or reimbursed
0.50
%
0.51
%
0.49
%
0.49
%
0.52
%
Net investment income
1.96
%
2.43
%
2.70
%
1.54
%
1.09
%
Supplemental Data
Net assets, end of year (000)
$8,347
$5,183
$3,573
$1,596
$1,314
Portfolio turnover rate(e)
20
%
12
%
3
%
37
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
100
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.43
$13.15
$11.07
$13.91
$12.84
Net investment income(a)
0.28
0.32
0.29
0.15
0.12
Net realized and unrealized gain (loss)
2.72
1.91
2.13
(2.77
)
2.17
Net increase (decrease) from investment operations
3.00
2.23
2.42
(2.62
)
2.29
Distributions(b)
From net investment income
(0.04
)
(0.46
)
(0.34
)
(0.08
)
(0.70
)
From net realized gain
(0.52
)
(0.49
)
—
(0.09
)
(0.52
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.56
)
(0.95
)
(0.34
)
(0.22
)
(1.22
)
Net asset value, end of year
$16.87
$14.43
$13.15
$11.07
$13.91
Total Return(c)
Based on net asset value
20.79
%
16.82
%
21.99
%
(18.88
)%
17.87
%
Ratios to Average Net Assets(d)
Total expenses
0.99
%
1.02
%
1.14
%
1.15
%
1.30
%
Total expenses after fees waived and/or reimbursed
0.75
%
0.76
%
0.76
%
0.74
%
0.77
%
Net investment income
1.76
%
2.20
%
2.39
%
1.31
%
0.84
%
Supplemental Data
Net assets, end of year (000)
$14,072
$6,100
$2,529
$1,562
$1,054
Portfolio turnover rate(e)
20
%
12
%
3
%
37
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.38
$13.05
$10.99
$13.86
$12.83
Net investment income(a)
0.15
0.20
0.20
0.06
0.02
Net realized and unrealized gain (loss)
2.72
1.89
2.11
(2.75
)
2.16
Net increase (decrease) from investment operations
2.87
2.09
2.31
(2.69
)
2.18
Distributions(b)
From net investment income
(0.04
)
(0.27
)
(0.25
)
(0.04
)
(0.63
)
From net realized gain
(0.40
)
(0.49
)
—
(0.09
)
(0.52
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.44
)
(0.76
)
(0.25
)
(0.18
)
(1.15
)
Net asset value, end of year
$16.81
$14.38
$13.05
$10.99
$13.86
Total Return(c)
Based on net asset value
19.90
%
15.90
%
21.09
%
(19.48
)%
16.98
%
Ratios to Average Net Assets(d)
Total expenses
1.74
%
1.79
%
1.90
%
1.90
%
2.05
%
Total expenses after fees waived and/or reimbursed
1.51
%
1.52
%
1.52
%
1.49
%
1.51
%
Net investment income
0.97
%
1.40
%
1.66
%
0.51
%
0.11
%
Supplemental Data
Net assets, end of year (000)
$107
$110
$153
$100
$96
Portfolio turnover rate(e)
20
%
12
%
3
%
37
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
102
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2060 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.54
$13.23
$11.13
$13.95
$12.87
Net investment income(a)
0.36
0.40
0.36
0.18
0.19
Net realized and unrealized gain (loss)
2.75
1.92
2.14
(2.75
)
2.17
Net increase (decrease) from investment operations
3.11
2.32
2.50
(2.57
)
2.36
Distributions(b)
From net investment income
(0.05
)
(0.52
)
(0.40
)
(0.11
)
(0.76
)
From net realized gain
(0.57
)
(0.49
)
—
(0.09
)
(0.52
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.62
)
(1.01
)
(0.40
)
(0.25
)
(1.28
)
Net asset value, end of year
$17.03
$14.54
$13.23
$11.13
$13.95
Total Return(c)
Based on net asset value
21.41
%
17.36
%
22.62
%
(18.51
)%
18.43
%
Ratios to Average Net Assets(d)
Total expenses
0.49
%
0.52
%
0.63
%
0.65
%
0.80
%
Total expenses after fees waived and/or reimbursed
0.25
%
0.26
%
0.26
%
0.24
%
0.27
%
Net investment income
2.26
%
2.69
%
2.92
%
1.56
%
1.34
%
Supplemental Data
Net assets, end of year (000)
$138,612
$66,912
$20,630
$11,524
$17,030
Portfolio turnover rate(e)
20
%
12
%
3
%
37
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$14.42
$13.14
$11.06
$13.91
$12.85
Net investment income(a)
0.24
0.29
0.27
0.14
0.09
Net realized and unrealized gain (loss)
2.72
1.90
2.13
(2.78
)
2.17
Net increase (decrease) from investment operations
2.96
2.19
2.40
(2.64
)
2.26
Distributions(b)
From net investment income
(0.04
)
(0.42
)
(0.32
)
(0.07
)
(0.68
)
From net realized gain
(0.49
)
(0.49
)
—
(0.09
)
(0.52
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.53
)
(0.91
)
(0.32
)
(0.21
)
(1.20
)
Net asset value, end of year
$16.85
$14.42
$13.14
$11.06
$13.91
Total Return(c)
Based on net asset value
20.53
%
16.51
%
21.79
%
(19.04
)%
17.63
%
Ratios to Average Net Assets(d)
Total expenses
1.19
%
1.22
%
1.34
%
1.36
%
1.50
%
Total expenses after fees waived and/or reimbursed
0.95
%
0.96
%
0.96
%
0.94
%
0.97
%
Net investment income
1.53
%
1.98
%
2.19
%
1.19
%
0.66
%
Supplemental Data
Net assets, end of year (000)
$6,772
$3,077
$2,001
$1,247
$817
Portfolio turnover rate(e)
20
%
12
%
3
%
37
%
5
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
104
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund
 
