UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-07332
Name of Fund:
BlackRock Funds III
BlackRock Diversified Fixed Income Fund
BlackRock LifePath® ESG Index 2030 Fund
BlackRock LifePath® ESG Index 2035 Fund
BlackRock LifePath® ESG Index 2040 Fund
BlackRock LifePath® ESG Index 2045 Fund
BlackRock LifePath® ESG Index 2050 Fund
BlackRock LifePath® ESG Index 2055 Fund
BlackRock LifePath® ESG Index 2060 Fund
BlackRock LifePath® ESG Index 2065 Fund
BlackRock LifePath® ESG Index 2070 Fund
BlackRock LifePath® ESG Index Retirement Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds III, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
10/31/2026
Date of reporting period:
4/30/2026
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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BlackRock Diversified Fixed Income Fund
Institutional Shares | BDVIX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537‑4942.
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 $12 0.24%(a)
​(a)
Annualized.
Key Fund statistics
Net Assets $1,274,480,131
Number of Portfolio Holdings 4,623
Portfolio Turnover Rate 603%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 36.0 %
Corporate Bonds 23.6 %
U.S. Treasury Obligations 22.9 %
Non-Agency Mortgage-Backed Securities 10.4 %
Asset-Backed Securities 4.6 %
Foreign Agency Obligations 1.2 %
Capital Trusts 0.5 %
Investment Companies 0.4 %
Municipal Bonds 0.3 %
Common Stocks 0.1 %
Other* — %(b)
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(a)
AAA/Aaa(d) 3.4 %
AA/Aa 61.6 %
A 9.0 %
BBB/Baa 15.2 %
BB/Ba 3.1 %
B 0.8 %
CCC/Caa 0.4 %
CC 0.1 %
C — %(b)
D — %(b)
N/R 6.4 %
​(a)
Excludes short-term securities, short investments and options, if any.
​(b)
Rounds to less than 0.1%.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
​*
Ten largest investment types are presented. Additional investment types are found in Other.
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.
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BlackRock Diversified Fixed Income Fund
Institutional Shares | BDVIX
Semi-Annual Shareholder Report — April 30, 2026
BDVIX-04/26-SAR
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BlackRock Diversified Fixed Income Fund
Class K Shares | BDVFX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537‑4942.
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 $7 0.14%(a)
​(a)
Annualized.
Key Fund statistics
Net Assets $1,274,480,131
Number of Portfolio Holdings 4,623
Portfolio Turnover Rate 603%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 36.0 %
Corporate Bonds 23.6 %
U.S. Treasury Obligations 22.9 %
Non-Agency Mortgage-Backed Securities 10.4 %
Asset-Backed Securities 4.6 %
Foreign Agency Obligations 1.2 %
Capital Trusts 0.5 %
Investment Companies 0.4 %
Municipal Bonds 0.3 %
Common Stocks 0.1 %
Other* — %(b)
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(a)
AAA/Aaa(d) 3.4 %
AA/Aa 61.6 %
A 9.0 %
BBB/Baa 15.2 %
BB/Ba 3.1 %
B 0.8 %
CCC/Caa 0.4 %
CC 0.1 %
C — %(b)
D — %(b)
N/R 6.4 %
​(a)
Excludes short-term securities, short investments and options, if any.
​(b)
Rounds to less than 0.1%.
​(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
​(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
​*
Ten largest investment types are presented. Additional investment types are found in Other.
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.
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BlackRock Diversified Fixed Income Fund
Class K Shares | BDVFX
Semi-Annual Shareholder Report — April 30, 2026
BDVFX-04/26-SAR
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BlackRock LifePath® ESG Index 2030 Fund

Institutional Shares | LENIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.09%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $17,158,052
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 50.9 %
Fixed-Income Funds 48.9 %
Money Market Funds 17.4 %
Liabilities in Excess of Other Assets (17.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 41.9 %
iShares ESG Aware MSCI USA ETF 26.5 %
iShares ESG Aware MSCI EAFE ETF 9.8 %
iShares TIPS Bond ETF 7.1 %
iShares ESG Aware MSCI EM ETF 5.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.2 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.4 %
iShares MSCI Emerging Markets Small-Cap ETF 0.8 %
​(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.
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BlackRock LifePath® ESG Index 2030 Fund
Institutional Shares | LENIX
Semi-Annual Shareholder Report — April 30, 2026
LENIX-04/26-SAR
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BlackRock LifePath® ESG Index 2030 Fund

Investor A Shares | LENAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $17(a) 0.34%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $17,158,052
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 50.9 %
Fixed-Income Funds 48.9 %
Money Market Funds 17.4 %
Liabilities in Excess of Other Assets (17.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 41.9 %
iShares ESG Aware MSCI USA ETF 26.5 %
iShares ESG Aware MSCI EAFE ETF 9.8 %
iShares TIPS Bond ETF 7.1 %
iShares ESG Aware MSCI EM ETF 5.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.2 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.4 %
iShares MSCI Emerging Markets Small-Cap ETF 0.8 %
​(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.
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BlackRock LifePath® ESG Index 2030 Fund
Investor A Shares | LENAX
Semi-Annual Shareholder Report — April 30, 2026
LENAX-04/26-SAR
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BlackRock LifePath® ESG Index 2030 Fund

Class K Shares | LENKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.04%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $17,158,052
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 50.9 %
Fixed-Income Funds 48.9 %
Money Market Funds 17.4 %
Liabilities in Excess of Other Assets (17.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 41.9 %
iShares ESG Aware MSCI USA ETF 26.5 %
iShares ESG Aware MSCI EAFE ETF 9.8 %
iShares TIPS Bond ETF 7.1 %
iShares ESG Aware MSCI EM ETF 5.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.2 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.4 %
iShares MSCI Emerging Markets Small-Cap ETF 0.8 %
​(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.
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BlackRock LifePath® ESG Index 2030 Fund
Class K Shares | LENKX
Semi-Annual Shareholder Report — April 30, 2026
LENKX-04/26-SAR
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BlackRock LifePath® ESG Index 2035 Fund

Institutional Shares | LEJIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16,943,994
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 62.8 %
Fixed-Income Funds 37.0 %
Money Market Funds 31.1 %
Liabilities in Excess of Other Assets (30.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 32.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 30.8 %
iShares ESG Aware MSCI EAFE ETF 12.2 %
iShares ESG Aware MSCI EM ETF 6.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.9 %
iShares Developed Real Estate Index Fund, Class K 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.0 %
iShares MSCI Canada ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2035 Fund
Institutional Shares | LEJIX
Semi-Annual Shareholder Report — April 30, 2026
LEJIX-04/26-SAR
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BlackRock LifePath® ESG Index 2035 Fund

Investor A Shares | LEJAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $17(a) 0.33%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $16,943,994
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 62.8 %
Fixed-Income Funds 37.0 %
Money Market Funds 31.1 %
Liabilities in Excess of Other Assets (30.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 32.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 30.8 %
iShares ESG Aware MSCI EAFE ETF 12.2 %
iShares ESG Aware MSCI EM ETF 6.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.9 %
iShares Developed Real Estate Index Fund, Class K 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.0 %
iShares MSCI Canada ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2035 Fund
Investor A Shares | LEJAX
Semi-Annual Shareholder Report — April 30, 2026
LEJAX-04/26-SAR
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BlackRock LifePath® ESG Index 2035 Fund

Class K Shares | LEJKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.03%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $16,943,994
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 62.8 %
Fixed-Income Funds 37.0 %
Money Market Funds 31.1 %
Liabilities in Excess of Other Assets (30.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 32.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 30.8 %
iShares ESG Aware MSCI EAFE ETF 12.2 %
iShares ESG Aware MSCI EM ETF 6.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.9 %
iShares Developed Real Estate Index Fund, Class K 2.9 %
iShares MSCI EAFE Small-Cap ETF 2.0 %
iShares MSCI Canada ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2035 Fund
Class K Shares | LEJKX
Semi-Annual Shareholder Report — April 30, 2026
LEJKX-04/26-SAR
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BlackRock LifePath® ESG Index 2040 Fund

Institutional Shares | LEKIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.07%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $28,175,319
Number of Portfolio Holdings 12
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 74.5 %
Fixed-Income Funds 25.3 %
Money Market Funds 18.3 %
Liabilities in Excess of Other Assets (18.1 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 38.2 %
iShares ESG Aware U.S. Aggregate Bond ETF 20.5 %
iShares ESG Aware MSCI EAFE ETF 14.7 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.6 %
iShares Developed Real Estate Index Fund, Class K 3.4 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
​(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.
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BlackRock LifePath® ESG Index 2040 Fund
Institutional Shares | LEKIX
Semi-Annual Shareholder Report — April 30, 2026
LEKIX-04/26-SAR
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BlackRock LifePath® ESG Index 2040 Fund

Investor A Shares | LEKAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.32%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $28,175,319
Number of Portfolio Holdings 12
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 74.5 %
Fixed-Income Funds 25.3 %
Money Market Funds 18.3 %
Liabilities in Excess of Other Assets (18.1 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 38.2 %
iShares ESG Aware U.S. Aggregate Bond ETF 20.5 %
iShares ESG Aware MSCI EAFE ETF 14.7 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.6 %
iShares Developed Real Estate Index Fund, Class K 3.4 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
​(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.
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BlackRock LifePath® ESG Index 2040 Fund
Investor A Shares | LEKAX
Semi-Annual Shareholder Report — April 30, 2026
LEKAX-04/26-SAR
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BlackRock LifePath® ESG Index 2040 Fund

Class K Shares | LEKKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $28,175,319
Number of Portfolio Holdings 12
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 74.5 %
Fixed-Income Funds 25.3 %
Money Market Funds 18.3 %
Liabilities in Excess of Other Assets (18.1 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 38.2 %
iShares ESG Aware U.S. Aggregate Bond ETF 20.5 %
iShares ESG Aware MSCI EAFE ETF 14.7 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.6 %
iShares Developed Real Estate Index Fund, Class K 3.4 %
iShares MSCI EAFE Small-Cap ETF 2.4 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
​(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.
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BlackRock LifePath® ESG Index 2040 Fund
Class K Shares | LEKKX
Semi-Annual Shareholder Report — April 30, 2026
LEKKX-04/26-SAR
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BlackRock LifePath® ESG Index 2045 Fund

Institutional Shares | LEHIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.06%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $24,106,800
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 84.9 %
Money Market Funds 25.4 %
Fixed-Income Funds 14.9 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 43.5 %
iShares ESG Aware MSCI EAFE ETF 16.9 %
iShares ESG Aware U.S. Aggregate Bond ETF 11.6 %
iShares ESG Aware MSCI EM ETF 9.1 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.1 %
iShares Developed Real Estate Index Fund, Class K 3.9 %
iShares TIPS Bond ETF 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.7 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
​(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.
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BlackRock LifePath® ESG Index 2045 Fund
Institutional Shares | LEHIX
Semi-Annual Shareholder Report — April 30, 2026
LEHIX-04/26-SAR
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BlackRock LifePath® ESG Index 2045 Fund

Investor A Shares | LEHAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.31%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $24,106,800
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 84.9 %
Money Market Funds 25.4 %
Fixed-Income Funds 14.9 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 43.5 %
iShares ESG Aware MSCI EAFE ETF 16.9 %
iShares ESG Aware U.S. Aggregate Bond ETF 11.6 %
iShares ESG Aware MSCI EM ETF 9.1 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.1 %
iShares Developed Real Estate Index Fund, Class K 3.9 %
iShares TIPS Bond ETF 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.7 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
​(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.
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BlackRock LifePath® ESG Index 2045 Fund
Investor A Shares | LEHAX
Semi-Annual Shareholder Report — April 30, 2026
LEHAX-04/26-SAR
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BlackRock LifePath® ESG Index 2045 Fund

Class K Shares | LEHKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.01%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $24,106,800
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 84.9 %
Money Market Funds 25.4 %
Fixed-Income Funds 14.9 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 43.5 %
iShares ESG Aware MSCI EAFE ETF 16.9 %
iShares ESG Aware U.S. Aggregate Bond ETF 11.6 %
iShares ESG Aware MSCI EM ETF 9.1 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.1 %
iShares Developed Real Estate Index Fund, Class K 3.9 %
iShares TIPS Bond ETF 3.3 %
iShares MSCI EAFE Small-Cap ETF 2.7 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
​(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.
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BlackRock LifePath® ESG Index 2045 Fund
Class K Shares | LEHKX
Semi-Annual Shareholder Report — April 30, 2026
LEHKX-04/26-SAR
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BlackRock LifePath® ESG Index 2050 Fund

Institutional Shares | LEGIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $26,402,877
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 93.4 %
Money Market Funds 25.3 %
Fixed-Income Funds 6.5 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 47.8 %
iShares ESG Aware MSCI EAFE ETF 18.8 %
iShares ESG Aware MSCI EM ETF 10.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.1 %
iShares MSCI Canada ETF 2.5 %
iShares TIPS Bond ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
​(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.
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BlackRock LifePath® ESG Index 2050 Fund
Institutional Shares | LEGIX
Semi-Annual Shareholder Report — April 30, 2026
LEGIX-04/26-SAR
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BlackRock LifePath® ESG Index 2050 Fund

Investor A Shares | LEBAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $15(a) 0.30%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $26,402,877
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 93.4 %
Money Market Funds 25.3 %
Fixed-Income Funds 6.5 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 47.8 %
iShares ESG Aware MSCI EAFE ETF 18.8 %
iShares ESG Aware MSCI EM ETF 10.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.1 %
iShares MSCI Canada ETF 2.5 %
iShares TIPS Bond ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
​(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.
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BlackRock LifePath® ESG Index 2050 Fund
Investor A Shares | LEBAX
Semi-Annual Shareholder Report — April 30, 2026
LEBAX-04/26-SAR
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BlackRock LifePath® ESG Index 2050 Fund

Class K Shares | LEPKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $0(a)(b) 0.00%(a)(c)(d)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $26,402,877
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 93.4 %
Money Market Funds 25.3 %
Fixed-Income Funds 6.5 %
Liabilities in Excess of Other Assets (25.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 47.8 %
iShares ESG Aware MSCI EAFE ETF 18.8 %
iShares ESG Aware MSCI EM ETF 10.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.1 %
iShares MSCI Canada ETF 2.5 %
iShares TIPS Bond ETF 1.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
​(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.
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BlackRock LifePath® ESG Index 2050 Fund
Class K Shares | LEPKX
Semi-Annual Shareholder Report — April 30, 2026
LEPKX-04/26-SAR
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BlackRock LifePath® ESG Index 2055 Fund

Institutional Shares | LEEIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $20,247,241
Number of Portfolio Holdings 12
Portfolio Turnover Rate 6%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 97.8 %
Money Market Funds 33.8 %
Fixed-Income Funds 2.0 %
Liabilities in Excess of Other Assets (33.6 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.1 %
iShares ESG Aware MSCI EAFE ETF 19.8 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.8 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.4 %
iShares TIPS Bond ETF 0.5 %
​(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.
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BlackRock LifePath® ESG Index 2055 Fund
Institutional Shares | LEEIX
Semi-Annual Shareholder Report — April 30, 2026
LEEIX-04/26-SAR
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BlackRock LifePath® ESG Index 2055 Fund

Investor A Shares | LEVAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.30%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $20,247,241
Number of Portfolio Holdings 12
Portfolio Turnover Rate 6%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 97.8 %
Money Market Funds 33.8 %
Fixed-Income Funds 2.0 %
Liabilities in Excess of Other Assets (33.6 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.1 %
iShares ESG Aware MSCI EAFE ETF 19.8 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.8 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.4 %
iShares TIPS Bond ETF 0.5 %
​(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.
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BlackRock LifePath® ESG Index 2055 Fund
Investor A Shares | LEVAX
Semi-Annual Shareholder Report — April 30, 2026
LEVAX-04/26-SAR
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BlackRock LifePath® ESG Index 2055 Fund

Class K Shares | LEVKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $0(a)(b) 0.00%(a)(c)(d)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $20,247,241
Number of Portfolio Holdings 12
Portfolio Turnover Rate 6%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 97.8 %
Money Market Funds 33.8 %
Fixed-Income Funds 2.0 %
Liabilities in Excess of Other Assets (33.6 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.1 %
iShares ESG Aware MSCI EAFE ETF 19.8 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.8 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.4 %
iShares TIPS Bond ETF 0.5 %
​(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.
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BlackRock LifePath® ESG Index 2055 Fund
Class K Shares | LEVKX
Semi-Annual Shareholder Report — April 30, 2026
LEVKX-04/26-SAR
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BlackRock LifePath® ESG Index 2060 Fund

Institutional Shares | LEZIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $16,647,697
Number of Portfolio Holdings 12
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 35.6 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (35.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.3 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.8 %
iShares TIPS Bond ETF 0.2 %
​(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.
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BlackRock LifePath® ESG Index 2060 Fund
Institutional Shares | LEZIX
Semi-Annual Shareholder Report — April 30, 2026
LEZIX-04/26-SAR
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BlackRock LifePath® ESG Index 2060 Fund

Investor A Shares | LEZAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.30%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $16,647,697
Number of Portfolio Holdings 12
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 35.6 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (35.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.3 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.8 %
iShares TIPS Bond ETF 0.2 %
​(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.
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BlackRock LifePath® ESG Index 2060 Fund
Investor A Shares | LEZAX
Semi-Annual Shareholder Report — April 30, 2026
LEZAX-04/26-SAR
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BlackRock LifePath® ESG Index 2060 Fund

Class K Shares | LEZKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $0(a)(b) 0.00%(a)(c)(d)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $16,647,697
Number of Portfolio Holdings 12
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 35.6 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (35.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.6 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.3 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.8 %
iShares TIPS Bond ETF 0.2 %
​(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.
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BlackRock LifePath® ESG Index 2060 Fund
Class K Shares | LEZKX
Semi-Annual Shareholder Report — April 30, 2026
LEZKX-04/26-SAR
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BlackRock LifePath® ESG Index 2065 Fund

Institutional Shares | LEWIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $8,870,396
Number of Portfolio Holdings 11
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 38.3 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.0 %
iShares ESG Aware MSCI EM ETF 10.7 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2065 Fund
Institutional Shares | LEWIX
Semi-Annual Shareholder Report — April 30, 2026
LEWIX-04/26-SAR
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BlackRock LifePath® ESG Index 2065 Fund

Investor A Shares | LEWAX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.30%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $8,870,396
Number of Portfolio Holdings 11
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 38.3 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.0 %
iShares ESG Aware MSCI EM ETF 10.7 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2065 Fund
Investor A Shares | LEWAX
Semi-Annual Shareholder Report — April 30, 2026
LEWAX-04/26-SAR
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BlackRock LifePath® ESG Index 2065 Fund

Class K Shares | LEWKX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $0(a)(b) 0.00%(a)(c)(d)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $8,870,396
Number of Portfolio Holdings 11
Portfolio Turnover Rate 7%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 38.3 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.2 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 50.7 %
iShares ESG Aware MSCI EAFE ETF 20.0 %
iShares ESG Aware MSCI EM ETF 10.7 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.5 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2065 Fund
Class K Shares | LEWKX
Semi-Annual Shareholder Report — April 30, 2026
LEWKX-04/26-SAR
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BlackRock LifePath® ESG Index 2070 Fund

Institutional Shares | LEYIX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $3,083,452
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 99.5 %
Money Market Funds 37.8 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 51.0 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.0 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2070 Fund
Institutional Shares | LEYIX
Semi-Annual Shareholder Report — April 30, 2026
LEYIX-04/26-SAR
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BlackRock LifePath® ESG Index 2070 Fund
Investor A Shares | LEYAX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $16(a) 0.30%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $3,083,452
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 99.5 %
Money Market Funds 37.8 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 51.0 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.0 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2070 Fund
Investor A Shares | LEYAX
Semi-Annual Shareholder Report — April 30, 2026
LEYAX-04/26-SAR
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BlackRock LifePath® ESG Index 2070 Fund
Class K Shares | LEYKX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $0(a)(b) 0.00%(a)(c)(d)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Rounds to less than $1.
​(c)
Annualized.
​(d)
Rounds to less than 0.01%.
Key Fund statistics
Net Assets $3,083,452
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 99.5 %
Money Market Funds 37.8 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (38.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 51.0 %
iShares ESG Aware MSCI EAFE ETF 20.1 %
iShares ESG Aware MSCI EM ETF 10.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.0 %
iShares Developed Real Estate Index Fund, Class K 4.1 %
iShares MSCI EAFE Small-Cap ETF 3.2 %
iShares MSCI Canada ETF 2.7 %
iShares MSCI Emerging Markets Small-Cap ETF 1.6 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
​(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.
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BlackRock LifePath® ESG Index 2070 Fund
Class K Shares | LEYKX
Semi-Annual Shareholder Report — April 30, 2026
LEYKX-04/26-SAR
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BlackRock LifePath® ESG Index Retirement Fund
Institutional Shares | LERIX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $13,979,060
Number of Portfolio Holdings 12
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.1 %
Equity Funds 40.7 %
Money Market Funds 18.9 %
Liabilities in Excess of Other Assets (18.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.5 %
iShares ESG Aware MSCI USA ETF 21.2 %
iShares ESG Aware MSCI EAFE ETF 7.6 %
iShares TIPS Bond ETF 7.6 %
iShares ESG Aware MSCI EM ETF 4.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.3 %
iShares MSCI Canada ETF 1.1 %
iShares MSCI Emerging Markets Small-Cap ETF 0.6 %

​(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.
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BlackRock LifePath® ESG Index Retirement Fund
Institutional Shares | LERIX
Semi-Annual Shareholder Report — April 30, 2026
LERIX-04/26-SAR
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BlackRock LifePath® ESG Index Retirement Fund
Investor A Shares | LERAX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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 $18(a) 0.35%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $13,979,060
Number of Portfolio Holdings 12
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.1 %
Equity Funds 40.7 %
Money Market Funds 18.9 %
Liabilities in Excess of Other Assets (18.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.5 %
iShares ESG Aware MSCI USA ETF 21.2 %
iShares ESG Aware MSCI EAFE ETF 7.6 %
iShares TIPS Bond ETF 7.6 %
iShares ESG Aware MSCI EM ETF 4.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.3 %
iShares MSCI Canada ETF 1.1 %
iShares MSCI Emerging Markets Small-Cap ETF 0.6 %
​(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.
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BlackRock LifePath® ESG Index Retirement Fund
Investor A Shares | LERAX
Semi-Annual Shareholder Report — April 30, 2026
LERAX-04/26-SAR
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BlackRock LifePath® ESG Index Retirement Fund
Class K Shares | LERKX
Semi-Annual Shareholder Report — April 30, 2026
This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2025 to April 30, 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) 0.05%(a)(b)
​(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
​(b)
Annualized.
Key Fund statistics
Net Assets $13,979,060
Number of Portfolio Holdings 12
Portfolio Turnover Rate 18%
What did the Fund invest in?
(as of April 30, 2026)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.1 %
Equity Funds 40.7 %
Money Market Funds 18.9 %
Liabilities in Excess of Other Assets (18.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.5 %
iShares ESG Aware MSCI USA ETF 21.2 %
iShares ESG Aware MSCI EAFE ETF 7.6 %
iShares TIPS Bond ETF 7.6 %
iShares ESG Aware MSCI EM ETF 4.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.3 %
iShares MSCI EAFE Small-Cap ETF 1.3 %
iShares MSCI Canada ETF 1.1 %
iShares MSCI Emerging Markets Small-Cap ETF 0.6 %
​(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.
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BlackRock LifePath® ESG Index Retirement Fund
Class K Shares | LERKX
Semi-Annual Shareholder Report — April 30, 2026
LERKX-04/26-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.

