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:
811-22061
Name of Fund:
BlackRock Funds II
BlackRock 20/80 Target Allocation Fund
BlackRock 40/60 Target Allocation Fund
BlackRock 60/40 Target Allocation Fund
BlackRock 80/20 Target Allocation Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds II,
50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
09/30/2026
Date of reporting period:
03/31/2026
Item 1 — Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
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BlackRock 20/80 Target Allocation Fund

Institutional Shares | BICPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $2(a) 0.04%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $441,174,134
Number of Portfolio Holdings 20
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 77.5 %
Equity Funds 22.4 %
Short-Term Securities 0.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 17.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 12.1 %
iShares U.S. Treasury Bond ETF 10.1 %
iShares 10-20 Year Treasury Bond ETF 10.0 %
iShares Securitized Income Active ETF 6.1 %
iShares Flexible Income Active ETF 6.1 %
iShares Core International Aggregate Bond ETF 6.0 %
iShares Systematic Bond ETF 5.0 %
iShares S&P 500 Value ETF 4.0 %
iShares Core S&P 500 ETF 3.8 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 20/80 Target Allocation Fund
Institutional Shares | BICPX
Semi-Annual Shareholder Report — March 31, 2026
BICPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 20/80 Target Allocation Fund

Investor A Shares | BACPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $19(a) 0.38%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $441,174,134
Number of Portfolio Holdings 20
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 77.5 %
Equity Funds 22.4 %
Short-Term Securities 0.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 17.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 12.1 %
iShares U.S. Treasury Bond ETF 10.1 %
iShares 10-20 Year Treasury Bond ETF 10.0 %
iShares Securitized Income Active ETF 6.1 %
iShares Flexible Income Active ETF 6.1 %
iShares Core International Aggregate Bond ETF 6.0 %
iShares Systematic Bond ETF 5.0 %
iShares S&P 500 Value ETF 4.0 %
iShares Core S&P 500 ETF 3.8 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 20/80 Target Allocation Fund
Investor A Shares | BACPX
Semi-Annual Shareholder Report — March 31, 2026
BACPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 20/80 Target Allocation Fund

Investor C Shares | BCCPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $56(a) 1.12%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $441,174,134
Number of Portfolio Holdings 20
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 77.5 %
Equity Funds 22.4 %
Short-Term Securities 0.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 17.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 12.1 %
iShares U.S. Treasury Bond ETF 10.1 %
iShares 10-20 Year Treasury Bond ETF 10.0 %
iShares Securitized Income Active ETF 6.1 %
iShares Flexible Income Active ETF 6.1 %
iShares Core International Aggregate Bond ETF 6.0 %
iShares Systematic Bond ETF 5.0 %
iShares S&P 500 Value ETF 4.0 %
iShares Core S&P 500 ETF 3.8 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 20/80 Target Allocation Fund
Investor C Shares | BCCPX
Semi-Annual Shareholder Report — March 31, 2026
BCCPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 20/80 Target Allocation Fund

Class K Shares | BKCPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.02%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $441,174,134
Number of Portfolio Holdings 20
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 77.5 %
Equity Funds 22.4 %
Short-Term Securities 0.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 17.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 12.1 %
iShares U.S. Treasury Bond ETF 10.1 %
iShares 10-20 Year Treasury Bond ETF 10.0 %
iShares Securitized Income Active ETF 6.1 %
iShares Flexible Income Active ETF 6.1 %
iShares Core International Aggregate Bond ETF 6.0 %
iShares Systematic Bond ETF 5.0 %
iShares S&P 500 Value ETF 4.0 %
iShares Core S&P 500 ETF 3.8 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 20/80 Target Allocation Fund
Class K Shares | BKCPX
Semi-Annual Shareholder Report — March 31, 2026
BKCPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 20/80 Target Allocation Fund

Class R Shares | BRCPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $35(a) 0.69%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $441,174,134
Number of Portfolio Holdings 20
Portfolio Turnover Rate 38%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 77.5 %
Equity Funds 22.4 %
Short-Term Securities 0.1 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 17.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 12.1 %
iShares U.S. Treasury Bond ETF 10.1 %
iShares 10-20 Year Treasury Bond ETF 10.0 %
iShares Securitized Income Active ETF 6.1 %
iShares Flexible Income Active ETF 6.1 %
iShares Core International Aggregate Bond ETF 6.0 %
iShares Systematic Bond ETF 5.0 %
iShares S&P 500 Value ETF 4.0 %
iShares Core S&P 500 ETF 3.8 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 20/80 Target Allocation Fund
Class R Shares | BRCPX
Semi-Annual Shareholder Report — March 31, 2026
BRCPX-03/26-SAR
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BlackRock 40/60 Target Allocation Fund

Institutional Shares | BIMPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $3(a) 0.07%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $782,852,892
Number of Portfolio Holdings 25
Portfolio Turnover Rate 32%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 55.6 %
Equity Funds 42.5 %
Short-Term Securities 1.9 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 14.0 %
iShares 10-20 Year Treasury Bond ETF 9.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 8.1 %
iShares U.S. Treasury Bond ETF 7.1 %
International Tilts Master Portfolio 5.9 %
iShares Core S&P 500 ETF 5.8 %
iShares S&P 500 Value ETF 5.1 %
iShares Securitized Income Active ETF 5.1 %
iShares S&P 500 Growth ETF 4.8 %
iShares Flexible Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 40/60 Target Allocation Fund
Institutional Shares | BIMPX
Semi-Annual Shareholder Report — March 31, 2026
BIMPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 40/60 Target Allocation Fund

Investor A Shares | BAMPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $20(a) 0.41%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $782,852,892
Number of Portfolio Holdings 25
Portfolio Turnover Rate 32%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 55.6 %
Equity Funds 42.5 %
Short-Term Securities 1.9 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 14.0 %
iShares 10-20 Year Treasury Bond ETF 9.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 8.1 %
iShares U.S. Treasury Bond ETF 7.1 %
International Tilts Master Portfolio 5.9 %
iShares Core S&P 500 ETF 5.8 %
iShares S&P 500 Value ETF 5.1 %
iShares Securitized Income Active ETF 5.1 %
iShares S&P 500 Growth ETF 4.8 %
iShares Flexible Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 40/60 Target Allocation Fund
Investor A Shares | BAMPX
Semi-Annual Shareholder Report — March 31, 2026
BAMPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 40/60 Target Allocation Fund

Investor C Shares | BCMPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $57(a) 1.15%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $782,852,892
Number of Portfolio Holdings 25
Portfolio Turnover Rate 32%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 55.6 %
Equity Funds 42.5 %
Short-Term Securities 1.9 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 14.0 %
iShares 10-20 Year Treasury Bond ETF 9.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 8.1 %
iShares U.S. Treasury Bond ETF 7.1 %
International Tilts Master Portfolio 5.9 %
iShares Core S&P 500 ETF 5.8 %
iShares S&P 500 Value ETF 5.1 %
iShares Securitized Income Active ETF 5.1 %
iShares S&P 500 Growth ETF 4.8 %
iShares Flexible Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 40/60 Target Allocation Fund
Investor C Shares | BCMPX
Semi-Annual Shareholder Report — March 31, 2026
BCMPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 40/60 Target Allocation Fund

Class K Shares | BKMPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $2(a) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $782,852,892
Number of Portfolio Holdings 25
Portfolio Turnover Rate 32%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 55.6 %
Equity Funds 42.5 %
Short-Term Securities 1.9 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 14.0 %
iShares 10-20 Year Treasury Bond ETF 9.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 8.1 %
iShares U.S. Treasury Bond ETF 7.1 %
International Tilts Master Portfolio 5.9 %
iShares Core S&P 500 ETF 5.8 %
iShares S&P 500 Value ETF 5.1 %
iShares Securitized Income Active ETF 5.1 %
iShares S&P 500 Growth ETF 4.8 %
iShares Flexible Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 40/60 Target Allocation Fund
Class K Shares | BKMPX
Semi-Annual Shareholder Report — March 31, 2026
BKMPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 40/60 Target Allocation Fund

Class R Shares | BRMPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $28(a) 0.57%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $782,852,892
Number of Portfolio Holdings 25
Portfolio Turnover Rate 32%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Fixed-Income Funds 55.6 %
Equity Funds 42.5 %
Short-Term Securities 1.9 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 14.0 %
iShares 10-20 Year Treasury Bond ETF 9.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 8.1 %
iShares U.S. Treasury Bond ETF 7.1 %
International Tilts Master Portfolio 5.9 %
iShares Core S&P 500 ETF 5.8 %
iShares S&P 500 Value ETF 5.1 %
iShares Securitized Income Active ETF 5.1 %
iShares S&P 500 Growth ETF 4.8 %
iShares Flexible Income Active ETF 4.1 %
​(a)
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.

©2026 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 - Blackrock Footer Logo

BlackRock 40/60 Target Allocation Fund

Class R Shares | BRMPX

Semi-Annual Shareholder Report — March 31, 2026

BRMPX-03/26-SAR

TSR - Blackrock Fund Logo

BlackRock 60/40 Target Allocation Fund

Institutional Shares | BIGPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $4(a) 0.08%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,022,928,933
Number of Portfolio Holdings 22
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 61.9 %
Fixed-Income Funds 35.4 %
Short-Term Securities 2.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 11.1 %
International Tilts Master Portfolio 9.1 %
iShares Core S&P 500 ETF 7.9 %
iShares S&P 500 Value ETF 7.3 %
iShares S&P 500 Growth ETF 6.7 %
iShares Core MSCI Emerging Markets ETF 6.1 %
iShares U.S. Equity Factor Rotation Active ETF 6.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 6.1 %
iShares 10-20 Year Treasury Bond ETF 6.1 %
iShares Securitized Income Active ETF 4.1 %
​(a)
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.

©2026 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 - Blackrock Footer Logo

BlackRock 60/40 Target Allocation Fund

Institutional Shares | BIGPX

Semi-Annual Shareholder Report — March 31, 2026

BIGPX-03/26-SAR

TSR - Blackrock Fund Logo

BlackRock 60/40 Target Allocation Fund

Investor A Shares | BAGPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $21(a) 0.42%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,022,928,933
Number of Portfolio Holdings 22
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 61.9 %
Fixed-Income Funds 35.4 %
Short-Term Securities 2.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 11.1 %
International Tilts Master Portfolio 9.1 %
iShares Core S&P 500 ETF 7.9 %
iShares S&P 500 Value ETF 7.3 %
iShares S&P 500 Growth ETF 6.7 %
iShares Core MSCI Emerging Markets ETF 6.1 %
iShares U.S. Equity Factor Rotation Active ETF 6.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 6.1 %
iShares 10-20 Year Treasury Bond ETF 6.1 %
iShares Securitized Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 60/40 Target Allocation Fund
Investor A Shares | BAGPX
Semi-Annual Shareholder Report — March 31, 2026
BAGPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 60/40 Target Allocation Fund

Investor C Shares | BCGPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $58(a) 1.16%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,022,928,933
Number of Portfolio Holdings 22
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 61.9 %
Fixed-Income Funds 35.4 %
Short-Term Securities 2.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 11.1 %
International Tilts Master Portfolio 9.1 %
iShares Core S&P 500 ETF 7.9 %
iShares S&P 500 Value ETF 7.3 %
iShares S&P 500 Growth ETF 6.7 %
iShares Core MSCI Emerging Markets ETF 6.1 %
iShares U.S. Equity Factor Rotation Active ETF 6.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 6.1 %
iShares 10-20 Year Treasury Bond ETF 6.1 %
iShares Securitized Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 60/40 Target Allocation Fund
Investor C Shares | BCGPX
Semi-Annual Shareholder Report — March 31, 2026
BCGPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 60/40 Target Allocation Fund

Class K Shares | BKGPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $3(a) 0.06%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,022,928,933
Number of Portfolio Holdings 22
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 61.9 %
Fixed-Income Funds 35.4 %
Short-Term Securities 2.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 11.1 %
International Tilts Master Portfolio 9.1 %
iShares Core S&P 500 ETF 7.9 %
iShares S&P 500 Value ETF 7.3 %
iShares S&P 500 Growth ETF 6.7 %
iShares Core MSCI Emerging Markets ETF 6.1 %
iShares U.S. Equity Factor Rotation Active ETF 6.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 6.1 %
iShares 10-20 Year Treasury Bond ETF 6.1 %
iShares Securitized Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 60/40 Target Allocation Fund
Class K Shares | BKGPX
Semi-Annual Shareholder Report — March 31, 2026
BKGPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 60/40 Target Allocation Fund

Class R Shares | BRGPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $30(a) 0.61%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,022,928,933
Number of Portfolio Holdings 22
Portfolio Turnover Rate 28%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 61.9 %
Fixed-Income Funds 35.4 %
Short-Term Securities 2.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
BlackRock Total Return Fund, Class K 11.1 %
International Tilts Master Portfolio 9.1 %
iShares Core S&P 500 ETF 7.9 %
iShares S&P 500 Value ETF 7.3 %
iShares S&P 500 Growth ETF 6.7 %
iShares Core MSCI Emerging Markets ETF 6.1 %
iShares U.S. Equity Factor Rotation Active ETF 6.1 %
BlackRock Strategic Income Opportunities Portfolio, Class K 6.1 %
iShares 10-20 Year Treasury Bond ETF 6.1 %
iShares Securitized Income Active ETF 4.1 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 60/40 Target Allocation Fund
Class R Shares | BRGPX
Semi-Annual Shareholder Report — March 31, 2026
BRGPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 80/20 Target Allocation Fund

Institutional Shares | BIAPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Institutional Shares $5(a) 0.10%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,354,998,741
Number of Portfolio Holdings 21
Portfolio Turnover Rate 34%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 82.4 %
Fixed-Income Funds 16.0 %
Short-Term Securities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
International Tilts Master Portfolio 12.2 %
iShares Core S&P 500 ETF 11.8 %
iShares S&P 500 Value ETF 10.3 %
iShares U.S. Equity Factor Rotation Active ETF 9.1 %
iShares S&P 500 Growth ETF 8.7 %
iShares Core MSCI Emerging Markets ETF 8.1 %
BlackRock Total Return Fund, Class K 5.1 %
iShares MSCI U.S.A. Quality Factor ETF 4.1 %
iShares 10-20 Year Treasury Bond ETF 4.0 %
iShares Large Cap Core Active ETF 4.0 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 80/20 Target Allocation Fund
Institutional Shares | BIAPX
Semi-Annual Shareholder Report — March 31, 2026
BIAPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 80/20 Target Allocation Fund