Institutional
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.99
$12.01
$10.07
$12.67
$11.74
Net investment income(a)
0.28
0.35
0.29
0.16
0.14
Net realized and unrealized gain (loss)
2.45
1.65
1.95
(2.50
)
2.02
Net increase (decrease) from investment operations
2.73
2.00
2.24
(2.34
)
2.16
Distributions(b)
From net investment income
(0.02
)
(0.45
)
(0.30
)
(0.11
)
(0.78
)
From net realized gain
(0.38
)
(0.57
)
—
(0.10
)
(0.45
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.40
)
(1.02
)
(0.30
)
(0.26
)
(1.23
)
Net asset value, end of year
$15.32
$12.99
$12.01
$10.07
$12.67
Total Return(c)
Based on net asset value
21.02
%
16.50
%
22.39
%
(18.55
)%
18.43
%
Ratios to Average Net Assets(d)
Total expenses
0.77
%
0.84
%
1.09
%
1.20
%
1.47
%
Total expenses after fees waived and/or reimbursed
0.50
%
0.51
%
0.51
%
0.48
%
0.53
%
Net investment income
1.97
%
2.64
%
2.66
%
1.54
%
1.09
%
Supplemental Data
Net assets, end of year (000)
$2,402
$1,365
$1,094
$604
$596
Portfolio turnover rate(e)
21
%
12
%
4
%
26
%
8
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2065 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.93
$11.97
$10.05
$12.66
$11.74
Net investment income(a)
0.24
0.32
0.28
0.14
0.11
Net realized and unrealized gain (loss)
2.43
1.65
1.92
(2.50
)
2.02
Net increase (decrease) from investment operations
2.67
1.97
2.20
(2.36
)
2.13
Distributions(b)
From net investment income
(0.02
)
(0.44
)
(0.28
)
(0.10
)
(0.76
)
From net realized gain
(0.35
)
(0.57
)
—
(0.10
)
(0.45
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.37
)
(1.01
)
(0.28
)
(0.25
)
(1.21
)
Net asset value, end of year
$15.23
$12.93
$11.97
$10.05
$12.66
Total Return(c)
Based on net asset value
20.66
%
16.29
%
21.99
%
(18.71
)%
18.13
%
Ratios to Average Net Assets(d)
Total expenses
1.02
%
1.08
%
1.31
%
1.44
%
1.72
%
Total expenses after fees waived and/or reimbursed
0.75
%
0.76
%
0.72
%
0.72
%
0.78
%
Net investment income
1.73
%
2.41
%
2.51
%
1.35
%
0.85
%
Supplemental Data
Net assets, end of year (000)
$14,925
$8,266
$2,502
$868
$722
Portfolio turnover rate(e)
21
%
12
%
4
%
26
%
8
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
106
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Investor C
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.87
$11.90
$9.99
$12.64
$11.74
Net investment income(a)
0.13
0.21
0.18
0.06
0.01
Net realized and unrealized gain (loss)
2.42
1.64
1.92
(2.50
)
2.02
Net increase (decrease) from investment operations
2.55
1.85
2.10
(2.44
)
2.03
Distributions(b)
From net investment income
(0.02
)
(0.31
)
(0.19
)
(0.06
)
(0.68
)
From net realized gain
(0.25
)
(0.57
)
—
(0.10
)
(0.45
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.27
)
(0.88
)
(0.19
)
(0.21
)
(1.13
)
Net asset value, end of year
$15.15
$12.87
$11.90
$9.99
$12.64
Total Return(c)
Based on net asset value
19.76
%
15.46
%
21.08
%
(19.38
)%
17.30
%
Ratios to Average Net Assets(d)
Total expenses
1.77
%
1.84
%
2.11
%
2.20
%
2.47
%
Total expenses after fees waived and/or reimbursed
1.51
%
1.51
%
1.52
%
1.48
%
1.53
%
Net investment income
0.93
%
1.64
%
1.61
%
0.59
%
0.08
%
Supplemental Data
Net assets, end of year (000)
$988
$849
$774
$553
$528
Portfolio turnover rate(e)
21
%
12
%
4
%
26
%
8
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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)
 
Class K
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$13.01
$12.03
$10.08
$12.67
$11.74
Net investment income(a)
0.33
0.39
0.33
0.18
0.18
Net realized and unrealized gain (loss)
2.46
1.64
1.95
(2.49
)
2.01
Net increase (decrease) from investment operations
2.79
2.03
2.28
(2.31
)
2.19
Distributions(b)
From net investment income
(0.02
)
(0.48
)
(0.33
)
(0.13
)
(0.81
)
From net realized gain
(0.42
)
(0.57
)
—
(0.10
)
(0.45
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.44
)
(1.05
)
(0.33
)
(0.28
)
(1.26
)
Net asset value, end of year
$15.36
$13.01
$12.03
$10.08
$12.67
Total Return(c)
Based on net asset value
21.39
%
16.73
%
22.75
%
(18.37
)%
18.72
%
Ratios to Average Net Assets(d)
Total expenses
0.51
%
0.58
%
0.84
%
0.95
%
1.22
%
Total expenses after fees waived and/or reimbursed
0.25
%
0.26
%
0.25
%
0.22
%
0.28
%
Net investment income
2.28
%
2.91
%
2.94
%
1.72
%
1.35
%
Supplemental Data
Net assets, end of year (000)
$64,372
$22,536
$7,335
$3,655
$4,242
Portfolio turnover rate(e)
21
%
12
%
4
%
26
%
8
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
108
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2065 Fund (continued)
 
Class R
 
Year Ended
12/31/25
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
 
Net asset value, beginning of year
$12.94
$11.96
$10.03
$12.65
$11.74
Net investment income(a)
0.21
0.29
0.23
0.11
0.08
Net realized and unrealized gain (loss)
2.44
1.65
1.95
(2.49
)
2.01
Net increase (decrease) from investment operations
2.65
1.94
2.18
(2.38
)
2.09
Distributions(b)
From net investment income
(0.02
)
(0.39
)
(0.25
)
(0.09
)
(0.73
)
From net realized gain
(0.33
)
(0.57
)
—
(0.10
)
(0.45
)
Return of capital
—
—
—
(0.05
)
—
Total distributions
(0.35
)
(0.96
)
(0.25
)
(0.24
)
(1.18
)
Net asset value, end of year
$15.24
$12.94
$11.96
$10.03
$12.65
Total Return(c)
Based on net asset value
20.44
%
16.07
%
21.82
%
(18.92
)%
17.86
%
Ratios to Average Net Assets(d)
Total expenses
1.22
%
1.29
%
1.59
%
1.65
%
1.92
%
Total expenses after fees waived and/or reimbursed
0.95
%
0.96
%
0.99
%
0.93
%
0.98
%
Net investment income
1.52
%
2.19
%
2.14
%
1.05
%
0.63
%
Supplemental Data
Net assets, end of year (000)
$823
$570
$509
$445
$509
Portfolio turnover rate(e)
21
%
12
%
4
%
26
%
8
%
 
(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)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)
Includes the purchases and sales share 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 2070 Fund
 
Institutional
 
Year Ended
12/31/25
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.21
0.08
Net realized and unrealized gain (loss)
1.82
(0.21
)
Net increase (decrease) from investment operations
2.03
(0.13
)
Distributions from net investment income(c)
(0.34
)
(0.06
)
Net asset value, end of period
$11.50
$9.81
Total Return(d)
Based on net asset value
20.98
%
(1.35
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.44
%
1.40
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.50
%
0.49
%(g)
Net investment income
2.00
%
2.88
%(g)
Supplemental Data
Net assets, end of period (000)
$115
$98
Portfolio turnover rate(i)
41
%
10
%
 
(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 share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
110
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Investor A
 
Year Ended
12/31/25
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.19
0.07
Net realized and unrealized gain (loss)
1.81
(0.21
)
Net increase (decrease) from investment operations
2.00
(0.14
)
Distributions from net investment income(c)
(0.32
)
(0.05
)
Net asset value, end of period
$11.49
$9.81
Total Return(d)
Based on net asset value
20.73
%
(1.42
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.67
%
1.65
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.75
%
0.75
%(g)
Net investment income
1.79
%
2.62
%(g)
Supplemental Data
Net assets, end of period (000)
$189
$98
Portfolio turnover rate(i)
41
%
10
%
 
(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 share 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 (continued)
 
Investor C
 
Year Ended
12/31/25
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
0.05
Net realized and unrealized gain (loss)
1.82
(0.21
)
Net increase (decrease) from investment operations
1.92
(0.16
)
Distributions from net investment income(c)
(0.32
)
(0.03
)
Net asset value, end of period
$11.41
$9.81
Total Return(d)
Based on net asset value
19.84
%
(1.61
)%(e)
Ratios to Average Net Assets(f)
Total expenses
2.44
%
2.40
%(g)(h)
Total expenses after fees waived and/or reimbursed
1.50
%
1.49
%(g)
Net investment income
0.99
%
1.87
%(g)
Supplemental Data
Net assets, end of period (000)
$114
$98
Portfolio turnover rate(i)
41
%
10
%
 