 

 
April 30, 2026 
2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock Funds III
• BlackRock Diversified Fixed Income Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
4
71
74
75
76
78
91
93
2
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
BlackRock Diversified Fixed Income Fund
Derivative Financial Instruments
3
Schedule of Investments (unaudited)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
1988 CLO Ltd., Series 2024-5A, Class A1, (3-mo.
CME Term SOFR + 1.54%), 5.21%, 07/15/37(a)(b)
USD
250
$ 250,339
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-AG1, Class M2, (1 mo. Term SOFR +
0.80%), 4.48%, 08/25/35(a)
 
203
181,621
ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%,
04/25/31(b)
 
110
110,715
Affirm Asset Securitization Trust(b)
 
Series 2023-X1, Class D, 9.55%, 11/15/28
 
109
109,047
Series 2024-B, Class C, 5.06%, 09/15/29
 
2,250
2,251,397
Series 2024-X1, Class D, 7.29%, 05/15/29
 
90
90,159
Series 2024-X2, Class C, 5.62%, 12/17/29
 
507
507,836
Series 2024-X2, Class D, 6.08%, 12/17/29
 
525
527,637
Series 2025-X1, Class B, 5.19%, 04/15/30
 
1,150
1,151,424
Affirm Master Trust(b)
 
Series 2025-1A, Class B, 5.13%, 02/15/33
 
1,000
1,004,869
Series 2025-1A, Class C, 5.28%, 02/15/33
 
640
642,435
Series 2025-3A, Class B, 4.75%, 10/16/34
 
980
976,221
Series 2025-3A, Class C, 4.89%, 10/16/34
 
1,850
1,839,409
Series 2026-1A, Class A, 4.37%, 02/15/34
 
172
171,158
AGL CLO Ltd., Series 2022-20A, Class A1R, (3-mo.
CME Term SOFR + 1.37%), 5.05%, 10/20/37(a)(b)
 
250
250,504
AGL Core CLO Ltd.(a)(b)
 
Series 2019-2A, Class A1R, (3-mo. CME Term
SOFR + 1.46%), 5.14%, 07/20/37
 
250
250,406
Series 2025-38A, Class A1, (3-mo. CME Term
SOFR + 1.24%), 4.90%, 01/22/38
 
250
250,380
Ajax Mortgage Loan Trust, Series 2023-B, Class A,
4.25%, 10/25/62(b)
 
84
83,548
Anchorage Capital CLO Ltd.(a)(b)
 
Series 2020-15A, Class A1R2, (3-mo. CME Term
SOFR + 1.41%), 5.09%, 07/20/38
 
250
250,433
Series 2025-32A, Class D, (3-mo. CME Term
SOFR + 3.95%), 7.62%, 07/15/37
 
250
251,442
Series 2025-34A, Class A1, (3-mo. CME Term
SOFR + 1.27%), 4.94%, 01/15/39
 
250
250,557
Ares Direct Lending CLO 6 LLC, Series 2025-2A,
Class A1, (3-mo. CME Term SOFR + 1.45%),
5.13%, 10/16/37(a)(b)
 
250
249,911
ARES XLIV CLO Ltd., Series 2017-44A, Class CRR,
(3-mo. CME Term SOFR + 2.75%), 6.42%,
04/15/34(a)(b)
 
250
246,150
Argent Mortgage Loan Trust, Series 2005-W1,
Class A2, (1 mo. Term SOFR + 0.59%), 4.27%,
05/25/35(a)
 
139
118,017
Asset-Backed Securities Corp. Home Equity Loan
Trust, Series 2004-HE9, Class M1, (1 mo. Term
SOFR + 1.09%), 4.77%, 12/25/34(a)
 
135
127,769
Bain Capital Credit CLO Ltd., Series 2024-2A,
Class A1, (3-mo. CME Term SOFR + 1.52%),
5.19%, 07/15/37(a)(b)
 
480
480,557
Ballyrock CLO 22 Ltd., Series 2024-22A, Class C,
(3-mo. CME Term SOFR + 3.50%), 7.17%,
04/15/37(a)(b)
 
250
251,291
Ballyrock CLO Ltd.(a)(b)
 
Series 2020-14A, Class A1AR, (3-mo. CME Term
SOFR + 1.38%), 5.06%, 07/20/37
 
250
250,563
Series 2021-1A, Class A1R, (3-mo. CME Term
SOFR + 1.33%), 5.00%, 01/15/38
 
420
420,937
Series 2025-32A, Class A1A, (3-mo. CME Term
SOFR + 1.21%), 4.88%, 01/25/39
 
250
250,250
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Ballyrock CLO Ltd.(a)(b) (continued)
 
Series 2025-32A, Class B, (3-mo. CME Term
SOFR + 1.80%), 5.47%, 01/25/39
USD
250
$ 250,285
BARC 2026-CES1, Series 2026-CES1, Class A1A,
4.85%, 01/25/56(b)
 
280
276,791
Barclays Mortgage Trust, Series 2021-NPL1, Class A,
6.00%, 11/25/51(b)
 
50
50,509
BBAM U.S. CLO VI Ltd., Series 2025-6A, Class A1,
(3-mo. CME Term SOFR + 1.25%), 5.06%,
01/27/39(a)(b)
 
250
250,518
Bbva Consumer Fondo de Titulizacion,
Series 2026-1, Class F, (3-mo. EURIBOR +
5.10%), 7.11%, 05/20/39(a)(c)
EUR
100
116,967
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE7, Class 1A2, (1 mo. Term SOFR +
0.45%), 4.13%, 09/25/36(a)
USD
49
48,444
Bear Stearns Asset-Backed Securities Trust,
Series 2005-2, Class M5, (1 mo. Term SOFR +
5.36%), 9.04%, 06/25/35(a)
 
210
215,724
Bear Stearns Structured Products Trust, Series 2007-
EMX1, Class M1, (1 mo. Term SOFR + 2.11%),
5.79%, 03/25/37(a)(b)
 
12
11,775
Benefit Street Partners CLO Ltd., Series 2025-44A,
Class A1, (3-mo. CME Term SOFR + 1.22%),
4.89%, 01/15/39(a)(b)
 
250
250,251
Benefit Street Partners CLO XXIX Ltd., Series 2022-
29A, Class AR, (3-mo. CME Term SOFR + 1.18%),
4.85%, 01/25/38(a)(b)
 
1,100
1,100,077
Benefit Street Partners CLO XXVII Ltd., Series 2022-
27A, Class AR, (3-mo. CME Term SOFR + 1.37%),
5.05%, 10/20/37(a)(b)
 
250
250,434
Blue Bridge Funding LLC, Series 2023-1A, Class A,
7.37%, 11/15/30(b)
 
46
46,210
BlueMountain CLO Ltd.(a)(b)
 
Series 2015-3A, Class A1R, (3-mo. CME Term
SOFR + 1.26%), 4.94%, 04/20/31
 
18
18,403
Series 2018-3A, Class BR, (3-mo. CME Term
SOFR + 1.85%), 5.52%, 10/25/30
 
250
250,798
Bridge Street CLO VI Ltd., Series 2025-2A, Class A1,
(3-mo. CME Term SOFR + 1.28%), 4.95%,
01/15/39(a)(b)
 
250
250,579
Canyon CLO Ltd., Series 2023-2A, Class B, (3-mo.
CME Term SOFR + 2.05%), 5.72%, 05/15/37(a)(b)
 
250
250,812
Carlyle U.S. CLO Ltd.(a)(b)
 
Series 2017-3A, Class A1R2, (3-mo. CME Term
SOFR + 1.40%), 5.07%, 10/21/37
 
250
250,556
Series 2017-3A, Class BR2, (3-mo. CME Term
SOFR + 1.78%), 5.45%, 10/21/37
 
250
251,104
CIFC Funding III Ltd.(a)(b)
 
Series 2018-3A, Class BR, (3-mo. CME Term
SOFR + 1.65%), 5.33%, 10/18/38
 
400
401,983
Series 2024-3A, Class A1, (3-mo. CME Term
SOFR + 1.48%), 5.15%, 07/21/37
 
250
250,286
CIFC Funding Ltd.(a)(b)
 
Series 2017-5A, Class AR, (3-mo. CME Term
SOFR + 1.41%), 5.09%, 07/17/37
 
250
250,290
Series 2019-6A, Class A1R, (3-mo. CME Term
SOFR + 1.45%), 5.13%, 07/16/37
 
250
250,387
Series 2020-4A, Class A1R, (3-mo. CME Term
SOFR + 1.30%), 4.97%, 01/15/40
 
250
250,629
Series 2021-1A, Class BR, (3-mo. CME Term
SOFR + 1.75%), 5.42%, 07/25/37
 
250
251,072
4
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
CIT Mortgage Loan Trust(a)(b)
 
Series 2007-1, Class 1M2, (1 mo. Term SOFR +
2.74%), 5.54%, 10/25/37
USD
150
$ 148,031
Series 2007-1, Class 2M2, (1 mo. Term SOFR +
2.74%), 5.54%, 10/25/37
 
676
656,302
College Avenue Student Loans LLC, Series 2023-B,
Class A1A, 6.50%, 06/25/54(b)
 
64
65,909
College Avenue Student Loans Trust, Series 2024-A,
Class A1B, (30-day Avg SOFR + 1.75%), 5.41%,
06/25/54(a)(b)
 
104
105,023
Compass Datacenters Issuer III LLC, Series 2025-3A,
Class A2, 5.29%, 07/25/50(b)
 
247
243,789
Concord Music Royalties LLC, Series 2024-1A,
Class A, 5.64%, 10/20/74(b)
 
100
100,498
Conseco Finance Corp., Series 1998-4, Class M1,
6.83%, 04/01/30(a)
 
61
61,798
Consolidated Communications LLC/Fidium Fiber
Finance Holdco LLC(b)
 
Series 2025-4A, Class B, 5.77%, 12/20/55
 
445
445,776
Series 2026-1A, Class A2, 5.08%, 03/20/56
 
100
99,009
Series 2026-1A, Class B, 5.42%, 03/20/56
 
100
98,690
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2004-CF2, Class 1B, 6.00%, 01/25/43(b)
 
15
12,599
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-MH1, Class B2, 6.75%, 10/25/36(b)
 
372
313,694
Creeksource Dunes Creek CLO Ltd., Series 2024-1A,
Class A1, (3-mo. CME Term SOFR + 1.41%),
5.08%, 01/15/38(a)(b)
 
250
250,374
CWABS Asset-Backed Certificates Trust(a)
 
Series 2006-11, Class 1AF4, 6.30%, 12/25/35
 
148
144,875
Series 2006-14, Class M1, (1 mo. Term SOFR +
0.55%), 3.51%, 02/25/37
 
22
23,592
CWABS Asset-Backed Notes Trust, Series 2007-
SEA2, Class 2A1, (1 mo. Term SOFR + 1.61%),
5.29%, 06/25/47(a)(b)
 
30
25,331
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1 mo. Term SOFR +
0.25%), 3.91%, 01/15/37(a)
 
1
743
DB Master Finance LLC, Series 2025-1A, Class A2I,
4.89%, 08/20/55(b)
 
205
203,527
Deephaven Residential Mortgage Trust, Series 2025-
CES1, Class A1A, 5.22%, 10/25/55(b)
 
90
89,717
Diameter Capital CLO Ltd.(a)(b)
 
Series 2024-8A, Class A1A, (3-mo. CME Term
SOFR + 1.40%), 5.08%, 10/20/37
 
460
460,973
Series 2025-10A, Class A, (3-mo. CME Term
SOFR + 1.31%), 4.99%, 04/20/38
 
500
501,228
Series 2025-12A, Class A, (3-mo. CME Term
SOFR + 1.24%), 4.92%, 10/20/38
 
250
250,469
Dowson PLC(a)(c)
 
Series 2024-1, Class E, (1-day SONIA GBP
3.95%), 7.69%, 08/20/31
GBP
110
151,490
Series 2024-1, Class F, (1-day SONIA GBP
6.95%), 10.69%, 08/20/31
 
162
223,824
Drive Auto Receivables Trust, Series 2024-2, Class C,
4.67%, 05/17/32
USD
450
452,113
Dryden CLO Ltd., Series 2022-104A, Class A1R,
(3-mo. CME Term SOFR + 1.29%), 4.95%,
08/20/34(a)(b)
 
250
250,277
Edgeconnex Data Centers Europe BV, Series 2026-
1X, Class A2, 4.50%, 04/30/56(c)
EUR
191
221,118
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Elmwood CLO III Ltd., Series 2019-3A, Class ERR,
(3-mo. CME Term SOFR + 5.95%), 9.63%,
07/18/37(a)(b)
USD
250
$ 240,209
Elmwood CLO IX Ltd., Series 2021-2A, Class AR,
(3-mo. CME Term SOFR + 1.14%), 4.82%,
04/20/38(a)(b)
 
250
249,775
Equity One Mortgage Pass-Through Trust,
Series 2003-3, Class M2, 5.46%, 12/25/33(a)
 
288
262,082
Exeter Automobile Receivables Trust
 
Series 2022-5A, Class D, 7.40%, 02/15/29
 
72
72,667
Series 2023-2A, Class D, 6.32%, 08/15/29
 
545
553,131
series 2023-3A, Class D, 6.68%, 04/16/29
 
400
406,724
Series 2023-4A, Class D, 6.95%, 12/17/29
 
350
356,880
FIGRE Trust, Series 2026-HE1, Class A, 4.98%,
01/25/56(a)(b)
 
141
139,249
First Franklin Mortgage Loan Trust, Series 2006-
FF13, Class A1, (1 mo. Term SOFR + 0.35%),
4.03%, 10/25/36(a)
 
27
17,014
FirstKey Homes Trust(b)
 
Series 2022-SFR1, Class E2, 5.00%, 05/19/39
 
590
581,914
Series 2022-SFR3, Class E2, 3.50%, 07/17/38
 
633
629,455
FNA 8 LLC, Series 2025-1, Class A, 5.62%,
03/15/45(a)(b)
 
97
96,773
Fondo de Titulizacion Santander Consumo, Series 9,
Class F, (3-mo. EURIBOR + 4.87%), 6.90%,
10/25/40(a)(c)
EUR
180
211,488
Fortuna Consumer Loan ABS DAC, Series 2024-2,
Class E, (1-mo. EURIBOR + 4.10%), 6.05%,
10/18/34(a)
 
69
82,158
Foundation Finance Trust(b)
 
Series 2025-1A, Class A, 4.95%, 04/15/50
USD
86
86,399
Series 2025-2A, Class D, 5.68%, 04/15/52
 
109
108,724
Goldman Home Improvement Trust Issuer Trust,
Series 2022-GRN1, Class A, 4.50%, 06/25/52(b)
 
51
50,742
Golub Capital Partners CLO Ltd.(a)(b)
 
Series 2019-44A, Class A1R, (3-mo. CME Term
SOFR + 1.57%), 5.24%, 10/21/38
 
250
249,991
Series 2023-66A, Class AR, (3-mo. CME Term
SOFR + 1.45%), 5.12%, 07/25/38
 
250
250,356
GoodLeap Home Improvement Solutions Trust(b)
 
Series 2024-1A, Class A, 5.35%, 10/20/46
 
235
236,490
Series 2025-1A, Class A, 5.38%, 02/20/49
 
194
194,995
Series 2025-2A, Class A, 5.32%, 06/20/49
 
181
181,782
Series 2025-2A, Class B, 5.98%, 06/20/49
 
304
306,088
Series 2025-3A, Class A, 5.00%, 10/20/49
 
290
288,092
GreenSky Home Improvement Issuer Trust(b)
 
Series 2024-2, Class A4, 5.15%, 10/27/59
 
40
40,067
Series 2024-2, Class B, 5.26%, 10/27/59
 
83
82,866
Series 2024-2, Class D, 6.43%, 10/27/59
 
267
269,826
Series 2025-3A, Class A3, 4.52%, 12/27/60
 
106
105,408
GreenSky Home Improvement Trust, Series 2024-1,
Class A4, 5.67%, 06/25/59(b)
 
198
200,685
GSAMP Trust, Series 2006-HE4, Class M1, (1 mo.
Term SOFR + 0.56%), 4.24%, 06/25/36(a)
 
100
86,933
Hill FL BV, Series 2025-1FL, Class E, (1-mo.
EURIBOR + 2.64%), 4.64%, 10/18/32(a)(c)
EUR
100
117,756
Household Capital RMBS, Series 2025-1, Class A,
(3-Month BBSW + 1.90%), 6.23%, 07/21/87(a)(c)
AUD
86
61,591
Huntington Bank Auto Credit-Linked Notes(a)(b)
 
Series 2024-1, Class B2, (30-day Avg SOFR +
1.40%), 5.04%, 05/20/32
USD
137
137,118
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Huntington Bank Auto Credit-Linked
Notes(a)(b) (continued)
 
Series 2024-2, Class B2, (30-day Avg SOFR +
1.35%), 4.99%, 10/20/32
USD
183
$ 183,579
Series 2025-2, Class B2, (30-day Avg SOFR +
1.20%), 4.84%, 09/20/33
 
193
193,290
INCREF LLC, Series 2025-FL1, Class A, (1 mo. Term
SOFR + 1.73%), 5.39%, 10/19/42(a)(b)
 
109
109,162
Invesco Euro CLO VI DAC, Series 6A, Class D, (3-
mo. EURIBOR + 3.05%), 5.25%, 07/15/34(a)(b)
EUR
250
289,126
Invesco U.S. CLO Ltd., Series 2023-3A, Class AR,
(3-mo. CME Term SOFR + 1.31%), 4.98%,
07/15/38(a)(b)
USD
250
250,610
Jersey Mikes Funding LLC, Series 2026-1A,
Class A2, 5.48%, 02/15/56(b)
 
404
398,126
JP Morgan Mortgage Trust, Series 2026-CES1,
Class A1B, 4.96%, 06/25/56(b)
 
33
32,964
Kennedy Lewis CLO Ltd., Series 2025-19A, Class A,
(3-mo. CME Term SOFR + 1.25%), 4.91%,
04/22/36(a)(b)
 
250
250,068
KKR CLO Ltd., Series 34A, Class AR, (3-mo. CME
Term SOFR + 1.10%), 4.77%, 07/15/34(a)(b)
 
250
250,059
LCM 31 Ltd., Series 31A, Class AR, (3-mo. CME
Term SOFR + 1.28%), 4.96%, 07/20/34(a)(b)
 
250
250,249
Lendmark Funding Trust(b)
 
Series 2025-1A, Class A, 4.94%, 09/20/34
 
171
171,768
Series 2025-1A, Class B, 5.33%, 09/20/34
 
181
182,203
Series 2025-3A, Class A, 4.51%, 05/21/35
 
206
204,124
Series 2026-1A, Class A, 11/20/35(d)
 
107
106,979
LMRE SFR1 Trust, Series 2025-SFR1, Class A,
4.50%, 12/17/42(b)
 
100
96,897
Long Beach Mortgage Loan Trust, Series 2006-2,
Class 1A, (1 mo. Term SOFR + 0.47%), 4.15%,
03/25/46(a)
 
104
91,207
Lyra Music Assets Delaware LP(b)
 
Series 2024-2A, Class A2, 5.76%, 12/22/64
 
139
139,562
Series 2025-1A, Class A2, 5.60%, 09/20/65
 
93
93,093
Madison Park Funding LXVII Ltd., Series 2024-67A,
Class B, (3-mo. CME Term SOFR + 2.05%),
5.72%, 04/25/37(a)(b)
 
250
251,074
Madison Park Funding XXXI Ltd.(a)(b)
 
Series 2018-31A, Class B1R, (3-mo. CME Term
SOFR + 1.80%), 5.47%, 07/23/37
 
250
250,957
Series 2018-31A, Class CR, (3-mo. CME Term
SOFR + 2.25%), 5.92%, 07/23/37
 
250
250,275
Mariner Finance Issuance Trust(b)
 
Series 2024-AA, Class A, 5.13%, 09/22/36
 
178
179,265
Series 2024-BA, Class A, 4.91%, 11/20/38
 
204
204,283
Series 2025-AA, Class A, 4.98%, 05/20/38
 
257
258,447
Series 2025-BA, Class A, 4.59%, 11/22/38
 
210
208,976
Mastr Asset Backed Securities Trust, Series 2007-
NCW, Class A1, (1 mo. Term SOFR + 0.41%),
4.09%, 05/25/37(a)(b)
 
159
144,163
MFA Trust, Series 2024-NPL1, Class A1, 6.33%,
09/25/54(b)
 
89
88,935
MidOcean Credit CLO XII Ltd., Series 2023-12A,
Class A1RR, (3-mo. CME Term SOFR + 1.34%),
5.02%, 07/18/38(a)(b)
 
250
250,481
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-
HE8, Class A2FP, (1 mo. Term SOFR + 0.18%),
3.86%, 10/25/36(a)
 
40
17,177
Morgan Stanley Mortgage Loan Trust
 
Series 2006-12XS, Class A4, 6.51%, 10/25/36
 
27
5,687
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Morgan Stanley Mortgage Loan Trust (continued)
 
Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47
USD
287
$ 97,998
Navient Education Loan Trust, Series 2026-A,
Class A, 09/15/56(b)(d)
 
100
99,616
Navient Private Education Loan Trust(b)
 
Series 2015-AA, Class B, 3.50%, 12/15/44
 
131
129,161
Series 2016-AA, Class B, 3.50%, 12/16/58(a)
 
135
133,904
Navient Private Education Refi Loan Trust(b)
 
Series 2019-CA, Class A2, 3.13%, 02/15/68
 
8
7,993
Series 2020-CA, Class A2B, (1 mo. Term SOFR +
1.71%), 5.37%, 11/15/68(a)
 
268
270,035
Series 2021-CA, Class A, 1.06%, 10/15/69
 
88
80,224
Navient Refinance Loan Trust(b)
 
Series 2025-B, Class A, 4.72%, 09/15/55
 
126
125,022
Series 2025-C, Class A, 4.80%, 10/15/55
 
120
118,580
Nelnet Student Loan Trust(b)
 
Series 2021-A, Class A1, (1 mo. Term SOFR +
0.91%), 4.58%, 04/20/62(a)
 
66
66,300
Series 2021-A, Class B1, 2.85%, 04/20/62
 
100
90,363
Series 2023-PL1A, Class A1A, (30-day Avg SOFR
+ 2.25%), 5.91%, 11/25/53(a)
 
36
36,123
Series 2025-AA, Class A1B, (30-day Avg SOFR +
1.10%), 4.74%, 03/15/57(a)
 
298
295,290
Series 2025-BA, Class A1B, (30-day Avg SOFR +
1.35%), 4.99%, 05/17/55(a)
 
517
515,536
Series 2025-BA, Class B, 4.98%, 05/17/55
 
110
109,395
Series 2025-BA, Class C, 5.38%, 05/17/55
 
125
122,892
Series 2025-CA, Class A1B, (30-day Avg SOFR +
1.35%), 4.99%, 06/22/65(a)
 
125
124,764
Series 2025-CA, Class D, 5.82%, 06/22/65
 
113
110,152
NetCredit Combined Receivables LLC,
Series 2024-A, Class B, 8.31%, 10/21/30(b)
 
357
361,099
OCP CLO Ltd.(a)(b)
 