Investor A Shares | BAAPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor A Shares $22(a) 0.44%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,354,998,741
Number of Portfolio Holdings 21
Portfolio Turnover Rate 34%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 82.4 %
Fixed-Income Funds 16.0 %
Short-Term Securities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
International Tilts Master Portfolio 12.2 %
iShares Core S&P 500 ETF 11.8 %
iShares S&P 500 Value ETF 10.3 %
iShares U.S. Equity Factor Rotation Active ETF 9.1 %
iShares S&P 500 Growth ETF 8.7 %
iShares Core MSCI Emerging Markets ETF 8.1 %
BlackRock Total Return Fund, Class K 5.1 %
iShares MSCI U.S.A. Quality Factor ETF 4.1 %
iShares 10-20 Year Treasury Bond ETF 4.0 %
iShares Large Cap Core Active ETF 4.0 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 80/20 Target Allocation Fund
Investor A Shares | BAAPX
Semi-Annual Shareholder Report — March 31, 2026
BAAPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 80/20 Target Allocation Fund

Investor C Shares | BCAPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Investor C Shares $59(a) 1.19%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,354,998,741
Number of Portfolio Holdings 21
Portfolio Turnover Rate 34%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 82.4 %
Fixed-Income Funds 16.0 %
Short-Term Securities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
International Tilts Master Portfolio 12.2 %
iShares Core S&P 500 ETF 11.8 %
iShares S&P 500 Value ETF 10.3 %
iShares U.S. Equity Factor Rotation Active ETF 9.1 %
iShares S&P 500 Growth ETF 8.7 %
iShares Core MSCI Emerging Markets ETF 8.1 %
BlackRock Total Return Fund, Class K 5.1 %
iShares MSCI U.S.A. Quality Factor ETF 4.1 %
iShares 10-20 Year Treasury Bond ETF 4.0 %
iShares Large Cap Core Active ETF 4.0 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 80/20 Target Allocation Fund
Investor C Shares | BCAPX
Semi-Annual Shareholder Report — March 31, 2026
BCAPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 80/20 Target Allocation Fund

Class K Shares | BKAPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class K Shares $4(a) 0.08%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,354,998,741
Number of Portfolio Holdings 21
Portfolio Turnover Rate 34%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 82.4 %
Fixed-Income Funds 16.0 %
Short-Term Securities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
International Tilts Master Portfolio 12.2 %
iShares Core S&P 500 ETF 11.8 %
iShares S&P 500 Value ETF 10.3 %
iShares U.S. Equity Factor Rotation Active ETF 9.1 %
iShares S&P 500 Growth ETF 8.7 %
iShares Core MSCI Emerging Markets ETF 8.1 %
BlackRock Total Return Fund, Class K 5.1 %
iShares MSCI U.S.A. Quality Factor ETF 4.1 %
iShares 10-20 Year Treasury Bond ETF 4.0 %
iShares Large Cap Core Active ETF 4.0 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 80/20 Target Allocation Fund
Class K Shares | BKAPX
Semi-Annual Shareholder Report — March 31, 2026
BKAPX-03/26-SAR
TSR - Blackrock Fund Logo

BlackRock 80/20 Target Allocation Fund

Class R Shares | BRAPX

Semi-Annual Shareholder Report — March 31, 2026

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
Class R Shares $30(a) 0.60%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $2,354,998,741
Number of Portfolio Holdings 21
Portfolio Turnover Rate 34%
What did the Fund invest in?
(as of March 31, 2026)
Portfolio composition
Investment Type Percent of Total
Investments
Equity Funds 82.4 %
Fixed-Income Funds 16.0 %
Short-Term Securities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
International Tilts Master Portfolio 12.2 %
iShares Core S&P 500 ETF 11.8 %
iShares S&P 500 Value ETF 10.3 %
iShares U.S. Equity Factor Rotation Active ETF 9.1 %
iShares S&P 500 Growth ETF 8.7 %
iShares Core MSCI Emerging Markets ETF 8.1 %
BlackRock Total Return Fund, Class K 5.1 %
iShares MSCI U.S.A. Quality Factor ETF 4.1 %
iShares 10-20 Year Treasury Bond ETF 4.0 %
iShares Large Cap Core Active ETF 4.0 %
​(a)
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.
©2026 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 - Blackrock Footer Logo
BlackRock 80/20 Target Allocation Fund
Class R Shares | BRAPX
Semi-Annual Shareholder Report — March 31, 2026
BRAPX-03/26-SAR

(b) Not Applicable

 

Item 2 –

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

 

Item 3 –

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

 

Item 4 –

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

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

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

 

 
March 31, 2026 
2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock Funds II
●BlackRock 20/80 Target Allocation Fund
●BlackRock 40/60 Target Allocation Fund
●BlackRock 60/40 Target Allocation Fund
●BlackRock 80/20 Target Allocation Fund
 
 
Not FDIC Insured ● May Lose Value ● No Bank Guarantee
Table of Contents
Page
 
3
16
18
19
21
41
52
2
Schedule of Investments (unaudited) 
March 31, 2026
BlackRock 20/80 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 22.4%
International Tilts Master Portfolio
$  8,980,923
$  8,980,923
iShares Core MSCI Emerging Markets ETF
189,312
13,204,512
iShares Core S&P 500 ETF
25,500
16,656,855
iShares MSCI Global Gold Miners ETF
52,946
4,181,675
iShares S&P 500 Growth ETF
112,689
12,746,253
iShares S&P 500 Value ETF
84,385
17,817,893
iShares U.S. Aerospace & Defense ETF
37,400
8,181,250
iShares U.S. Equity Factor Rotation Active ETF
152,103
8,849,352
iShares U.S. Thematic Rotation Active ETF
230,370
8,344,001
 
98,962,714
Fixed-Income Funds — 77.6%
BlackRock Strategic Income Opportunities Portfolio,
Class K
5,522,050
53,177,338
BlackRock Total Return Fund, Class K
7,604,720
75,286,732
iShares 10-20 Year Treasury Bond ETF
440,222
44,339,160
iShares Convertible Bond ETF
88,377
8,995,895
iShares Core International Aggregate Bond ETF
525,193
26,280,658
iShares Core Universal USD Bond ETF
292,590
13,514,732
iShares Flexible Income Active ETF
516,694
26,831,920
iShares Securitized Income Active ETF
540,101
26,904,699
iShares Systematic Bond ETF
249,800
22,232,200
iShares U.S. Treasury Bond ETF
1,943,800
44,532,458
 
342,095,792
Total Long-Term Investments — 100.0%
(Cost: $426,706,738)
441,058,506
 
Security
 
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.55%(a)(b)
468,122
$  468,122
Total Short-Term Securities — 0.1%
(Cost: $468,122)
468,122
Total Investments — 100.1%
(Cost: $427,174,860)
441,526,628
Liabilities in Excess of Other Assets — (0.1)%
(352,494
)
Net Assets — 100.0%
$  441,174,134
 
(a)
Affiliate of the Fund.
(b)
Annualized 7-day yield as of period end.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional,
SL Agency
Shares(a)
$  14,666,012
 
$  —
$  (14,663,898
)(b)
$  (2,049
)
$  (65
)
$  —
—
$  16,476
(c)
$  —
BlackRock
Liquidity Funds,
T-Fund,
Institutional
Shares
—
 
468,122
(b)
—
—
—
468,122
468,122
11,122
—
BlackRock
Strategic
Income
Opportunities
Portfolio,
Class K
52,782,526
 
3,810,902
(2,535,366
)
47,868
(928,592
)
53,177,338
5,522,050
1,525,896
—
BlackRock Total
Return Fund,
Class K
75,008,779
 
4,836,009
(3,491,769
)
(31,111
)
(1,035,176
)
75,286,732
7,604,720
1,794,799
—
Schedules of Investments
3
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 20/80 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
International Tilts
Master
Portfolio
$  —
 
$  8,993,396
(b)(d)
$  —
$  (27,730
)
$  15,257
$  8,980,923
$8,980,923
$  23,396
$  —
iShares 0-5 Year
TIPS Bond
ETF(a)
17,485,308
 
167,395
(17,570,363
)
61,036
(143,376
)
—
—
104,391
—
iShares 10-
20 Year
Treasury Bond
ETF
56,918,865
 
3,785,778
(15,127,618
)
(337,912
)
(899,953
)
44,339,160
440,222
1,200,710
—
iShares
Convertible
Bond ETF
13,381,487
 
5,212,574
(10,062,866
)
562,890
(98,190
)
8,995,895
88,377
133,577
—
iShares Core
International
Aggregate
Bond ETF
26,311,267
 
1,843,943
(1,267,501
)
(12,244
)
(594,807
)
26,280,658
525,193
836,755
—
iShares Core
MSCI Emerging
Markets ETF
9,250,092
 
3,820,599
(541,487
)
49,216
626,092
13,204,512
189,312
215,545
—
iShares Core S&P
500 ETF
18,156,770
 
8,753,480
(9,734,871
)
4,267,814
(4,786,338
)
16,656,855
25,500
76,596
—
iShares Core
Universal USD
Bond ETF
18,270,103
 
9,449,453
(13,941,240
)
(7,345
)
(256,239
)
13,514,732
292,590
489,609
—
iShares Flexible
Income Active
ETF
35,044,059
 
2,666,005
(10,033,124
)
(152,816
)
(692,204
)
26,831,920
516,694
1,006,757
89,929
iShares High Yield
Systematic
Bond ETF(a)
8,649,706
 
854,274
(9,261,722
)
(218,019
)
(24,239
)
—
—
298,051
—
iShares J.P.
Morgan USD
Emerging
Markets Bond
ETF(a)
13,337,166
 
13,989,772
(27,312,355
)
961,060
(975,643
)
—
—
328,948
—
iShares MSCI
EAFE Value
ETF(a)
9,045,538
 
508,761
(10,315,166
)
2,341,195
(1,580,328
)
—
—
210,872
—
iShares MSCI
Global Gold
Miners ETF
—
 
4,474,471
(1,300,720
)
274,384
733,540
4,181,675
52,946
25,171
—
iShares MSCI
USA Quality
Factor ETF(a)
13,417,972
 
47,263
(13,243,570
)
1,955,642
(2,177,307
)
—
—
—
—
iShares S&P
100 ETF(a)
8,726,066
 
297,577
(8,934,753
)
(6,758
)
(82,132
)
—
—
21,748
—
iShares S&P
500 Growth
ETF
13,804,815
 
457,261
(665,384
)
117,278
(967,717
)
12,746,253
112,689
26,036
—
iShares S&P
500 Value ETF
13,298,418
 
8,877,840
(4,849,839
)
122,840
368,634
17,817,893
84,385
168,637
—
iShares
Securitized
Income Active
ETF
26,146,470
 
1,749,611
(862,502
)
18,422
(147,302
)
26,904,699
540,101
680,845
—
42026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 20/80 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Systematic
Bond ETF
$  —
 
$  22,254,982
$  —
$  —
$  (22,782
)
$  22,232,200
249,800
$  —
$  —
iShares
U.S. Aerospace
& Defense ETF
—
 
8,692,609
—
—
(511,359
)
8,181,250
37,400
5,660
—
iShares
U.S. Equity
Factor Rotation
Active ETF
13,725,283
 
445,821
(5,199,130
)
975,412
(1,098,034
)
8,849,352
152,103
54,656
—
iShares
U.S. Thematic
Rotation Active
ETF
—
 
8,792,675
(197,126
)
3,000
(254,548
)
8,344,001
230,370
6,528
—
iShares
U.S. Treasury
Bond ETF
—
 
44,623,817
—
—
(91,359
)
44,532,458
1,943,800
—
—
 
$  10,962,073
$  (15,624,167
)
$  441,526,628
$  9,262,781
$  89,929
 
(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.
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
Long-Term Investments
Investment Companies 
$  432,077,583
$  —
$  —
$  432,077,583
Short-Term Securities
Money Market Funds
468,122
—
—
468,122
 
$  432,545,705
$  —
$  —
432,545,705
Investments valued at NAV(a)
8,980,923
 
$  441,526,628
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
See notes to financial statements.
Schedules of Investments
5
Schedule of Investments (unaudited) 
March 31, 2026
BlackRock 40/60 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 43.2%
BlackRock Technology Opportunities Fund, Class K
199,150
$  14,613,631
International Tilts Master Portfolio
$  46,428,556
46,428,556
iShares Core MSCI Emerging Markets ETF
459,493
32,049,637
iShares Core S&P 500 ETF
68,867
44,984,613
iShares Large Cap Core Active ETF
375,352
15,411,953
iShares MSCI Global Gold Miners ETF
96,982
7,659,639
iShares MSCI U.S.A. Momentum Factor ETF(b)
66,193
15,885,658
iShares MSCI U.S.A. Quality Factor ETF
121,211
23,249,482
iShares S&P 500 Growth ETF
330,926
37,431,040
iShares S&P 500 Value ETF
188,953
39,897,426
iShares U.S. Aerospace & Defense ETF
66,532
14,553,875
iShares U.S. Equity Factor Rotation Active ETF
539,607
31,394,335
iShares U.S. Thematic Rotation Active ETF
411,197
14,893,555
 
338,453,400
Fixed-Income Funds — 56.6%
BlackRock Strategic Income Opportunities Portfolio,
Class K
6,560,182
63,174,552
BlackRock Total Return Fund, Class K
11,017,597
109,074,208
iShares 10-20 Year Treasury Bond ETF
709,857
71,496,797
iShares Convertible Bond ETF
161,442
16,433,181
iShares Core International Aggregate Bond ETF
616,214
30,835,349
iShares Core Total USD Bond Market ETF
186,917
8,633,696
iShares Flexible Income Active ETF
622,455
32,324,088
iShares Securitized Income Active ETF
797,348
39,719,253
iShares Systematic Bond ETF
177,815
15,825,535
iShares U.S. Treasury Bond ETF
2,423,398
55,520,048
 
443,036,707
Total Long-Term Investments — 99.8%
(Cost: $731,195,976)
781,490,107
 
Security
 
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.89%(a)(c)(d)
15,423,663
$  15,426,748
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.55%(a)(c)
12,238
12,238
Total Short-Term Securities — 2.0%
(Cost: $15,438,986)
15,438,986
Total Investments — 101.8%
(Cost: $746,634,962)
796,929,093
Liabilities in Excess of Other Assets — (1.8)%
(14,076,201
)
Net Assets — 100.0%
$  782,852,892
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional,
SL Agency Shares
$  38,173,490
 