(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 share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
112
2025 BlackRock Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® Dynamic 2070 Fund (continued)
 
Class K
 
Year Ended
12/31/25
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.25
0.08
Net realized and unrealized gain (loss)
1.81
(0.21
)
Net increase (decrease) from investment operations
2.06
(0.13
)
Distributions from net investment income(c)
(0.37
)
(0.06
)
Net asset value, end of period
$11.50
$9.81
Total Return(d)
Based on net asset value
21.26
%
(1.29
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.18
%
1.15
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.25
%
0.24
%(g)
Net investment income
2.35
%
3.13
%(g)
Supplemental Data
Net assets, end of period (000)
$5,514
$3,530
Portfolio turnover rate(i)
41
%
10
%
 
(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 share 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)
 
Class R
 
Year Ended
12/31/25
Period from
09/24/24(a)
to 12/31/24
 
Net asset value, beginning of period
$9.81
$10.00
Net investment income(b)
0.16
0.07
Net realized and unrealized gain (loss)
1.82
(0.22
)
Net increase (decrease) from investment operations
1.98
(0.15
)
Distributions from net investment income(c)
(0.32
)
(0.04
)
Net asset value, end of period
$11.47
$9.81
Total Return(d)
Based on net asset value
20.45
%
(1.47
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.88
%
1.85
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.95
%
0.94
%(g)
Net investment income
1.54
%
2.42
%(g)
Supplemental Data
Net assets, end of period (000)
$144
$98
Portfolio turnover rate(i)
41
%
10
%
 
(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 share of the underlying funds and the Underlying Master Portfolios.
See notes to financial statements.
114
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements
 
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 24.2%, 30.4%, 35.3%, 37.9%, 40.3%, 45.0%, 49.7%, 49.0%, 46.5% and 50.0% 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
% 
4.6
% 
LifePath Dynamic 2030 Fund
5.3
6.7
LifePath Dynamic 2035 Fund
5.2
7.0
LifePath Dynamic 2040 Fund
6.8
10.5
LifePath Dynamic 2045 Fund
5.1
7.2
LifePath Dynamic 2050 Fund
6.2
7.9
LifePath Dynamic 2055 Fund
5.1
5.9
LifePath Dynamic 2060 Fund
2.6
3.0
LifePath Dynamic 2065 Fund
1.2
1.4
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
115
Notes to Financial Statements  (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.
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Notes to Financial Statements  (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 each Fund’s financial statements.
Recent Accounting Standard: The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds’ adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund’s financial position or results of operations.
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.
Notes to Financial Statements
117
Notes to Financial Statements  (continued)
 
•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.
•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 December 31, 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
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Notes to Financial Statements  (continued)
 
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.
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
BNP Paribas SA
$ 210,327
$ (210,327
)
$ —
$ —
Goldman Sachs & Co. LLC
5,750,278
(5,750,278
)
—
—
J.P. Morgan Securities LLC
104,312
(104,312
)
—
—
Jefferies LLC
165,672
(165,672
)
—
—
Morgan Stanley
1,731,520
(1,731,520
)
—
—
Virtu Americas LLC
75,502
(75,502
)
—
—
 
$ 8,037,611
$ (8,037,611
)
$ —
$ —
LifePath Dynamic 2030 Fund
BNP Paribas SA
$ 70,109
$ (70,109
)
$ —
$ —
Citigroup Global Markets, Inc.
20,716
(20,716
)
—
—
Goldman Sachs & Co. LLC
8,769,630
(8,769,630
)
—
—
J.P. Morgan Securities LLC
243,319
(243,319
)
—
—
Morgan Stanley
835,915
(835,915
)
—
—
Virtu Americas LLC
532,381
(532,381
)
—
—
Wells Fargo Securities LLC
4,652
(4,652
)
—
—
 
$ 10,476,722
$ (10,476,722
)
$ —
$ —
LifePath Dynamic 2035 Fund
Goldman Sachs & Co. LLC
$ 23,111,137
$ (23,111,137
)
$ —
$ —
Jefferies LLC
6,184
(6,184
)
—
—
Morgan Stanley
2,513,138
(2,513,138
)
—
—
Virtu Americas LLC
240,343
(240,343
)
—
—
Wells Fargo Securities LLC
5,195
(5,195
)
—
—
 
$ 25,875,997
$ (25,875,997
)
$ —
$ —
LifePath Dynamic 2040 Fund
Citigroup Global Markets, Inc.
$ 16,859
$ (16,859
)
$ —
$ —
Goldman Sachs & Co. LLC
15,264,767
(15,264,767
)
—
—
J.P. Morgan Securities LLC
3,201,563
(3,201,563
)
—
—
Jefferies LLC
243,472
(243,472
)
—
—
Morgan Stanley
1,271,151
(1,271,151
)
—
—
UBS AG
2,480,780
(2,480,780
)
—
—
Virtu Americas LLC
1,535,094
(1,535,094
)
—
—
Wells Fargo Securities LLC
5,660
(5,660
)
—
—
 
$ 24,019,346
$ (24,019,346
)
$ —
$ —
LifePath Dynamic 2045 Fund
Goldman Sachs & Co. LLC
$ 24,586,922
$ (24,586,922
)
$ —
$ —
Jefferies LLC
1,525,894
(1,525,894
)
—
—
Morgan Stanley
4,069,248
(4,069,248
)
—
—
UBS AG
2,410,863
(2,410,863
)
—
—
Wells Fargo Securities LLC
4,342
(4,342
)
—
—
 
$ 32,597,269
$ (32,597,269
)
$ —
$ —
LifePath Dynamic 2050 Fund
BNP Paribas SA
$ 453,012
$ (453,012
)
$ —
$ —
Goldman Sachs & Co. LLC
38,325,936
(38,325,936
)
—
—
Jefferies LLC
538
(538
)
—
—
Morgan Stanley
643,499
(643,499
)
—
—
UBS AG
4,706,812
(4,706,812
)
—
—
Virtu Americas LLC
2,452,478
(2,452,478
)
—
—
Wells Fargo Securities LLC
98,976
(98,976
)
—
—
 
$ 46,681,251
$ (46,681,251
)
$ —
$ —
LifePath Dynamic 2055 Fund
BNP Paribas SA
$ 926,331
$ (926,331
)
$ —
$ —
J.P. Morgan Securities LLC
3,722,496
(3,722,496
)
—
—
Jefferies LLC
4,291,190
(4,291,190
)
—
—
Notes to Financial Statements
119
Notes to Financial Statements  (continued)
 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
LifePath Dynamic 2055 Fund (continued)
Morgan Stanley
$ 6,356,305
$ (6,356,305
)
$ —
$ —
UBS AG
533,907
(533,907
)
—
—
Virtu Americas LLC
1,569,363
(1,569,363
)
—
—
Wells Fargo Bank N.A.
1,579,670
(1,579,670
)
—
—
Wells Fargo Securities LLC
5,411,201
(5,411,201
)
—
—
 
$ 24,390,463
$ (24,390,463
)
$ —
$ —
LifePath Dynamic 2060 Fund
BNP Paribas SA
$ 328,973
$ (328,973
)
$ —
$ —
Citigroup Global Markets, Inc.
4,518
(4,518
)
—
—
Goldman Sachs & Co. LLC
3,210,433
(3,210,433
)
—
—
J.P. Morgan Securities LLC
2,513,138
(2,513,138
)
—
—
Morgan Stanley
2,381,795
(2,381,795
)
—
—
Wells Fargo Securities LLC
7,055
(7,055
)
—
—
 