Series 2017-13A, Class AR2, (3-mo. CME Term
SOFR + 1.34%), 5.01%, 11/26/37
 
250
250,597
Series 2019-17A, Class AR2, (3-mo. CME Term
SOFR + 1.40%), 5.08%, 07/20/37
 
250
250,519
Series 2024-36A, Class B1, (3-mo. CME Term
SOFR + 1.70%), 5.38%, 10/16/37
 
250
250,972
OHA Credit Funding Ltd.(a)(b)
 
Series 2019-4A, Class AR2, (3-mo. CME Term
SOFR + 1.29%), 4.95%, 01/22/38
 
250
250,675
Series 2020-7A, Class A1R2, (3-mo. CME Term
SOFR + 1.28%), 4.96%, 07/19/38
 
250
250,415
Series 2021-10RA, Class A1, (3-mo. CME Term
SOFR + 1.26%), 4.94%, 07/18/37
 
250
249,880
Series 2024-17RA, Class A1, (3-mo. CME Term
SOFR + 1.14%), 4.82%, 04/20/39
 
250
249,790
OHA Credit Partners XI Ltd., Series 2015-11A,
Class A1R2, (3-mo. CME Term SOFR + 1.46%),
5.14%, 04/20/37(a)(b)
 
500
500,000
OHA Credit Partners XVI, Series 2021-16A, Class AR,
(3-mo. CME Term SOFR + 1.35%), 5.03%,
10/18/37(a)(b)
 
500
500,964
OHA Loan Funding Ltd., Series 2016-1A, Class A1R2,
(3-mo. CME Term SOFR + 1.46%), 5.14%,
07/20/37(a)(b)
 
250
250,395
OnDeck Asset Securitization Trust IV LLC,
Series 2023-1A, Class A, 7.00%, 08/19/30(b)
 
160
160,838
Onemain Financial Issuance Trust, Series 2025-1A,
Class D, 5.79%, 07/14/38(b)
 
100
100,358
OneMain Financial Issuance Trust(b)
 
Series 2020-2A, Class A, 1.75%, 09/14/35
 
54
53,342
6
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
OneMain Financial Issuance Trust(b) (continued)
 
Series 2020-2A, Class B, 2.21%, 09/14/35
USD
240
$ 232,800
Series 2024-1A, Class A, 5.79%, 05/14/41
 
184
192,451
Option One Mortgage Loan Trust, Series 2007-FXD1,
Class 3A4, 5.86%, 01/25/37
 
8
7,467
Orchard Park CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.36%), 5.04%,
10/20/37(a)(b)
 
310
310,605
Origen Manufactured Housing Contract Trust,
Series 2007-B, Class A1, (1 mo. Term SOFR +
1.31%), 4.97%, 10/15/37(a)(b)
 
4
4,363
Owl Rock CLO III Ltd., Series 2020-3A, Class AR,
(3-mo. CME Term SOFR + 1.85%), 5.53%,
04/20/36(a)(b)
 
250
249,998
Owl Rock CLO XVIII LLC, Series 2024-18A, Class A,
(3-mo. CME Term SOFR + 1.70%), 5.37%,
07/24/36(a)(b)
 
250
250,078
OZLM XIX Ltd., Series 2017-19A, Class A1R3, (3-mo.
CME Term SOFR + 1.00%), 4.67%, 01/15/35(a)(b)
 
250
251,418
Palmer Square CLO Ltd., Series 2024-2A, Class B,
(3-mo. CME Term SOFR + 1.65%), 5.33%,
07/20/37(a)(b)
 
300
301,208
Palmer Square Loan Funding Ltd., Series 2025-3A,
Class A1, (3-mo. CME Term SOFR + 0.95%),
4.66%, 01/15/34(a)(b)
 
250
249,640
Park Blue CLO Ltd., Series 2025-9A, Class A1, (3-
mo. CME Term SOFR + 1.35%), 5.03%,
10/20/38(a)(b)
 
620
621,550
Planet Fitness Master Issuer LLC, Series 2025-1A,
Class A2II, 5.65%, 12/06/55(b)
 
152
150,886
Progress Residential Trust(b)
 
Series 2022-SFR3, Class F, 6.60%, 04/17/39
 
136
135,941
Series 2023-SFR1, Class E1, 6.15%, 03/17/40
 
690
684,126
Quest Trust, Series 2004-X2, Class M3, (1 mo. Term
SOFR + 3.34%), 7.02%, 06/25/34(a)(b)
 
482
441,985
Rad CLO Ltd., Series 2021-14A, Class A, (3-mo.
CME Term SOFR + 1.43%), 5.10%, 01/15/35(a)(b)
 
250
250,086
RCKT Mortgage Trust, Series 2024-CES2, Class B1,
8.01%, 04/25/44(a)(b)
 
145
147,608
Regatta 30 Funding Ltd., Series 2024-4A, Class A1,
(3-mo. CME Term SOFR + 1.32%), 4.99%,
01/25/38(a)(b)
 
250
250,557
Regatta 35 Funding Ltd., Series 2025-5A, Class A1,
(3-mo. CME Term SOFR + 1.29%), 4.96%,
10/15/38(a)(b)
 
250
250,634
Regatta XVIII Funding Ltd., Series 2021-1A,
Class A1R, (3-mo. CME Term SOFR + 1.16%),
4.83%, 04/15/38(a)(b)
 
160
159,926
Regatta XXVII Funding Ltd., Series 2024-1A,
Class A1, (3-mo. CME Term SOFR + 1.53%),
5.20%, 04/26/37(a)(b)
 
250
250,253
Regional Management Issuance Trust(b)
 
Series 2021-2, Class A, 1.90%, 08/15/33
 
120
116,924
Series 2021-2, Class B, 2.35%, 08/15/33
 
300
282,110
Series 2025-2, Class A, 4.59%, 11/16/37
 
274
271,958
Republic Finance Issuance Trust(b)
 
Series 2024-A, Class B, 6.47%, 08/20/32
 
100
100,541
Series 2024-B, Class A, 5.42%, 11/20/37
 
200
202,255
Series 2024-B, Class B, 5.86%, 11/20/37
 
100
100,928
Series 2025-A, Class A, 4.59%, 11/20/34
 
239
237,502
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Residential Mortgage Loan Trust, Series 2020-1,
Class B1, 3.95%, 01/26/60(a)(b)
USD
450
$ 429,968
Retained Vantage Data Centers Issuer LLC,
Series 2025-1A, Class A2A, 5.09%, 08/15/50(b)
 
181
176,559
Sagard-Halseypoint CLO Ltd.(a)(b)
 
Series 2024-8A, Class A1, (3-mo. CME Term
SOFR + 1.39%), 5.06%, 01/30/38
 
1,110
1,112,235
Series 2025-10A, Class A1, (3-mo. CME Term
SOFR + 1.35%), 5.03%, 10/20/38
 
500
501,250
Sandstone Peak IV Ltd., Series 2025-1A, Class A1,
(3-mo. CME Term SOFR + 1.29%), 4.95%,
01/20/39(a)(b)
 
250
250,597
Santander Drive Auto Receivables Trust,
Series 2024-1, Class C, 5.45%, 03/15/30
 
240
241,930
Secucor Finance 2013-1 DAC(a)(c)
 
Series 2025-1, Class D, (1-mo. EURIBOR +
3.40%), 5.34%, 09/20/36
EUR
100
116,939
Series 2025-1, Class F, (1-mo. EURIBOR +
6.20%), 8.14%, 09/20/36
 
100
118,014
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(b)
USD
63
63,780
Sesac Finance LLC, Series 2025-1, Class A2, 5.50%,
07/25/55(b)
 
182
177,985
Silver Point CLO Ltd.(a)(b)
 
Series 2022-1A, Class A1R, (3-mo. CME Term
SOFR + 1.32%), 5.00%, 01/20/38
 
250
250,607
Series 2025-13A, Class A1, (3-mo. CME Term
SOFR + 1.25%), 4.92%, 10/15/38
 
250
250,601
SMB Private Education Loan Trust(b)
 
Series 2018-B, Class A2B, (1 mo. Term SOFR +
0.83%), 4.49%, 01/15/37(a)
 
47
47,085
Series 2019-B, Class B, 3.56%, 06/15/43
 
800
765,787
Series 2021-A, Class A2A1, (1 mo. Term SOFR +
0.84%), 4.52%, 01/15/53(a)
 
260
257,100
Series 2021-A, Class B, 2.31%, 01/15/53
 
184
179,810
Series 2024-A, Class A1B, (30-day Avg SOFR +
1.45%), 5.09%, 03/15/56(a)
 
92
92,970
Series 2024-A, Class B, 5.88%, 03/15/56
 
154
155,427
Series 2024-C, Class A1B, (30-day Avg SOFR +
1.10%), 4.74%, 06/17/52(a)
 
74
73,611
Sofi Consumer Loan Program Trust(b)
 
Series 2026-B, Class A, 4.40%, 02/25/36
 
432
431,962
Series 2026-B, Class B, 4.90%, 02/25/36
 
45
44,951
Series 2026-B, Class C, 5.20%, 02/25/36
 
45
44,940
Series 2026-B, Class D, 5.56%, 02/25/36
 
45
44,947
SoFi Personal Loan Trust, Series 2024-1A, Class A,
6.06%, 02/12/31(b)
 
20
19,736
Soundview Home Loan Trust(a)
 
Series 2005-OPT3, Class M4, (1 mo. Term SOFR
+ 1.13%), 4.81%, 11/25/35
 
25
21,167
Series 2007-NS1, Class M1, (1 mo. Term SOFR +
0.64%), 4.32%, 01/25/37
 
19
20,032
Stream Innovations Issuer Trust, Series 2025-1A,
Class A, 5.05%, 09/15/45(b)
 
80
79,998
Subway Funding LLC, Series 2024-1A, Class A2II,
6.27%, 07/30/54(b)
 
84
84,281
Summit Issuer LLC, Series 2025-1A, Class A2,
5.21%, 11/20/55(b)
 
165
165,097
Sunbit Asset Securitization Trust, Series 2025-1,
Class A, 5.36%, 07/15/30(b)
 
670
670,257
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Taco Bell Funding LLC, Series 2025-1A, Class A2I,
4.82%, 08/25/55(b)
USD
243
$ 240,241
TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2,
(3-mo. CME Term SOFR + 1.28%), 4.95%,
10/13/32(a)(b)
 
13
13,373
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo.
CME Term SOFR + 1.38%), 5.05%, 01/15/34(a)(b)
 
243
243,154
TICP CLO XI Ltd., Series 2018-11A, Class AR, (3-mo.
CME Term SOFR + 1.53%), 5.20%, 04/25/37(a)(b)
 
250
250,298
Trestles CLO III Ltd., Series 2020-3A, Class A1R,
(3-mo. CME Term SOFR + 1.39%), 5.07%,
10/20/37(a)(b)
 
250
250,519
Trestles CLO IX Ltd., Series 2025-9A, Class A1, (3-
mo. CME Term SOFR + 1.26%), 4.93%,
01/15/39(a)(b)
 
250
250,633
Trestles CLO Ltd., Series 2017-1A, Class A1RR, (3-
mo. CME Term SOFR + 1.46%), 5.13%,
07/25/37(a)(b)
 
500
500,777
Trimaran CAVU Ltd., Series 2024-1A, Class A, (3-mo.
CME Term SOFR + 1.38%), 5.05%, 01/25/38(a)(b)
 
250
250,452
Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1R,
(3-mo. CME Term SOFR + 1.22%), 4.90%,
01/20/35(a)(b)
 
250
250,103
UPG HI Issuer Trust
 
Series 2025-2, Class A, 5.00%, 09/25/47(b)
 
83
82,530
Series 2026-1, Class A, 02/25/48(d)
 
211
210,988
Upgrade Master Pass-Thru Trust(b)
 
Series 2025-ST4, Class A, 5.50%, 08/16/32
 
67
67,561
Series 2025-ST5, Class B, 5.25%, 09/15/32
 
100
99,799
Series 2025-ST6, Class A, 4.61%, 10/15/32
 
64
63,697
Series 2025-ST7, Class A, 4.55%, 11/15/32
 
119
119,346
Series 2025-ST7, Class B, 4.98%, 11/15/32
 
100
99,920
Series 2025-ST8, Class C, 5.25%, 12/15/33
 
100
99,361
Upstart Securitization Trust, Series 2025-3, Class B,
5.02%, 09/20/35(b)
 
650
649,983
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%,
01/25/47(b)
 
188
187,347
Venture XXVII CLO Ltd., Series 2017-27A, Class BR,
(3-mo. CME Term SOFR + 1.86%), 5.54%,
07/20/30(a)(b)
 
114
114,165
Verdelite Static CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.13%), 4.81%,
07/20/32(a)(b)
 
117
116,882
Vista Point Securitization Trust, Series 2025-CES3,
Class A1, 5.30%, 11/25/55(b)
 
139
138,863
Vista Point Securitization Trust 2026-CES1,
Series 2026-CES1, Class A1, 5.04%, 02/25/56(b)
 
797
790,783
WaMu Asset-Backed Certificates WaMu Trust(a)
 
Series 2007-HE1, Class 2A3, (1 mo. Term SOFR +
0.41%), 4.09%, 01/25/37
 
252
112,922
Series 2007-HE2, Class 2A2, (1 mo. Term SOFR +
0.49%), 4.17%, 04/25/37
 
373
132,392
Series 2007-HE2, Class 2A3, (1 mo. Term SOFR +
0.61%), 4.29%, 04/25/37
 
549
195,154
Series 2007-HE2, Class 2A4, (1 mo. Term SOFR +
0.83%), 4.51%, 04/25/37
 
253
89,933
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Washington Mutual Asset-Backed Certificates
WMABS Trust(a)
 
Series 2007-HE1, Class 2A1, (1 mo. Term SOFR +
0.23%), 3.91%, 11/25/36
USD
6
$ 1,726
Series 2007-HE1, Class 2A2, (1 mo. Term SOFR +
0.45%), 4.13%, 11/25/36
 
49
15,375
Series 2007-HE2, Class 2A1, (1 mo. Term SOFR +
0.31%), 3.99%, 02/25/37
 
485
145,756
Westlake Automobile Receivables Trust(b)
 
Series 2023-1A, Class D, 6.79%, 11/15/28
 
570
578,856
Series 2023-2A, Class C, 6.29%, 03/15/28
 
24
23,880
Series 2023-2A, Class D, 7.01%, 11/15/28
 
900
911,863
Series 2023-3A, Class C, 6.02%, 09/15/28
 
292
293,375
Series 2023-3A, Class D, 6.47%, 03/15/29
 
180
182,974
Series 2023-4A, Class C, 6.64%, 11/15/28
 
550
555,235
Series 2024-1A, Class D, 6.02%, 10/15/29
 
680
693,052
Series 2024-2A, Class D, 5.91%, 04/15/30
 
1,170
1,191,819
Whitebox CLO I Ltd., Series 2019-1A, Class A1R3,
(3-mo. CME Term SOFR + 1.18%), 4.85%,
01/24/37(a)(b)
 
250
249,725
Whitebox CLO III Ltd., Series 2021-3A, Class CR,
(3-mo. CME Term SOFR + 1.90%), 5.57%,
10/15/35(a)(b)
 
250
250,306
Total Asset-Backed Securities — 5.3%
(Cost: $67,419,680)
68,074,580
 
 
 
 
Shares
 
Common Stocks
Banks — 0.0%
Flagstar Bank N.A.
 
9,056
126,512
Capital Markets — 0.0%
Wealthfront Corp.(e)(f)
 
1,394
14,679
Chemicals — 0.0%
Methanex Corp.
 
792
51,908
Communications Equipment — 0.0%
Vistance Networks, Inc.
 
1,396
17,862
Electric Utilities — 0.0%
PG&E Corp.
 
809
13,446
Energy Equipment & Services — 0.1%
Solaris Energy Infrastructure, Inc., Class A
 
3,295
243,303
Entertainment — 0.0%
Walt Disney Co.
 
129
13,384
Hotels, Restaurants & Leisure(e) — 0.0%
Caesars Entertainment, Inc.
 
1,680
46,704
Genius Sports Ltd.
 
13,583
59,222
Six Flags Entertainment Corp.(f)
 
1,325
24,883
 
 
130,809
Household Durables — 0.0%
Century Communities, Inc.
 
691
38,710
KB Home
 
272
14,413
Meritage Homes Corp.
 
557
37,508
 
 
90,631
8
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
IT Services — 0.0%
CoreWeave, Inc., Class A(e)
 
177
$ 19,753
Media(e) — 0.0%
AMC Global Media, Inc., Class A
 
3,574
30,343
EchoStar Corp., Class A(f)
 
1,592
196,039
 
 
226,382
Metals & Mining — 0.0%
Algoma Steel Group, Inc.
 
7,288
34,035
Oil, Gas & Consumable Fuels — 0.0%
APA Corp.
 
754
30,710
Marathon Petroleum Corp.
 
116
28,802
PBF Energy, Inc., Class A
 
604
26,189
SM Energy Co.
 
1,470
45,614
Valero Energy Corp.
 
60
15,155
 
 
146,470
Trading Companies & Distributors — 0.0%
QXO, Inc.(e)(f)
 
600
12,042
Total Common Stocks — 0.1%
(Cost: $1,112,823)
1,141,216
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.1%
Advantage Sales & Marketing, Inc., 9.00%,
11/15/30(b)
USD
109
86,942
Clear Channel Outdoor Holdings, Inc.(b)
 
7.75%, 04/15/28
 
79
79,567
7.88%, 04/01/30
 
36
37,481
7.13%, 02/15/31
 
42
43,664
7.50%, 03/15/33
 
38
39,918
Neptune Bidco U.S., Inc., 9.50%, 02/15/33(b)
 
100
100,079
Omnicom Group, Inc., 4.75%, 03/30/30
 
50
50,143
WPP Finance 2013, 3.63%, 06/09/31(c)
EUR
350
398,126
 
 
835,920
Aerospace & Defense — 0.4%
Boeing Co.
 
6.30%, 05/01/29
USD
495
519,157
3.60%, 05/01/34
 
647
581,513
6.53%, 05/01/34
 
200
218,724
5.71%, 05/01/40
 
75
75,726
3.75%, 02/01/50(f)
 
107
76,495
5.81%, 05/01/50
 
130
126,679
5.93%, 05/01/60
 
200
193,641
7.01%, 05/01/64
 
35
39,094
Bombardier, Inc.(b)
 
7.50%, 02/01/29
 
100
103,879
7.25%, 07/01/31
 
99
104,167
6.75%, 06/15/33
 
103
107,398
7.45%, 05/01/34
 
16
17,597
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35
 
200
191,470
General Dynamics Corp.
 
2.25%, 06/01/31
 
200
180,096
4.25%, 04/01/50
 
75
62,814
General Electric Co.
 
4.30%, 07/29/30
 
100
99,792
6.75%, 03/15/32
 
25
27,774
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
General Electric Co. (continued)
 
4.90%, 01/29/36
USD
150
$ 149,586
Honeywell Aerospace, Inc.(b)
 
3.90%, 03/16/28
 
55
54,590
4.95%, 03/16/36
 
95
93,922
5.62%, 03/16/46
 
40
39,341
5.73%, 03/16/56
 
75
73,766
L3Harris Technologies, Inc.
 
4.40%, 06/15/28
 
65
65,018
1.80%, 01/15/31
 
240
210,787
Lockheed Martin Corp.
 
4.07%, 12/15/42
 
100
84,400
3.80%, 03/01/45
 
46
36,238
4.09%, 09/15/52
 
100
77,881
Moog, Inc., 5.50%, 10/15/34(b)
 
38
38,034
Northrop Grumman Corp.
 
4.90%, 06/01/34
 
35
34,948
5.25%, 07/15/35(f)
 
535
546,173
5.15%, 05/01/40
 
60
58,870
5.20%, 06/01/54
 
50
45,864
RTX Corp.
 
7.20%, 08/15/27
 
42
43,524
4.13%, 11/16/28
 
70
69,725
4.45%, 11/16/38
 
100
92,330
4.50%, 06/01/42
 
275
243,735
4.63%, 11/16/48
 
50
42,571
3.03%, 03/15/52
 
100
63,548
TransDigm, Inc.(b)
 
6.88%, 12/15/30
 
85
87,601
7.13%, 12/01/31
 
110
113,990
6.63%, 03/01/32
 
34
34,942
6.38%, 05/31/33
 
151
152,161
6.25%, 01/31/34(f)
 
10
10,226
6.75%, 01/31/34
 
24
24,655
 
 
5,314,442
Air Freight & Logistics — 0.0%
Stonepeak Nile Parent LLC, 7.25%, 03/15/32(b)
 
86
89,983
Automobile Components — 0.1%
Clarios Global LP/Clarios U.S. Finance Co., 6.75%,
09/15/32(b)
 
100
102,294
Cooper-Standard Automotive, Inc., 9.25%,
03/01/31(b)
 
112
107,620
Cyprium Corp./Cyprium Holdings Luxembourg
SARL(b)
 
6.13%, 04/15/31
 
32
32,221
6.38%, 04/15/34
 
20
19,975
Garrett Motion Holdings, Inc./Garrett LX I SARL,
7.75%, 05/31/32(b)
 
148
154,521
IHO Verwaltungs GmbH, (8.00% Cash or 8.75% PIK),
8.00%, 11/15/32(b)(g)
 
64
66,172
Lear Corp., 3.80%, 09/15/27
 
35
34,693
Magna International, Inc., 2.45%, 06/15/30
 
215
197,870
Phinia, Inc.(b)
 
6.75%, 04/15/29
 
45
46,059
6.63%, 10/15/32
 
41
42,006
 
 
803,431
Automobiles — 0.4%
American Honda Finance Corp.
 
2.35%, 01/08/27
 
25
24,683
4.55%, 07/09/27(f)
 
55
55,050
3.50%, 02/15/28
 
150
147,449
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobiles (continued)
American Honda Finance Corp. (continued)
 
4.90%, 03/13/29
USD
160
$ 161,154
Asbury Automotive Group, Inc., 4.75%, 03/01/30
 
100
97,389
Carvana Co.(b)(g)
 
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30
 
73
76,245
(9.00% PIK), 9.00%, 06/01/31(f)
 
32
35,400
Ford Motor Co., 4.75%, 01/15/43
 
54
41,707
Ford Motor Credit Co. LLC
 
4.27%, 01/09/27
 
250
249,021
3.82%, 11/02/27
 
200
196,558
7.20%, 06/10/30
 
590
624,175
5.75%, 04/06/33(f)
 
350
346,969
General Motors Co.
 
6.60%, 04/01/36
 
105
112,390
5.95%, 04/01/49
 
195
184,027
General Motors Financial Co., Inc.
 
5.40%, 05/08/27
 
100
101,021
5.80%, 01/07/29
 
135
138,908
5.65%, 01/17/29
 
300
306,982
5.35%, 01/07/30
 
150
152,973
3.60%, 06/21/30
 
150
143,293
2.35%, 01/08/31
 
58
51,946
5.75%, 02/08/31
 
45
46,539
2.70%, 06/10/31
 
50
45,059
5.60%, 06/18/31
 
150
154,261
Honda Motor Co. Ltd., 2.53%, 03/10/27
 
50
49,279
LCM Investments Holdings II LLC, 8.25%, 08/01/31(b)
 
100
104,757
Mercedes-Benz Finance North America LLC, 8.50%,
01/18/31
 
135
156,474
New Flyer Holdings, Inc., 9.25%, 07/01/30(b)
 
116
125,170
Nissan Motor Acceptance Co. LLC(b)
 
7.05%, 09/15/28
 
27
27,689
6.13%, 09/30/30
 
164
161,521
Nissan Motor Co. Ltd.(b)
 
7.50%, 07/17/30
 
62
64,063
7.75%, 07/17/32
 
85
88,609
8.13%, 07/17/35
 
96
101,287
Rivian Holdings LLC/Rivian LLC/Rivian Automotive
LLC, 10.00%, 01/15/31(b)
 
42
41,803
Toyota Motor Credit Corp.
 