$  —
$  (22,743,637
)(a)
$  (6,099
)
$  2,994
$  15,426,748
15,423,663
$  33,243
(b)
$  —
BlackRock Liquidity
Funds, T-Fund,
Institutional
Shares
1,615,596
 
—
(1,603,358
)(a)
—
—
12,238
12,238
23,465
—
BlackRock Strategic
Income
Opportunities
Portfolio, Class K
60,188,652
 
6,828,330
(2,783,418
)
(14,482
)
(1,044,530
)
63,174,552
6,560,182
1,833,823
—
BlackRock
Technology
Opportunities
Fund, Class K
16,691,839
 
1,950,504
(1,859,561
)
16,438
(2,185,589
)
14,613,631
199,150
221,144
745,457
62026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 40/60 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Total
Return Fund,
Class K
$  106,048,630
 
$  9,472,434
$  (4,870,981
)
$  (54,265
)
$  (1,521,610
)
$  109,074,208
11,017,597
$  2,640,061
$  —
International Tilts
Master Portfolio
16,449,265
 
29,364,424
(a)(c)
—
538,921
75,946
46,428,556
$46,428,556
196,940
—
iShares 0-5 Year
TIPS Bond ETF(d)
22,343,124
 
982,389
(23,214,730
)
70,915
(181,698
)
—
—
138,260
—
iShares 10-20 Year
Treasury Bond
ETF
82,836,505
 
8,599,648
(17,996,449
)
(446,093
)
(1,496,814
)
71,496,797
709,857
1,828,183
—
iShares Convertible
Bond ETF
17,080,436
 
1,091,492
(2,026,137
)
139,315
148,075
16,433,181
161,442
139,675
—
iShares Core
International
Aggregate Bond
ETF
29,959,868
 
2,994,663
(1,391,703
)
(32,494
)
(694,985
)
30,835,349
616,214
996,083
—
iShares Core MSCI
Emerging Markets
ETF
23,552,161
 
8,313,356
(1,528,344
)
32,410
1,680,054
32,049,637
459,493
519,231
—
iShares Core S&P
500 ETF
47,163,563
 
17,805,061
(18,651,520
)
7,017,893
(8,350,384
)
44,984,613
68,867
236,081
—
iShares Core Total
USD Bond Market
ETF
23,913,231
 
10,168,584
(25,135,926
)
172,379
(484,572
)
8,633,696
186,917
610,147
—
iShares Flexible
Income Active
ETF
45,177,228
 
4,662,406
(16,397,436
)
(280,309
)
(837,801
)
32,324,088
622,455
1,350,083
121,473
iShares J.P. Morgan
USD Emerging
Markets Bond
ETF(d)
15,015,937
 
16,989,352
(31,981,871
)
1,133,000
(1,156,418
)
—
—
387,570
—
iShares Large Cap
Core Active ETF
—
 
15,893,615
(108,838
)
(512
)
(372,312
)
15,411,953
375,352
1,332
—
iShares MSCI EAFE
Value ETF(d)
15,981,969
 
1,360,200
(18,750,047
)
6,396,142
(4,988,264
)
—
—
384,834
—
iShares MSCI Global
Gold Miners ETF
—
 
8,083,716
(2,268,271
)
500,536
1,343,658
7,659,639
96,982
45,430
—
iShares MSCI U.S.A.
Momentum Factor
ETF
16,643,861
 
1,037,419
(704,054
)
(9,230
)
(1,082,338
)
15,885,658
66,193
59,376
—
iShares MSCI U.S.A.
Quality Factor
ETF
38,155,843
 
2,156,358
(16,454,827
)
1,869,011
(2,476,903
)
23,249,482
121,211
125,485
—
iShares S&P
100 ETF(d)
37,488,768
 
2,524,164
(39,569,193
)
1,924,892
(2,368,631
)
—
—
97,769
—
iShares S&P
500 Growth ETF
39,415,442
 
2,511,479
(1,943,819
)
(4,927
)
(2,547,135
)
37,431,040
330,926
77,147
—
iShares S&P
500 Value ETF
29,448,946
 
18,510,954
(9,129,635
)
202,170
864,991
39,897,426
188,953
370,615
—
iShares Securitized
Income Active
ETF
37,392,695
 
3,556,584
(1,037,700
)
(6,583
)
(185,743
)
39,719,253
797,348
1,018,838
—
iShares Systematic
Bond ETF
—
 
15,949,544
(107,910
)
110
(16,209
)
15,825,535
177,815
—
—
iShares
U.S. Aerospace &
Defense ETF
—
 
15,574,587
(108,383
)
(2,715
)
(909,614
)
14,553,875
66,532
10,090
—
Schedules of Investments
7
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 40/60 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
iShares U.S. Equity
Factor Rotation
Active ETF
$  45,231,642
 
$  3,107,733
$  (16,483,397
)
$  1,778,662
$  (2,240,305
)
$  31,394,335
539,607
$  193,868
$  —
iShares
U.S. Thematic
Rotation Active
ETF
—
 
15,889,221
(545,055
)
(1,076
)
(449,535
)
14,893,555
411,197
11,722
—
iShares
U.S. Treasury
Bond ETF
—
 
56,011,540
(377,846
)
226
(113,872
)
55,520,048
2,423,398
—
—
 
$  20,934,235
$  (31,589,544
)
$  796,929,093
$  13,550,495
$  866,930
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
Inclusive of income and expense allocated from the Master Portfolio.
(d)
As of period end, the entity is no longer held.
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
Long-Term Investments
Investment Companies 
$  735,061,551
$  —
$  —
$  735,061,551
Short-Term Securities
Money Market Funds
15,438,986
—
—
15,438,986
 
$  750,500,537
$  —
$  —
750,500,537
Investments valued at NAV(a)
46,428,556
 
$  796,929,093
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
See notes to financial statements.
82026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) 
March 31, 2026
BlackRock 60/40 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 63.6%
BlackRock Technology Opportunities Fund,
Class K
1,063,502
$  78,039,802
International Tilts Master Portfolio
$  184,421,591
184,421,591
iShares Core MSCI Emerging Markets ETF
1,779,273
124,104,292
iShares Core S&P 500 ETF
243,161
158,835,197
iShares Large Cap Core Active ETF
980,119
40,243,686
iShares MSCI Global Gold Miners ETF
269,784
21,307,540
iShares MSCI U.S.A. Momentum Factor ETF(b)
328,803
78,909,432
iShares MSCI U.S.A. Quality Factor ETF
416,461
79,881,385
iShares S&P 500 Growth ETF
1,203,523
136,130,487
iShares S&P 500 Value ETF
695,099
146,770,154
iShares U.S. Aerospace & Defense ETF
253,251
55,398,656
iShares U.S. Equity Factor Rotation Active ETF
2,127,812
123,796,102
iShares U.S. Thematic Rotation Active ETF
1,604,374
58,110,426
 
1,285,948,750
Fixed-Income Funds — 36.4%
BlackRock Strategic Income Opportunities
Portfolio, Class K
12,729,503
122,585,116
BlackRock Total Return Fund, Class K
22,732,707
225,053,799
iShares 10-20 Year Treasury Bond ETF
1,216,402
122,516,010
iShares Core International Aggregate Bond ETF
1,228,990
61,498,659
iShares Flexible Income Active ETF
1,178,871
61,218,771
iShares Securitized Income Active ETF
1,659,340
82,658,695
iShares U.S. Treasury Bond ETF
2,680,570
61,411,859
 
736,942,909
Total Long-Term Investments — 100.0%
(Cost: $1,848,221,501)
2,022,891,659
 
Security
 
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.77%(a)(c)(d)
54,567,156
$  54,578,069
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.55%(a)(c)
1,878,220
1,878,220
Total Short-Term Securities — 2.8%
(Cost: $56,456,289)
56,456,289
Total Investments — 102.8%
(Cost: $1,904,677,790)
2,079,347,948
Liabilities in Excess of Other Assets — (2.8)%
(56,419,015
)
Net Assets — 100.0%
$  2,022,928,933
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds: Institutional,
SL Agency
Shares
$  65,386,730
 
$  —
$  (10,795,743
)(a)
$  (11,301
)
$  (1,617
)
$  54,578,069
54,567,156
$  90,125
(b)
$  —
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Shares
795,850
 
1,082,370
(a)
—
—
—
1,878,220
1,878,220
54,752
—
BlackRock
Strategic
Income
Opportunities
Portfolio,
Class K
118,730,202
 
9,792,542
(3,917,177
)
(37,155
)
(1,983,296
)
122,585,116
12,729,503
3,486,038
—
Schedules of Investments
9
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 60/40 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Technology
Opportunities
Fund,
Class K
$  84,433,324
 
$  6,458,953
$  (1,678,118
)
$  13,657
$  (11,188,014
)
$  78,039,802
1,063,502
$  1,170,578
$  3,945,910
BlackRock Total
Return Fund,
Class K
218,428,070
 
16,510,944
(6,714,825
)
(89,358
)
(3,081,032
)
225,053,799
22,732,707
5,374,842
—
International
Tilts Master
Portfolio
63,939,051
 
117,957,397
(a)(c)
—
2,135,070
390,073
184,421,591
$184,421,591
780,084
—
iShares 10-
20 Year
Treasury
Bond ETF
137,784,657
 
4,769,357
(17,269,861
)
(142,774
)
(2,625,369
)
122,516,010
1,216,402
2,736,033
—
iShares Core
International
Aggregate
Bond ETF
58,820,595
 
6,033,016
(1,983,218
)
(39,151
)
(1,332,583
)
61,498,659
1,228,990
1,896,911
—
iShares Core
MSCI
Emerging
Markets ETF
118,415,722
 
20,950,109
(23,593,952
)
1,520,546
6,811,867
124,104,292
1,779,273
2,326,409
—
iShares Core
S&P
500 ETF
164,159,880
 
65,508,492
(65,993,640
)
28,136,670
(32,976,205
)
158,835,197
243,161
794,857
—
iShares Core
Universal
USD Bond
ETF(d)
42,083,702
 
943,073
(42,769,493
)
1,125,834
(1,383,116
)
—
—
620,966
—
iShares Flexible
Income
Active ETF
58,832,915
 
5,794,132
(1,908,923
)
(29,500
)
(1,469,853
)
61,218,771
1,178,871
1,715,032
153,340
iShares J.P.
Morgan USD
Emerging
Markets
Bond ETF(d)
38,930,901
 
41,380,868
(80,268,109
)
2,887,949
(2,931,609
)
—
—
983,622
—
iShares Large
Cap Core
Active ETF
—
 
41,437,757
(224,747
)
2,923
(972,247
)
40,243,686
980,119
3,482
—
iShares MSCI
EAFE Value
ETF(d)
62,685,908
 
1,575,789
(67,995,440
)
23,963,352
(20,229,609
)
—
—
962,568
—
iShares MSCI
Global Gold
Miners ETF
—
 
20,437,611
(3,690,006
)
827,143
3,732,792
21,307,540
269,784
116,351
—
iShares MSCI
U.S.A.
Momentum
Factor ETF
41,644,403
 
41,868,877
(1,461,368
)
4,163
(3,146,643
)
78,909,432
328,803
284,904
—
iShares MSCI
U.S.A.
Quality
Factor ETF
144,785,022
 
1,893,125
(64,600,372
)
7,707,744
(9,904,134
)
79,881,385
416,461
429,076
—
iShares S&P
100 ETF(d)
118,264,376
 
2,012,472
(119,003,683
)
7,168,129
(8,441,294
)
—
—
300,023
—
102026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 60/40 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
iShares S&P
500 Growth
ETF
$  144,493,027
 
$  4,264,343
$  (3,525,865
)
$  226,044
$  (9,327,062
)
$  136,130,487
1,203,523
$  277,304
$  —
iShares S&P
500 Value
ETF
116,465,858
 
43,634,409
(16,901,782
)
387,461
3,184,208
146,770,154
695,099
1,297,532
—
iShares
Securitized
Income
Active ETF
79,132,684
 
6,083,784
(2,174,652
)
(16,151
)
(366,970
)
82,658,695
1,659,340
2,073,154
—
iShares
U.S. Aerospace
& Defense
ETF
40,709,859
 
14,576,046
(948,165
)
18,302
1,042,614
55,398,656
253,251
38,410
—
iShares
U.S. Equity
Factor
Rotation
Active ETF
158,724,376
 
3,294,417
(36,319,714
)
3,805,273
(5,708,250
)
123,796,102
2,127,812
706,343
—
iShares
U.S. Thematic
Rotation
Active ETF
—
 
60,796,290
(931,817
)
(3,515
)
(1,750,532
)
58,110,426
1,604,374
45,459
—
iShares
U.S. Treasury
Bond ETF
—
 
62,560,785
(1,022,259
)
(1,302
)
(125,365
)
61,411,859
2,680,570
—
—
 
$  79,560,053
$  (103,783,246
)
$  2,079,347,948
$  28,564,855
$  4,099,250
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
Inclusive of income and expense allocated from the Master Portfolio.
(d)
As of period end, the entity is no longer held.
Schedules of Investments
11
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 60/40 Target Allocation Fund
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
Long-Term Investments
Investment Companies 
$  1,838,470,068
$  —
$  —
$  1,838,470,068
Short-Term Securities
Money Market Funds
56,456,289
—
—
56,456,289
 
$  1,894,926,357
$  —
$  —
1,894,926,357
Investments valued at NAV(a)
184,421,591
 
$  2,079,347,948
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
See notes to financial statements.
122026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) 
March 31, 2026
BlackRock 80/20 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 83.8%
BlackRock Technology Opportunities Fund,
Class K
1,241,608
$  91,109,174
International Tilts Master Portfolio
$  287,581,054
287,581,054
iShares Core MSCI Emerging Markets ETF
2,754,733
192,142,627
iShares Core S&P 500 ETF
426,799
278,789,375
iShares Large Cap Core Active ETF
2,289,911
94,023,746
iShares MSCI Global Gold Miners ETF
315,120
24,888,177
iShares MSCI U.S.A. Momentum Factor ETF(b)
387,908
93,094,041
iShares MSCI U.S.A. Quality Factor ETF
501,422
96,177,754
iShares S&P 500 Growth ETF(b)
1,805,178
204,183,683
iShares S&P 500 Value ETF
1,149,691
242,757,255
iShares U.S. Aerospace & Defense ETF
292,957
64,084,344
iShares U.S. Equity Factor Rotation Active ETF
3,684,200
214,346,756
iShares U.S. Thematic Rotation Active ETF
2,497,769
90,469,193
 