$ 8,445,912
$ (8,445,912
)
$ —
$ —
LifePath Dynamic 2065 Fund
Citigroup Global Markets, Inc.
$ 551
$ (551
)
$ —
$ —
J.P. Morgan Securities LLC
709,249
(709,249
)
—
—
Morgan Stanley
2,250,055
(2,250,055
)
—
—
UBS AG
50,886
(50,886
)
—
—
Wells Fargo Securities LLC
891,750
(891,750
)
—
—
 
$ 3,902,491
$ (3,902,491
)
$ —
$ —
LifePath Dynamic 2070 Fund
BNP Paribas SA
$ 88,814
$ (88,814
)
$ —
$ —
BofA Securities, Inc.
148,901
(148,901
)
—
—
UBS AG
551,406
(551,406
)
—
—
 
$ 789,121
$ (789,121
)
$ —
$ —
 
(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).
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Notes to Financial Statements  (continued)
 
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 Funds’ 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 Funds.
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 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.
Notes to Financial Statements
121
Notes to Financial Statements  (continued)
 
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, majority-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.
For the year ended December 31, 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
$ 311,732
$ 23,773
$ 67,308
$ 402,813
LifePath Dynamic 2030 Fund
331,466
20,448
51,899
403,813
LifePath Dynamic 2035 Fund
98,378
32,163
42,199
172,740
LifePath Dynamic 2040 Fund
365,219
27,049
64,788
457,056
LifePath Dynamic 2045 Fund
97,266
16,255
54,200
167,721
LifePath Dynamic 2050 Fund
242,931
18,944
50,994
312,869
LifePath Dynamic 2055 Fund
85,166
14,068
36,722
135,956
LifePath Dynamic 2060 Fund
24,038
952
27,122
52,112
LifePath Dynamic 2065 Fund
29,261
8,975
3,366
41,602
LifePath Dynamic 2070 Fund
315
1,048
540
1,903
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 year ended December 31, 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
$ 106,145
$ 361,609
$ 6,894
$ 115,074
$ 32,308
$ 622,030
LifePath Dynamic 2030 Fund
142,496
384,500
5,930
114,028
24,912
671,866
LifePath Dynamic 2035 Fund
36,730
114,118
9,327
126,446
20,256
306,877
LifePath Dynamic 2040 Fund
151,626
423,654
7,844
110,992
31,098
725,214
LifePath Dynamic 2045 Fund
21,548
112,828
4,714
103,511
26,017
268,618
LifePath Dynamic 2050 Fund
61,336
281,801
5,494
90,514
24,477
463,622
LifePath Dynamic 2055 Fund
24,087
98,793
4,080
84,478
17,626
229,064
LifePath Dynamic 2060 Fund
20,030
27,885
276
42,233
13,018
103,442
LifePath Dynamic 2065 Fund
5,520
33,943
2,602
17,180
1,616
60,861
LifePath Dynamic 2070 Fund
306
365
304
1,581
258
2,814
122
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
Other Fees:  For the year ended December 31, 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
$ 828
LifePath Dynamic 2030 Fund
807
LifePath Dynamic 2035 Fund
1,315
LifePath Dynamic 2040 Fund
1,180
LifePath Dynamic 2045 Fund
1,162
LifePath Dynamic 2050 Fund
756
LifePath Dynamic 2055 Fund
1,132
LifePath Dynamic 2060 Fund
1,199
LifePath Dynamic 2065 Fund
1,264
LifePath Dynamic 2070 Fund
58
For the year ended December 31, 2025, affiliates received CDSCs as follows: 
Fund Name
Investor C
LifePath Dynamic 2030 Fund
$ 222
LifePath Dynamic 2035 Fund
296
LifePath Dynamic 2040 Fund
113
LifePath Dynamic 2045 Fund
251
LifePath Dynamic 2050 Fund
2,158
LifePath Dynamic 2055 Fund
79
LifePath Dynamic 2065 Fund
596
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 year ended December 31, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 24,583
LifePath Dynamic 2030 Fund
37,474
LifePath Dynamic 2035 Fund
38,822
LifePath Dynamic 2040 Fund
38,821
LifePath Dynamic 2045 Fund
27,115
LifePath Dynamic 2050 Fund
29,760
LifePath Dynamic 2055 Fund
18,463
LifePath Dynamic 2060 Fund
9,169
LifePath Dynamic 2065 Fund
4,602
LifePath Dynamic 2070 Fund
140
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 year ended December 31, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 793,612
LifePath Dynamic 2030 Fund
875,009
LifePath Dynamic 2035 Fund
745,839
LifePath Dynamic 2040 Fund
1,066,519
LifePath Dynamic 2045 Fund
675,335
LifePath Dynamic 2050 Fund
732,524
LifePath Dynamic 2055 Fund
528,188
LifePath Dynamic 2060 Fund
258,358
LifePath Dynamic 2065 Fund
115,749
LifePath Dynamic 2070 Fund
9,529
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
Notes to Financial Statements
123
Notes to Financial Statements  (continued)
 
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 year ended December 31, 2025, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath Dynamic Retirement Fund
$ 18,703
LifePath Dynamic 2030 Fund
33,729
LifePath Dynamic 2035 Fund
34,167
LifePath Dynamic 2040 Fund
34,241
LifePath Dynamic 2045 Fund
33,618
LifePath Dynamic 2050 Fund
33,773
LifePath Dynamic 2055 Fund
33,122
LifePath Dynamic 2060 Fund
31,808
LifePath Dynamic 2065 Fund
31,339
LifePath Dynamic 2070 Fund
31,355
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 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 year ended December 31, 2025, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
LifePath Dynamic Retirement Fund
$ 7,440
LifePath Dynamic 2030 Fund
16,185
LifePath Dynamic 2035 Fund
14,145
LifePath Dynamic 2040 Fund
25,342
LifePath Dynamic 2045 Fund
17,741
LifePath Dynamic 2050 Fund
23,485
LifePath Dynamic 2055 Fund
13,408
LifePath Dynamic 2060 Fund
10,768
LifePath Dynamic 2065 Fund
3,767
LifePath Dynamic 2070 Fund
464
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.
124
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
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 year ended December 31, 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
$165,008,621
$74,618,661
LifePath Dynamic 2030 Fund
203,852,048
83,754,688
LifePath Dynamic 2035 Fund
232,569,124
44,166,612
LifePath Dynamic 2040 Fund
222,997,323
70,393,128
LifePath Dynamic 2045 Fund
213,057,090
60,616,919
LifePath Dynamic 2050 Fund
210,493,436
72,808,006
LifePath Dynamic 2055 Fund
171,877,078
49,213,572
LifePath Dynamic 2060 Fund
100,820,378
22,901,140
LifePath Dynamic 2065 Fund
52,547,334
11,071,331
LifePath Dynamic 2070 Fund
3,506,371
1,744,411
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.
Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 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.
The tax character of distributions paid was as follows: 
Fund Name
Year Ended
12/31/25
Year Ended
12/31/24
LifePath Dynamic Retirement Fund
Ordinary income
$ 21,772,111
$ 20,974,165
Long-term capital gains
3,550,963
13,853,855
 
$ 25,323,074
$ 34,828,020
LifePath Dynamic 2030 Fund
Ordinary income
$ 21,247,736
$ 26,998,554
Long-term capital gains
755,570
—
 