5.25%, 09/11/28
 
75
76,724
2.15%, 02/13/30
 
50
46,084
3.38%, 04/01/30
 
75
72,124
4.55%, 05/17/30
 
70
70,302
5.10%, 03/21/31
 
388
397,799
 
 
5,076,884
Banks — 4.3%
ABN AMRO Bank NV, 4.63%, 11/08/30(c)
GBP
200
264,814
Banco Santander SA, 5.59%, 08/08/28
USD
600
613,592
Bank of America Corp.
 
(1-day SOFR + 0.96%), 1.73%, 07/22/27(a)
 
110
109,347
(1-day SOFR + 1.05%), 2.55%, 02/04/28(a)
 
70
69,024
(1-day SOFR + 1.31%), 5.51%, 01/24/36(a)
 
987
1,009,500
(1-day SOFR + 1.33%), 2.97%, 02/04/33(a)
 
355
321,656
(1-day SOFR + 1.58%), 3.31%, 04/22/42(a)
 
1,471
1,127,120
(1-day SOFR + 1.65%), 5.47%, 01/23/35(a)
 
255
260,524
(1-day SOFR + 1.70%), 5.74%, 02/12/36(a)
 
400
407,729
(1-day SOFR + 1.83%), 4.57%, 04/27/33(a)
 
25
24,602
(1-day SOFR + 1.88%), 2.83%, 10/24/51(a)
 
171
105,220
(1-day SOFR + 1.91%), 5.29%, 04/25/34(a)(f)
 
340
345,262
(1-day SOFR + 1.93%), 2.68%, 06/19/41(a)
 
440
316,146
Security
 
Par
(000)
Value
Banks (continued)
Bank of America Corp. (continued)
 
(1-day SOFR + 1.99%), 6.20%, 11/10/28(a)
USD
100
$ 102,608
(1-day SOFR + 2.04%), 4.95%, 07/22/28(a)
 
235
236,395
(1-day SOFR + 2.15%), 2.59%, 04/29/31(a)
 
160
147,991
(3-mo. CME Term SOFR + 1.25%), 2.50%,
02/13/31(a)
 
250
231,508
(3-mo. CME Term SOFR + 1.30%), 3.42%,
12/20/28(a)
 
265
260,622
(3-mo. CME Term SOFR + 1.45%), 2.88%,
10/22/30(a)
 
100
94,566
(3-mo. CME Term SOFR + 1.77%), 3.71%,
04/24/28(a)
 
100
99,327
(3-mo. CME Term SOFR + 3.41%), 4.08%,
03/20/51(a)
 
490
382,111
Series L, 4.18%, 11/25/27
 
80
79,831
Series N, (1-day SOFR + 1.65%), 3.48%,
03/13/52(a)
 
40
27,945
Bank of Montreal
 
5.72%, 09/25/28
 
30
30,866
(1-day SOFR + 0.88%), 4.57%, 09/10/27(a)
 
160
160,090
Series J, (1-day SOFR + 0.89%), 4.34%,
03/19/30(a)
 
250
248,665
Bank of New York Mellon Corp.(a)
 
(1-day SOFR + 0.84%), 4.89%, 07/21/28
 
25
25,184
(1-day SOFR + 1.15%), 3.99%, 06/13/28
 
100
99,733
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28
 
175
178,785
(3-mo. CME Term SOFR + 1.33%), 3.44%,
02/07/28
 
125
124,271
Bank of Nova Scotia
 
1.35%, 06/24/26(f)
 
300
298,833
5.25%, 06/12/28
 
50
51,003
5.45%, 08/01/29
 
25
25,766
(5-year CMT + 2.05%), 4.59%, 05/04/37(a)
 
115
110,379
Barclays PLC
 
5.20%, 05/12/26
 
350
350,063
(1-day SOFR + 2.21%), 5.83%, 05/09/27(a)
 
250
250,060
(1-year CMT + 3.50%), 7.44%, 11/02/33(a)
 
200
223,824
(3-mo. SOFR US + 2.16%), 4.97%, 05/16/29(a)
 
500
503,108
BNP Paribas SA, (3-mo. EURIBOR + 1.05%), 3.74%,
04/20/34(a)(c)
EUR
100
115,800
Canadian Imperial Bank of Commerce, 5.26%,
04/08/29
USD
120
122,739
Citigroup, Inc.
 
4.45%, 09/29/27
 
100
100,037
6.63%, 01/15/28
 
100
103,845
0.00%, 12/11/30(a)
 
512
487,419
6.00%, 10/31/33
 
50
52,301
8.13%, 07/15/39
 
220
275,320
4.65%, 07/23/48
 
250
216,521
(1-day SOFR + 1.14%), 4.64%, 05/07/28(a)
 
400
400,696
(1-day SOFR + 1.15%), 2.67%, 01/29/31(a)
 
334
310,621
(1-day SOFR + 1.49%), 5.17%, 09/11/36(a)
 
200
198,134
(1-day SOFR + 1.83%), 6.02%, 01/24/36(a)
 
191
196,083
(1-day SOFR + 2.06%), 5.83%, 02/13/35(a)
 
573
583,676
(1-day SOFR + 2.09%), 4.91%, 05/24/33(a)(f)
 
100
99,750
(1-day SOFR + 2.11%), 2.57%, 06/03/31(a)
 
230
211,513
(1-day SOFR + 2.34%), 6.27%, 11/17/33(a)
 
100
106,897
(1-day SOFR + 2.66%), 6.17%, 05/25/34(a)
 
20
20,836
(1-day SOFR + 3.91%), 4.41%, 03/31/31(a)
 
745
736,875
(1-day SOFR + 4.55%), 5.32%, 03/26/41(a)
 
61
59,374
10
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Citigroup, Inc. (continued)
 
(3-mo. CME Term SOFR + 1.60%), 3.98%,
03/20/30(a)
USD
619
$ 608,554
(3-mo. CME Term SOFR + 2.10%), 4.28%,
04/24/48(a)
 
100
81,444
(5-year CMT + 1.73%), 5.41%, 09/19/39(a)
 
79
77,646
Citizens Financial Group, Inc.
 
3.25%, 04/30/30
 
25
23,676
(1-day SOFR + 2.01%), 5.84%, 01/23/30(a)
 
100
102,908
Cooperatieve Rabobank UA, 4.80%, 01/09/29
 
250
253,325
Deutsche Bank AG, (1-day SOFR + 2.51%), 6.82%,
11/20/29(a)
 
150
157,418
Fifth Third Bancorp
 
3.95%, 03/14/28
 
75
74,434
(1-day SOFR + 2.34%), 6.34%, 07/27/29(a)
 
20
20,710
(1-day SOFR Index + 2.13%), 4.77%, 07/28/30(a)
 
50
49,994
First Citizens BancShares, Inc., (1-day SOFR +
1.41%), 5.23%, 03/12/31(a)
 
205
203,973
Freedom Mortgage Corp., 12.25%, 10/01/30(b)
 
19
20,620
Goldman Sachs Group, Inc.
 
2.60%, 02/07/30
 
150
139,772
6.75%, 10/01/37
 
375
407,261
6.25%, 02/01/41
 
200
211,538
5.15%, 05/22/45
 
50
45,387
(1-day SOFR + 0.82%), 1.54%, 09/10/27(a)
 
30
29,691
(1-day SOFR + 0.91%), 1.95%, 10/21/27(a)
 
220
217,454
(1-day SOFR + 0.96%), 4.52%, 01/21/32(a)
 
56
55,183
(1-day SOFR + 1.09%), 1.99%, 01/27/32(a)
 
493
433,777
(1-day SOFR + 1.26%), 2.65%, 10/21/32(a)
 
2,560
2,278,943
(1-day SOFR + 1.28%), 2.62%, 04/22/32(a)
 
637
573,302
(1-day SOFR + 1.32%), 4.94%, 04/23/28(a)
 
72
72,338
(1-day SOFR + 1.32%), 5.54%, 01/21/47(a)
 
160
152,999
(1-day SOFR + 1.38%), 5.54%, 01/28/36(a)
 
387
393,331
(1-day SOFR + 1.41%), 3.10%, 02/24/33(a)
 
100
90,538
(1-day SOFR + 1.42%), 5.02%, 10/23/35(a)(f)
 
790
777,262
(1-day SOFR + 1.70%), 5.73%, 01/28/56(a)
 
100
97,534
(3-mo. CME Term SOFR + 1.77%), 3.69%,
06/05/28(a)
 
100
99,155
(3-mo. EURIBOR + 0.95%), 3.51%, 08/17/33(a)(c)
EUR
340
391,579
(3-mo. EURIBOR + 1.10%), 3.98%, 12/18/36(a)(c)
 
100
115,785
(5-year CMT + 1.18%), 5.39%, 02/02/41(a)
USD
1,061
1,032,733
HSBC Holdings PLC
 
6.50%, 09/15/37
 
200
212,110
6.80%, 06/01/38
 
446
484,206
(1-day SOFR + 1.29%), 5.29%, 11/19/30(a)
 
500
509,137
(1-day SOFR + 1.43%), 5.13%, 11/06/36(a)
 
200
196,149
(1-day SOFR + 1.56%), 5.45%, 03/03/36(a)
 
395
398,238
(1-day SOFR + 1.57%), 5.89%, 08/14/27(a)
 
200
200,768
(1-day SOFR + 1.90%), 5.87%, 11/18/35(a)
 
468
475,891
(1-day SOFR + 2.65%), 6.33%, 03/09/44(a)
 
200
211,777
(1-day SOFR + 2.98%), 6.55%, 06/20/34(a)
 
200
212,280
(1-day SOFR + 3.35%), 7.39%, 11/03/28(a)
 
200
208,105
Huntington Bancshares, Inc., (1-day SOFR + 2.02%),
6.21%, 08/21/29(a)
 
150
155,222
ING Groep NV(a)
 
(1-day SOFR + 1.56%), 6.08%, 09/11/27
 
725
728,935
(1-day SOFR + 2.09%), 6.11%, 09/11/34
 
200
211,915
Inter-American Development Bank, 4.50%, 05/15/26
 
1,190
1,190,271
Intesa Sanpaolo SpA, (1 year GBP SONIA swap +
2.59%), 6.50%, 03/14/29(a)(c)
GBP
150
208,781
JPMorgan Chase & Co.
 
6.40%, 05/15/38
USD
50
55,183
4.95%, 06/01/45
 
105
95,770
Security
 
Par
(000)
Value
Banks (continued)
JPMorgan Chase & Co. (continued)
 
(1-day SOFR + 0.80%), 4.92%, 01/24/29(a)
USD
440
$ 443,536
(1-day SOFR + 0.99%), 4.62%, 04/23/32(a)
 
31
30,852
(1-day SOFR + 1.13%), 5.00%, 07/22/30(a)
 
33
33,407
(1-day SOFR + 1.19%), 5.04%, 01/23/28(a)
 
50
50,232
(1-day SOFR + 1.26%), 2.96%, 01/25/33(a)
 
175
158,857
(1-day SOFR + 1.26%), 5.15%, 04/23/37(a)
 
15
14,910
(1-day SOFR + 1.32%), 5.50%, 01/24/36(a)
 
148
151,558
(1-day SOFR + 1.34%), 4.95%, 10/22/35(a)
 
350
346,067
(1-day SOFR + 1.46%), 5.29%, 07/22/35(a)
 
23
23,255
(1-day SOFR + 1.64%), 5.58%, 07/23/36(a)
 
605
613,761
(1-day SOFR + 1.80%), 4.59%, 04/26/33(a)
 
65
64,155
(1-day SOFR + 1.81%), 6.25%, 10/23/34(a)
 
723
775,442
(1-day SOFR + 1.85%), 5.35%, 06/01/34(a)(f)
 
217
221,494
(1-day SOFR + 1.89%), 2.18%, 06/01/28(a)
 
95
92,779
(1-day SOFR + 1.99%), 4.85%, 07/25/28(a)
 
325
326,773
(1-day SOFR + 2.04%), 2.52%, 04/22/31(a)
 
100
92,460
(1-day SOFR + 2.08%), 4.91%, 07/25/33(a)
 
395
396,152
(1-day SOFR + 2.58%), 5.72%, 09/14/33(a)
 
300
311,294
(3-mo. CME Term SOFR + 1.60%), 3.78%,
02/01/28(a)
 
100
99,563
(3-mo. CME Term SOFR + 2.46%), 3.11%,
04/22/41(a)
 
381
291,406
KeyCorp
 
2.55%, 10/01/29
 
50
46,841
(1-day SOFR Index + 2.42%), 6.40%, 03/06/35(a)
 
50
53,157
Lloyds Banking Group PLC(a)
 
(1-year CMT + 0.83%), 4.82%, 06/13/29
 
200
201,231
(1-year CMT + 0.85%), 1.63%, 05/11/27
 
200
199,840
(1-year CMT + 0.85%), 5.09%, 11/26/28
 
272
274,357
(3-mo. SOFR US + 1.47%), 3.57%, 11/07/28
 
200
197,495
M&T Bank Corp.(a)
 
(1-day SOFR + 2.26%), 6.08%, 03/13/32
 
270
282,962
(1-day SOFR + 2.80%), 7.41%, 10/30/29(f)
 
1,020
1,087,106
Macquarie Bank Ltd., (3-Month BBSW + 1.32%),
5.31%, 08/20/36(a)
AUD
200
143,450
Mitsubishi UFJ Financial Group, Inc.(a)
 
(1-year CMT + 0.83%), 2.34%, 01/19/28
USD
200
197,098
(1-year CMT + 1.38%), 5.42%, 02/22/29
 
250
253,831
(1-year CMT + 1.53%), 5.48%, 02/22/31
 
600
616,354
Mizuho Financial Group, Inc.(a)
 
(1-year CMT + 1.90%), 5.75%, 07/06/34
 
150
156,173
(1-year CMT + 2.05%), 5.41%, 09/13/28
 
200
202,649
Morgan Stanley
 
4.35%, 09/08/26
 
75
74,981
3.59%, 07/22/28(a)
 
25
24,723
6.38%, 07/24/42
 
107
115,282
4.38%, 01/22/47
 
280
232,152
(1-day SOFR + 0.80%), 4.24%, 01/09/30(a)
 
88
87,103
(1-day SOFR + 0.88%), 1.59%, 05/04/27(a)
 
270
269,934
(1-day SOFR + 1.00%), 2.48%, 01/21/28(a)
 
50
49,298
(1-day SOFR + 1.03%), 1.79%, 02/13/32(a)
 
109
94,875
(1-day SOFR + 1.10%), 4.65%, 10/18/30(a)
 
50
49,915
(1-day SOFR + 1.14%), 2.70%, 01/22/31(a)
 
689
640,977
(1-day SOFR + 1.18%), 2.24%, 07/21/32(a)
 
160
140,776
(1-day SOFR + 1.20%), 4.71%, 03/12/32(a)
 
550
545,756
(1-day SOFR + 1.20%), 2.51%, 10/20/32(a)
 
197
174,696
(1-day SOFR + 1.26%), 5.66%, 04/18/30(a)
 
425
436,571
(1-day SOFR + 1.29%), 2.94%, 01/21/33(a)
 
278
250,788
(1-day SOFR + 1.42%), 5.59%, 01/18/36(a)
 
250
256,281
(1-day SOFR + 1.58%), 5.83%, 04/19/35(a)
 
125
130,056
(1-day SOFR + 1.63%), 5.45%, 07/20/29(a)
 
350
356,432
(1-day SOFR + 1.71%), 5.52%, 11/19/55(a)
 
125
118,947
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley (continued)
 
(1-day SOFR + 1.73%), 5.47%, 01/18/35(a)
USD
35
$ 35,664
(1-day SOFR + 1.78%), 5.90%, 03/13/47(a)
 
93
93,172
(1-day SOFR + 2.24%), 6.30%, 10/18/28(a)
 
375
384,490
(1-day SOFR + 2.56%), 6.34%, 10/18/33(a)
 
110
117,894
(1-day SOFR + 3.12%), 3.62%, 04/01/31(a)
 
100
96,118
(1-day SOFR Index + 1.18%), 4.81%, 04/16/32(a)
 
15
14,963
(1-day SOFR Index + 1.41%), 5.30%, 04/10/37(a)
 
10
9,940
(3-mo. CME Term SOFR + 1.40%), 3.77%,
01/24/29(a)
 
20
19,748
(3-mo. EURIBOR + 1.12%), 3.75%, 11/07/36(a)
EUR
200
228,036
(5-year CMT + 2.43%), 5.95%, 01/19/38(a)
USD
205
211,187
Series I, (1-day SOFR + 1.31%), 4.89%,
10/22/36(a)
 
119
115,463
Morgan Stanley Finance LLC, 05/08/31(a)(b)(d)
EUR
561
658,417
Morgan Stanley Private Bank N.A., (1-day SOFR +
1.08%), 4.73%, 07/18/31(a)
USD
735
733,957
NatWest Group PLC(a)
 
(1-year CMT + 2.55%), 3.07%, 05/22/28
 
200
197,142
(3-mo. SOFR US + 2.02%), 4.89%, 05/18/29
 
225
226,461
PNC Financial Services Group, Inc.(a)
 
(1-day SOFR + 1.26%), 4.81%, 10/21/32
 
505
504,280
(1-day SOFR + 1.42%), 5.37%, 07/21/36
 
110
110,536
(1-day SOFR + 1.62%), 5.35%, 12/02/28
 
50
50,716
(1-day SOFR + 1.90%), 5.68%, 01/22/35
 
241
248,411
(5-year CMT + 1.17%), 5.42%, 01/25/41
 
115
112,782
Regions Financial Corp., (1-day SOFR + 1.49%),
5.72%, 06/06/30(a)
 
25
25,688
Royal Bank of Canada
 
3.63%, 05/04/27
 
200
199,144
4.95%, 02/01/29
 
105
106,817
5.00%, 02/01/33
 
25
25,280
(1-day SOFR + 0.84%), 4.40%, 04/17/30(a)
 
30
29,874
(1-day SOFR Index + 0.86%), 4.52%, 10/18/28(a)
 
455
455,907
Santander Holdings USA, Inc.(a)
 
(1-day SOFR + 1.25%), 2.49%, 01/06/28
 
75
73,928
(1-day SOFR + 2.50%), 6.17%, 01/09/30
 
100
103,206
Santander U.K. Group Holdings PLC(a)
 
(1-day SOFR + 2.60%), 6.53%, 01/10/29
 
200
206,282
(3-mo. SOFR US + 1.66%), 3.82%, 11/03/28
 
200
197,724
State Street Corp.(a)
 
(1-day SOFR + 1.00%), 2.62%, 02/07/33
 
100
89,389
(1-day SOFR + 1.72%), 5.82%, 11/04/28
 
100
102,181
(1-day SOFR + 1.73%), 4.16%, 08/04/33
 
25
24,141
(3-mo. CME Term SOFR + 1.29%), 4.14%,
12/03/29
 
125
124,463
Sumitomo Mitsui Financial Group, Inc.
 
2.17%, 01/14/27
 
200
197,341
2.93%, 09/17/41
 
192
137,730
Toronto-Dominion Bank
 
5.26%, 12/11/26
 
25
25,166
4.98%, 04/05/27
 
100
100,822
(5-year CMT + 1.50%), 5.15%, 09/10/34(a)
 
401
403,149
(5-year USD Swap + 2.21%), 3.63%, 09/15/31(a)
 
50
49,754
Truist Bank, Series BKNT, 2.25%, 03/11/30
 
540
492,810
Truist Financial Corp.(a)
 
(1-day SOFR + 1.37%), 4.12%, 06/06/28
 
158
157,424
(1-day SOFR + 2.05%), 6.05%, 06/08/27
 
250
250,377
U.S. Bancorp(a)
 
(1-day SOFR + 0.87%), 4.48%, 01/26/32
 
103
101,810
(1-day SOFR + 1.41%), 5.42%, 02/12/36(f)
 
545
555,357
(1-day SOFR + 1.66%), 4.55%, 07/22/28
 
126
126,199
Security
 
Par
(000)
Value
Banks (continued)
U.S. Bancorp(a) (continued)
 
(1-day SOFR + 1.86%), 5.68%, 01/23/35
USD
65
$ 67,173
(1-day SOFR + 2.02%), 5.78%, 06/12/29
 
95
97,491
Wells Fargo & Co.
 
5.38%, 02/07/35
 
374
383,360
5.38%, 11/02/43
 
70
65,448
4.40%, 06/14/46
 
110
88,299
(1-day SOFR + 1.11%), 5.24%, 01/24/31(a)
 
160
163,105
(1-day SOFR + 1.38%), 5.21%, 12/03/35(a)
 
370
369,434
(1-day SOFR + 1.50%), 3.35%, 03/02/33(a)
 
139
127,968
(1-day SOFR + 1.98%), 4.81%, 07/25/28(a)
 
100
100,414
(1-day SOFR + 1.99%), 5.56%, 07/25/34(a)(f)
 
250
256,852
(1-day SOFR + 2.02%), 5.39%, 04/24/34(a)
 
185
188,332
(1-day SOFR + 2.06%), 6.49%, 10/23/34(a)(f)
 
345
373,864
(1-day SOFR + 2.10%), 4.90%, 07/25/33(a)
 
195
194,605
(1-day SOFR + 2.13%), 4.61%, 04/25/53(a)
 
250
207,138
(1-day SOFR + 2.53%), 3.07%, 04/30/41(a)
 
130
97,951
(3-mo. CME Term SOFR + 1.26%), 2.57%,
02/11/31(a)
 
435
403,552
(3-mo. CME Term SOFR + 1.43%), 2.88%,
10/30/30(a)
 
40
37,760
(3-mo. CME Term SOFR + 4.03%), 4.48%,
04/04/31(a)
 
424
420,946
(3-mo. CME Term SOFR + 4.50%), 5.01%,
04/04/51(a)
 
615
544,587
(3-mo. EURIBOR + 1.22%), 3.90%, 07/22/32(a)(c)
EUR
200
237,400
Westpac Banking Corp., (5-year USD SOFR ICE
Swap + 2.24%), 4.32%, 11/23/31(a)
USD
390
389,100
Zions Bancorp N.A., (1-day SOFR + 1.06%), 4.48%,
02/09/29(a)
 
470
467,428
 
 
55,075,096
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
 
4.70%, 02/01/36
 
298
291,162
4.90%, 02/01/46
 
247
223,435
Anheuser-Busch InBev Worldwide, Inc.
 
5.00%, 06/15/34
 
250
253,245
4.95%, 01/15/42
 
73
68,468
5.55%, 01/23/49
 
180
175,698
5.80%, 01/23/59
 
20
20,141
Coca-Cola Co.
 
1.45%, 06/01/27
 
75
73,028
1.65%, 06/01/30
 
115
104,006
2.00%, 03/05/31
 
426
384,180
2.25%, 01/05/32
 
60
53,850
4.20%, 03/25/50
 
72
58,676
5.30%, 05/13/54
 
250
238,771
2.75%, 06/01/60
 
90
51,347
5.40%, 05/13/64
 
180
171,344
Constellation Brands, Inc.
 