1,973,647,179
Fixed-Income Funds — 16.2%
BlackRock Strategic Income Opportunities
Portfolio, Class K
4,855,702
46,760,413
BlackRock Total Return Fund, Class K
12,032,667
119,123,408
iShares 10-20 Year Treasury Bond ETF
936,600
94,334,352
iShares Core International Aggregate Bond ETF
509,460
25,493,378
iShares Core Universal USD Bond ETF
1,068,282
49,343,945
iShares Securitized Income Active ETF
944,480
47,048,516
 
382,104,012
Total Long-Term Investments — 100.0%
(Cost: $2,075,669,307)
2,355,751,191
 
Security
 
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.77%(a)(c)(d)
38,560,206
$  38,567,918
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.55%(a)(c)
678,815
678,815
Total Short-Term Securities — 1.7%
(Cost: $39,246,734)
39,246,733
Total Investments — 101.7%
(Cost: $2,114,916,041)
2,394,997,924
Liabilities in Excess of Other Assets — (1.7)%
(39,999,183
)
Net Assets — 100.0%
$  2,354,998,741
 
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional,
SL Agency
Shares
$  62,153,903
 
$  —
$  (23,576,065
)(a)
$  (15,022
)
$  5,102
$  38,567,918
38,560,206
$  40,955
(b)
$  —
BlackRock
Liquidity Funds,
T-Fund,
Institutional
Shares
—
 
678,815
(a)
—
—
—
678,815
678,815
74,488
—
BlackRock
Strategic
Income
Opportunities
Portfolio,
Class K
44,198,479
 
4,146,534
(817,493
)
(3,961
)
(763,146
)
46,760,413
4,855,702
1,315,983
—
Schedules of Investments
13
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 80/20 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Technology
Opportunities
Fund, Class K
$  96,538,657
 
$  9,239,309
$  (1,634,987
)
$  (64,409
)
$  (12,969,396
)
$  91,109,174
1,241,608
$  1,352,198
$  4,558,134
BlackRock Total
Return Fund,
Class K
112,232,581
 
10,589,602
(2,043,734
)
(21,945
)
(1,633,096
)
119,123,408
12,032,667
2,771,825
—
International Tilts
Master
Portfolio
94,695,640
 
189,169,929
(a)(c)
—
3,171,632
543,853
287,581,054
$287,581,054
1,199,641
—
iShares 10-
20 Year
Treasury Bond
ETF
66,559,656
 
48,308,818
(19,261,524
)
(130,915
)
(1,141,683
)
94,334,352
936,600
1,173,371
—
iShares Core
International
Aggregate
Bond ETF
26,159,524
 
1,609,593
(1,658,513
)
(22,745
)
(594,481
)
25,493,378
509,460
852,213
—
iShares Core
MSCI Emerging
Markets ETF
158,535,425
 
54,726,673
(33,390,515
)
1,920,415
10,350,629
192,142,627
2,754,733
3,530,321
—
iShares Core S&P
500 ETF
302,810,060
 
81,740,672
(97,727,172
)
38,602,723
(46,636,908
)
278,789,375
426,799
1,523,252
—
iShares Core
Universal USD
Bond ETF
112,120,255
 
5,615,748
(67,335,828
)
431,929
(1,488,159
)
49,343,945
1,068,282
2,140,960
—
iShares Large Cap
Core Active
ETF
—
 
96,619,222
(327,769
)
4,263
(2,271,970
)
94,023,746
2,289,911
8,129
—
iShares MSCI
EAFE Value
ETF(d)
94,431,502
 
82,524,099
(183,220,291
)
36,577,092
(30,312,402
)
—
—
1,657,415
—
iShares MSCI
Global Gold
Miners ETF
—
 
23,947,894
(4,345,058
)
922,677
4,362,664
24,888,177
315,120
135,295
—
iShares MSCI
U.S.A.
Momentum
Factor ETF
70,842,261
 
28,719,478
(1,524,310
)
(22,476
)
(4,920,912
)
93,094,041
387,908
343,380
—
iShares MSCI
U.S.A. Quality
Factor ETF
211,627,281
 
5,153,338
(117,203,943
)
14,929,456
(18,328,378
)
96,177,754
501,422
513,367
—
iShares S&P
100 ETF(d)
181,447,060
 
7,020,945
(186,384,992
)
10,928,397
(13,011,410
)
—
—
465,952
—
iShares S&P
500 Growth
ETF
211,424,541
 
10,186,188
(3,691,361
)
(42,958
)
(13,692,727
)
204,183,683
1,805,178
413,401
—
iShares S&P
500 Value ETF
181,567,103
 
103,567,282
(48,736,696
)
1,087,954
5,271,612
242,757,255
1,149,691
2,232,114
—
iShares
Securitized
Income Active
ETF
44,275,304
 
3,617,535
(628,281
)
(2,388
)
(213,654
)
47,048,516
944,480
1,174,139
—
iShares
U.S. Aerospace
& Defense ETF
46,546,539
 
17,207,352
(895,968
)
(3,210
)
1,229,631
64,084,344
292,957
44,406
—
142026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited) (continued)
March 31, 2026
BlackRock 80/20 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares/
Investment
Value
Held at
03/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
U.S. Equity
Factor Rotation
Active ETF
$  250,748,763
 
$  11,060,525
$  (43,889,981
)
$  544,047
$  (4,116,598
)
$  214,346,756
3,684,200
$  1,175,693
$  —
iShares
U.S. Thematic
Rotation Active
ETF
—
 
94,415,409
(1,170,270
)
(12,092
)
(2,763,854
)
90,469,193
2,497,769
70,622
—
 
$  108,778,464
$  (133,095,283
)
$  2,394,997,924
$  24,209,120
$  4,558,134
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
Inclusive of income and expense allocated from the Master Portfolio.
(d)
As of period end, the entity is no longer held.
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
Long-Term Investments
Investment Companies 
$  2,068,170,137
$  —
$  —
$  2,068,170,137
Short-Term Securities
Money Market Funds
39,246,733
—
—
39,246,733
 
$  2,107,416,870
$  —
$  —
2,107,416,870
Investments valued at NAV(a)
287,581,054
 
$  2,394,997,924
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
See notes to financial statements.
Schedules of Investments
15
Statements of Assets and Liabilities (unaudited)
March 31, 2026
 
 
BlackRock
20/80 Target
Allocation
Fund
BlackRock
40/60 Target
Allocation
Fund
BlackRock
60/40 Target
Allocation
Fund
BlackRock
80/20 Target
Allocation
Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 441,526,628
$ 796,929,093
$ 2,079,347,948
$ 2,394,997,924
Cash
—
7,621
8,362
15,671
Receivables:
Investments sold
—
1,550,553
—
—
Securities lending income — affiliated
2,577
5,323
14,431
8,236
Capital shares sold
116,097
386,770
824,968
999,470
Dividends — affiliated
509,705
679,246
1,370,312
641,136
From the Manager
28,511
52,152
109,431
159,464
Prepaid expenses
56,443
62,237
67,127
65,288
Total assets
442,239,961
799,672,995
2,081,742,579
2,396,887,189
LIABILITIES
Collateral on securities loaned
—
15,432,478
54,588,707
38,579,676
Payables:
Investments purchased
508,797
685,912
1,373,937
648,942
Administration fees
4,001
26,410
77,896
92,101
Capital shares redeemed
304,489
322,195
1,955,632
1,906,262
Trustees’ and Officer’s fees
1,961
2,221
3,505
3,226
Other accrued expenses
58,476
63,686
69,306
70,238
Other affiliate fees
539
137
2,077
2,589
Professional fees
34,419
34,513
32,988
33,255
Registration fees
4,084
687
470
983
Service and distribution fees
57,968
100,888
216,358
179,949
Transfer agent fees
91,093
150,976
492,770
371,227
Total liabilities
1,065,827
16,820,103
58,813,646
41,888,448
Commitments and contingent liabilities
NET ASSETS
$ 441,174,134
$ 782,852,892
$ 2,022,928,933
$ 2,354,998,741
NET ASSETS CONSIST OF:
Paid-in capital
$ 462,625,089
$ 708,900,185
$ 1,759,261,710
$ 1,956,375,291
Accumulated earnings (loss)
(21,450,955
)
73,952,707
263,667,223
398,623,450
NET ASSETS
$ 441,174,134
$ 782,852,892
$ 2,022,928,933
$ 2,354,998,741
(a) Investments at cost — affiliated
$ 427,174,860
$ 746,634,962
$ 1,904,677,790
$ 2,114,916,041
(b) Securities loaned at value
$ —
$ 15,726,785
$ 55,591,764
$ 39,294,410
 
162026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
March 31, 2026
 
BlackRock
20/80 Target
Allocation
Fund
BlackRock
40/60 Target
Allocation
Fund
BlackRock
60/40 Target
Allocation
Fund
BlackRock
80/20 Target
Allocation
Fund
NET ASSET VALUE
Institutional
Net assets
$ 78,314,358
$ 196,519,199
$ 495,677,392
$ 922,220,325
Shares outstanding
6,770,652
14,539,210
31,157,514
50,220,507
Net asset value
$ 11.57
$ 13.52
$ 15.91
$ 18.36
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
$ 0.001
$ 0.001
$ 0.001
$ 0.001
Investor A
Net assets
$ 178,256,319
$ 288,430,270
$ 729,580,069
$ 440,788,858
Shares outstanding
15,678,874
21,605,360
47,026,909
24,706,118
Net asset value
$ 11.37
$ 13.35
$ 15.51
$ 17.84
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
$ 0.001
$ 0.001
$ 0.001
$ 0.001
Investor C
Net assets
$ 20,167,876
$ 34,886,811
$ 45,032,150
$ 70,952,042
Shares outstanding
1,778,511
2,635,315
2,978,222
4,164,153
Net asset value
$ 11.34
$ 13.24
$ 15.12
$ 17.04
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
$ 0.001
$ 0.001
$ 0.001
$ 0.001
Class K
Net assets
$ 158,711,026
$ 243,409,874
$ 704,547,353
$ 868,420,213
Shares outstanding
13,720,002
17,991,998
44,290,096
47,278,939
Net asset value
$ 11.57
$ 13.53
$ 15.91
$ 18.37
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
$ 0.001
$ 0.001
$ 0.001
$ 0.001
Class R
Net assets
$ 5,724,555
$ 19,606,738
$ 48,091,969
$ 52,617,303
Shares outstanding
505,089
1,471,840
3,116,008
2,980,599
Net asset value
$ 11.33
$ 13.32
$ 15.43
$ 17.65
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
$ 0.001
$ 0.001
$ 0.001
$ 0.001
See notes to financial statements.
Statements of Assets and Liabilities
17
Statements of Operations (unaudited)
Six Months Ended March 31, 2026
 
 
BlackRock
20/80 Target
Allocation
Fund
BlackRock
40/60 Target
Allocation
Fund
BlackRock
60/40 Target
Allocation
Fund
BlackRock
80/20 Target
Allocation
Fund
INVESTMENT INCOME
Dividends — affiliated
$ 9,222,909
$ 13,320,312
$ 27,694,646
$ 22,968,524
Securities lending income — affiliated — net
16,476
33,243
90,125
40,955
Net investment income allocated from the affiliated Master Portfolio:
Income
25,170
235,877
933,980
1,432,590
Expenses
(1,774
)
(38,937
)
(153,896
)
(232,949
)
Total investment income
9,262,781
13,550,495
28,564,855
24,209,120
EXPENSES
Service and distribution — class specific
344,871
606,475
1,284,335
1,070,510
Transfer agent — class specific
178,009
384,106
991,047
1,317,503
Administration
93,540
165,408
402,234
462,867
Administration — class specific
44,019
79,582
204,921
239,558
Registration
39,572
43,721
48,560
47,456
Professional
33,932
32,475
37,260
36,139
Accounting services
32,567
32,566
32,566
32,566
Printing and postage
8,416
9,538
14,096
14,961
Trustees and Officer
4,114
5,176
8,814
9,924
Custodian
4,032
4,903
8,934
11,456
Miscellaneous
7,704
8,967
12,183
12,707
Total expenses excluding interest expense
790,776
1,372,917
3,044,950
3,255,647
Interest expense
939
151
585
179
Total expenses
791,715
1,373,068
3,045,535
3,255,826
Less:
Administration fees waived
(69,752
)
(24,212
)
—
—
Administration fees waived by the Manager — class specific
(41,389
)
(75,892
)
(147,573
)
(159,747
)
Fees waived and/or reimbursed by the Manager
(111,294
)
(137,055
)
(276,449
)
(121,383
)
Transfer agent fees waived and/or reimbursed by the Manager — class specific
(58,049
)
(183,179
)
(404,606
)
(798,018
)
Total expenses after fees waived and/or reimbursed
511,231
952,730
2,216,907
2,176,678
Net investment income
8,751,550
12,597,765
26,347,948
22,032,442
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
10,989,803
20,395,314
77,424,983
105,606,832
Capital gain distributions from investment companies — affiliated
89,929
866,930
4,099,250
4,558,134
Allocation from the affiliated Master Portfolio
(27,730
)
538,921
2,135,070
3,171,632
 
11,052,002
21,801,165
83,659,303
113,336,598
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
(15,639,424
)
(31,665,490
)
(104,173,319
)
(133,639,136
)
Allocation from the affiliated Master Portfolio
15,257
75,946
390,073
543,853
 