$ 22,003,306
$ 26,998,554
LifePath Dynamic 2035 Fund
Ordinary income
$ 14,929,157
$ 17,898,561
Long-term capital gains
2,831,491
1,976,320
 
$ 17,760,648
$ 19,874,881
LifePath Dynamic 2040 Fund
Ordinary income
$ 26,945,999
$ 34,606,025
Long-term capital gains
7,675,435
7,578,028
 
$ 34,621,434
$ 42,184,053
LifePath Dynamic 2045 Fund
Ordinary income
$ 15,330,845
$ 16,757,279
Long-term capital gains
6,176,567
4,122,306
 
$ 21,507,412
$ 20,879,585
Notes to Financial Statements
125
Notes to Financial Statements  (continued)
 
Fund Name
Year Ended
12/31/25
Year Ended
12/31/24
LifePath Dynamic 2050 Fund
Ordinary income
$ 17,992,283
$ 22,248,985
Long-term capital gains
7,221,924
7,269,106
 
$ 25,214,207
$ 29,518,091
LifePath Dynamic 2055 Fund
Ordinary income
$ 10,781,169
$ 12,424,692
Long-term capital gains
5,687,269
3,063,927
 
$ 16,468,438
$ 15,488,619
LifePath Dynamic 2060 Fund
Ordinary income
$ 3,438,954
$ 3,792,545
Long-term capital gains
2,341,065
1,198,210
 
$ 5,780,019
$ 4,990,755
LifePath Dynamic 2065 Fund
Ordinary income
$ 1,385,243
$ 1,776,461
Long-term capital gains
790,963
602,448
 
$ 2,176,206
$ 2,378,909
LifePath Dynamic 2070 Fund
Ordinary income
$ 151,762
$ 24,334
As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows: 
Fund Name
Undistributed
Ordinary Income
Undistributed
Long-Term
Capital Gains
Non-Expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Qualified
Late-Year
Ordinary Losses(c)
Total
LifePath Dynamic Retirement Fund
$ 2,121,824
$ 1,347,826
$ —
$ 73,943,568
$ (706,905
)
$ 76,706,313
LifePath Dynamic 2030 Fund
2,419,606
1,330,703
—
51,844,524
(551,408
)
55,043,425
LifePath Dynamic 2035 Fund
2,005,454
1,160,028
—
50,859,413
(948,760
)
53,076,135
LifePath Dynamic 2040 Fund
2,625,193
1,455,152
—
93,798,187
(794,079
)
97,084,453
LifePath Dynamic 2045 Fund
1,716,508
906,691
—
50,873,968
(897,132
)
52,600,035
LifePath Dynamic 2050 Fund
1,850,828
843,308
—
71,813,302
(954,526
)
73,552,912
LifePath Dynamic 2055 Fund
1,329,874
539,586
—
49,920,772
(971,300
)
50,818,932
LifePath Dynamic 2060 Fund
638,875
229,191
—
24,822,113
(590,316
)
25,099,863
LifePath Dynamic 2065 Fund
—
126,825
—
11,146,074
—
11,272,899
LifePath Dynamic 2070 Fund
—
—
(182,795
)
822,829
(20,861
)
619,173
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized
gains(losses) on certain foreign currency contracts and futures contracts and the timing and recognition of partnership income.
(c)
The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.
During the year ended December 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards: 
Fund Name
Utilized
LifePath Dynamic 2070 Fund
$ 61,446
As of December 31, 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
$ 431,304,590
$ 76,059,606
$ (2,568,437
)
$ 73,491,169
LifePath Dynamic 2030 Fund
491,983,237
53,170,500
(1,452,678
)
51,717,822
LifePath Dynamic 2035 Fund
428,357,347
52,096,641
(1,339,066
)
50,757,575
LifePath Dynamic 2040 Fund
488,177,479
95,783,513
(2,116,624
)
93,666,889
LifePath Dynamic 2045 Fund
368,725,372
52,294,867
(1,512,631
)
50,782,236
LifePath Dynamic 2050 Fund
397,793,426
73,412,280
(1,697,659
)
71,714,621
LifePath Dynamic 2055 Fund
292,245,534
50,922,375
(1,076,991
)
49,845,384
LifePath Dynamic 2060 Fund
150,828,727
25,405,248
(618,313
)
24,786,935
LifePath Dynamic 2065 Fund
75,557,160
11,422,005
(293,702
)
11,128,303
LifePath Dynamic 2070 Fund
6,028,738
838,452
(15,554
)
822,898
126
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
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 year ended December 31, 2025, the Funds did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, each Fund invests 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 or 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 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.
Notes to Financial Statements
127
Notes to Financial Statements  (continued)
 
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic Retirement Fund 
Institutional
Shares sold
397,842
$ 3,847,693
253,147
$ 2,439,962
Shares issued in reinvestment of distributions
171,948
1,699,060
380,952
3,606,001
Shares issued in reorganization
—
—
530,224
5,124,707
Shares redeemed
(866,956)
(8,429,651)
(781,202)
(7,532,600)
 
(297,166)
$ (2,882,898)
383,121
$ 3,638,070
Investor A
Shares sold and automatic conversion of shares
3,208,140
$ 24,805,459
3,278,228
$ 25,643,474
Shares issued in reinvestment of distributions
930,765
7,259,781
1,877,447
14,308,988
Shares issued in reorganization
—
—
2,367,219
18,406,485
Shares redeemed
(4,134,755)
(32,073,982)
(5,556,771)
(43,538,609)
 
4,150
$ (8,742)
1,966,123
$ 14,820,338
Investor C
Shares sold
40,699
$ 386,418
17,155
$ 161,595
Shares issued in reinvestment of distributions
9,096
86,991
18,643
170,626
Shares issued in reorganization
—
—
141,277
1,326,434
Shares redeemed and automatic conversion of shares
(91,295)
(853,922)
(33,805)
(315,440)
 
(41,500)
$ (380,513)
143,270
$ 1,343,215
Class K
Shares sold
12,573,254
$ 121,422,102
15,675,438
$ 150,595,110
Shares issued in reinvestment of distributions
1,598,561
15,710,795
1,697,424
15,943,070
Shares issued in reorganization
—
—
9,216,741
88,633,909
Shares redeemed
(8,391,463)
(81,337,368)
(5,698,038)
(54,767,518)
 
5,780,352
$ 55,795,529
20,891,565
$ 200,404,571
Class R
Shares sold
335,815
$ 3,167,865
121,394
$ 1,145,032
Shares issued in reinvestment of distributions
58,562
565,967
85,030
786,222
Shares issued in reorganization
—
—
679,938
6,444,383
Shares redeemed
(462,973)
(4,455,789)
(106,880)
(1,017,489)
 
(68,596)
$ (721,957)
779,482
$ 7,358,148
 
5,377,240
$ 51,801,419
24,163,561
$ 227,564,342
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2030 Fund 
Institutional
Shares sold
458,996
$ 6,320,292
766,851
$ 10,511,189
Shares issued in reinvestment of distributions
133,790
1,954,501
232,139
3,143,679
Shares redeemed
(727,917)
(10,434,605)
(962,077)
(13,108,926)
 