3.70%, 12/06/26
 
100
99,711
4.35%, 05/09/27
 
100
100,028
2.88%, 05/01/30
 
155
145,232
4.75%, 05/09/32(f)
 
95
94,440
Diageo Capital PLC, 5.88%, 09/30/36
 
200
211,710
Keurig Dr. Pepper, Inc.
 
3.20%, 05/01/30
 
166
156,196
5.30%, 03/15/34
 
25
24,922
4.50%, 11/15/45
 
120
97,891
12
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Beverages (continued)
Pepsico Singapore Financing I Pte. Ltd., 4.55%,
02/16/29
USD
251
$ 253,311
PepsiCo, Inc.
 
2.63%, 03/19/27
 
100
98,889
2.75%, 03/19/30
 
25
23,649
4.80%, 07/17/34
 
75
75,391
5.25%, 07/17/54
 
250
239,059
3.88%, 03/19/60
 
335
246,540
 
 
4,034,320
Biotechnology — 0.2%
Amgen, Inc.
 
4.20%, 03/01/33
 
85
82,069
6.40%, 02/01/39
 
439
471,846
4.66%, 06/15/51
 
20
16,747
5.65%, 03/02/53
 
420
403,882
5.65%, 02/19/56
 
80
76,808
Biogen, Inc., 2.25%, 05/01/30
 
38
34,761
Genmab AS/Genmab Finance LLC(b)
 
6.25%, 12/15/32
 
31
31,814
7.25%, 12/15/33
 
165
172,040
Gilead Sciences, Inc.
 
4.60%, 09/01/35
 
50
48,775
4.00%, 09/01/36
 
55
50,599
2.60%, 10/01/40
 
80
57,811
5.65%, 12/01/41
 
100
101,346
4.75%, 03/01/46
 
100
88,513
Regeneron Pharmaceuticals, Inc.
 
1.75%, 09/15/30
 
1,030
915,541
2.80%, 09/15/50
 
220
132,424
Royalty Pharma PLC, 2.20%, 09/02/30
 
400
361,266
 
 
3,046,242
Broadline Retail — 0.0%
Nordstrom, Inc., 4.38%, 04/01/30
 
49
46,563
Building Materials — 0.2%
Carlisle Cos., Inc.
 
2.75%, 03/01/30
 
25
23,388
5.55%, 09/15/40
 
550
544,823
Carrier Global Corp.
 
2.70%, 02/15/31
 
20
18,402
5.90%, 03/15/34
 
50
52,709
CRH America Finance, Inc., 5.50%, 01/09/35
 
750
767,400
Eagle Materials, Inc., 2.50%, 07/01/31
 
265
236,987
Fortune Brands Innovations, Inc., 5.88%, 06/01/33
 
25
26,020
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA
 
1.75%, 09/15/30
 
100
89,033
4.90%, 12/01/32
 
25
25,103
Martin Marietta Materials, Inc.
 
5.15%, 12/01/34
 
315
317,071
4.25%, 12/15/47
 
75
60,031
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(b)
 
100
104,706
Standard Industries, Inc., 4.75%, 01/15/28(b)
 
100
99,425
Trane Technologies Financing Ltd., 5.25%, 03/03/33
 
150
154,336
Vulcan Materials Co.
 
5.35%, 12/01/34
 
25
25,464
4.50%, 06/15/47
 
75
62,707
 
 
2,607,605
Building Products — 0.2%
Home Depot, Inc.
 
2.50%, 04/15/27(f)
 
300
296,172
Security
 
Par
(000)
Value
Building Products (continued)
Home Depot, Inc. (continued)
 
4.50%, 09/15/32
USD
80
$ 80,167
4.95%, 06/25/34
 
200
201,228
5.88%, 12/16/36
 
270
287,571
4.95%, 09/15/52
 
40
35,638
Lowe’s Cos., Inc.
 
3.35%, 04/01/27
 
300
298,279
3.95%, 10/15/27
 
325
324,168
5.00%, 04/15/33
 
225
226,424
4.65%, 04/15/42
 
116
103,003
5.63%, 04/15/53
 
125
118,378
5.80%, 09/15/62
 
40
38,272
QXO Building Products, Inc., 6.75%, 04/30/32(b)
 
172
175,447
 
 
2,184,747
Capital Markets — 0.1%
Apollo Debt Solutions BDC, 6.55%, 03/15/32
 
35
35,406
Ares Capital Corp.
 
2.15%, 07/15/26
 
200
198,993
2.88%, 06/15/27
 
100
97,581
2.88%, 06/15/28
 
115
109,761
ARES Capital Corp., 5.10%, 01/15/31
 
120
116,380
Blackstone Private Credit Fund
 
3.25%, 03/15/27
 
75
73,775
7.30%, 11/27/28
 
50
51,655
4.00%, 01/15/29
 
105
99,949
Blackstone Secured Lending Fund, 2.85%, 09/30/28
 
125
117,234
Blue Owl Capital Corp., 5.95%, 03/15/29
 
100
99,391
Blue Owl Credit Income Corp., 7.75%, 01/15/29
 
185
190,645
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
 
60
56,780
FS KKR Capital Corp.
 
3.25%, 07/15/27
 
50
48,563
3.13%, 10/12/28
 
110
103,050
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
9.75%, 01/15/29(f)
 
88
88,448
10.00%, 11/15/29(b)
 
94
94,821
Sixth Street Lending Partners, 5.75%, 01/15/30
 
135
134,234
 
 
1,716,666
Chemicals — 0.4%
Air Products and Chemicals, Inc., 4.85%, 02/08/34
 
150
150,394
Brenntag Finance BV, 3.38%, 10/02/31(c)
EUR
300
344,346
Celanese U.S. Holdings LLC
 
6.50%, 04/15/30(f)
USD
100
102,292
7.05%, 11/15/30
 
34
36,496
7.38%, 07/15/32
 
34
36,033
7.38%, 02/15/34(f)
 
36
37,691
Chemours Co.(b)
 
8.00%, 01/15/33
 
84
86,578
7.88%, 03/15/34
 
95
97,149
CVR Partners LP/CVR Nitrogen Finance Corp.,
6.13%, 06/15/28(b)
 
106
105,929
Dow Chemical Co.
 
4.38%, 11/15/42
 
25
19,890
6.90%, 05/15/53
 
145
149,722
5.95%, 03/15/55(f)
 
389
355,829
DuPont de Nemours, Inc., 5.42%, 11/15/48
 
35
32,557
Eastman Chemical Co.
 
5.75%, 03/08/33
 
75
77,925
4.65%, 10/15/44
 
25
20,967
Ecolab, Inc., 2.13%, 02/01/32
 
90
79,227
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
EIDP, Inc., 4.50%, 05/15/26
USD
35
$ 35,004
FMC Corp.
 
3.20%, 10/01/26
 
25
24,839
5.65%, 05/18/33
 
38
33,589
6.38%, 05/18/53
 
21
15,841
LYB International Finance III LLC
 
5.63%, 05/15/33
 
125
127,171
5.88%, 01/15/36(f)
 
608
614,167
4.20%, 10/15/49
 
291
209,057
3.63%, 04/01/51
 
197
128,182
3.80%, 10/01/60
 
90
56,266
Mosaic Co., 5.45%, 11/15/33
 
25
25,316
NOVA Chemicals Corp., 9.00%, 02/15/30(b)
 
100
105,464
Nutrien Ltd.
 
4.90%, 03/27/28(f)
 
177
178,447
5.80%, 03/27/53
 
25
24,470
OCP SA, 6.75%, 05/02/34(c)
 
223
234,317
Perimeter Holdings LLC, 6.25%, 01/15/34(b)
 
72
71,653
Rain Carbon, Inc., 12.25%, 09/01/29(b)(f)
 
90
94,691
RPM International, Inc., 2.95%, 01/15/32
 
90
81,198
Sherwin-Williams Co.
 
3.45%, 06/01/27
 
150
148,663
5.15%, 08/15/35
 
810
814,629
4.50%, 06/01/47
 
250
207,867
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
 
130
128,102
Tronox, Inc.(b)(f)
 
4.63%, 03/15/29
 
43
35,985
9.13%, 09/30/30
 
68
69,101
Westlake Corp., 5.00%, 08/15/46
 
75
64,371
 
 
5,261,415
Commercial Services & Supplies — 0.5%
ADT Security Corp., 5.88%, 10/15/33(b)
 
43
42,361
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
 
101
105,936
Automatic Data Processing, Inc., 4.75%, 05/08/32
 
405
408,128
Belron U.K. Finance PLC, 5.75%, 10/15/29(b)
 
79
79,793
Block, Inc., 3.50%, 06/01/31
 
77
69,926
California Institute of Technology
 
4.32%, 08/01/45
 
100
85,405
4.70%, 11/01/2111
 
35
27,823
3.65%, 09/01/2119
 
50
31,005
Case Western Reserve University, Series 2022-C,
5.41%, 06/01/2122
 
95
85,386
CompoSecure Holdings LLC, 5.63%, 02/01/33(b)
 
32
31,366
Cornell University, 4.84%, 06/15/34
 
75
75,592
Deluxe Corp., 8.13%, 09/15/29(b)
 
36
37,542
Emory University, Series 2020, 2.14%, 09/01/30
 
35
31,892
Equifax, Inc., 3.10%, 05/15/30
 
150
140,722
FTAI Aviation Investors LLC(b)
 
7.88%, 12/01/30
 
54
56,699
7.00%, 05/01/31
 
153
158,343
7.00%, 06/15/32
 
61
62,967
GATX Corp., 4.00%, 06/30/30
 
130
127,013
Global Payments, Inc.
 
4.95%, 08/15/27
 
100
100,285
5.30%, 08/15/29
 
125
125,774
5.40%, 08/15/32
 
40
39,793
Graham Holdings Co., 5.63%, 12/01/33(b)
 
35
34,643
Massachusetts Institute of Technology
 
3.96%, 07/01/38
 
50
45,635
5.60%, 07/01/2111
 
100
96,762
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
PayPal Holdings, Inc.
 
3.90%, 06/01/27
USD
351
$ 349,733
2.30%, 06/01/30
 
75
68,818
President and Fellows of Harvard College
 
4.61%, 02/15/35
 
50
49,536
2.52%, 10/15/50
 
150
89,623
Prime Security Services Borrower LLC/Prime
Finance, Inc., 3.38%, 08/31/27(b)
 
100
98,052
Quanta Services, Inc.
 
2.90%, 10/01/30
 
1,260
1,173,497
2.35%, 01/15/32
 
220
193,181
5.25%, 08/09/34
 
90
91,267
5.10%, 08/09/35
 
210
209,108
3.05%, 10/01/41
 
50
36,566
RELX Capital, Inc., 5.25%, 03/27/35
 
44
44,410
S&P Global, Inc.
 
2.45%, 03/01/27
 
200
197,230
5.25%, 09/15/33
 
45
46,341
4.80%, 12/04/35(b)
 
210
205,431
2.30%, 08/15/60
 
200
97,070
3.90%, 03/01/62(f)
 
10
7,145
Triton Container International Ltd./TAL International
Container Corp., 5.15%, 02/15/33
 
100
98,162
Trustees of the University of Pennsylvania, 3.61%,
02/15/2119
 
350
212,664
United Rentals North America, Inc.
 
3.75%, 01/15/32
 
100
92,816
5.38%, 11/15/33(b)
 
34
33,619
University of Southern California, 4.98%, 10/01/53
 
10
9,052
Verisk Analytics, Inc.
 
4.13%, 03/15/29
 
470
465,845
4.45%, 03/15/31
 
20
19,725
5.75%, 04/01/33
 
50
51,926
5.50%, 06/15/45
 
40
37,443
3.63%, 05/15/50
 
35
24,394
Viking Cruises Ltd., 5.88%, 10/15/33(b)
 
48
48,122
WestConnex Finance Co. Pty. Ltd.
 
5.94%, 04/30/32
AUD
390
278,402
6.41%, 04/30/36
 
320
228,428
Worldline SA/France(c)
 
0.88%, 06/30/27
EUR
100
111,629
4.13%, 09/12/28
 
100
108,390
Wynn Macau Ltd., 6.75%, 02/15/34(b)
USD
35
35,044
 
 
6,913,460
Construction & Engineering — 0.1%
AECOM, 6.00%, 08/01/33(b)
 
38
38,310
Cellnex Finance Co. SA, 3.88%, 01/19/36(c)
EUR
100
113,480
HTA Group Ltd., 7.50%, 06/04/29(b)
USD
131
134,933
IRB Infrastructure Developers Ltd., 7.11%,
03/11/32(c)
 
200
204,845
TAV Havalimanlari Holding A/S, 8.50%, 12/07/28(c)
 
220
226,600
Tutor Perini Corp., 11.88%, 04/30/29(b)
 
64
69,775
Weekley Homes LLC/Weekley Finance Corp., 4.88%,
09/15/28(b)
 
49
47,909
 
 
835,852
Consumer Finance — 0.6%
American Express Co.
 
3.30%, 05/03/27
 
100
99,271
(1-day SOFR + 0.87%), 4.46%, 02/10/32(a)
 
80
79,169
(1-day SOFR + 1.00%), 5.10%, 02/16/28(a)
 
665
668,927
(1-day SOFR + 1.22%), 4.92%, 07/20/33(a)
 
125
125,296
14
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Consumer Finance (continued)
American Express Co. (continued)
 
(1-day SOFR + 1.24%), 4.80%, 10/24/36(a)
USD
513
$ 496,933
(1-day SOFR + 1.26%), 4.73%, 04/25/29(a)
 
400
402,085
(1-day SOFR + 1.76%), 4.42%, 08/03/33(a)
 
50
48,792
(1-day SOFR + 1.84%), 5.04%, 05/01/34(a)
 
180
180,681
(1-day SOFR + 1.93%), 5.63%, 07/28/34(a)
 
120
122,668
(1-day SOFR Index + 1.32%), 5.44%, 01/30/36(a)
 
175
178,844
Atlanticus Holdings Corp., 9.75%, 09/01/30(b)
 
80
79,204
Bread Financial Holdings, Inc.(b)
 
6.75%, 05/15/31
 
29
29,628
(5-year CMT + 4.30%), 8.38%, 06/15/35(a)(f)
 
41
42,994
Capital One Financial Corp.(a)
 
(1-day SOFR + 1.56%), 5.46%, 07/26/30
 
490
500,432
(1-day SOFR + 2.37%), 5.27%, 05/10/33
 
40
40,104
(1-day SOFR + 2.44%), 7.15%, 10/29/27
 
25
25,317
(1-day SOFR + 2.60%), 5.25%, 07/26/30
 
225
228,222
(1-day SOFR + 2.64%), 6.31%, 06/08/29
 
34
35,158
(1-day SOFR Index + 3.37%), 7.96%, 11/02/34
 
725
836,293
Enova International, Inc.(b)
 
11.25%, 12/15/28
 
77
81,299
9.13%, 08/01/29
 
80
83,800
EZCORP, Inc., 7.38%, 04/01/32(b)
 
33
34,886
FirstCash, Inc., 6.13%, 05/01/34(b)
 
110
109,739
Mastercard, Inc.
 
2.95%, 11/21/26
 
25
24,867
3.30%, 03/26/27
 
25
24,853
3.35%, 03/26/30
 
570
551,221
4.95%, 03/15/32
 
140
143,872
4.55%, 01/15/35
 
190
186,347
3.85%, 03/26/50
 
100
76,786
2.95%, 03/15/51
 
410
265,025
Muthoot Finance Ltd., 5.75%, 08/04/30(c)(f)
 
200
198,050
OneMain Finance Corp.
 
6.63%, 05/15/29
 
67
68,155
7.88%, 03/15/30
 
79
82,356
7.50%, 05/15/31(f)
 
118
120,981
7.13%, 11/15/31
 
39
39,548
7.13%, 09/15/32
 
34
34,478
6.75%, 09/15/33
 
26
25,574
SLM Corp., 6.50%, 01/31/30
 
17
17,163
Synchrony Financial
 
2.88%, 10/28/31
 
45
39,543
7.25%, 02/02/33
 
313
324,477
(1-day SOFR Index + 2.13%), 5.94%, 08/02/30(a)
 
264
269,285
Visa, Inc.
 
1.10%, 02/15/31
 
455
394,008
4.30%, 12/14/45
 
295
251,520
3.65%, 09/15/47
 
35
26,737
 
 
7,694,588
Consumer Staples Distribution & Retail — 0.1%
Dollar General Corp.
 
4.13%, 05/01/28
 
25
24,842
5.20%, 07/05/28
 
100
101,454
Target Corp.
 
1.95%, 01/15/27
 
50
49,316
2.35%, 02/15/30
 
75
69,886
4.50%, 09/15/34
 
75
73,045
4.80%, 01/15/53
 
35
30,709
Walmart, Inc.
 
4.90%, 04/28/35
 
1,010
1,022,621
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail (continued)
Walmart, Inc. (continued)
 
5.25%, 09/01/35
USD
90
$ 93,807
4.50%, 09/09/52(f)
 
100
86,343
4.50%, 04/15/53
 
55
47,662
 
 
1,599,685
Containers & Packaging — 0.1%
Ardagh Group SA, (5.50% Cash + 6.50% PIK),
12.00%, 12/01/30(b)(g)
 
77
69,100
Clydesdale Acquisition Holdings, Inc., 8.75%,
04/15/30(b)
 
131
118,860
Mauser Packaging Solutions Holding Co., 9.25%,
04/15/30(b)
 
44
41,934
Packaging Corp. of America
 
3.00%, 12/15/29
 
175
166,471
5.70%, 12/01/33
 
180
187,219
4.05%, 12/15/49
 
370
281,570
WRKCo, Inc., 3.00%, 06/15/33
 
80
70,337
 
 
935,491
Distributors — 0.0%
WW Grainger, Inc., 4.45%, 09/15/34
 
445
436,077
Diversified REITs — 0.7%
American Tower Corp.
 
1.50%, 01/31/28
 
132
125,530
5.80%, 11/15/28
 
120
123,620
3.80%, 08/15/29
 
80
78,216
2.90%, 01/15/30
 
150
141,200
5.00%, 01/31/30
 
35
35,455
2.70%, 04/15/31
 
75
68,204
4.05%, 03/15/32
 
5
4,812
5.40%, 01/31/35
 
430
435,447
2.95%, 01/15/51
 
135
83,766
Brixmor Operating Partnership LP
 
4.13%, 05/15/29
 
50
49,382
4.05%, 07/01/30
 
20
19,497
Crown Castle, Inc.
 
1.05%, 07/15/26
 
65
64,579
4.30%, 02/15/29
 
25
24,771
4.90%, 09/01/29
 
67
67,314
3.10%, 11/15/29
 
100
94,639
3.30%, 07/01/30
 
175
164,811
2.10%, 04/01/31
 
75
65,744
2.90%, 04/01/41
 
50
35,873
Digital Realty Trust LP, 5.55%, 01/15/28
 
75
76,194
Equinix, Inc.
 
1.55%, 03/15/28
 
50
47,474
3.90%, 04/15/32
 
313
296,995
3.40%, 02/15/52
 
311
207,912
GLP Capital LP/GLP Financing II, Inc.
 
4.00%, 01/15/31
 
560
530,788
3.25%, 01/15/32
 
77
69,005
5.25%, 02/15/33
 
295
290,134
5.63%, 09/15/34
 
260
258,736
5.75%, 11/01/37
 
180
176,212
Host Hotels & Resorts LP
 
5.70%, 06/15/32
 
25
25,753
Series I, 3.50%, 09/15/30
 
105
99,155
Kimco Realty OP LLC, 2.80%, 10/01/26
 
50
49,712
Millrose Properties, Inc.(b)
 
6.38%, 08/01/30
 
81
82,034
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
Millrose Properties, Inc.(b) (continued)
 
6.25%, 09/15/32
USD
78
$ 78,342
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 4.88%,
05/15/29(b)
 
153
148,830
Prologis LP
 
4.38%, 02/01/29
 
304
304,484
4.63%, 01/15/33
 
40
39,579
5.25%, 06/15/53
 
30
27,957
Regency Centers LP
 
3.60%, 02/01/27
 
70
69,691
3.70%, 06/15/30
 
100
96,983
RHP Hotel Properties LP/RHP Finance Corp., 5.75%,
03/15/34(b)
 
18
17,892
Rithm Capital Corp., 8.00%, 04/01/29(b)
 
113
113,520
Service Properties Trust
 
0.00%, 09/30/28(a)
 
62
56,967
4.38%, 02/15/30
 
100
90,016
8.63%, 11/15/31(b)
 
76
79,975
8.88%, 06/15/32(f)
 
180
184,714
Sun Communities Operating LP, 2.70%, 07/15/31
 
320
288,212
Trust Fibra Uno, 7.70%, 01/23/32
 
202
217,657
Ventas Realty LP
 
3.00%, 01/15/30
 
145
136,947
5.10%, 07/15/32
 
200
202,222
5.00%, 01/15/35
 
315
310,061
VICI Properties LP
 
5.13%, 11/15/31
 
89
88,744
5.13%, 05/15/32
 
985
976,530
6.13%, 04/01/54(f)
 
270
261,600
VICI Properties LP/VICI Note Co., Inc., 3.88%,
02/15/29(b)
 
514
500,382
Weyerhaeuser Co., 4.00%, 04/15/30
 
260
253,411
XHR LP, 4.88%, 06/01/29(b)
 
50
49,075
 
 
8,486,755
Diversified Telecommunication Services — 0.7%
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(b)
 
36
35,642
APLD ComputeCo LLC, 9.25%, 12/15/30(b)
 
169
181,656
AT&T, Inc.
 
1.65%, 02/01/28
 
230
219,581
4.55%, 11/01/32
 
1,590
1,559,174
4.50%, 05/15/35
 
96
90,906
3.10%, 02/01/43
 
125
89,357
4.35%, 06/15/45
 
35
28,101
5.45%, 03/01/47
 
158
145,168
5.70%, 11/01/54
 
125
115,953
6.00%, 04/30/56
 
570
549,816
6.20%, 10/30/56
 
85
84,202
3.80%, 12/01/57
 
299
199,305
3.65%, 09/15/59
 
250
159,851
3.85%, 06/01/60
 
248
165,197
3.50%, 02/01/61
 
50
30,711
6.30%, 10/30/66
 
275
271,244
British Telecommunications PLC, 9.63%, 12/15/30
 
170
202,706
Cipher Compute LLC, 7.13%, 11/15/30(b)(f)
 
4
4,146
Cisco Systems, Inc.
 
4.55%, 02/24/28(f)
 
239
241,137
4.85%, 02/26/29
 
225
228,714
4.95%, 02/24/32
 
170
173,489
5.30%, 02/26/54
 
185
173,656
Connect Finco SARL/Connect U.S. Finco LLC,
9.00%, 09/15/29(b)
 
166
175,078
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Core Scientific Finance I LLC, 05/15/31(b)(d)
USD
105
$ 104,738
Deutsche Telekom International Finance BV, 9.25%,
06/01/32
 
20
24,489
Flash Compute LLC, 7.25%, 12/31/30(b)
 
23
23,462
Frontier Communications Holdings LLC
 
5.00%, 05/01/28(b)
 
276
276,000
5.88%, 11/01/29
 
170
170,734
GCI LLC, 4.75%, 10/15/28(b)
 
69
67,510
Level 3 Financing, Inc.(b)
 
6.88%, 06/30/33
 
134
138,612
7.00%, 03/31/34
 
19
19,707
8.50%, 01/15/36(f)
 
24
25,704
Meridian Arc Holdco LLC, 6.25%, 04/30/31(b)
 
130
129,970
Sprint Capital Corp., 8.75%, 03/15/32
 
520
618,763
SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(b)
 
22
21,585
Telecom Italia Capital SA
 
6.00%, 09/30/34
 
40
41,137
7.20%, 07/18/36
 
40
43,662
7.72%, 06/04/38
 
54
61,142
TELUS Corp., 2.80%, 02/16/27
 
75
74,104
Verizon Communications, Inc.
 