(15,624,167
)
(31,589,544
)
(103,783,246
)
(133,095,283
)
Net realized and unrealized loss
(4,572,165
)
(9,788,379
)
(20,123,943
)
(19,758,685
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$ 4,179,385
$ 2,809,386
$ 6,224,005
$ 2,273,757
See notes to financial statements.
182026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
BlackRock 20/80 Target Allocation Fund
BlackRock 40/60 Target Allocation Fund
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$ 8,751,550
$ 16,487,659
$ 12,597,765
$ 21,620,156
Net realized gain
11,052,002
2,699,041
21,801,165
24,508,277
Net change in unrealized appreciation (depreciation)
(15,624,167
)
8,441,056
(31,589,544
)
20,765,782
Net increase in net assets resulting from operations
4,179,385
27,627,756
2,809,386
66,894,215
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(3,558,843
)
(2,775,930
)
(10,837,326
)
(4,421,808
)
Investor A
(7,134,102
)
(7,247,674
)
(15,339,740
)
(8,470,792
)
Investor C
(665,987
)
(748,191
)
(1,638,325
)
(891,747
)
Class K
(6,358,732
)
(5,908,549
)
(13,069,500
)
(6,049,652
)
Class R
(246,103
)
(211,327
)
(1,004,613
)
(339,067
)
Decrease in net assets resulting from distributions to shareholders
(17,963,767
)
(16,891,671
)
(41,889,504
)
(20,173,066
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
11,691,289
(8,243,712
)
56,859,987
61,319,994
NET ASSETS
Total increase (decrease) in net assets
(2,093,093
)
2,492,373
17,779,869
108,041,143
Beginning of period
443,267,227
440,774,854
765,073,023
657,031,880
End of period
$ 441,174,134
$ 443,267,227
$ 782,852,892
$ 765,073,023
 
(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
19
Statements of Changes in Net Assets (continued) 
 
 
BlackRock 60/40 Target Allocation Fund
BlackRock 80/20 Target Allocation Fund
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$ 26,347,948
$ 44,754,743
$ 22,032,442
$ 35,755,484
Net realized gain
83,659,303
101,820,540
113,336,598
96,461,298
Net change in unrealized appreciation (depreciation)
(103,783,246
)
66,202,883
(133,095,283
)
154,104,039
Net increase in net assets resulting from operations
6,224,005
212,778,166
2,273,757
286,320,821
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(37,287,792
)
(27,293,299
)
(53,764,411
)
(43,024,450
)
Investor A
(53,740,102
)
(53,722,352
)
(24,971,230
)
(31,143,421
)
Investor C
(3,285,004
)
(4,066,664
)
(3,878,907
)
(5,443,488
)
Class K
(53,128,480
)
(47,319,389
)
(49,840,286
)
(52,381,709
)
Class R
(3,341,741
)
(3,017,000
)
(2,724,066
)
(2,692,243
)
Decrease in net assets resulting from distributions to shareholders
(150,783,119
)
(135,418,704
)
(135,178,900
)
(134,685,311
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
155,105,832
256,142,482
177,174,441
527,408,313
NET ASSETS
Total increase in net assets
10,546,718
333,501,944
44,269,298
679,043,823
Beginning of period
2,012,382,215
1,678,880,271
2,310,729,443
1,631,685,620
End of period
$ 2,022,928,933
$ 2,012,382,215
$ 2,354,998,741
$ 2,310,729,443
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
202026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock 20/80 Target Allocation Fund
 
Institutional
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   11.94
$   11.68
$   10.39
$   10.31
$    12.83
$    12.44
Net investment income(a)
0.25
0.45
0.42
0.37
0.34
0.25
Net realized and unrealized gain (loss)
(0.11
)
0.29
1.25
0.07
(2.25
)
0.70
Net increase (decrease) from investment operations
0.14
0.74
1.67
0.44
(1.91
)
0.95
Distributions(b)
From net investment income
(0.51
)
(0.48
)
(0.38
)
(0.36
)
(0.27
)
(0.20
)
From net realized gain
—
—
—
—
(0.34
)
(0.36
)
Total distributions
(0.51
)
(0.48
)
(0.38
)
(0.36
)
(0.61
)
(0.56
)
Net asset value, end of period
$   11.57
$   11.94
$   11.68
$   10.39
$    10.31
$    12.83
Total Return(c)
Based on net asset value
1.16
%(d)
6.67
%
16.37
%
4.32
%
(15.72
)%
7.71
%
Ratios to Average Net Assets(e)
Total expenses
0.26
%(f)(g)
0.24
%
0.26
%
0.27
%
0.25
%
0.25
%
Total expenses after fees waived and/or reimbursed
0.04
%(f)(g)
0.04
%
0.10
%
0.11
%
0.11
%
0.11
%
Net investment income
4.23
%(f)(g)
3.95
%
3.80
%
3.51
%
2.86
%
1.96
%
Supplemental Data
Net assets, end of period (000)
$  78,314
$  85,387
$  70,431
$  76,851
$  111,382
$  170,274
Portfolio turnover rate
38
%
50
%
94
%
105
%
65
%
72
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
21
Financial Highlights  (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 20/80 Target Allocation Fund  (continued)
 
Investor A
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    11.73
$    11.48
$    10.21
$    10.13
$    12.63
$    12.26
Net investment income(a)
0.22
0.41
0.37
0.33
0.29
0.21
Net realized and unrealized gain (loss)
(0.11
)
0.28
1.24
0.08
(2.22
)
0.68
Net increase (decrease) from investment operations
0.11
0.69
1.61
0.41
(1.93
)
0.89
Distributions(b)
From net investment income
(0.47
)
(0.44
)
(0.34
)
(0.33
)
(0.23
)
(0.16
)
From net realized gain
—
—
—
—
(0.34
)
(0.36
)
Total distributions
(0.47
)
(0.44
)
(0.34
)
(0.33
)
(0.57
)
(0.52
)
Net asset value, end of period
$    11.37
$    11.73
$    11.48
$    10.21
$    10.13
$    12.63
Total Return(c)
Based on net asset value
0.92
%(d)
6.32
%
16.06
%
4.00
%
(16.06
)%
7.36
%
Ratios to Average Net Assets(e)
Total expenses
0.49
%(f)(g)
0.50
%
0.54
%
0.49
%
0.48
%
0.47
%
Total expenses after fees waived and/or reimbursed
0.38
%(f)(g)
0.38
%
0.44
%
0.43
%
0.44
%
0.43
%
Net investment income
3.83
%(f)(g)
3.66
%
3.47
%
3.18
%
2.51
%
1.65
%
Supplemental Data
Net assets, end of period (000)
$  178,256
$  182,918
$  192,547
$  191,443
$  216,422
$  266,615
Portfolio turnover rate
38
%
50
%
94
%
105
%
65
%
72
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
222026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights  (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 20/80 Target Allocation Fund  (continued)
 
Investor C
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   11.65
$   11.37
$   10.10
$   10.00
$   12.46
$   12.10
Net investment income(a)
0.18
0.33
0.29
0.25
0.21
0.11
Net realized and unrealized gain (loss)
(0.11
)
0.28
1.21
0.08
(2.20
)
0.68
Net increase (decrease) from investment operations
0.07
0.61
1.50
0.33
(1.99
)
0.79
Distributions(b)
From net investment income
(0.38
)
(0.33
)
(0.23
)
(0.23
)
(0.13
)
(0.07
)
From net realized gain
—
—
—
—
(0.34
)
(0.36
)
Total distributions
(0.38
)
(0.33
)
(0.23
)
(0.23
)
(0.47
)
(0.43
)
Net asset value, end of period
$   11.34
$   11.65
$   11.37
$   10.10
$   10.00
$   12.46
Total Return(c)
Based on net asset value
0.54
%(d)
5.60
%
15.08
%
3.28
%
(16.64
)%
6.55
%
Ratios to Average Net Assets(e)
Total expenses
1.20
%(f)(g)
1.20
%
1.24
%
1.25
%
1.20
%
1.21
%
Total expenses after fees waived and/or reimbursed
1.12
%(f)(g)
1.11
%
1.19
%
1.19
%
1.18
%
1.18
%
Net investment income
3.09
%(f)(g)
2.95
%
2.73
%
2.43
%
1.78
%
0.91
%
Supplemental Data
Net assets, end of period (000)
$  20,168
$  21,463
$  28,042
$  41,939
$  55,438
$  81,679
Portfolio turnover rate
38
%
50
%
94
%
105
%
65
%
72
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
23
Financial Highlights  (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 20/80 Target Allocation Fund  (continued)
 
Class K
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    11.95
$    11.68
$    10.39
$    10.31
$   12.83
$   12.44
Net investment income(a)
0.25
0.46
0.42
0.37
0.34
0.25
Net realized and unrealized gain (loss)
(0.12
)
0.29
1.25
0.08
(2.25
)
0.70
Net increase (decrease) from investment operations
0.13
0.75
1.67
0.45
(1.91
)
0.95
Distributions(b)
From net investment income
(0.51
)
(0.48
)
(0.38
)
(0.37
)
(0.27
)
(0.20
)
From net realized gain
—
—
—
—
(0.34
)
(0.36
)
Total distributions
(0.51
)
(0.48
)
(0.38
)
(0.37
)
(0.61
)
(0.56
)
Net asset value, end of period
$    11.57
$    11.95
$    11.68
$    10.39
$   10.31
$   12.83
Total Return(c)
Based on net asset value
1.09
%(d)
6.79
%
16.39
%
4.35
%
(15.70
)%
7.72
%
Ratios to Average Net Assets(e)
Total expenses
0.12
%(f)(g)
0.13
%
0.15
%
0.16
%
0.13
%
0.15
%
Total expenses after fees waived and/or reimbursed
0.02
%(f)(g)
0.02
%
0.08
%
0.09
%
0.09
%
0.09
%
Net investment income
4.16
%(f)(g)
4.01
%
3.81
%
3.51
%
2.93
%
1.98
%
Supplemental Data
Net assets, end of period (000)
$  158,711
$  147,799
$  142,689
$  108,105
$  79,172
$  70,002
Portfolio turnover rate
38
%
50
%
94
%
105
%
65
%
72
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
242026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights  (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 20/80 Target Allocation Fund  (continued)
 
Class R
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$  11.68
$  11.43
$  10.17
$  10.09
$   12.58
$  12.20
Net investment income(a)
0.21
0.38
0.34
0.30
0.26
0.17
Net realized and unrealized gain (loss)
(0.12
)
0.27
1.23
0.08
(2.22
)
0.69
Net increase (decrease) from investment operations
0.09
0.65
1.57
0.38
(1.96
)
0.86
Distributions(b)
From net investment income
(0.44
)
(0.40
)
(0.31
)
(0.30
)
(0.19
)
(0.12
)
From net realized gain
—
—
—
—
(0.34
)
(0.36
)
Total distributions
(0.44
)
(0.40
)
(0.31
)
(0.30
)
(0.53
)
(0.48
)
Net asset value, end of period
$  11.33
$  11.68
$  11.43
$  10.17
$   10.09
$  12.58
Total Return(c)
Based on net asset value
0.75
%(d)
5.98
%
15.69
%
3.73
%
(16.31
)%
7.07
%
Ratios to Average Net Assets(e)
Total expenses
0.77
%(f)(g)
0.77
%
0.77
%
0.79
%
0.77
%
0.77
%
Total expenses after fees waived and/or reimbursed
0.69
%(f)(g)
0.67
%
0.72
%
0.74
%
0.74
%
0.73
%
Net investment income
3.58
%(f)(g)
3.38
%
3.20
%
2.87
%
2.22
%
1.37
%
Supplemental Data
Net assets, end of period (000)
$  5,725
$  5,700
$  7,066
$  6,509
$   6,833
$  7,585
Portfolio turnover rate
38
%
50
%
94
%
105
%
65
%
72
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
25
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 40/60 Target Allocation Fund
 
Institutional
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    14.21
$    13.41
$    11.52
$    10.96
$    13.89
$    12.86
Net investment income(a)
0.23
0.43
0.40
0.36
0.36
0.25
Net realized and unrealized gain (loss)
(0.14
)
0.81
1.85
0.54
(2.43
)
1.38
Net increase (decrease) from investment operations
0.09
1.24
2.25
0.90
(2.07
)
1.63
Distributions(b)
From net investment income
(0.47
)
(0.44
)
(0.36
)
(0.34
)
(0.30
)
(0.18
)
From net realized gain
(0.31
)
—
—
—
(0.56
)
(0.42
)
Total distributions
(0.78
)
(0.44
)
(0.36
)
(0.34
)
(0.86
)
(0.60
)
Net asset value, end of period
$    13.52
$    14.21
$    13.41
$    11.52
$    10.96
$    13.89
Total Return(c)
Based on net asset value
0.52
%(d)
9.56
%
19.88
%
8.31
%
(16.08
)%
12.91
%
Ratios to Average Net Assets(e)
Total expenses
0.27
%(f)(g)
0.26
%
0.27
%
0.26
%
0.27
%
0.26
%
Total expenses after fees waived and/or reimbursed
0.07
%(f)(g)
0.06
%
0.10
%
0.10
%
0.11
%
0.11
%
Net investment income
3.34
%(f)(g)
3.24
%
3.19
%
3.13
%
2.80
%
1.84
%
Supplemental Data
Net assets, end of period (000)
$  196,519
$  185,229
$  145,964
$  135,752
$  149,551
$  233,289
Portfolio turnover rate
32
%
47
%
103
%
101
%
63
%
69
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
262026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 40/60 Target Allocation Fund (continued)
 
Investor A
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    14.03
$    13.24
$    11.38
$    10.83
$    13.73
$    12.73
Net investment income(a)
0.21
0.39
0.35
0.32
0.31
0.20
Net realized and unrealized gain (loss)
(0.16
)
0.79
1.83
0.53
(2.39
)
1.36
Net increase (decrease) from investment operations
0.05
1.18
2.18
0.85
(2.08
)
1.56
Distributions(b)
From net investment income
(0.42
)
(0.39
)
(0.32
)
(0.30
)
(0.26
)
(0.14
)
From net realized gain
(0.31
)
—
—
—
(0.56
)
(0.42
)
Total distributions
(0.73
)
(0.39
)
(0.32
)
(0.30
)
(0.82
)
(0.56
)
Net asset value, end of period
$    13.35
$    14.03
$    13.24
$    11.38
$    10.83
$    13.73
Total Return(c)
Based on net asset value
0.27
%(d)
9.23
%
19.47
%
7.92
%
(16.31
)%
12.48
%
Ratios to Average Net Assets(e)
Total expenses
0.48
%(f)(g)
0.49
%
0.51
%
0.47
%
0.48
%
0.46
%
Total expenses after fees waived and/or reimbursed
0.41
%(f)(g)
0.40
%
0.44
%
0.43
%
0.44
%
0.44
%
Net investment income
3.01
%(f)(g)
2.94
%
2.85
%
2.78
%
2.46
%
1.51
%
Supplemental Data
Net assets, end of period (000)
$  288,430
$  297,983
$  287,736
$  260,121
$  259,984
$  306,177
Portfolio turnover rate
32
%
47
%
103
%
101
%
63
%
69
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
27
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 40/60 Target Allocation Fund (continued)
 