(135,131)
$ (2,159,812)
36,913
$ 545,942
Investor A
Shares sold and automatic conversion of shares
2,060,273
$ 27,194,328
1,863,050
$ 24,094,629
Shares issued in reinvestment of distributions
405,274
5,514,438
720,967
9,127,006
Shares redeemed
(3,029,986)
(39,984,909)
(3,019,523)
(39,275,075)
 
(564,439)
$ (7,276,143)
(435,506)
$ (6,053,440)
Investor C
Shares sold
16,067
$ 217,048
17,152
$ 227,630
Shares issued in reinvestment of distributions
4,792
67,174
9,419
122,832
Shares redeemed and automatic conversion of shares
(27,303)
(372,058)
(28,052)
(367,832)
 
(6,444)
$ (87,836)
(1,481)
$ (17,370)
128
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2030 Fund (continued)
Class K
Shares sold
11,105,535
$ 155,285,586
10,842,850
$ 148,191,169
Shares issued in reinvestment of distributions
964,108
14,061,568
1,037,941
14,022,851
Shares redeemed
(3,959,151)
(56,081,160)
(3,391,690)
(46,931,392)
 
8,110,492
$ 113,265,994
8,489,101
$ 115,282,628
Class R
Shares sold
248,311
$ 3,355,132
200,618
$ 2,694,649
Shares issued in reinvestment of distributions
28,223
402,061
43,462
575,143
Shares redeemed
(205,874)
(2,852,155)
(102,127)
(1,383,792)
 
70,660
$ 905,038
141,953
$ 1,886,000
 
7,475,138
$ 104,647,241
8,230,980
$ 111,643,760
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2035 Fund 
Institutional
Shares sold
237,923
$ 3,806,270
256,823
$ 4,175,635
Shares issued in reinvestment of distributions
30,616
528,876
47,314
746,993
Shares redeemed
(156,213)
(2,552,298)
(544,829)
(8,469,960)
 
112,326
$ 1,782,848
(240,692)
$ (3,547,332)
Investor A
Shares sold and automatic conversion of shares
805,992
$ 13,213,079
369,040
$ 5,869,945
Shares issued in reinvestment of distributions
96,380
1,650,041
142,176
2,228,182
Shares redeemed
(357,093)
(5,993,999)
(473,623)
(7,567,155)
 
545,279
$ 8,869,121
37,593
$ 530,972
Investor C
Shares sold
27,523
$ 458,498
52,422
$ 840,572
Shares issued in reinvestment of distributions
6,251
104,307
15,403
235,790
Shares redeemed and automatic conversion of shares
(68,640)
(1,076,404)
(17,408)
(268,995)
 
(34,866)
$ (513,599)
50,417
$ 807,367
Class K
Shares sold
8,809,908
$ 147,560,980
9,329,920
$ 151,327,046
Shares issued in reinvestment of distributions
860,171
15,167,622
1,003,665
16,145,032
Shares redeemed
(2,434,927)
(41,397,402)
(2,254,120)
(36,906,881)
 
7,235,152
$ 121,331,200
8,079,465
$ 130,565,197
Class R
Shares sold
157,235
$ 2,486,451
148,051
$ 2,340,647
Shares issued in reinvestment of distributions
18,161
309,802
33,220
518,839
Shares redeemed
(206,920)
(3,353,320)
(67,189)
(1,059,749)
 
(31,524)
$ (557,067)
114,082
$ 1,799,737
 
7,826,367
$ 130,912,503
8,040,865
$ 130,155,941
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2040 Fund 
Institutional
Shares sold
348,636
$ 6,325,446
406,200
$ 7,309,150
Shares issued in reinvestment of distributions
165,632
3,115,268
285,328
4,966,348
Shares redeemed
(597,854)
(11,117,067)
(745,260)
(13,155,173)
 
(83,586)
$ (1,676,353)
(53,732)
$ (879,675)
Notes to Financial Statements
129
Notes to Financial Statements  (continued)
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2040 Fund (continued)
Investor A
Shares sold and automatic conversion of shares
1,898,070
$ 28,802,080
1,953,108
$ 29,912,234
Shares issued in reinvestment of distributions
673,425
10,540,056
1,102,757
16,205,128
Shares redeemed
(2,433,049)
(37,301,139)
(2,858,390)
(43,753,585)
 
138,446
$ 2,040,997
197,475
$ 2,363,777
Investor C
Shares sold
16,583
$ 287,455
17,162
$ 290,166
Shares issued in reinvestment of distributions
8,357
150,658
15,026
251,932
Shares redeemed and automatic conversion of shares
(23,894)
(414,156)
(36,339)
(627,353)
 
1,046
$ 23,957
(4,151)
$ (85,255)
Class K
Shares sold
6,829,041
$ 125,322,157
7,680,867
$ 137,000,584
Shares issued in reinvestment of distributions
1,049,605
19,983,649
1,127,522
19,814,929
Shares redeemed
(2,033,788)
(37,998,775)
(1,793,619)
(32,192,544)
 
5,844,858
$ 107,307,031
7,014,770
$ 124,622,969
Class R
Shares sold
330,473
$ 5,729,605
210,087
$ 3,693,849
Shares issued in reinvestment of distributions
45,341
830,373
55,505
943,168
Shares redeemed
(178,512)
(3,177,055)
(67,113)
(1,168,209)
 
197,302
$ 3,382,923
198,479
$ 3,468,808
 
6,098,066
$ 111,078,555
7,352,841
$ 129,490,624
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2045 Fund 
Institutional
Shares sold
110,829
$ 2,037,511
142,894
$ 2,609,597
Shares issued in reinvestment of distributions
22,896
452,837
32,371
582,214
Shares redeemed
(79,244)
(1,495,820)
(380,228)
(6,746,312)
 
54,481
$ 994,528
(204,963)
$ (3,554,501)
Investor A
Shares sold and automatic conversion of shares
880,147
$ 16,329,044
600,196
$ 10,984,071
Shares issued in reinvestment of distributions
123,637
2,427,111
152,114
2,717,251
Shares redeemed
(434,051)
(8,118,737)
(490,574)
(8,889,869)
 
569,733
$ 10,637,418
261,736
$ 4,811,453
Investor C
Shares sold
10,259
$ 188,156
19,605
$ 351,034
Shares issued in reinvestment of distributions
4,052
77,179
7,597
132,144
Shares redeemed and automatic conversion of shares
(20,813)
(380,841)
(19,520)
(356,169)
 
(6,502)
$ (115,506)
7,682
$ 127,009
Class K
Shares sold
6,670,073
$ 128,103,806
5,892,906
$ 108,018,744
Shares issued in reinvestment of distributions
888,252
17,898,528
907,991
16,597,701
Shares redeemed
(1,951,667)
(38,434,868)
(1,459,092)
(27,166,016)
 
5,606,658
$ 107,567,466
5,341,805
$ 97,450,429
Class R
Shares sold
203,328
$ 3,733,261
144,555
$ 2,615,030
Shares issued in reinvestment of distributions
33,182
646,292
47,719
846,680
Shares redeemed
(179,215)
(3,287,085)
(83,727)
(1,495,930)
 
57,295
$ 1,092,468
108,547
$ 1,965,780
 
6,281,665
$ 120,176,374
5,514,807
$ 100,800,170
130
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2050 Fund 
Institutional
Shares sold
163,580
$ 3,934,308
164,322
$ 3,889,907
Shares issued in reinvestment of distributions
52,416
1,336,227
92,271
2,123,666
Shares redeemed
(197,866)
(4,812,094)
(330,741)
(7,589,978)
 