4.33%, 09/21/28
 
25
25,020
4.02%, 12/03/29
 
115
113,410
7.75%, 12/01/30
 
415
467,286
5.05%, 05/09/33
 
100
101,274
4.50%, 08/10/33
 
19
18,447
4.40%, 11/01/34
 
55
52,316
5.25%, 04/02/35
 
475
474,908
5.85%, 09/15/35(f)
 
37
38,800
2.65%, 11/20/40
 
63
44,165
4.75%, 11/01/41
 
205
183,762
4.86%, 08/21/46
 
35
30,393
3.55%, 03/22/51
 
867
604,043
5.88%, 11/30/55
 
65
62,817
WULF Compute LLC, 7.75%, 10/15/30(b)
 
130
136,629
 
 
9,319,379
Electric Utilities — 2.4%
AEP Texas, Inc.
 
5.45%, 05/15/29
 
25
25,622
4.70%, 05/15/32
 
95
93,779
5.40%, 06/01/33
 
75
76,645
5.70%, 05/15/34
 
75
77,441
5.25%, 05/15/52
 
110
98,124
Series G, 4.15%, 05/01/49
 
36
27,211
AEP Transmission Co. LLC
 
5.15%, 04/01/34
 
40
40,287
3.15%, 09/15/49
 
139
91,239
5.40%, 03/15/53
 
250
235,294
AES Corp., 5.45%, 06/01/28
 
25
25,250
Alabama Power Co.
 
3.75%, 09/01/27
 
50
49,707
5.85%, 11/15/33
 
70
73,884
6.00%, 03/01/39
 
32
33,822
Alpha Generation LLC, 6.25%, 01/15/34(b)
 
16
15,891
Ameren Corp., 5.70%, 12/01/26
 
110
110,815
Ameren Illinois Co.
 
4.95%, 06/01/33
 
200
201,046
5.90%, 12/01/52
 
20
20,239
American Electric Power Co., Inc., 5.63%, 03/01/33
 
50
51,715
Appalachian Power Co., Series BB, 4.50%, 08/01/32
 
30
29,401
Arizona Public Service Co.
 
2.20%, 12/15/31
 
45
39,299
16
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Arizona Public Service Co. (continued)
 
5.55%, 08/01/33
USD
220
$ 226,146
5.70%, 08/15/34
 
90
93,053
5.10%, 03/15/36
 
511
503,053
AusNet Services Holdings Pty. Ltd., (3-Month BBSW
+ 1.77%), 5.70%, 02/04/56(a)(c)
AUD
130
92,548
Baltimore Gas and Electric Co.
 
2.25%, 06/15/31
USD
25
22,416
3.75%, 08/15/47
 
44
32,777
5.40%, 06/01/53
 
130
122,180
Berkshire Hathaway Energy Co.
 
1.65%, 05/15/31
 
65
56,412
6.13%, 04/01/36
 
100
107,176
5.15%, 11/15/43
 
45
42,258
4.45%, 01/15/49
 
175
143,005
4.60%, 05/01/53
 
210
172,728
Black Hills Corp., 6.00%, 01/15/35
 
70
72,564
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/28
 
10
10,192
4.95%, 04/01/33
 
50
50,214
5.15%, 03/01/34
 
40
40,369
4.50%, 04/01/44
 
110
95,315
Series AJ, 4.85%, 10/01/52
 
40
35,008
Series AQ, 4.95%, 08/15/35
 
85
84,172
CenterPoint Energy, Inc., 1.45%, 06/01/26
 
50
49,880
Clean Renewable Power Mauritius Pte. Ltd., 4.25%,
03/25/27(c)
 
147
144,795
Commonwealth Edison Co.
 
5.90%, 03/15/36
 
155
163,873
3.65%, 06/15/46
 
100
74,637
5.65%, 06/01/54
 
125
121,326
Connecticut Light and Power Co.
 
4.95%, 01/15/30
 
120
121,871
Series A, 3.20%, 03/15/27
 
25
24,801
Consolidated Edison Co. of New York, Inc.
 
5.13%, 03/15/35
 
500
503,541
6.15%, 11/15/52
 
150
156,068
5.70%, 05/15/54
 
50
48,938
4.50%, 05/15/58
 
116
92,363
Series 2006-A, 5.85%, 03/15/36
 
90
94,747
Constellation Energy Generation LLC
 
5.80%, 03/01/33
 
15
15,728
6.50%, 10/01/53
 
25
26,557
Consumers Energy Co.
 
4.90%, 02/15/29
 
25
25,350
4.60%, 05/30/29
 
40
40,251
4.70%, 01/15/30
 
40
40,308
4.50%, 01/15/31
 
25
24,958
4.63%, 05/15/33
 
100
98,872
4.35%, 04/15/49
 
115
93,826
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27(c)
 
200
201,750
Dominion Energy, Inc.
 
Series A, 4.35%, 08/15/32
 
40
38,806
Series B, 5.95%, 06/15/35
 
240
251,107
Series F, 5.25%, 08/01/33
 
50
50,502
DTE Electric Co.
 
5.20%, 04/01/33(f)
 
70
71,825
5.20%, 03/01/34
 
75
76,678
5.25%, 05/15/35
 
460
466,467
Series A, 4.85%, 03/01/36
 
25
24,444
Series B, 3.65%, 03/01/52
 
20
14,396
Series B, 5.55%, 03/01/56
 
25
23,961
Security
 
Par
(000)
Value
Electric Utilities (continued)
DTE Energy Co., 4.88%, 06/01/28
USD
150
$ 151,189
Duke Energy Carolinas LLC
 
4.95%, 01/15/33(f)
 
20
20,255
3.70%, 12/01/47
 
334
246,963
3.55%, 03/15/52
 
45
31,640
5.35%, 01/15/53
 
29
27,091
5.40%, 01/15/54
 
140
131,828
Duke Energy Corp.
 
4.85%, 01/05/29
 
125
126,220
2.45%, 06/01/30
 
305
281,319
6.10%, 09/15/53
 
180
179,333
Duke Energy Florida LLC, 3.00%, 12/15/51
 
180
113,062
Duke Energy Indiana LLC, 5.40%, 04/01/53
 
10
9,299
Duke Energy Kentucky, Inc., (Acquired 08/11/25,
Cost: $235,000), 6.01%, 09/15/35(h)(i)
 
235
237,937
Duke Energy Ohio, Inc., 5.55%, 03/15/54
 
63
59,993
Duke Energy Progress LLC
 
3.40%, 04/01/32
 
300
280,769
5.25%, 03/15/33
 
125
128,280
5.05%, 03/15/35(f)
 
110
110,250
2.90%, 08/15/51
 
50
30,691
5.35%, 03/15/53
 
67
62,401
5.55%, 03/15/55
 
640
613,000
Edison International, 4.13%, 03/15/28
 
20
19,685
Entergy Arkansas LLC
 
5.45%, 06/01/34
 
25
25,743
5.75%, 06/01/54
 
30
29,287
Entergy Corp., 2.80%, 06/15/30
 
60
55,927
Entergy Louisiana LLC
 
4.20%, 09/01/48
 
150
118,952
5.65%, 04/15/56
 
185
177,619
Entergy Mississippi LLC
 
5.00%, 09/01/33
 
130
130,226
5.85%, 06/01/54
 
25
24,687
Entergy Texas, Inc.
 
1.75%, 03/15/31
 
165
144,569
5.80%, 09/01/53
 
90
89,187
Evergy Kansas Central, Inc.
 
5.90%, 11/15/33
 
20
21,129
5.70%, 03/15/53
 
40
39,179
Evergy Metro, Inc., 5.40%, 04/01/34
 
30
30,797
Eversource Energy
 
4.75%, 05/15/26
 
150
150,030
5.13%, 05/15/33
 
40
40,053
5.50%, 01/01/34
 
225
229,090
Exelon Corp.
 
3.35%, 03/15/32
 
100
92,399
5.63%, 06/15/35
 
145
148,735
5.60%, 03/15/53
 
40
37,732
FirstEnergy Corp., Series B, 3.90%, 07/15/27
 
25
24,827
FirstEnergy Transmission LLC
 
4.75%, 01/15/33
 
800
791,645
5.00%, 01/15/35(f)
 
495
488,416
5.45%, 07/15/44(b)
 
96
90,960
4.55%, 04/01/49(b)
 
189
156,594
Florida Power & Light Co.
 
5.05%, 04/01/28(f)
 
30
30,474
5.10%, 04/01/33
 
100
102,054
5.95%, 02/01/38
 
75
80,126
5.96%, 04/01/39
 
55
58,431
4.05%, 10/01/44
 
50
40,806
5.30%, 04/01/53(f)
 
170
159,384
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Florida Power & Light Co. (continued)
 
5.60%, 02/15/66
USD
25
$ 23,845
Georgia Power Co.
 
5.13%, 05/15/52(f)
 
80
73,051
5.50%, 10/01/55(f)
 
90
86,152
Series 2010-C, 4.75%, 09/01/40
 
40
37,488
Series B, 3.70%, 01/30/50
 
37
27,017
Idaho Power Co., 5.80%, 04/01/54
 
25
24,728
India Clean Energy Holdings, 4.50%, 04/18/27(c)
 
400
393,137
Indiana Michigan Power Co., 5.63%, 04/01/53
 
20
19,341
Interstate Power and Light Co.
 
4.10%, 09/26/28
 
50
49,650
5.60%, 06/29/35
 
80
82,142
Kentucky Utilities Co., 3.30%, 06/01/50
 
25
16,820
MidAmerican Energy Co.
 
5.85%, 09/15/54
 
30
29,997
5.30%, 02/01/55
 
45
41,751
Mong Duong Finance Holdings BV, 5.13%, 05/07/29
 
290
286,069
MVM Energetika Zrt, 6.50%, 03/13/31(c)
 
206
215,661
National Grid PLC, 5.42%, 01/11/34
 
40
40,790
National Rural Utilities Cooperative Finance Corp.
 
5.60%, 11/13/26
 
40
40,290
5.05%, 09/15/28
 
60
60,930
5.15%, 06/15/29(f)
 
75
76,762
Nevada Power Co.
 
6.00%, 03/15/54
 
15
15,033
Series CC, 3.70%, 05/01/29
 
35
34,306
NextEra Energy Capital Holdings, Inc.
 
4.69%, 09/01/27
 
160
160,701
2.25%, 06/01/30
 
95
86,678
4.40%, 03/01/31
 
100
99,256
5.05%, 02/28/33
 
140
141,439
5.45%, 03/15/35
 
90
91,762
5.55%, 03/15/54
 
55
51,639
Northern States Power Co.
 
3.20%, 04/01/52
 
100
67,966
5.10%, 05/15/53
 
110
99,618
5.40%, 03/15/54
 
50
47,388
5.65%, 06/15/54
 
35
34,197
NSTAR Electric Co.
 
3.20%, 05/15/27
 
50
49,524
1.95%, 08/15/31
 
775
679,129
4.95%, 09/15/52
 
40
35,466
Oglethorpe Power Corp.
 
5.05%, 10/01/48
 
10
8,762
6.20%, 12/01/53
 
65
65,918
Ohio Power Co.
 
5.65%, 06/01/34
 
220
225,961
4.00%, 06/01/49
 
64
47,672
Series P, 2.60%, 04/01/30
 
160
148,484
Series R, 2.90%, 10/01/51
 
30
17,981
Oklahoma Gas and Electric Co.
 
5.40%, 01/15/33
 
75
77,366
5.60%, 04/01/53
 
40
38,306
Oncor Electric Delivery Co. LLC
 
2.75%, 05/15/30
 
70
65,634
5.65%, 11/15/33
 
65
68,063
5.30%, 06/01/42
 
145
138,887
5.90%, 03/15/56(b)
 
50
49,527
Pacific Gas and Electric Co.
 
3.30%, 03/15/27
 
150
148,523
6.10%, 01/15/29
 
40
41,336
4.55%, 07/01/30
 
100
98,874
Security
 
Par
(000)
Value
Electric Utilities (continued)
Pacific Gas and Electric Co. (continued)
 
3.25%, 06/01/31
USD
100
$ 92,559
6.95%, 03/15/34
 
200
219,230
6.00%, 08/15/35
 
45
46,490
5.20%, 05/01/36(f)
 
25
24,351
4.50%, 07/01/40
 
50
42,999
3.30%, 08/01/40
 
103
77,054
4.75%, 02/15/44
 
509
425,308
4.30%, 03/15/45
 
100
78,257
4.25%, 03/15/46
 
346
266,079
4.00%, 12/01/46
 
67
49,333
4.95%, 07/01/50
 
518
430,223
3.50%, 08/01/50
 
177
116,921
5.25%, 03/01/52
 
241
206,445
6.75%, 01/15/53
 
754
787,286
6.70%, 04/01/53
 
323
336,133
5.90%, 10/01/54
 
131
122,777
6.15%, 03/01/55
 
70
67,961
6.10%, 10/15/55
 
546
526,792
6.00%, 05/01/56
 
241
229,574
PacifiCorp.
 
5.10%, 02/15/29
 
415
420,009
5.30%, 02/15/31(f)
 
50
50,911
5.35%, 12/01/53
 
20
17,659
5.50%, 05/15/54
 
30
27,120
PECO Energy Co.
 
4.90%, 06/15/33
 
25
25,200
2.85%, 09/15/51
 
40
24,571
4.38%, 08/15/52
 
120
96,779
PG&E Corp.
 
5.00%, 07/01/28
 
80
79,608
5.25%, 07/01/30
 
530
524,682
Pinnacle West Capital Corp., 5.15%, 05/15/30(f)
 
238
242,048
Potomac Electric Power Co., 5.20%, 03/15/34
 
130
132,077
PPL Electric Utilities Corp.
 
4.85%, 02/15/34
 
95
94,903
5.25%, 05/15/53
 
40
37,070
Public Service Co. of Colorado
 
1.88%, 06/15/31
 
145
126,698
5.25%, 04/01/53
 
20
18,094
5.75%, 05/15/54
 
55
53,563
5.85%, 05/15/55
 
90
88,999
Series 39, 4.50%, 06/01/52
 
50
40,567
Public Service Co. of Oklahoma, 5.25%, 01/15/33
 
50
50,755
Public Service Electric and Gas Co.
 
4.65%, 03/15/33
 
80
79,494
5.20%, 08/01/33
 
75
76,834
5.20%, 03/01/34
 
55
55,891
4.85%, 08/01/34
 
50
49,710
3.95%, 05/01/42
 
50
41,204
5.45%, 08/01/53
 
90
85,936
Public Service Enterprise Group, Inc.
 
2.45%, 11/15/31
 
100
88,948
5.45%, 04/01/34
 
50
51,095
Puget Sound Energy, Inc.
 
4.22%, 06/15/48
 
130
104,138
5.45%, 06/01/53
 
10
9,438
5.69%, 06/15/54
 
30
29,388
San Diego Gas & Electric Co.
 
5.35%, 04/01/53
 
120
110,631
Series VVV, 1.70%, 10/01/30
 
90
79,812
Sempra
 
4.00%, 02/01/48
 
180
134,117
18
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Sempra (continued)
 
(5-year CMT + 2.87%), 4.13%, 04/01/52(a)
USD
100
$ 98,552
Sierra Pacific Power Co., 5.90%, 03/15/54
 
30
29,511
Southern California Edison Co.
 
5.30%, 03/01/28
 
50
50,613
5.25%, 03/15/30
 
25
25,399
5.45%, 06/01/31
 
145
148,408
5.45%, 03/01/35
 
100
99,839
5.50%, 03/15/40
 
35
33,696
3.45%, 02/01/52
 
80
51,887
5.70%, 03/01/53
 
260
238,155
5.88%, 12/01/53
 
20
18,818
5.75%, 04/15/54
 
20
18,382
6.20%, 09/15/55
 
70
68,573
Southern Co.
 
3.25%, 07/01/26
 
250
249,683
4.85%, 06/15/28
 
95
95,755
5.70%, 10/15/32
 
283
295,813
5.70%, 03/15/34
 
60
62,149
4.85%, 03/15/35
 
75
72,979
Series 2021-A, (5-year CMT + 2.92%), 3.75%,
09/15/51(a)
 
100
99,587
Southwestern Electric Power Co.
 
5.30%, 04/01/33
 
10
10,141
Series M, 4.10%, 09/15/28
 
120
118,898
Southwestern Public Service Co., 6.00%, 06/01/54
 
50
50,244
System Energy Resources, Inc.
 
6.00%, 04/15/28
 
207
212,470
5.30%, 12/15/34
 
480
478,966
Talen Energy Supply LLC(b)
 
6.25%, 02/01/34
 
63
62,530
6.50%, 02/01/36
 
83
83,314
Tampa Electric Co.
 
4.90%, 03/01/29
 
50
50,631
5.15%, 03/01/35
 
470
472,063
Tucson Electric Power Co., 5.50%, 04/15/53(f)
 
10
9,458
Union Electric Co.
 
5.20%, 04/01/34
 
150
152,466
4.80%, 03/15/36
 
25
24,373
5.45%, 03/15/53
 
110
104,236
5.13%, 03/15/55
 
175
158,280
5.55%, 03/15/56
 
25
24,038
Virginia Electric and Power Co.
 
6.35%, 11/30/37
 
40
43,270
8.88%, 11/15/38
 
50
65,311
5.45%, 04/01/53
 
90
84,344
5.70%, 08/15/53(f)
 
165
160,071
5.65%, 03/15/55
 
70
67,159
5.70%, 03/15/56
 
30
28,922
Series A, 3.80%, 04/01/28
 
180
178,397
Series B, 3.75%, 05/15/27
 
100
99,619
Series B, 3.80%, 09/15/47
 
25
18,696
Series C, 4.63%, 05/15/52
 
122
100,944
Series D, 4.65%, 08/15/43
 
125
108,932
Series D, 5.60%, 09/15/55
 
50
47,460
Wisconsin Electric Power Co., 4.75%, 09/30/32
 
25
25,263
Wisconsin Power and Light Co., 3.95%, 09/01/32
 
150
143,159
Xcel Energy, Inc.
 
4.60%, 06/01/32
 
45
44,297
Security
 
Par
(000)
Value
Electric Utilities (continued)
Xcel Energy, Inc. (continued)
 
5.50%, 03/15/34
USD
125
$ 127,461
XPLR Infrastructure Operating Partners LP, 7.75%,
04/15/34(b)
 
100
104,815
 
 
30,143,951
Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp.
 
3.80%, 11/15/27
 
100
99,412
2.20%, 09/15/31
 
120
106,353
5.38%, 11/15/54(f)
 
155
148,906
Arrow Electronics, Inc.
 
3.88%, 01/12/28
 
95
93,873
5.88%, 04/10/34
 
489
503,975
Avnet, Inc., 6.25%, 03/15/28
 
45
46,205
Emerson Electric Co., 2.00%, 12/21/28
 
50
47,323
Fortive Corp., 3.15%, 06/15/26
 
25
24,959
Honeywell International, Inc., 4.50%, 01/15/34
 
330
324,084
Ingram Micro, Inc., 4.75%, 05/15/29(b)
 
100
98,266
Jabil, Inc., 4.25%, 05/15/27
 
100
100,003
Keysight Technologies, Inc., 4.95%, 10/15/34
 
165
164,021
TD SYNNEX Corp., 1.75%, 08/09/26
 
175
173,682
Viasat, Inc.(b)
 
6.50%, 07/15/28
 
55
54,784
7.50%, 05/30/31(f)
 
134
134,295
Xerox Corp., 10.25%, 10/15/30(b)
 
68
56,780
 
 
2,176,921
Energy Equipment & Services — 0.1%
Archrock Services LP/Archrock Partners Finance
Corp., 6.00%, 02/01/34(b)
 
23
23,150
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc.
 
5.00%, 06/15/36
 
50
49,206
5.85%, 06/15/56
 
370
365,216
Bristow Group, Inc., 6.75%, 02/01/33(b)
 
66
67,161
Kodiak Gas Services LLC, 5.88%, 04/01/31(b)
 
32
32,233
ReNew Pvt Ltd., 5.88%, 03/05/27(c)
 
400
398,280
Solaris Energy Infrastructure, Inc., 0.25%, 10/01/31(j)
 
143
218,432
Tidewater, Inc., 9.13%, 07/15/30(b)
 
91
97,961
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29(b)
 
53
54,772
Viridien, 10.00%, 10/15/30(b)
 
87
93,429
Weatherford International Ltd., 6.75%, 10/15/33(b)
 
36
37,348
 
 
1,437,188
Entertainment — 0.3%
Bracelet Holdings, Inc., 9.25%, 07/02/28(b)
 
146
143,041
Caesars Entertainment, Inc.(b)
 
7.00%, 02/15/30
 
40
40,608
6.50%, 02/15/32
 
37
35,951
6.00%, 10/15/32
 
100
89,623
Churchill Downs, Inc., 5.75%, 04/01/30(b)
 
100
99,673
Discovery Global Holdings, Inc.
 
3.76%, 03/15/27
 
2,872
2,847,782
4.05%, 03/15/29
 
37
36,010
4.28%, 03/15/32
 
129
114,497
5.05%, 03/15/42
 
280
199,788
5.14%, 03/15/52
 
88
57,640
Light & Wonder International, Inc., 7.50%, 09/01/31(b)
 
77
80,248
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(b)
 
50
48,885
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
Resorts World Las Vegas LLC/RWLV Capital, Inc.
 
4.63%, 04/16/29(c)
USD
200
$ 178,500
8.45%, 07/27/30(b)
 
40
39,610
Six Flags Entertainment Corp/Canada’s Wonderland
Co/Millennium Operations LLC, 8.63%, 01/15/32(b)
 
10
10,167
Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31(c)
AUD
250
174,646
 
 
4,196,669
Environmental, Maintenance & Security Service — 0.2%
Republic Services, Inc.
 
2.30%, 03/01/30
USD
75
69,312
5.20%, 11/15/34(f)
 
295
301,173
3.05%, 03/01/50(f)
 
340
224,628
Reworld Holding Corp., 4.88%, 12/01/29(b)
 
52
49,699
Waste Connections, Inc.
 
2.60%, 02/01/30(f)
 
130
122,331
2.20%, 01/15/32
 
25
21,973
3.20%, 06/01/32(f)
 
75
69,314
5.25%, 09/01/35
 
625
636,876
Waste Management, Inc.
 
1.15%, 03/15/28(f)
 
244
230,740
4.95%, 07/03/31
 
475
484,983
4.88%, 02/15/34
 
50
50,536
 
 
2,261,565
Financial Services — 1.1%
Acropolis Trade & Investments Ltd., (11.04% PIK),
11.04%, 04/02/30(b)(h)
 
555
573,314
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust
 
2.45%, 10/29/26
 
240
238,061
4.63%, 09/10/29
 
150
149,726
3.30%, 01/30/32
 
150
137,106
4.95%, 09/10/34
 
730
711,190
Ally Financial, Inc.
 