Investor C
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   13.86
$   13.06
$   11.21
$   10.66
$   13.52
$   12.54
Net investment income(a)
0.16
0.29
0.25
0.23
0.22
0.10
Net realized and unrealized gain (loss)
(0.16
)
0.79
1.81
0.52
(2.37
)
1.35
Net increase (decrease) from investment operations
—
1.08
2.06
0.75
(2.15
)
1.45
Distributions(b)
From net investment income
(0.31
)
(0.28
)
(0.21
)
(0.20
)
(0.15
)
(0.05
)
From net realized gain
(0.31
)
—
—
—
(0.56
)
(0.42
)
Total distributions
(0.62
)
(0.28
)
(0.21
)
(0.20
)
(0.71
)
(0.47
)
Net asset value, end of period
$   13.24
$   13.86
$   13.06
$   11.21
$   10.66
$   13.52
Total Return(c)
Based on net asset value
(0.09
)%(d)
8.45
%
18.58
%
7.08
%
(16.93
)%
11.68
%
Ratios to Average Net Assets(e)
Total expenses
1.19
%(f)(g)
1.20
%
1.22
%
1.23
%
1.20
%
1.21
%
Total expenses after fees waived and/or reimbursed
1.15
%(f)(g)
1.14
%
1.19
%
1.19
%
1.18
%
1.18
%
Net investment income
2.28
%(f)(g)
2.22
%
2.10
%
2.03
%
1.73
%
0.76
%
Supplemental Data
Net assets, end of period (000)
$  34,887
$  37,873
$  45,453
$  56,748
$  69,423
$  95,825
Portfolio turnover rate
32
%
47
%
103
%
101
%
63
%
69
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
282026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 40/60 Target Allocation Fund (continued)
 
Class K
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    14.23
$    13.42
$    11.53
$    10.97
$   13.90
$   12.87
Net investment income(a)
0.24
0.44
0.40
0.36
0.36
0.26
Net realized and unrealized gain (loss)
(0.16
)
0.81
1.85
0.54
(2.43
)
1.37
Net increase (decrease) from investment operations
0.08
1.25
2.25
0.90
(2.07
)
1.63
Distributions(b)
From net investment income
(0.47
)
(0.44
)
(0.36
)
(0.34
)
(0.30
)
(0.18
)
From net realized gain
(0.31
)
—
—
—
(0.56
)
(0.42
)
Total distributions
(0.78
)
(0.44
)
(0.36
)
(0.34
)
(0.86
)
(0.60
)
Net asset value, end of period
$    13.53
$    14.23
$    13.42
$    11.53
$   10.97
$   13.90
Total Return(c)
Based on net asset value
0.47
%(d)
9.65
%
19.88
%
8.33
%
(16.06
)%
12.92
%
Ratios to Average Net Assets(e)
Total expenses
0.11
%(f)(g)
0.12
%
0.13
%
0.14
%
0.13
%
0.14
%
Total expenses after fees waived and/or reimbursed
0.05
%(f)(g)
0.04
%
0.08
%
0.08
%
0.09
%
0.09
%
Net investment income
3.37
%(f)(g)
3.28
%
3.21
%
3.12
%
2.85
%
1.87
%
Supplemental Data
Net assets, end of period (000)
$  243,410
$  224,914
$  164,750
$  125,737
$  89,389
$  59,411
Portfolio turnover rate
32
%
47
%
103
%
101
%
63
%
69
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
29
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 40/60 Target Allocation Fund (continued)
 
Class R
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   13.99
$   13.20
$   11.35
$   10.80
$   13.70
$   12.69
Net investment income(a)
0.20
0.36
0.33
0.30
0.29
0.18
Net realized and unrealized gain (loss)
(0.16
)
0.80
1.82
0.53
(2.39
)
1.36
Net increase (decrease) from investment operations
0.04
1.16
2.15
0.83
(2.10
)
1.54
Distributions(b)
From net investment income
(0.40
)
(0.37
)
(0.30
)
(0.28
)
(0.24
)
(0.11
)
From net realized gain
(0.31
)
—
—
—
(0.56
)
(0.42
)
Total distributions
(0.71
)
(0.37
)
(0.30
)
(0.28
)
(0.80
)
(0.53
)
Net asset value, end of period
$   13.32
$   13.99
$   13.20
$   11.35
$   10.80
$   13.70
Total Return(c)
Based on net asset value
0.21
%(d)
9.05
%
19.26
%
7.79
%
(16.48
)%
12.27
%
Ratios to Average Net Assets(e)
Total expenses
0.80
%(f)(g)
0.80
%
0.79
%
0.83
%
0.80
%
0.80
%
Total expenses after fees waived and/or reimbursed
0.57
%(f)(g)
0.56
%
0.60
%
0.60
%
0.61
%
0.61
%
Net investment income
2.86
%(f)(g)
2.72
%
2.69
%
2.59
%
2.31
%
1.34
%
Supplemental Data
Net assets, end of period (000)
$  19,607
$  19,074
$  13,128
$  12,432
$  10,805
$  10,705
Portfolio turnover rate
32
%
47
%
103
%
101
%
63
%
69
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
302026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 60/40 Target Allocation Fund
 
Institutional
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    17.10
$    16.57
$    13.79
$    12.59
$    16.38
$    14.43
Net investment income(a)
0.23
0.42
0.40
0.37
0.39
0.26
Net realized and unrealized gain (loss)
(0.13
)
1.44
2.83
1.17
(2.97
)
2.29
Net increase (decrease) from investment operations
0.10
1.86
3.23
1.54
(2.58
)
2.55
Distributions(b)
From net investment income
(0.45
)
(0.43
)
(0.35
)
(0.34
)
(0.36
)
(0.21
)
From net realized gain
(0.84
)
(0.90
)
(0.10
)
—
(0.85
)
(0.39
)
Total distributions
(1.29
)
(1.33
)
(0.45
)
(0.34
)
(1.21
)
(0.60
)
Net asset value, end of period
$    15.91
$    17.10
$    16.57
$    13.79
$    12.59
$    16.38
Total Return(c)
Based on net asset value
0.42
%(d)
12.18
%
23.81
%
12.36
%
(17.30
)%
17.94
%
Ratios to Average Net Assets(e)
Total expenses
0.25
%(f)(g)
0.25
%
0.25
%
0.22
%
0.26
%
0.24
%
Total expenses after fees waived and/or reimbursed
0.08
%(f)(g)
0.08
%
0.10
%
0.10
%
0.10
%
0.11
%
Net investment income
2.73
%(f)(g)
2.65
%
2.64
%
2.72
%
2.61
%
1.63
%
Supplemental Data
Net assets, end of period (000)
$  495,677
$  483,413
$  369,007
$  314,277
$  260,346
$  296,407
Portfolio turnover rate
28
%
49
%
104
%
93
%
58
%
68
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
31
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 60/40 Target Allocation Fund (continued)
 
Investor A
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    16.68
$    16.20
$    13.49
$    12.32
$    16.05
$    14.15
Net investment income(a)
0.20
0.36
0.34
0.32
0.33
0.20
Net realized and unrealized gain (loss)
(0.13
)
1.39
2.77
1.14
(2.90
)
2.25
Net increase (decrease) from investment operations
0.07
1.75
3.11
1.46
(2.57
)
2.45
Distributions(b)
From net investment income
(0.40
)
(0.37
)
(0.30
)
(0.29
)
(0.31
)
(0.16
)
From net realized gain
(0.84
)
(0.90
)
(0.10
)
—
(0.85
)
(0.39
)
Total distributions
(1.24
)
(1.27
)
(0.40
)
(0.29
)
(1.16
)
(0.55
)
Net asset value, end of period
$    15.51
$    16.68
$    16.20
$    13.49
$    12.32
$    16.05
Total Return(c)
Based on net asset value
0.22
%(d)
11.76
%
23.41
%
11.98
%
(17.56
)%
17.58
%
Ratios to Average Net Assets(e)
Total expenses
0.48
%(f)(g)
0.49
%
0.49
%
0.47
%
0.45
%
0.45
%
Total expenses after fees waived and/or reimbursed
0.42
%(f)(g)
0.42
%
0.44
%
0.44
%
0.44
%
0.44
%
Net investment income
2.39
%(f)(g)
2.34
%
2.29
%
2.37
%
2.27
%
1.28
%
Supplemental Data
Net assets, end of period (000)
$  729,580
$  728,612
$  687,425
$  588,797
$  564,789
$  699,130
Portfolio turnover rate
28
%
49
%
104
%
93
%
58
%
68
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
322026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 60/40 Target Allocation Fund (continued)
 
Investor C
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   16.22
$   15.76
$   13.13
$   11.98
$   15.64
$   13.79
Net investment income(a)
0.13
0.24
0.22
0.21
0.22
0.08
Net realized and unrealized gain (loss)
(0.12
)
1.36
2.69
1.12
(2.84
)
2.20
Net increase (decrease) from investment operations
0.01
1.60
2.91
1.33
(2.62
)
2.28
Distributions(b)
From net investment income
(0.27
)
(0.24
)
(0.18
)
(0.18
)
(0.19
)
(0.04
)
From net realized gain
(0.84
)
(0.90
)
(0.10
)
—
(0.85
)
(0.39
)
Total distributions
(1.11
)
(1.14
)
(0.28
)
(0.18
)
(1.04
)
(0.43
)
Net asset value, end of period
$   15.12
$   16.22
$   15.76
$   13.13
$   11.98
$   15.64
Total Return(c)
Based on net asset value
(0.16
)%(d)
10.98
%
22.44
%
11.20
%
(18.18
)%
16.74
%
Ratios to Average Net Assets(e)
Total expenses
1.19
%(f)(g)
1.19
%
1.19
%
1.20
%
1.18
%
1.20
%
Total expenses after fees waived and/or reimbursed
1.16
%(f)(g)
1.15
%
1.18
%
1.19
%
1.18
%
1.19
%
Net investment income
1.64
%(f)(g)
1.62
%
1.54
%
1.62
%
1.55
%
0.53
%
Supplemental Data
Net assets, end of period (000)
$  45,032
$  51,897
$  58,901
$  67,973
$  69,416
$  99,500
Portfolio turnover rate
28
%
49
%
104
%
93
%
58
%
68
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
33
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 60/40 Target Allocation Fund (continued)
 
Class K
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    17.10
$    16.57
$    13.79
$    12.59
$    16.38
$    14.43
Net investment income(a)
0.23
0.43
0.40
0.37
0.40
0.28
Net realized and unrealized gain (loss)
(0.12
)
1.43
2.83
1.17
(2.98
)
2.27
Net increase (decrease) from investment operations
0.11
1.86
3.23
1.54
(2.58
)
2.55
Distributions(b)
From net investment income
(0.46
)
(0.43
)
(0.35
)
(0.34
)
(0.36
)
(0.21
)
From net realized gain
(0.84
)
(0.90
)
(0.10
)
—
(0.85
)
(0.39
)
Total distributions
(1.30
)
(1.33
)
(0.45
)
(0.34
)
(1.21
)
(0.60
)
Net asset value, end of period
$    15.91
$    17.10
$    16.57
$    13.79
$    12.59
$    16.38
Total Return(c)
Based on net asset value
0.44
%(d)
12.21
%
23.84
%
12.39
%
(17.29
)%
17.96
%
Ratios to Average Net Assets(e)
Total expenses
0.09
%(f)(g)
0.10
%
0.09
%
0.10
%
0.10
%
0.11
%
Total expenses after fees waived and/or reimbursed
0.06
%(f)(g)
0.06
%
0.08
%
0.08
%
0.08
%
0.09
%
Net investment income
2.74
%(f)(g)
2.70
%
2.66
%
2.72
%
2.68
%
1.71
%
Supplemental Data
Net assets, end of period (000)
$  704,547
$  703,663
$  526,884
$  356,094
$  256,326
$  195,750
Portfolio turnover rate
28
%
49
%
104
%
93
%
58
%
68
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
342026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 60/40 Target Allocation Fund (continued)
 
Class R
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   16.59
$   16.13
$   13.44
$   12.28
$   16.01
$   14.12
Net investment income(a)
0.18
0.33
0.31
0.29
0.30
0.17
Net realized and unrealized gain (loss)
(0.13
)
1.39
2.76
1.15
(2.90
)
2.24
Net increase (decrease) from investment operations
0.05
1.72
3.07
1.44
(2.60
)
2.41
Distributions(b)
From net investment income
(0.37
)
(0.36
)
(0.28
)
(0.28
)
(0.28
)
(0.13
)
From net realized gain
(0.84
)
(0.90
)
(0.10
)
—
(0.85
)
(0.39
)
Total distributions
(1.21
)
(1.26
)
(0.38
)
(0.28
)
(1.13
)
(0.52
)
Net asset value, end of period
$   15.43
$   16.59
$   16.13
$   13.44
$   12.28
$   16.01
Total Return(c)
Based on net asset value
0.12
%(d)
11.55
%
23.19
%
11.81
%
(17.76
)%
17.31
%
Ratios to Average Net Assets(e)
Total expenses
0.80
%(f)(g)
0.80
%
0.80
%
0.79
%
0.80
%
0.79
%
Total expenses after fees waived and/or reimbursed
0.61
%(f)(g)
0.61
%
0.62
%
0.63
%
0.63
%
0.64
%
Net investment income
2.18
%(f)(g)
2.15
%
2.11
%
2.18
%
2.06
%
1.07
%
Supplemental Data
Net assets, end of period (000)
$  48,092
$  44,796
$  36,663
$  22,113
$  17,164
$  16,815
Portfolio turnover rate
28
%
49
%
104
%
93
%
58
%
68
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
35
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 80/20 Target Allocation Fund
 