18,130
$ 458,441
(74,148)
$ (1,576,405)
Investor A
Shares sold and automatic conversion of shares
1,106,824
$ 26,031,176
1,125,659
$ 26,369,436
Shares issued in reinvestment of distributions
245,013
6,189,343
421,432
9,620,072
Shares redeemed
(1,097,308)
(25,946,884)
(1,072,653)
(24,995,423)
 
254,529
$ 6,273,635
474,438
$ 10,994,085
Investor C
Shares sold
21,666
$ 489,079
17,277
$ 395,086
Shares issued in reinvestment of distributions
3,375
82,701
9,217
204,604
Shares redeemed and automatic conversion of shares
(50,014)
(1,159,799)
(21,738)
(493,042)
 
(24,973)
$ (588,019)
4,756
$ 106,648
Class K
Shares sold
4,742,087
$ 114,747,908
4,616,200
$ 108,486,498
Shares issued in reinvestment of distributions
660,370
16,978,702
722,026
16,721,620
Shares redeemed
(1,410,450)
(35,013,062)
(1,014,477)
(23,969,540)
 
3,992,007
$ 96,713,548
4,323,749
$ 101,238,578
Class R
Shares sold
189,331
$ 4,422,731
146,433
$ 3,378,848
Shares issued in reinvestment of distributions
25,074
626,635
37,464
846,943
Shares redeemed
(143,416)
(3,492,200)
(21,997)
(506,881)
 
70,989
$ 1,557,166
161,900
$ 3,718,910
 
4,310,682
$ 104,414,771
4,890,695
$ 114,481,816
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2055 Fund 
Institutional
Shares sold
104,703
$ 2,132,630
146,736
$ 2,858,825
Shares issued in reinvestment of distributions
22,201
487,205
29,528
576,032
Shares redeemed
(64,757)
(1,328,807)
(314,905)
(5,897,581)
 
62,147
$ 1,291,028
(138,641)
$ (2,462,724)
Investor A
Shares sold and automatic conversion of shares
748,671
$ 15,055,634
517,736
$ 10,132,434
Shares issued in reinvestment of distributions
94,711
2,055,056
105,457
2,037,263
Shares redeemed
(282,240)
(5,706,713)
(329,744)
(6,421,557)
 
561,142
$ 11,403,977
293,449
$ 5,748,140
Investor C
Shares sold
15,430
$ 301,744
12,858
$ 243,063
Shares issued in reinvestment of distributions
3,228
67,999
5,121
96,322
Shares redeemed and automatic conversion of shares
(15,178)
(297,989)
(13,106)
(243,542)
 
3,480
$ 71,754
4,873
$ 95,843
Class K
Shares sold
4,591,352
$ 96,021,535
4,673,127
$ 92,207,985
Shares issued in reinvestment of distributions
599,799
13,456,991
618,391
12,310,177
Shares redeemed
(1,602,223)
(34,469,497)
(880,536)
(17,489,327)
 
3,588,928
$ 75,009,029
4,410,982
$ 87,028,835
Notes to Financial Statements
131
Notes to Financial Statements  (continued)
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2055 Fund (continued)
Class R
Shares sold
143,684
$ 2,814,907
114,411
$ 2,197,525
Shares issued in reinvestment of distributions
18,337
395,263
24,057
462,086
Shares redeemed
(121,090)
(2,505,864)
(31,836)
(616,258)
 
40,931
$ 704,306
106,632
$ 2,043,353
 
4,256,628
$ 88,480,094
4,677,295
$ 92,453,447
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2060 Fund 
Institutional
Shares sold
175,736
$ 2,665,516
177,770
$ 2,601,138
Shares issued in reinvestment of distributions
16,332
277,704
21,985
324,924
Shares redeemed
(57,638)
(910,643)
(112,978)
(1,645,248)
 
134,430
$ 2,032,577
86,777
$ 1,280,814
Investor A
Shares sold and automatic conversion of shares
546,217
$ 8,509,040
263,707
$ 3,834,137
Shares issued in reinvestment of distributions
24,287
410,688
22,906
336,978
Shares redeemed
(158,980)
(2,441,098)
(56,122)
(820,849)
 
411,524
$ 6,478,630
230,491
$ 3,350,266
Investor C
Shares sold
715
$ 11,036
2,052
$ 28,544
Shares issued in reinvestment of distributions
158
2,664
394
5,766
Shares redeemed and automatic conversion of shares
(2,203)
(33,092)
(6,455)
(94,341)
 
(1,330)
$ (19,392)
(4,009)
$ (60,031)
Class K
Shares sold
4,199,963
$ 65,880,623
3,627,062
$ 52,723,667
Shares issued in reinvestment of distributions
285,391
4,876,790
278,690
4,130,989
Shares redeemed
(946,550)
(15,407,281)
(863,859)
(12,579,605)
 
3,538,804
$ 55,350,132
3,041,893
$ 44,275,051
Class R
Shares sold
241,636
$ 3,662,665
102,422
$ 1,484,521
Shares issued in reinvestment of distributions
12,562
212,173
12,171
178,880
Shares redeemed
(65,765)
(1,067,610)
(53,553)
(813,228)
 
188,433
$ 2,807,228
61,040
$ 850,173
 
4,271,861
$ 66,649,175
3,416,192
$ 49,696,273
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2065 Fund 
Institutional
Shares sold
61,136
$ 832,414
47,667
$ 624,996
Shares issued in reinvestment of distributions
2,957
45,491
4,535
60,071
Shares redeemed
(12,420)
(178,543)
(38,198)
(479,851)
 
51,673
$ 699,362
14,004
$ 205,216
Investor A
Shares sold and automatic conversion of shares
425,797
$ 5,918,712
439,537
$ 5,835,412
Shares issued in reinvestment of distributions
22,223
339,774
39,532
521,255
Shares redeemed
(107,828)
(1,518,824)
(48,601)
(648,868)
 
340,192
$ 4,739,662
430,468
$ 5,707,799
132
2025 BlackRock Annual Financial Statements and Additional Information
Notes to Financial Statements  (continued)
 
 
Year Ended
12/31/25
Year Ended
12/31/24
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath Dynamic 2065 Fund (continued)
Investor C
Shares sold
10,336
$ 146,255
9,995
$ 126,569
Shares issued in reinvestment of distributions
450
6,838
1,634
21,430
Shares redeemed and automatic conversion of shares
(11,572)
(155,043)
(10,693)
(133,988)
 
(786)
$ (1,950)
936
$ 14,011
Class K
Shares sold
2,733,635
$ 38,782,715
1,164,027
$ 15,458,231
Shares issued in reinvestment of distributions
105,041
1,620,213
103,126
1,368,158
Shares redeemed
(378,957)
(5,505,587)
(145,464)
(1,958,353)
 
2,459,719
$ 34,897,341
1,121,689
$ 14,868,036
Class R
Shares sold
10,305
$ 149,082
1,242
$ 16,496
Shares issued in reinvestment of distributions
298
4,559
267
3,528
Shares redeemed
(703)
(10,445)
(7)
(90)
 
9,900
$ 143,196
1,502
$ 19,934
 
2,860,698
$ 40,477,611
1,568,599
$ 20,814,996
 
 
Year Ended
12/31/25
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
96
$ 1,000
10,010
$ 100,100
Shares redeemed
(96)
(1,000)
(10)
(100)
 