8.00%, 11/01/31
 
200
223,394
(1-day SOFR + 2.82%), 6.85%, 01/03/30(a)
 
75
78,309
(1-day SOFR + 3.26%), 6.99%, 06/13/29(a)
 
20
20,800
(1-day SOFR Index + 1.73%), 5.54%, 01/17/31(a)
 
25
25,283
(5-year CMT + 2.45%), 6.65%, 01/17/40(a)
 
17
16,740
Ameriprise Financial, Inc.
 
5.70%, 12/15/28
 
290
299,712
5.15%, 05/15/33
 
340
347,157
Andiron, Series B 1L, (1-mo. CME Term SOFR at
0.00% Floor + 3.25%), 6.91%, 01/21/30(h)
 
30
30,000
Ares Management Corp., 6.38%, 11/10/28
 
1,240
1,288,461
AT&T Reign II Multi-Property Lease-Backed Pass-
Through Trust, 6.09%, 12/15/44(b)
 
409
402,916
Brookfield Capital Finance LLC, 6.09%, 06/14/33
 
15
15,752
Brookfield Finance, Inc.
 
4.35%, 04/15/30
 
125
123,014
6.35%, 01/05/34
 
135
143,642
5.68%, 01/15/35
 
330
335,098
5.33%, 01/15/36
 
165
162,276
Charles Schwab Corp.
 
5.88%, 08/24/26
 
300
301,298
2.45%, 03/03/27
 
5
4,933
3.20%, 01/25/28(f)
 
3
2,954
1.65%, 03/11/31(f)
 
2
1,750
2.30%, 05/13/31
 
9
8,111
1.95%, 12/01/31(f)
 
64
55,901
2.90%, 03/03/32(f)
 
3
2,723
(1-day SOFR + 1.23%), 4.91%, 11/14/36(a)
 
310
302,514
Security
 
Par
(000)
Value
Financial Services (continued)
Charles Schwab Corp. (continued)
 
(1-day SOFR + 1.88%), 6.20%, 11/17/29(a)
USD
160
$ 166,849
(1-day SOFR + 2.01%), 6.14%, 08/24/34(a)
 
110
117,414
(1-day SOFR + 2.21%), 5.64%, 05/19/29(a)
 
156
160,049
(1-day SOFR + 2.50%), 5.85%, 05/19/34(a)
 
51
53,527
Coinbase Global, Inc., 3.38%, 10/01/28(b)(f)
 
184
176,423
Credit Acceptance Corp.(b)
 
9.25%, 12/15/28
 
81
84,467
6.63%, 03/15/30(f)
 
23
22,923
Encore Capital Group, Inc.(b)
 
8.50%, 05/15/30
 
112
119,611
6.63%, 04/15/31
 
87
88,420
Freedom Mortgage Holdings LLC, 8.38%,
04/01/32(b)(f)
 
23
23,319
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(c)
EUR
28
33,313
GGAM Finance Ltd., 8.00%, 06/15/28(b)
USD
27
28,123
GS Finance Corp.(a)
 
5.95%, 01/15/31
 
1,080
1,024,121
0.00%, 02/17/31
 
900
877,663
Intercontinental Exchange, Inc.
 
3.63%, 09/01/28
 
313
308,252
3.75%, 09/21/28
 
20
19,718
4.60%, 03/15/33
 
500
494,381
4.95%, 06/15/52(f)
 
675
602,846
Jane Street Group/JSG Finance, Inc., 6.75%,
05/01/33(b)
 
39
40,065
Jefferies Financial Group, Inc., 4.85%, 01/15/27
 
20
20,054
Lazard Group LLC, 4.50%, 09/19/28
 
100
99,637
LPL Holdings, Inc., 5.65%, 03/15/35
 
525
524,663
Muangthai Capital PCL(c)
 
6.88%, 09/30/28
 
200
201,008
7.55%, 07/21/30
 
250
253,537
Nasdaq, Inc., 5.35%, 06/28/28
 
354
360,615
ORIX Corp., 5.20%, 09/13/32
 
50
50,874
Osaic Holdings, Inc.(b)
 
6.75%, 08/01/32
 
28
28,439
8.00%, 08/01/33
 
17
17,336
PennyMac Financial Services, Inc., 6.75%,
02/15/34(b)
 
100
96,783
Raymond James Financial, Inc., 4.95%, 07/15/46
 
50
44,542
Resurgent Trade & Investment Ltd., 9.52%,
12/01/27(h)
 
330
330,825
Rocket Cos., Inc.(b)
 
6.50%, 08/01/29
 
50
50,934
6.13%, 08/01/30
 
61
61,905
7.13%, 02/01/32
 
207
213,960
Stonex Escrow Issuer LLC, 6.88%, 07/15/32(b)
 
26
26,883
StoneX Group, Inc., 7.88%, 03/01/31(b)
 
135
142,146
Sumisho Air Lease Corp.
 
3.63%, 12/01/27
 
50
49,419
4.63%, 10/01/28
 
100
99,733
Velocity Commercial Capital LLC, 9.38%, 02/15/31(b)
 
22
22,749
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%,
06/15/31(b)
 
122
128,118
Voya Financial, Inc.
 
3.65%, 06/15/26
 
100
99,891
5.00%, 09/20/34
 
430
421,815
 
 
13,789,485
Food Products — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b)
 
3.50%, 03/15/29
 
100
95,364
20
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b) (continued)
 
5.75%, 03/31/34
USD
64
$ 62,305
Aramark Services, Inc., 5.00%, 02/01/28(b)
 
100
99,799
Archer-Daniels-Midland Co.
 
2.50%, 08/11/26
 
50
49,798
4.50%, 08/15/33
 
20
19,774
Bunge Ltd. Finance Corp., 2.75%, 05/14/31
 
55
50,267
General Mills, Inc., 4.95%, 03/29/33
 
25
24,790
Hershey Co.
 
2.30%, 08/15/26
 
35
34,815
5.10%, 02/24/35
 
25
25,532
J.M. Smucker Co.
 
3.38%, 12/15/27
 
20
19,701
4.25%, 03/15/35
 
225
208,923
JBS NV/JBS USA Foods Group Holdings, Inc./JBS
USA Food Co. Holdings
 
5.75%, 04/01/33
 
166
170,905
6.75%, 03/15/34
 
3
3,260
Kraft Heinz Foods Co.
 
5.20%, 07/15/45
 
105
91,924
4.38%, 06/01/46
 
28
21,943
Kroger Co.
 
5.00%, 09/15/34
 
120
118,541
5.50%, 09/15/54
 
110
102,091
Mondelez International, Inc., 4.50%, 05/06/30
 
75
74,800
Pilgrim’s Pride Corp.
 
6.25%, 07/01/33
 
268
281,013
6.88%, 05/15/34
 
180
195,521
Post Holdings, Inc.(b)
 
6.38%, 03/01/33
 
238
237,907
6.50%, 03/15/36
 
43
42,717
Sysco Corp., 3.25%, 07/15/27
 
25
24,634
The Campbell’s Co., 5.20%, 03/19/27
 
25
25,185
Tyson Foods, Inc., 5.10%, 09/28/48
 
50
45,358
U.S. Foods, Inc.(b)
 
6.88%, 09/15/28
 
40
40,845
7.25%, 01/15/32
 
74
76,972
5.75%, 04/15/33
 
88
88,323
 
 
2,333,007
Gas Utilities — 0.1%
APA Infrastructure Ltd.
 
6.42%, 04/28/36
AUD
250
179,122
(3-Month BBSW + 2.00%), 6.37%, 04/28/56(a)
 
170
122,465
EP Infrastructure AS, 4.38%, 01/29/34(c)
EUR
200
230,237
Venture Global Plaquemines LNG LLC, 6.50%,
01/15/34(b)
USD
100
104,750
 
 
636,574
Ground Transportation — 0.4%
Burlington Northern Santa Fe LLC
 
5.40%, 06/01/41
 
25
25,034
4.45%, 03/15/43
 
200
174,754
4.90%, 04/01/44
 
45
41,414
4.13%, 06/15/47
 
100
80,601
4.45%, 01/15/53
 
40
32,961
5.20%, 04/15/54(f)
 
505
465,661
5.55%, 03/15/56
 
69
66,753
Canadian National Railway Co.
 
6.25%, 08/01/34
 
75
81,537
6.20%, 06/01/36
 
125
135,753
Canadian Pacific Railway Co.
 
4.00%, 06/01/28
 
125
124,165
Security
 
Par
(000)
Value
Ground Transportation (continued)
Canadian Pacific Railway Co. (continued)
 
2.05%, 03/05/30(f)
USD
272
$ 249,090
4.80%, 03/30/30
 
495
501,404
CSX Corp.
 
5.20%, 11/15/33
 
109
111,881
6.22%, 04/30/40
 
140
151,516
4.10%, 03/15/44
 
75
61,830
4.90%, 03/15/55
 
40
35,370
Danaos Corp., 6.88%, 10/15/32(b)
 
86
88,331
Norfolk Southern Corp.
 
2.90%, 06/15/26
 
25
24,960
4.45%, 03/01/33
 
50
49,230
4.84%, 10/01/41
 
150
138,875
2.90%, 08/25/51
 
180
111,139
Union Pacific Corp.
 
2.40%, 02/05/30
 
625
583,283
2.80%, 02/14/32
 
20
18,243
4.50%, 01/20/33
 
75
74,983
3.38%, 02/01/35
 
629
561,554
2.89%, 04/06/36
 
995
837,609
 
 
4,827,931
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories
 
4.30%, 03/15/33
 
87
84,984
4.75%, 03/15/38
 
187
180,643
4.90%, 11/30/46
 
410
373,722
Bausch & Lomb Corp., 8.38%, 10/01/28(b)
 
181
186,882
Baxter International, Inc.
 
3.95%, 04/01/30
 
100
96,057
2.54%, 02/01/32
 
80
67,971
Boston Scientific Corp., 2.65%, 06/01/30
 
25
23,300
Insulet Corp., 6.50%, 04/01/33(b)
 
50
51,040
Medline Borrower LP, 3.88%, 04/01/29(b)
 
100
97,156
Revvity, Inc., 3.30%, 09/15/29
 
50
47,934
Thermo Fisher Scientific, Inc., 4.55%, 06/15/33
 
63
62,138
Universal Health Services, Inc.
 
4.63%, 10/15/29
 
50
49,646
5.05%, 10/15/34
 
330
317,672
Zimmer Biomet Holdings, Inc.
 
4.70%, 02/19/27
 
90
90,362
5.35%, 12/01/28(f)
 
70
71,493
 
 
1,801,000
Health Care Providers & Services — 0.7%
Adventist Health System, 5.43%, 03/01/32
 
50
50,654
Allina Health System, Series 2019, 3.89%, 04/15/49
 
50
37,203
Banner Health, 2.34%, 01/01/30
 
50
46,358
Baylor Scott & White Holdings
 
4.19%, 11/15/45
 
50
41,764
Series 2021, 2.84%, 11/15/50
 
225
140,436
Centene Corp.
 
4.25%, 12/15/27
 
100
99,417
4.63%, 12/15/29
 
310
302,218
3.38%, 02/15/30(f)
 
49
45,533
CHS/Community Health Systems, Inc., 9.75%,
01/15/34(b)
 
103
106,235
Cigna Group
 
4.38%, 10/15/28
 
115
115,010
4.80%, 08/15/38
 
50
47,012
4.90%, 12/15/48
 
145
125,685
3.40%, 03/15/50
 
128
87,054
CommonSpirit Health
 
3.91%, 10/01/50(f)
 
50
36,661
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
CommonSpirit Health (continued)
 
6.46%, 11/01/52
USD
35
$ 37,046
DaVita, Inc.(b)
 
4.63%, 06/01/30
 
100
96,805
6.88%, 09/01/32(f)
 
100
103,219
Dignity Health, 4.50%, 11/01/42(f)
 
50
42,928
Elevance Health, Inc.
 
3.65%, 12/01/27
 
29
28,696
4.10%, 03/01/28
 
150
149,227
4.65%, 01/15/43
 
200
175,123
4.38%, 12/01/47
 
268
217,201
5.70%, 02/15/55
 
75
71,627
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
 
28
27,260
Hackensack Meridian Health, Inc., Series 2020,
2.68%, 09/01/41
 
50
35,416
HCA, Inc.
 
5.00%, 03/01/28
 
175
176,467
5.45%, 04/01/31(f)
 
466
478,435
2.38%, 07/15/31(f)
 
299
265,310
5.50%, 03/01/32
 
42
43,040
3.63%, 03/15/32
 
110
102,682
7.50%, 11/06/33
 
88
99,426
5.60%, 04/01/34
 
200
205,007
5.13%, 06/15/39
 
80
75,657
5.50%, 06/15/47
 
115
105,528
4.63%, 03/15/52
 
595
473,251
5.90%, 06/01/53(f)
 
100
95,138
6.00%, 04/01/54
 
255
245,869
6.20%, 03/01/55
 
200
197,852
6.10%, 04/01/64
 
442
427,597
Humana, Inc.
 
1.35%, 02/03/27
 
35
34,276
4.88%, 04/01/30
 
270
270,020
5.38%, 04/15/31
 
50
50,683
5.88%, 03/01/33
 
50
51,288
Kaiser Foundation Hospitals
 
4.88%, 04/01/42
 
50
46,275
4.15%, 05/01/47
 
50
40,404
Series 2021, 3.00%, 06/01/51
 
275
175,425
Laboratory Corp. of America Holdings
 
2.95%, 12/01/29
 
65
61,740
4.80%, 10/01/34
 
510
498,048
Memorial Sloan-Kettering Cancer Center,
Series 2020, 2.96%, 01/01/50
 
40
25,834
Mount Nittany Medical Center Obligated Group,
Series 2022, 3.80%, 11/15/52
 
50
36,695
Nationwide Children’s Hospital, Inc., 4.56%, 11/01/52
 
35
29,710
Northwell Healthcare, Inc., 3.81%, 11/01/49
 
85
61,830
Novant Health, Inc., 2.64%, 11/01/36
 
50
39,565
Providence St. Joseph Health Obligated Group,
Series A, 3.93%, 10/01/48
 
50
37,699
Quest Diagnostics, Inc.
 
4.60%, 12/15/27
 
650
652,215
4.63%, 12/15/29
 
710
714,723
Select Medical Corp., 6.25%, 12/01/32(b)(f)
 
87
84,479
Sharp HealthCare, Series 20B, 2.68%, 08/01/50
 
100
60,161
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
 
66
68,603
Sutter Health, 5.55%, 08/15/53
 
100
97,177
Tenet Healthcare Corp.
 
4.63%, 06/15/28
 
77
76,407
6.13%, 06/15/30
 
44
44,262
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.
 
4.25%, 03/15/43
USD
290
$ 243,735
5.88%, 02/15/53
 
180
178,439
5.63%, 07/15/54
 
125
119,658
 
 
9,056,398
Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.
 
4.70%, 07/01/30
 
40
39,681
5.50%, 10/01/35
 
105
103,925
Diversified Healthcare Trust
 
4.75%, 02/15/28(f)
 
89
86,557
7.25%, 10/15/30(b)
 
15
15,305
4.38%, 03/01/31(f)
 
68
61,157
Healthcare Realty Holdings LP, 3.75%, 07/01/27
 
25
24,778
Healthpeak OP LLC, 3.00%, 01/15/30
 
385
362,708
MPT Operating Partnership LP/MPT Finance Corp.(f)
 
5.00%, 10/15/27
 
94
91,650
4.63%, 08/01/29
 
94
77,783
Omega Healthcare Investors, Inc.
 
5.20%, 07/01/30
 
379
381,886
3.38%, 02/01/31
 
210
194,943
Welltower OP LLC
 
4.50%, 07/01/30
 
410
410,008
3.85%, 06/15/32
 
20
19,046
5.13%, 07/01/35
 
250
250,662
 
 
2,120,089
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC/New Red Finance, Inc., 4.00%,
10/15/30(b)
 
100
95,136
Darden Restaurants, Inc.
 
4.35%, 10/15/27
 
205
204,691
4.55%, 10/15/29
 
185
184,793
6.30%, 10/10/33(f)
 
270
289,860
Fortune Star BVI Ltd., 5.88%, 11/20/30(c)
EUR
255
284,915
Genting New York LLC/GENNY Capital, Inc., 7.25%,
10/01/29(b)
USD
87
88,348
Hilton Domestic Operating Co., Inc.
 
4.88%, 01/15/30
 
100
99,267
6.13%, 04/01/32(b)
 
67
68,246
Hyatt Hotels Corp.
 
5.75%, 01/30/27
 
200
201,758
5.38%, 12/15/31(f)
 
990
1,008,738
5.75%, 03/30/32
 
35
36,235
Las Vegas Sands Corp.
 
3.90%, 08/08/29
 
85
81,986
6.00%, 08/15/29
 
75
77,169
6.20%, 08/15/34
 
45
46,245
Marriott International, Inc.
 
5.45%, 09/15/26
 
100
100,321
5.55%, 10/15/28
 
220
225,663
5.30%, 05/15/34
 
330
333,285
5.35%, 03/15/35
 
440
443,845
5.10%, 05/01/38
 
233
223,463
Series GG, 3.50%, 10/15/32
 
25
23,043
Series HH, 2.85%, 04/15/31
 
400
366,671
McDonald’s Corp.
 
3.80%, 04/01/28
 
50
49,619
4.88%, 12/09/45
 
50
44,634
3.63%, 09/01/49
 
270
194,160
5.15%, 09/09/52
 
40
36,179
Melco Resorts Finance Ltd.(c)
 
5.75%, 07/21/28
 
200
198,611
22
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Melco Resorts Finance Ltd.(c) (continued)
 
5.38%, 12/04/29
USD
200
$ 195,480
Starbucks Corp.
 
2.25%, 03/12/30
 
75
69,040
4.80%, 02/15/33
 
275
275,319
5.00%, 02/15/34
 
25
25,124
Studio City Finance Ltd., 6.50%, 01/15/28(c)
 
200
198,904
 
 
5,770,748
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance
Co.(b)
 
4.63%, 04/01/30
 
52
49,509
6.88%, 08/01/33
 
18
17,661
Beazer Homes USA, Inc., 7.25%, 10/15/29(f)
 
93
94,207
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 5.00%, 06/15/29(b)
 
51
49,122
Century Communities, Inc., 6.63%, 09/15/33(b)
 
3
2,985
Forestar Group, Inc., 5.00%, 03/01/28(b)
 
49
48,620
Installed Building Products, Inc., 5.63%, 02/01/34(b)(f)
 
23
22,886
LGI Homes, Inc.(b)
 
8.75%, 12/15/28
 
45
46,336
7.00%, 11/15/32(f)
 
54
51,752
Mattamy Group Corp., 4.63%, 03/01/30(b)
 
51
48,706
Newell Brands, Inc., 6.63%, 09/15/29
 
100
99,931
NVR, Inc., 3.00%, 05/15/30
 
1,150
1,082,848
Sekisui House U.S., Inc., 3.97%, 08/06/61
 
15
9,757
Somnigroup International, Inc., 4.00%, 04/15/29(b)
 
57
55,140
STL Holding Co. LLC, 8.75%, 02/15/29(b)(f)
 
44
45,657
Whirlpool Corp.
 
4.75%, 02/26/29
 
180
173,795
6.13%, 06/15/30
 
30
29,419
6.50%, 06/15/33
 
71
68,001
4.50%, 06/01/46
 
15
10,080
4.60%, 05/15/50
 
15
10,086
 
 
2,016,498
Household Products — 0.0%
Kimberly-Clark Corp., 6.63%, 08/01/37
 
55
62,498
Independent Power and Renewable Electricity Producers — 0.1%
Continuum Energy Pte. Ltd., 5.00%, 09/11/27(b)(f)(h)
 
232
231,472
NRG Energy, Inc.(b)
 
5.25%, 06/15/29
 
100
99,629
7.00%, 03/15/33
 
252
273,936
5.88%, 05/15/34
 
15
14,946
6.25%, 11/01/34
 
20
20,233
6.00%, 01/15/36
 
34
33,767
6.13%, 05/15/36
 
10
9,962
San Miguel Global Power Holdings Corp., (5-year
CMT + 7.12%), 8.38%(a)(c)(k)
 
200
199,002
 
 
882,947
Industrial Conglomerates — 0.1%
3M Co., 3.38%, 03/01/29
 
100
97,261
Axon Enterprise, Inc., 6.13%, 03/15/30(b)
 
60
61,351
Eaton Corp., 4.00%, 11/02/32
 
250
242,460
Enpro, Inc., 6.13%, 06/01/33(b)
 
30
30,573
Parker-Hannifin Corp., 4.10%, 03/01/47
 
75
60,097
Teledyne Technologies, Inc., 2.75%, 04/01/31
 
419
383,612
Textron, Inc., 3.00%, 06/01/30
 
55
51,768
 
 
927,122
Security
 
Par
(000)
Value
Insurance — 0.8%
Acrisure LLC/Acrisure Finance, Inc., 6.75%,
07/01/32(b)
USD
3
$ 2,956
Aflac, Inc., 4.75%, 01/15/49
 
10
8,603
Alleghany Corp., 3.63%, 05/15/30
 
75
72,732
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 7.38%, 10/01/32(b)(f)
 
100
98,259
Allstate Corp.
 
5.05%, 06/24/29
 
225
229,231
5.25%, 03/30/33
 
200
203,860
5.55%, 05/09/35
 
100
103,405
American International Group, Inc.
 
4.85%, 05/07/30
 
250
252,480
5.13%, 03/27/33
 
40
40,455
Aon Corp./Aon Global Holdings PLC
 
2.85%, 05/28/27
 
246
242,445
3.90%, 02/28/52
 
85
61,905
Aon North America, Inc., 5.45%, 03/01/34
 
400
408,776
Arthur J Gallagher & Co.
 
3.50%, 05/20/51
 
70
47,599
3.05%, 03/09/52(f)
 
35
21,480
Assurant, Inc.
 
5.55%, 02/15/36
 
165
164,691
(3-mo. SOFR US + 4.4%), 7.00%, 03/27/48(a)
 
64
64,827
Assured Guaranty U.S. Holdings, Inc., 6.13%,
09/15/28
 
186
192,485
Athene Holding Ltd., 3.95%, 05/25/51
 
5
3,401
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance, 7.13%,
05/15/31(b)
 
78
78,974
Berkshire Hathaway Finance Corp.
 
1.85%, 03/12/30
 
140
128,601
4.25%, 01/15/49
 
57
46,736
3.85%, 03/15/52
 
160
120,713
Brighthouse Financial, Inc., 3.85%, 12/22/51
 
20
11,601
Brown & Brown, Inc.
 
5.65%, 06/11/34
 
100
101,022
4.95%, 03/17/52
 
220
182,323
CNA Financial Corp., 5.20%, 08/15/35
 
250
245,783
Corebridge Financial, Inc.
 
3.90%, 04/05/32
 
20
18,802
5.75%, 01/15/34
 
75
77,203
4.35%, 04/05/42
 
180
149,958
Equitable Holdings, Inc., 5.00%, 04/20/48
 
160
138,745
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/50
 
330
220,969
Fairfax Financial Holdings Ltd.
 
6.35%, 03/22/54
 
110
111,953
6.10%, 03/15/55
 
262
259,008
Fidelity National Financial, Inc.
 