Institutional
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    19.42
$    18.43
$    15.06
$    13.22
$    17.10
$    14.16
Net investment income(a)
0.19
0.34
0.33
0.33
0.37
0.24
Net realized and unrealized gain (loss)
(0.12
)
2.13
3.72
1.83
(3.22
)
3.03
Net increase (decrease) from investment operations
0.07
2.47
4.05
2.16
(2.85
)
3.27
Distributions(b)
From net investment income
(0.37
)
(0.32
)
(0.31
)
(0.28
)
(0.32
)
(0.18
)
From net realized gain
(0.76
)
(1.16
)
(0.37
)
(0.04
)
(0.71
)
(0.15
)
Total distributions
(1.13
)
(1.48
)
(0.68
)
(0.32
)
(1.03
)
(0.33
)
Net asset value, end of period
$    18.36
$    19.42
$    18.43
$    15.06
$    13.22
$    17.10
Total Return(c)
Based on net asset value
0.16
%(d)
14.45
%
27.65
%
16.54
%
(18.02
)%
23.26
%
Ratios to Average Net Assets(e)
Total expenses
0.28
%(f)(g)
0.26
%
0.27
%
0.25
%
0.30
%
0.28
%
Total expenses after fees waived and/or reimbursed
0.10
%(f)(g)
0.11
%
0.09
%
0.10
%
0.10
%
0.10
%
Net investment income
1.94
%(f)(g)
1.90
%
1.95
%
2.22
%
2.35
%
1.45
%
Supplemental Data
Net assets, end of period (000)
$  922,220
$  910,834
$  571,836
$  417,435
$  325,725
$  240,529
Portfolio turnover rate
34
%
52
%
97
%
97
%
51
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
362026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 80/20 Target Allocation Fund (continued)
 
Investor A
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    18.87
$    17.96
$    14.68
$    12.90
$    16.72
$    13.85
Net investment income(a)
0.15
0.28
0.26
0.27
0.31
0.18
Net realized and unrealized gain (loss)
(0.11
)
2.05
3.65
1.78
(3.15
)
2.97
Net increase (decrease) from investment operations
0.04
2.33
3.91
2.05
(2.84
)
3.15
Distributions(b)
From net investment income
(0.31
)
(0.26
)
(0.26
)
(0.23
)
(0.27
)
(0.13
)
From net realized gain
(0.76
)
(1.16
)
(0.37
)
(0.04
)
(0.71
)
(0.15
)
Total distributions
(1.07
)
(1.42
)
(0.63
)
(0.27
)
(0.98
)
(0.28
)
Net asset value, end of period
$    17.84
$    18.87
$    17.96
$    14.68
$    12.90
$    16.72
Total Return(c)
Based on net asset value
0.01
%(d)
14.01
%
27.34
%
16.07
%
(18.32
)%
22.93
%
Ratios to Average Net Assets(e)
Total expenses
0.49
%(f)(g)
0.51
%
0.46
%
0.50
%
0.50
%
0.47
%
Total expenses after fees waived and/or reimbursed
0.44
%(f)(g)
0.45
%
0.43
%
0.44
%
0.44
%
0.44
%
Net investment income
1.60
%(f)(g)
1.61
%
1.62
%
1.88
%
2.03
%
1.10
%
Supplemental Data
Net assets, end of period (000)
$  440,789
$  445,618
$  392,981
$  302,881
$  255,281
$  283,943
Portfolio turnover rate
34
%
52
%
97
%
97
%
51
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
37
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 80/20 Target Allocation Fund (continued)
 
Investor C
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   18.01
$   17.20
$   14.09
$   12.38
$   16.09
$   13.35
Net investment income(a)
0.08
0.14
0.14
0.16
0.19
0.06
Net realized and unrealized gain (loss)
(0.11
)
1.97
3.49
1.71
(3.04
)
2.86
Net increase (decrease) from investment operations
(0.03
)
2.11
3.63
1.87
(2.85
)
2.92
Distributions(b)
From net investment income
(0.18
)
(0.14
)
(0.15
)
(0.12
)
(0.15
)
(0.03
)
From net realized gain
(0.76
)
(1.16
)
(0.37
)
(0.04
)
(0.71
)
(0.15
)
Total distributions
(0.94
)
(1.30
)
(0.52
)
(0.16
)
(0.86
)
(0.18
)
Net asset value, end of period
$   17.04
$   18.01
$   17.20
$   14.09
$   12.38
$   16.09
Total Return(c)
Based on net asset value
(0.36
)%(d)
13.17
%
26.36
%
15.24
%
(18.92
)%
21.95
%
Ratios to Average Net Assets(e)
Total expenses
1.20
%(f)(g)
1.21
%
1.22
%
1.23
%
1.20
%
1.23
%
Total expenses after fees waived and/or reimbursed
1.19
%(f)(g)
1.19
%
1.18
%
1.19
%
1.19
%
1.19
%
Net investment income
0.85
%(f)(g)
0.87
%
0.87
%
1.13
%
1.29
%
0.36
%
Supplemental Data
Net assets, end of period (000)
$  70,952
$  75,375
$  72,113
$  63,776
$  56,149
$  74,750
Portfolio turnover rate
34
%
52
%
97
%
97
%
51
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
382026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 80/20 Target Allocation Fund (continued)
 
Class K
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$    19.43
$    18.44
$    15.06
$    13.22
$    17.11
$    14.16
Net investment income(a)
0.19
0.35
0.33
0.33
0.40
0.25
Net realized and unrealized gain (loss)
(0.12
)
2.12
3.73
1.83
(3.26
)
3.03
Net increase (decrease) from investment operations
0.07
2.47
4.06
2.16
(2.86
)
3.28
Distributions(b)
From net investment income
(0.37
)
(0.32
)
(0.31
)
(0.28
)
(0.32
)
(0.18
)
From net realized gain
(0.76
)
(1.16
)
(0.37
)
(0.04
)
(0.71
)
(0.15
)
Total distributions
(1.13
)
(1.48
)
(0.68
)
(0.32
)
(1.03
)
(0.33
)
Net asset value, end of period
$    18.37
$    19.43
$    18.44
$    15.06
$    13.22
$    17.11
Total Return(c)
Based on net asset value
0.18
%(d)
14.47
%
27.74
%
16.55
%
(18.05
)%
23.35
%
Ratios to Average Net Assets(e)
Total expenses
0.09
%(f)(g)
0.11
%
0.09
%
0.10
%
0.10
%
0.12
%
Total expenses after fees waived and/or reimbursed
0.08
%(f)(g)
0.09
%
0.07
%
0.08
%
0.08
%
0.08
%
Net investment income
1.96
%(f)(g)
1.98
%
1.98
%
2.24
%
2.56
%
1.50
%
Supplemental Data
Net assets, end of period (000)
$  868,420
$  832,401
$  561,515
$  386,972
$  271,863
$  148,917
Portfolio turnover rate
34
%
52
%
97
%
97
%
51
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
Financial Highlights
39
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock 80/20 Target Allocation Fund (continued)
 
Class R
 
Six Months
Ended
03/31/26
(unaudited)
Year Ended
09/30/25
Year Ended
09/30/24
Year Ended
09/30/23
Year Ended
09/30/22
Year Ended
09/30/21
Net asset value, beginning of period
$   18.68
$   17.80
$   14.57
$   12.81
$   16.61
$   13.77
Net investment income(a)
0.13
0.25
0.24
0.25
0.28
0.14
Net realized and unrealized gain (loss)
(0.11
)
2.03
3.60
1.77
(3.13
)
2.96
Net increase (decrease) from investment operations
0.02
2.28
3.84
2.02
(2.85
)
3.10
Distributions(b)
From net investment income
(0.29
)
(0.24
)
(0.24
)
(0.22
)
(0.24
)
(0.11
)
From net realized gain
(0.76
)
(1.16
)
(0.37
)
(0.04
)
(0.71
)
(0.15
)
Total distributions
(1.05
)
(1.40
)
(0.61
)
(0.26
)
(0.95
)
(0.26
)
Net asset value, end of period
$   17.65
$   18.68
$   17.80
$   14.57
$   12.81
$   16.61
Total Return(c)
Based on net asset value
(0.09
)%(d)
13.83
%
27.09
%
15.92
%
(18.43
)%
22.69
%
Ratios to Average Net Assets(e)
Total expenses
0.80
%(f)(g)
0.81
%
0.80
%
0.82
%
0.82
%
0.80
%
Total expenses after fees waived and/or reimbursed
0.60
%(f)(g)
0.61
%
0.59
%
0.60
%
0.60
%
0.60
%
Net investment income
1.44
%(f)(g)
1.45
%
1.45
%
1.71
%
1.85
%
0.87
%
Supplemental Data
Net assets, end of period (000)
$  52,617
$  46,501
$  33,241
$  18,418
$  11,823
$  10,224
Portfolio turnover rate
34
%
52
%
97
%
97
%
51
%
56
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Includes the Fund’s share of the International Tilts Master Portfolio allocated expenses and/or net investment income.
See notes to financial statements.
402026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
1.
ORGANIZATION
BlackRock Funds II (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 Massachusetts business trust. The Funds will generally invest in other registered investment companies, including exchange-traded funds (“ETFs”) (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 master portfolios that are managed by subsidiaries of BlackRock (the “Master Portfolios”). 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 20/80 Target Allocation Fund
20/80 Target Allocation
Diversified
BlackRock 40/60 Target Allocation Fund
40/60 Target Allocation
Diversified
BlackRock 60/40 Target Allocation Fund
60/40 Target Allocation
Diversified
BlackRock 80/20 Target Allocation Fund
80/20 Target Allocation
Diversified
By owning shares of Underlying Funds and investing in a Master Portfolio, each Fund indirectly invests, to varying degrees, in fixed-income and equity securities. The Funds are subject to the same risks as the Underlying Funds and the Master Portfolios in which they invest. Equity funds may include funds that invest in, among other things, domestic and international equities, real estate-related securities or instruments and commodity-related securities or instruments. Fixed-income funds may include funds that invest in, among other things, domestic and non-U.S. bonds, U.S. Government securities, mortgage-backed securities, high yield (or junk) bonds, and cash or money market instruments. Multi-asset funds may include funds that invest in any of the securities or instruments in which equity funds or fixed-income funds may invest. In addition, the Underlying Funds and the Master Portfolios may invest in derivatives.
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 Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
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.
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.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. 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.
Notes to Financial Statements
41
Notes to Financial Statements (unaudited) (continued)
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.
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.
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 the Trust (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:
• Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. 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 net asset value (“NAV”).
• The Funds record their proportionate investment in the Master Portfolio at fair value, which is based upon their pro rata ownership in the net assets of the Master Portfolio.
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 March 31, 2026, certain investments of the Funds were fair valued using NAV as a practical expedient 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 an approved 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 market 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 is 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,
422026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
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 Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
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(b)
 40/60 Target Allocation 
Citigroup Global Markets, Inc.
$15,726,785
$(15,425,997
)
$—
$300,788
 60/40 Target Allocation 
Citigroup Global Markets, Inc.
$27,632,929
$(27,104,427
)
$—
$528,502
Morgan Stanley
3,887,838
(3,813,480
)
—
74,358
TD Securities (USA) LLC
24,070,997
(23,670,800
)
—
400,197
 
$55,591,764
$(54,588,707
)
$—
$1,003,057
 80/20 Target Allocation 
Citigroup Global Markets, Inc.
$8,291,051
$(8,130,396
)
$—
$160,655
Goldman Sachs & Co. LLC
12,804,052
(12,553,880
)
—
250,172
J.P. Morgan Securities LLC
656,038
(643,800
)
—
12,238
TD Securities (USA) LLC
17,543,269
(17,251,600
)
—
291,669
 
$39,294,410
$(38,579,676
)
$—
$714,734
 
(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 Funds’
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of March 31, 2026. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The
net amount would be subject to the borrower default indemnity in the event of default by the counterparty.
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 BIM. BIM’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.
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 and administrative 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. The Manager does not receive any management fees from the Funds for its investment advisory services.
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
Notes to Financial Statements
43
Notes to Financial Statements (unaudited) (continued)
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 six months ended March 31, 2026, 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
20/80 Target Allocation
$  225,446
$  104,323
$  15,102
$  344,871
40/60 Target Allocation
 372,788
 184,532
49,155
606,475
60/40 Target Allocation
 920,621
 245,938
117,776
1,284,335
80/20 Target Allocation
 567,131
 377,885
125,494
1,070,510
Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below. 
Average Daily Net Assets
Administration Fees
First $500 million
0.0425
%
$500 million - $1 billion
0.0400
$1 billion - $2 billion
0.0375
$2 billion - $4 billion
0.0350
$4 billion - $13 billion
0.0325
Greater than $13 billion
0.0300
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the six months ended March 31, 2026, 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
20/80 Target Allocation
$  8,031
$  18,034
$  2,086
$  15,264
$  604
$  44,019
40/60 Target Allocation
20,025
29,817
3,691
24,084
1,965
79,582
60/40 Target Allocation
49,956
73,627
4,920
71,711
4,707
204,921
80/20 Target Allocation
93,983
45,346
7,556
87,658
5,015
239,558
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended March 31, 2026, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended March 31, 2026, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations: 
Fund Name
Institutional
Investor A
Investor C
Class K
Class R
Total
20/80 Target Allocation
$  573
$  1,882
$  357
$  517
$  41
$  3,370
40/60 Target Allocation
 775
 3,945
612
660
183
6,175
60/40 Target Allocation
 2,535
 19,014
1,318
556
381
23,804
80/20 Target Allocation
 2,157
 11,957
1,684
746
471
17,015
For the six months ended March 31, 2026, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund: 
Fund Name
Institutional
Investor A
Investor C
Class K
Class R
Total
20/80 Target Allocation
$  55,890
$  107,981
$  8,271
$  1,320
$  4,547
$  178,009
40/60 Target Allocation
 167,100
 180,321
15,008
2,893
18,784
384,106
60/40 Target Allocation
 406,797
 509,857
23,912
931
49,550
991,047
80/20 Target Allocation
 889,397
 330,384
41,396
3,287
53,039
1,317,503
442026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Other Fees: For the six months ended March 31, 2026, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows: 
Fund Name
Amounts
20/80 Target Allocation
$  13,232
40/60 Target Allocation
 15,061
60/40 Target Allocation
 23,671
80/20 Target Allocation
 30,614
For the six months ended March 31, 2026, affiliates received CDSCs as follows: 
Share Class
20/80 Target
Allocation
40/60 Target
Allocation
60/40 Target
Allocation
80/20 Target
Allocation
Investor A
$  12
$  1,771
$  1,534
$  1
Investor C
 404
 3,106
 4,176
 9,087
Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit net total annual operating expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses (“expense limitation”). The contractual expense limitations exclude expenses allocated from the Underlying Funds and Master Portfolios in which the Funds invest. The expense limitations as a percentage of average daily net assets are as follows: 
 Fund Name
Institutional
Investor A
Investor C
Class K
Class R
20/80 Target Allocation
0.09
% 
0.43
% 
1.18
% 
0.07
% 
0.74
% 
40/60 Target Allocation
0.09
0.43
1.18
0.07
0.59
60/40 Target Allocation
0.09
0.43
1.18
0.07
0.62
80/20 Target Allocation
0.09
0.43
1.18
0.07
0.59
With respect to each Fund, the Manager contractually agreed to reimburse each Fund for certain expenses associated with the Fund’s investment in the BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc. through June 30, 2027. With respect to each Fund, the reimbursement amount is calculated as the product of (i) the daily market value of the Fund’s assets invested in Class K shares of the BlackRock Total Return Fund and (ii) the difference between (a) the total expenses after fees waived and/or reimbursed of Class K Shares in BlackRock Total Return Fund’s most recent annual or semiannual financial statements report and (b) 0.06%, divided by the number of days in the calendar year. The reimbursement amount is subject to a maximum amount with respect to each Fund equal to the market value each Fund had invested in the Master Total Return Portfolio prior to investing in the BlackRock Total Return Fund. This contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of BlackRock Funds II or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended March 31, 2026, the amounts included in fees waived and/or reimbursed by the Manager in the Statements of Operations were as follows: 
Fund Name
Amounts Waived
20/80 Target Allocation
$  111,294
40/60 Target Allocation
137,055
60/40 Target Allocation
276,449
80/20 Target Allocation
121,383
The following Funds also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the six months ended March 31, 2026, the amounts were as follows: 
Fund Name
Amounts Waived
20/80 Target Allocation
$  69,752
40/60 Target Allocation
24,212
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended March 31, 2026, class specific expense waivers and/or reimbursements are as follows: 
 