—
$ —
10,000
$ 100,000
Investor A
Shares sold
6,436
$ 70,992
10,010
$ 100,100
Shares issued in reinvestment of distributions
64
682
—
—
Shares redeemed and automatic conversion of shares
(20)
(216)
(10)
(100)
 
6,480
$ 71,458
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
125,315
$ 1,424,982
360,010
$ 3,600,100
Shares issued in reinvestment of distributions
548
6,297
—
—
Shares redeemed
(6,432)
(73,949)
(10)
(100)
 
119,431
$ 1,357,330
360,000
$ 3,600,000
Class R
Shares sold
2,547
$ 28,717
10,010
$ 100,100
Shares redeemed
—
—
(10)
(100)
 
2,547
$ 28,717
10,000
$ 100,000
 
128,458
$ 1,457,505
400,000
$ 4,000,000
 
(a)
Commencement of operations.
As of December 31, 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
Notes to Financial Statements
133
Notes to Financial Statements  (continued)
 
As of December 31, 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 Annual Financial Statements and Additional Information
Report of Independent Registered Public Accounting Firm
 
To the Board of Trustees of BlackRock Funds III and Shareholders of each of the ten funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the series constituting BlackRock Funds III, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. 
 BlackRock LifePath Dynamic Retirement Fund (1)
 BlackRock LifePath Dynamic 2030 Fund (1)
 BlackRock LifePath Dynamic 2035 Fund (1)
 BlackRock LifePath Dynamic 2040 Fund (1)
 BlackRock LifePath Dynamic 2045 Fund (1)
 BlackRock LifePath Dynamic 2050 Fund (1)
 BlackRock LifePath Dynamic 2055 Fund (1)
 BlackRock LifePath Dynamic 2060 Fund (1)
 BlackRock LifePath Dynamic 2065 Fund (1)
 BlackRock LifePath Dynamic 2070 Fund (2)
(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for each of the two years in the period ended December 31, 2025 
(2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 and the period September 24, 2024 (commencement of operations) through December 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 24, 2026
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
135
Important Tax Information (unaudited)
 
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025: 
Fund Name
Qualified Dividend
Income
LifePath Dynamic Retirement Fund
$ 2,303,280
LifePath Dynamic 2030 Fund
2,643,592
LifePath Dynamic 2035 Fund
2,424,438
LifePath Dynamic 2040 Fund
3,673,959
LifePath Dynamic 2045 Fund
2,341,961
LifePath Dynamic 2050 Fund
3,003,776
LifePath Dynamic 2055 Fund
2,580,693
LifePath Dynamic 2060 Fund
1,079,656
LifePath Dynamic 2065 Fund
555,501
LifePath Dynamic 2070 Fund
23,610
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025: 
Fund Name
Qualified Business
Income
LifePath Dynamic Retirement Fund
$ 379,846
LifePath Dynamic 2030 Fund
499,126
LifePath Dynamic 2035 Fund
493,988
LifePath Dynamic 2040 Fund
809,069
LifePath Dynamic 2045 Fund
555,351
LifePath Dynamic 2050 Fund
535,636
LifePath Dynamic 2055 Fund
301,744
LifePath Dynamic 2060 Fund
112,965
LifePath Dynamic 2065 Fund
49,583
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2025: 
Fund Name
20% Rate Long-Term
Capital Gain Dividends
LifePath Dynamic Retirement Fund
$ 3,550,963
LifePath Dynamic 2030 Fund
755,570
LifePath Dynamic 2035 Fund
2,831,491
LifePath Dynamic 2040 Fund
7,675,435
LifePath Dynamic 2045 Fund
6,176,567
LifePath Dynamic 2050 Fund
7,221,924
LifePath Dynamic 2055 Fund
5,687,269
LifePath Dynamic 2060 Fund
2,341,065
LifePath Dynamic 2065 Fund
790,963
The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2025: 
Fund Name
Foreign Source
Income Earned
Foreign
Taxes Paid
LifePath Dynamic Retirement Fund
$ 2,797,799
$ 309,395
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025: 
Fund Name
Federal Obligation
Interest
LifePath Dynamic Retirement Fund
$ 3,871,341
LifePath Dynamic 2030 Fund
3,117,346
LifePath Dynamic 2035 Fund
1,591,211
LifePath Dynamic 2040 Fund
1,487,639
LifePath Dynamic 2045 Fund
816,111
LifePath Dynamic 2050 Fund
671,792
LifePath Dynamic 2055 Fund
417,367
LifePath Dynamic 2060 Fund
203,476
LifePath Dynamic 2065 Fund
96,889
136
2025 BlackRock Annual Financial Statements and Additional Information
Important Tax Information (unaudited) (continued)
 
Fund Name
Federal Obligation
Interest
LifePath Dynamic 2070 Fund
$ 4,919
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders: 
Fund Name
Dividends-Received
Deduction
LifePath Dynamic Retirement Fund
2.66
% 
LifePath Dynamic 2030 Fund
3.45
LifePath Dynamic 2035 Fund
4.56
LifePath Dynamic 2040 Fund
3.55
LifePath Dynamic 2045 Fund
3.97
LifePath Dynamic 2050 Fund
4.20
LifePath Dynamic 2055 Fund
5.58
LifePath Dynamic 2060 Fund
8.41
LifePath Dynamic 2065 Fund
9.36
LifePath Dynamic 2070 Fund
7.08
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:     
Fund Name
Interest
Dividends
LifePath Dynamic Retirement Fund
$ 9,703,779
LifePath Dynamic 2030 Fund
7,444,163
LifePath Dynamic 2035 Fund
4,845,737
LifePath Dynamic 2040 Fund
4,479,563
LifePath Dynamic 2045 Fund
2,347,313
LifePath Dynamic 2050 Fund
1,720,481
LifePath Dynamic 2055 Fund
958,771
LifePath Dynamic 2060 Fund
461,230
LifePath Dynamic 2065 Fund
218,253
LifePath Dynamic 2070 Fund
11,273
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025: 
Fund Name
Interest-
Related
Dividends
Qualified
Short-Term
Capital Gains
LifePath Dynamic Retirement Fund
$ 10,073,325
$ 8,774,428
LifePath Dynamic 2030 Fund
7,595,662
8,601,806
LifePath Dynamic 2035 Fund
4,911,781
7,599,312
LifePath Dynamic 2040 Fund
4,515,467
13,970,436
LifePath Dynamic 2045 Fund
2,337,495
9,519,799
LifePath Dynamic 2050 Fund
1,694,487
11,713,844
LifePath Dynamic 2055 Fund
955,589
8,628,083
LifePath Dynamic 2060 Fund
124,539
3,027,864
LifePath Dynamic 2065 Fund
—
1,311,339
LifePath Dynamic 2070 Fund
11,219
—
Important Tax Information
137
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.
138
2025 BlackRock Annual Financial Statements and Additional Information
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
Ropes & Gray LLP
New York, NY 10036
Address of the Funds
400 Howard Street
San Francisco, CA 94105
Additional Information
139
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
140
2025 BlackRock Annual Financial Statements and Additional Information
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Want to know more?
blackrock.com | 800-441-7762
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 – Not Applicable

 

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 (the “Exchange Act”).

(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.

 

5

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 – See Item 2

(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

 

6

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: February 24, 2026

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: February 24, 2026

 

 

 By:

     

/s/ Trent Walker       

      

Trent Walker

      

Chief Financial Officer (principal executive officer) of

      

BlackRock Funds III

Date: February 24, 2026

 

 

7

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