 Administration Fees Waived by the Manager - Class Specific
Fund Name
Institutional
Investor A
Investor C
Class K
Class R
Total
20/80 Target Allocation
$  8,031
$  18,034
$  —
$  15,264
$  60
$  41,389
40/60 Target Allocation
20,026
29,817
7
24,077
1,965
75,892
60/40 Target Allocation
49,956
73,627
64
19,219
4,707
147,573
80/20 Target Allocation
93,983
45,346
1,471
13,932
5,015
159,747
Notes to Financial Statements
45
Notes to Financial Statements (unaudited) (continued)
 
 
 Transfer Agent Fees Waived and/or Reimbursed by the Manager -
Class Specific
Fund Name
Institutional
Investor A
Class K
Class R
Total
20/80 Target Allocation
$  47,856
$  8,871
$  1,320
$  2
$  58,049
40/60 Target Allocation
147,049
16,415
2,878
16,837
183,179
60/40 Target Allocation
319,604
50,629
—
34,373
404,606
80/20 Target Allocation
712,845
41,440
—
43,733
798,018
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. 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, managed by the Manager or its affiliates. However, BIM 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. The money market fund in which the cash collateral has been reinvested 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, the money market fund 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. The money market fund 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 the money market fund 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 BIM as compensation for its services as securities lending agent.
Pursuant to the securities lending agreement effective as of January 1, 2026, 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 a specific threshold, 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.
Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending arrangements were in place for each Fund for the calendar year ended December 31, 2025. 
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended March 31, 2026, each Fund paid BIM the following amounts for securities lending agent services: 
Fund Name
Amounts
20/80 Target Allocation
$  3,035
40/60 Target Allocation
6,757
60/40 Target Allocation
18,355
80/20 Target Allocation
8,927
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended March 31, 2026, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows: 
Fund Name
Purchases
Sales
Net Realized
Gain (Loss)
60/40 Target Allocation
$  1,756,586
$  —
$  —
462026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
6.
PURCHASES AND SALES
For the six months ended March 31, 2026, 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
20/80 Target Allocation
$  169,382,872
$  166,448,473
40/60 Target Allocation
283,003,576
257,237,805
60/40 Target Allocation
601,683,451
566,826,130
80/20 Target Allocation
890,273,205
818,175,387
7.
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 March 31, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
As of September 30, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring Capital
Loss Carryforwards
20/80 Target Allocation
$  (46,917,162
)
As of March 31, 2026, 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)
20/80 Target Allocation
$  429,233,503
$  16,052,328
$  (3,759,203
)
$  12,293,125
40/60 Target Allocation
747,431,575
54,627,517
(5,129,999
)
49,497,518
60/40 Target Allocation
1,904,033,926
185,263,761
(9,949,739
)
175,314,022
80/20 Target Allocation
2,112,723,826
290,420,746
(8,146,648
)
282,274,098
8.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended March 31, 2026, the Funds did not borrow under the credit agreement.
9.
PRINCIPAL RISKS
In the normal course of business, each Fund invests through their investments in the Underlying Funds and the Master Portfolio 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.
Notes to Financial Statements
47
Notes to Financial Statements (unaudited) (continued)
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.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
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.
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.
10.
CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for each class were as follows: 
 
Six Months Ended 03/31/26
Year Ended 09/30/25
Fund Name/Share Class
Shares
Amount
Shares
Amount
20/80 Target Allocation 
Institutional
Shares sold
1,061,108
$12,660,538
3,708,800
$41,475,594
Shares issued in reinvestment of distributions
303,765
3,541,905
250,326
2,758,593
Shares redeemed
(1,742,907
)
(20,648,680
)
(2,840,927
)
(32,378,091
)
 
(378,034
)
$(4,446,237
)
1,118,199
$11,856,096
Investor A
Shares sold and automatic conversion of shares
1,019,581
$11,884,871
1,747,984
$19,465,898
Shares issued in reinvestment of distributions
604,682
6,935,701
649,275
7,044,634
Shares redeemed
(1,540,626
)
(18,001,397
)
(3,581,216
)
(39,789,926
)
 
83,637
$819,175
(1,183,957
)
$(13,279,394
)
Investor C
Shares sold
170,747
$1,988,047
157,460
$1,776,980
Shares issued in reinvestment of distributions
58,063
665,987
69,021
748,191
Shares redeemed and automatic conversion of shares
(292,722
)
(3,409,968
)
(850,097
)
(9,443,537
)
 
(63,912
)
$(755,934
)
(623,616
)
$(6,918,366
)
482026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended 03/31/26
Year Ended 09/30/25
Fund Name/Share Class
Shares
Amount
Shares
Amount
20/80 Target Allocation  (continued)
Class K
Shares sold
2,150,991
$25,481,410
4,496,422
$50,840,084
Shares issued in reinvestment of distributions
544,536
6,349,291
535,363
5,899,704
Shares redeemed
(1,346,673
)
(15,967,288
)
(4,874,923
)
(55,141,954
)
 
1,348,854
$15,863,413
156,862
$1,597,834
Class R
Shares sold
116,662
$1,366,566
62,222
$687,924
Shares issued in reinvestment of distributions
21,494
246,103
19,513
211,327
Shares redeemed
(120,971
)
(1,401,797
)
(212,229
)
(2,399,133
)
 
17,185
$210,872
(130,494
)
$(1,499,882
)
 
1,007,730
$11,691,289
(663,006
)
$(8,243,712
)
40/60 Target Allocation 
Institutional
Shares sold
3,039,374
$43,014,775
6,112,582
$79,292,252
Shares issued in reinvestment of distributions
784,352
10,792,684
340,809
4,393,022
Shares redeemed
(2,317,094
)
(32,632,339
)
(4,308,050
)
(57,212,026
)
 
1,506,632
$21,175,120
2,145,341
$26,473,248
Investor A
Shares sold and automatic conversion of shares
1,254,705
$17,414,226
2,370,573
$30,944,586
Shares issued in reinvestment of distributions
1,100,696
14,969,468
645,424
8,229,161
Shares redeemed
(1,996,451
)
(27,666,094
)
(3,509,251
)
(45,839,571
)
 
358,950
$4,717,600
(493,254
)
$(6,665,824
)
Investor C
Shares sold
161,392
$2,224,652
179,667
$2,318,966
Shares issued in reinvestment of distributions
121,126
1,636,411
70,335
891,140
Shares redeemed and automatic conversion of shares
(380,695
)
(5,229,645
)
(997,422
)
(12,887,908
)
 
(98,177
)
$(1,368,582
)
(747,420
)
$(9,677,802
)
Class K
Shares sold
3,273,076
$46,386,417
7,179,325
$94,992,875
Shares issued in reinvestment of distributions
948,067
13,054,880
468,327
6,041,421
Shares redeemed
(2,038,175
)
(28,594,772
)
(4,114,679
)
(54,380,908
)
 
2,182,968
$30,846,525
3,532,973
$46,653,388
Class R
Shares sold
130,681
$1,817,415
694,360
$8,851,456
Shares issued in reinvestment of distributions
73,977
1,004,613
26,635
339,067
Shares redeemed
(96,262
)
(1,332,704
)
(352,276
)
(4,653,539
)
 
108,396
$1,489,324
368,719
$4,536,984
 
4,058,769
$56,859,987
4,806,359
$61,319,994
60/40 Target Allocation 
Institutional
Shares sold
4,083,155
$68,690,497
11,454,902
$177,371,347
Shares issued in reinvestment of distributions
2,283,332
37,172,643
1,777,369
27,140,430
Shares redeemed
(3,474,678
)
(58,056,217
)
(7,230,697
)
(115,205,488
)
 
2,891,809
$47,806,923
6,001,574
$89,306,289
Notes to Financial Statements
49
Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended 03/31/26
Year Ended 09/30/25
Fund Name/Share Class
Shares
Amount
Shares
Amount
60/40 Target Allocation  (continued)
Investor A
Shares sold and automatic conversion of shares
4,014,418
$65,350,470
4,414,083
$68,478,655
Shares issued in reinvestment of distributions
3,321,163
52,773,281
3,521,894
52,581,877
Shares redeemed
(3,981,097
)
(64,850,589
)
(6,699,388
)
(103,368,899
)
 
3,354,484
$53,273,162
1,236,589
$17,691,633
Investor C
Shares sold
211,216
$3,368,895
430,850
$6,488,100
Shares issued in reinvestment of distributions
210,829
3,272,058
277,962
4,058,240
Shares redeemed and automatic conversion of shares
(643,643
)
(10,270,558
)
(1,246,426
)
(18,744,521
)
 
(221,598
)
$(3,629,605
)
(537,614
)
$(8,198,181
)
Class K
Shares sold
4,495,141
$75,377,156
14,349,597
$230,211,918
Shares issued in reinvestment of distributions
3,263,420
53,128,480
3,100,877
47,319,389
Shares redeemed
(4,612,406
)
(77,510,080
)
(8,094,658
)
(126,729,357
)
 
3,146,155
$50,995,556
9,355,816
$150,801,950
Class R
Shares sold
394,789
$6,417,785
802,854
$12,309,929
Shares issued in reinvestment of distributions
211,235
3,341,741
202,892
3,017,000
Shares redeemed
(189,845
)
(3,099,730
)
(579,058
)
(8,786,138
)
 
416,179
$6,659,796
426,688
$6,540,791
 
9,587,029
$155,105,832
16,483,053
$256,142,482
80/20 Target Allocation 
Institutional
Shares sold
4,972,260
$96,105,741
23,947,416
$411,051,379
Shares issued in reinvestment of distributions
2,840,492
53,713,707
2,507,307
42,950,167
Shares redeemed
(4,496,173
)
(86,718,421
)
(10,572,447
)
(187,127,840
)
 
3,316,579
$63,101,027
15,882,276
$266,873,706
Investor A
Shares sold and automatic conversion of shares
1,589,542
$29,808,570
3,431,484
$59,076,583
Shares issued in reinvestment of distributions
1,347,052
24,758,816
1,846,888
30,824,562
Shares redeemed
(1,844,098
)
(34,458,912
)
(3,549,746
)
(60,610,324
)
 
1,092,496
$20,108,474
1,728,626
$29,290,821
Investor C
Shares sold
382,871
$6,869,330
841,426
$13,901,957
Shares issued in reinvestment of distributions
220,251
3,874,223
339,334
5,436,127
Shares redeemed and automatic conversion of shares
(624,310
)
(11,133,919
)
(1,188,985
)
(19,550,319
)
 
(21,188
)
$(390,366
)
(8,225
)
$(212,235
)
Class K
Shares sold
6,215,576
$120,182,839
16,216,113
$289,756,004
Shares issued in reinvestment of distributions
2,635,658
49,840,286
3,057,893
52,381,709
Shares redeemed
(4,422,919
)
(84,723,898
)
(6,874,013
)
(121,082,881
)
 
4,428,315
$85,299,227
12,399,993
$221,054,832
502026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended 03/31/26
Year Ended 09/30/25
Fund Name/Share Class
Shares
Amount
Shares
Amount
80/20 Target Allocation  (continued)
Class R
Shares sold
497,226
$9,243,642
780,783
$13,214,494
Shares issued in reinvestment of distributions
149,614
2,722,983
162,684
2,690,792
Shares redeemed
(155,729
)
(2,910,546
)
(321,932
)
(5,504,097
)
 
491,111
$9,056,079
621,535
$10,401,189
 
9,307,313
$177,174,441
30,624,205
$527,408,313
As of March 31, 2026, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows: 
Share Class
20/80 Target
Allocation
40/60 Target
Allocation
Class K
18,349
18,727
11.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following item was noted:
Effective April 9, 2026, the credit agreement was extended until April 2027 under substantially similar terms.
Notes to Financial Statements
51
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent trustees of the Trust, as applicable, is paid by the Trust, on behalf of the Funds.
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.
522026 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
Fund and Service Providers
Investment Adviser and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
The Bank of New York Mellon
New York, NY 10286
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Westborough, MA 01581
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Distributor
BlackRock Investments, LLC
New York, NY 10001
Legal Counsel
Ropes & Gray LLP
New York, NY 10036
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
53
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THIS PAGE INTENTIONALLY LEFT BLANK. 
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.

Item 17 –

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

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached.

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

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

(b) Section 906 Certifications are attached.

 

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

BlackRock Funds II

 

 

By:

     

/s/ John M. Perlowski       

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Funds II

Date: May 22, 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 II

Date: May 22, 2026

 

 

By:

     

/s/ Trent Walker       

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Funds II

Date: May 22, 2026

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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