2.45%, 03/15/31
 
250
221,707
3.20%, 09/17/51
 
100
61,029
HUB International Ltd., 7.25%, 06/15/30(b)
 
168
173,791
Lincoln National Corp.
 
3.80%, 03/01/28
 
100
98,609
3.40%, 01/15/31
 
310
289,848
Manulife Financial Corp.
 
2.48%, 05/19/27
 
20
19,663
(5-year USD SOFR ICE Swap + 1.65%), 4.06%,
02/24/32(a)
 
75
74,492
Markel Group, Inc., 6.00%, 05/16/54(f)
 
205
200,396
Marsh & McLennan Cos., Inc.
 
4.55%, 11/08/27
 
179
179,802
4.38%, 03/15/29
 
100
100,056
2.38%, 12/15/31
 
80
71,241
Schedule of Investments
23
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Marsh & McLennan Cos., Inc. (continued)
 
4.90%, 03/15/49
USD
400
$ 351,703
5.70%, 09/15/53
 
125
122,022
5.40%, 03/15/55
 
100
93,231
MetLife, Inc.
 
5.38%, 07/15/33
 
25
25,892
5.30%, 12/15/34
 
50
51,054
4.13%, 08/13/42
 
48
39,972
4.05%, 03/01/45
 
310
251,068
Old Republic International Corp., 3.88%, 08/26/26
 
75
74,875
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)
 
52
52,244
Principal Financial Group, Inc.
 
5.38%, 03/15/33
 
29
29,652
5.50%, 03/15/53
 
90
84,794
Progressive Corp., 3.70%, 03/15/52
 
150
108,670
Prudential Financial, Inc.
 
3.94%, 12/07/49
 
175
131,265
3.70%, 03/13/51
 
170
121,645
(3-mo. SOFR US + 2.64%), 4.50%, 09/15/47(a)(f)
 
261
255,711
Prudential Funding Asia PLC, 3.13%, 04/14/30
 
120
114,396
Reinsurance Group of America, Inc., 5.75%,
09/15/34
 
200
204,541
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33
 
775
797,996
Travelers Cos., Inc.
 
6.25%, 06/15/37
 
55
60,319
4.60%, 08/01/43
 
45
39,869
5.45%, 05/25/53(f)
 
20
19,194
Unum Group
 
4.50%, 12/15/49
 
40
31,858
4.13%, 06/15/51
 
110
80,779
Willis North America, Inc.
 
5.35%, 05/15/33
 
760
770,685
5.90%, 03/05/54
 
520
507,657
 
 
10,023,707
Interactive Media & Services — 0.7%
Alphabet, Inc.
 
4.10%, 11/15/30
 
490
485,828
4.50%, 05/15/35
 
1,255
1,227,876
1.90%, 08/15/40
 
735
487,523
5.35%, 11/15/45
 
128
124,183
5.25%, 05/15/55
 
1,460
1,358,154
5.65%, 02/15/56
 
1,169
1,146,587
2.25%, 08/15/60
 
35
17,517
5.70%, 11/15/75
 
540
516,803
Beignet Investor LLC, 6.58%, 05/30/49(b)
 
1,209
1,248,584
Meta Platforms, Inc.
 
4.55%, 08/15/31
 
500
500,610
4.60%, 11/15/32
 
115
113,617
4.45%, 08/15/52
 
20
15,535
5.60%, 05/15/53
 
150
137,906
5.40%, 08/15/54
 
512
455,058
5.63%, 11/15/55
 
185
169,870
4.65%, 08/15/62
 
172
130,370
Netflix, Inc.
 
5.88%, 11/15/28
 
75
77,863
5.40%, 08/15/54
 
50
47,929
Snap, Inc., 6.88%, 03/01/33(b)(f)
 
125
121,692
 
 
8,383,505
Internet Software & Services — 0.5%
Amazon.com, Inc.
 
4.25%, 03/13/31
 
85
84,168
Security
 
Par
(000)
Value
Internet Software & Services (continued)
Amazon.com, Inc. (continued)
 
3.60%, 04/13/32
USD
120
$ 114,289
4.88%, 03/13/36
 
60
59,120
4.05%, 08/22/47
 
340
269,863
3.95%, 04/13/52
 
379
287,585
5.80%, 03/13/56
 
70
68,897
4.25%, 08/22/57
 
62
48,333
4.85%, 03/16/64
EUR
100
116,414
5.95%, 03/13/66
USD
675
665,777
AppLovin Corp.
 
5.13%, 12/01/29
 
425
428,393
5.38%, 12/01/31
 
606
612,008
5.50%, 12/01/34
 
190
189,927
5.95%, 12/01/54
 
469
430,219
Booking Holdings, Inc., 3.55%, 03/15/28
 
20
19,724
eBay, Inc., 2.70%, 03/11/30
 
325
303,316
Expedia Group, Inc.
 
4.63%, 08/01/27
 
60
60,083
3.80%, 02/15/28
 
25
24,687
Gen Digital, Inc., 6.25%, 04/01/33(b)
 
59
57,495
GrubHub Holdings, Inc., (6.00% Cash and 7.00%
PIK), 13.00%, 07/31/30(b)(f)(g)
 
57
46,585
Match Group Holdings II LLC(b)
 
5.63%, 02/15/29
 
43
43,126
6.13%, 09/15/33
 
84
82,996
Rakuten Group, Inc.
 
11.25%, 02/15/27(b)
 
59
61,343
9.75%, 04/15/29(c)
 
200
219,402
9.75%, 04/15/29(b)
 
102
111,895
Uber Technologies, Inc., 5.35%, 09/15/54
 
55
50,794
VeriSign, Inc.
 
2.70%, 06/15/31
 
1,010
910,183
5.25%, 06/01/32
 
135
136,876
Wayfair LLC(b)
 
7.25%, 10/31/29
 
129
132,196
7.75%, 09/15/30
 
92
95,458
 
 
5,731,152
IT Services — 0.3%
Accenture Capital, Inc., 4.50%, 10/04/34
 
120
115,612
Broadridge Financial Solutions, Inc.
 
2.90%, 12/01/29
 
20
18,766
2.60%, 05/01/31
 
400
357,440
CACI International, Inc., 6.38%, 06/15/33(b)
 
121
123,789
CGI, Inc., 1.45%, 09/14/26
 
25
24,733
CoreWeave, Inc.(b)
 
9.25%, 06/01/30
 
132
133,664
9.00%, 02/01/31(f)
 
34
33,784
9.75%, 10/01/31(f)
 
143
143,828
Fair Isaac Corp.(b)
 
6.00%, 05/15/33
 
59
58,187
6.25%, 09/15/34
 
114
112,216
Fidelity National Information Services, Inc., 1.65%,
03/01/28
 
25
23,718
Fiserv, Inc.
 
5.38%, 08/21/28
 
100
101,358
3.50%, 07/01/29
 
25
24,036
4.75%, 03/15/30
 
76
75,380
2.65%, 06/01/30
 
220
201,270
5.63%, 08/21/33
 
40
40,512
Gartner, Inc.(b)
 
4.50%, 07/01/28
 
566
555,955
3.63%, 06/15/29
 
143
134,618
24
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
Gartner, Inc.(b) (continued)
 
3.75%, 10/01/30(f)
USD
116
$ 106,338
IBM International Capital Pte. Ltd., 5.30%, 02/05/54
 
100
88,810
Insight Enterprises, Inc., 6.63%, 05/15/32(b)
 
37
36,700
International Business Machines Corp.
 
2.20%, 02/09/27
 
815
803,410
4.65%, 02/10/28
 
100
100,611
5.88%, 11/29/32
 
40
42,442
4.25%, 05/15/49
 
547
420,063
5.10%, 02/06/53
 
330
285,599
Kyndryl Holdings, Inc., 2.05%, 10/15/26
 
25
24,672
Prime Investment Partners Ltd., 11.00%, 05/01/30(h)
 
141
148,698
 
 
4,336,209
Leisure Products — 0.1%
Acushnet Co., 5.63%, 12/01/33(b)
 
39
39,181
Carnival Corp., 5.75%, 08/01/32(b)
 
105
105,528
Hasbro, Inc.
 
3.50%, 09/15/27
 
20
19,777
3.90%, 11/19/29
 
50
48,800
Life Time, Inc., 6.00%, 11/15/31(b)
 
40
40,605
Lindblad Expeditions LLC, 7.00%, 09/15/30(b)
 
23
23,627
Patrick Industries, Inc., 6.38%, 11/01/32(b)
 
63
63,387
Royal Caribbean Cruises Ltd., 5.25%, 02/27/38
 
430
410,882
 
 
751,787
Machinery — 0.3%
Caterpillar Financial Services Corp.
 
4.40%, 03/03/28
 
100
100,435
4.85%, 02/27/29
 
100
101,699
CNH Industrial Capital LLC
 
4.55%, 04/10/28
 
20
19,987
5.50%, 01/12/29
 
75
76,684
Columbus McKinnon Corp., 7.13%, 02/01/33(b)(f)
 
2
2,011
Deere Funding Canada Corp., 4.15%, 10/09/30
 
131
129,337
Esab Corp., 5.63%, 04/01/31(b)
 
30
30,276
Flowserve Corp., 2.80%, 01/15/32
 
730
645,562
IDEX Corp.
 
3.00%, 05/01/30
 
380
357,787
2.63%, 06/15/31
 
585
530,323
John Deere Capital Corp.
 
4.75%, 01/20/28(f)
 
50
50,577
2.00%, 06/17/31
 
145
129,017
5.10%, 04/11/34
 
75
76,389
5.05%, 06/12/34
 
75
76,068
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
 
33
35,284
nVent Finance SARL, 5.65%, 05/15/33
 
280
287,122
Otis Worldwide Corp., 2.57%, 02/15/30
 
85
79,056
Regal Rexnord Corp., 6.40%, 04/15/33
 
75
79,749
Stanley Black & Decker, Inc.
 
4.25%, 11/15/28
 
100
99,785
2.30%, 03/15/30
 
65
59,566
Westinghouse Air Brake Technologies Corp.
 
4.70%, 09/15/28
 
190
190,594
5.61%, 03/11/34
 
340
350,624
Xylem, Inc., 3.25%, 11/01/26
 
50
49,773
 
 
3,557,705
Media — 0.6%
AMC Global Media, Inc.
 
4.25%, 02/15/29(j)
 
58
57,927
4.25%, 02/15/29(f)
 
49
43,031
10.50%, 07/15/32(b)
 
90
92,778
Security
 
Par
(000)
Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.38%, 06/01/29(b)
USD
28
$ 27,548
6.38%, 09/01/29(b)
 
17
17,030
7.38%, 03/01/31(b)(f)
 
160
161,956
4.50%, 05/01/32
 
32
28,101
7.00%, 02/01/33(b)(f)
 
132
130,117
4.25%, 01/15/34(b)(f)
 
162
135,878
7.38%, 02/01/36(b)(f)
 
141
138,231
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
2.30%, 02/01/32
 
50
42,729
6.38%, 10/23/35
 
125
126,297
5.38%, 04/01/38
 
280
251,661
6.48%, 10/23/45
 
150
138,201
3.90%, 06/01/52
 
155
97,438
4.40%, 12/01/61
 
66
42,138
5.50%, 04/01/63
 
100
76,442
Comcast Corp.
 
4.15%, 10/15/28
 
270
268,994
4.65%, 02/15/33
 
50
49,408
3.75%, 04/01/40
 
100
81,030
2.45%, 08/15/52
 
95
49,242
4.05%, 11/01/52
 
165
117,834
2.94%, 11/01/56
 
445
244,980
4.95%, 10/15/58
 
225
183,318
2.99%, 11/01/63
 
30
15,787
CSC Holdings LLC, 11.25%, 05/15/28(b)
 
155
126,060
Directv Financing LLC, 8.88%, 02/01/30(b)
 
23
23,425
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(b)
 
5.88%, 08/15/27
 
33
33,024
10.00%, 02/15/31(f)
 
155
161,276
Discovery Communications LLC
 
3.95%, 03/20/28
 
1,000
983,730
5.00%, 09/20/37
 
47
35,720
6.35%, 06/01/40
 
100
79,009
DISH DBS Corp.
 
7.38%, 07/01/28
 
93
90,823
5.75%, 12/01/28(b)
 
90
88,424
EchoStar Corp.
 
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(g)
 
308
312,502
10.75%, 11/30/29
 
188
204,121
EW Scripps Co., 9.88%, 08/15/30(b)
 
103
103,305
FactSet Research Systems, Inc.
 
2.90%, 03/01/27
 
320
315,821
3.45%, 03/01/32(f)
 
357
323,612
Fox Corp.
 
6.50%, 10/13/33
 
250
268,472
5.58%, 01/25/49
 
70
64,666
Gray Media, Inc., 9.63%, 07/15/32(b)
 
13
13,217
Grupo Televisa SAB, 6.63%, 01/15/40
 
2
1,738
iHeartCommunications, Inc., 7.75%, 08/15/30(b)
 
125
120,312
Meta Platforms, Inc., 6.30%, 05/15/56
 
100
100,154
NBCUniversal Media LLC, 5.95%, 04/01/41(f)
 
270
272,905
Nexstar Media, Inc.(b)
 
4.75%, 11/01/28
 
86
84,732
6.50%, 09/15/33
 
104
104,800
7.25%, 04/15/34
 
50
50,319
Paramount Global
 
3.38%, 02/15/28
 
54
52,417
7.88%, 07/30/30
 
63
67,039
6.88%, 04/30/36
 
30
27,908
5.85%, 09/01/43
 
51
37,437
Schedule of Investments
25
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Paramount Global (continued)
 
4.60%, 01/15/45
USD
33
$ 20,623
4.95%, 05/19/50
 
32
20,097
PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(b)
 
125
123,902
Scripps Escrow II, Inc., 5.38%, 01/15/31(b)
 
67
51,515
Sinclair Television Group, Inc.(b)
 
5.50%, 03/01/30
 
25
22,063
4.38%, 12/31/32
 
42
32,371
8.13%, 02/15/33
 
32
33,138
Sirius XM Radio LLC, 4.13%, 07/01/30(b)
 
100
93,049
Time Warner Cable LLC, 4.50%, 09/15/42
 
115
86,375
Univision Communications, Inc., 8.88%, 04/15/33(b)
 
114
114,621
Versant Media Group, Inc., 7.25%, 01/30/31(b)(f)
 
94
97,597
Walt Disney Co., 3.80%, 05/13/60
 
250
178,498
 
 
7,638,913
Metals & Mining — 0.4%
Advanced Drainage Systems, Inc., 5.38%,
03/01/34(b)
 
32
31,548
ArcelorMittal SA, 6.80%, 11/29/32
 
50
55,247
BHP Billiton Finance USA Ltd.
 
4.75%, 02/28/28
 
205
206,824
5.00%, 02/21/30
 
520
530,670
5.25%, 09/08/30
 
220
226,721
4.90%, 02/28/33
 
65
65,336
5.25%, 09/08/33
 
50
51,164
5.00%, 09/30/43
 
200
187,246
5.50%, 09/08/53
 
25
24,321
Century Aluminum Co., 6.88%, 08/01/32(b)
 
88
91,097
Champion Iron Canada, Inc., 7.88%, 07/15/32(b)
 
31
32,491
Cleveland-Cliffs, Inc., 7.63%, 01/15/34(b)
 
127
128,287
Coeur Mining, Inc., 6.88%, 04/01/32(b)
 
75
77,297
Commercial Metals Co.(b)
 
5.75%, 11/15/33
 
39
39,065
6.00%, 12/15/35
 
87
86,914
Eldorado Gold Corp., 6.25%, 09/01/29(b)(f)
 
78
78,045
First Quantum Minerals Ltd., 6.38%, 02/15/36(b)
 
23
22,584
Fortescue Treasury Pty. Ltd., 6.13%, 04/15/32(b)
 
106
109,549
Freeport-McMoRan, Inc., 5.45%, 03/15/43
 
50
47,732
Glencore Funding LLC, 2.85%, 04/27/31(b)
 
39
35,540
Ivanhoe Mines Ltd., 7.88%, 01/23/30(b)
 
71
72,117
Kaiser Aluminum Corp., 5.88%, 03/01/34(b)
 
13
13,020
Mineral Resources Ltd.(b)
 
8.50%, 05/01/30
 
104
107,125
7.00%, 04/01/31
 
79
81,999
6.00%, 05/01/32
 
40
39,690
6.25%, 05/01/34
 
40
39,497
Novelis Corp., 6.88%, 01/30/30(b)
 
55
56,387
Perenti Finance Pty. Ltd., 7.50%, 04/26/29(b)
 
76
78,378
PLS Group Ltd., 6.88%, 05/01/31(b)
 
35
35,827
Reliance, Inc., 2.15%, 08/15/30
 
700
630,818
Rio Tinto Finance USA PLC
 
5.00%, 03/14/32
 
29
29,536
5.25%, 03/14/35
 
485
493,620
4.75%, 03/22/42
 
150
137,130
Samarco Mineracao SA(g)
 
(9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(c)
 
156
156,396
(9.00% PIK), 9.50%, 06/30/31(b)
 
—
137
Skeena Resources Ltd., 8.50%, 04/01/31(b)
 
75
78,523
Southern Copper Corp.
 
5.25%, 11/08/42
 
310
294,500
Security
 
Par
(000)
Value
Metals & Mining (continued)
Southern Copper Corp. (continued)
 
5.88%, 04/23/45
USD
460
$ 465,975
Steel Dynamics, Inc.
 
3.45%, 04/15/30
 
55
52,701
5.25%, 05/15/35
 
65
65,508
3.25%, 10/15/50
 
108
71,009
Taseko Mines Ltd., 8.25%, 05/01/30(b)
 
125
130,856
Vale Overseas Ltd., 6.40%, 06/28/54(f)
 
126
128,993
Vedanta Resources Finance II PLC, 10.88%,
09/17/29(c)
 
200
212,250
 
 
5,599,670
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.0%
Arbor Realty SR, Inc.
 
8.50%, 12/15/28
 
56
55,484
7.88%, 07/15/30(f)
 
60
56,679
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29
 
95
100,770
EF Holdco/EF Cayman Holdings/Ellington Fin REIT
Cayman/TRS/EF Cayman Non-MTM, 7.38%,
09/30/30
 
22
21,859
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
97
100,517
6.00%, 04/15/30
 
40
40,467
6.50%, 07/01/30
 
39
39,957
6.50%, 10/15/30(f)
 
27
27,770
 
 
443,503
Multi-Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.(b)
 
9.38%, 06/01/28
 
123
126,192
9.50%, 06/01/30
 
145
154,826
Atmos Energy Corp.
 
5.90%, 11/15/33
 
125
133,359
4.13%, 10/15/44
 
30
24,908
6.20%, 11/15/53
 
30
31,663
5.45%, 01/15/56
 
45
42,918
CenterPoint Energy Resources Corp., 5.25%,
03/01/28
 
25
25,406
National Fuel Gas Co., 5.95%, 03/15/35
 
270
280,498
NiSource, Inc.
 
5.25%, 03/30/28(f)
 
100
101,502
5.40%, 06/30/33
 
10
10,248
5.35%, 04/01/34(f)
 
70
71,500
5.00%, 06/15/52
 
45
38,900
Piedmont Natural Gas Co., Inc.
 
3.50%, 06/01/29
 
50
48,547
5.40%, 06/15/33
 
90
92,065
Southern California Gas Co.
 
6.35%, 11/15/52
 
15
15,802
5.75%, 06/01/53
 
90
87,440
Southern Co. Gas Capital Corp.
 
5.75%, 09/15/33
 
75
78,085
4.95%, 09/15/34
 
30
29,583
5.88%, 03/15/41
 
20
20,454
Series 2020-A, 1.75%, 01/15/31
 
50
43,978
Southwest Gas Corp.
 
3.70%, 04/01/28
 
130
128,130
4.05%, 03/15/32
 
150
143,127
WEC Energy Group, Inc., 5.60%, 09/12/26
 
21
21,083
 
 
1,750,214
26
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Office REITs — 0.0%
Boston Properties LP
 
3.40%, 06/21/29
USD
75
$ 72,090
2.90%, 03/15/30
 
365
340,208
2.45%, 10/01/33
 
25
20,413
Cousins Properties LP, 5.25%, 07/15/30
 
170
172,640
 
 
605,351
Oil, Gas & Consumable Fuels — 3.3%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
 
56
58,503
Antero Midstream Partners LP/Antero Midstream
Finance Corp.(b)
 
6.63%, 02/01/32
 
100
102,547
5.75%, 10/15/33
 
33
32,935
5.75%, 07/01/34
 
43
42,889
Antero Resources Corp., 5.38%, 03/01/30(b)
 
1,152
1,158,972
BKV Upstream Midstream LLC, 7.50%, 10/15/30(b)
 
90
92,065
Boardwalk Pipelines LP, 4.80%, 05/03/29
 
25
25,088
BP Capital Markets America, Inc.
 
5.02%, 11/17/27
 
100
101,255
2.72%, 01/12/32
 
68
61,520
4.81%, 02/13/33
 
50
50,144
5.23%, 11/17/34
 
150
152,921
3.06%, 06/17/41
 
80
60,314
2.77%, 11/10/50
 
57
34,859
California Resources Corp.(b)
 
8.25%, 06/15/29
 
92
95,932
7.00%, 01/15/34
 
92
93,880
Calumet Specialty Products Partners LP/Calumet
Finance Corp.(b)
 
9.75%, 07/15/28
 
107
110,210
9.75%, 02/15/31
 
42
44,507
Cameron LNG LLC(b)
 
3.30%, 01/15/35
 
222
193,974
3.40%, 01/15/38
 
62
54,085
Canadian Natural Resources Ltd.
 
5.40%, 12/15/34
 
55
55,852
6.25%, 03/15/38
 
180
190,714
4.95%, 06/01/47
 
30
26,256
Cheniere Corpus Christi Holdings LLC
 
3.70%, 11/15/29(f)
 
120
116,584
2.74%, 12/31/39
 
654
553,651
Cheniere Energy Partners LP
 
4.00%, 03/01/31
 
56
53,998
5.75%, 08/15/34
 
85
88,138
Cheniere Energy, Inc.
 
4.63%, 10/15/28
 
10
9,967
5.65%, 04/15/34
 
954
982,787
Chevron Corp., 2.95%, 05/16/26
 
25
24,986
Chevron USA, Inc.
 
4.69%, 04/15/30
 
25
25,316
4.98%, 04/15/35
 
1,330
1,346,251
2.34%, 08/12/50
 
40
22,898
Chord Energy Corp.(b)
 
6.00%, 10/01/30
 
46
46,888
6.75%, 03/15/33
 
74
77,002
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
 
73
70,643
CNX Resources Corp.(b)
 
7.38%, 01/15/31
 
66
68,029
7.25%, 03/01/32
 
252
262,543
5.88%, 03/01/34
 
10
9,920
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips, 5.90%, 05/15/38
USD
50
$ 53,003
ConocoPhillips Co.
 
4.70%, 01/15/30
 
366
369,491
3.80%, 03/15/52
 
5
3,655
4.03%, 03/15/62
 
85
61,237
Continental Resources, Inc., 4.90%, 06/01/44
 
5
4,009
Coterra Energy, Inc.
 
3.90%, 05/15/27
 
25
24,881
5.60%, 03/15/34
 
270
277,435
5.40%, 02/15/35
 
105
105,927
Crescent Energy Finance LLC, 7.38%, 01/15/33(b)
 
11
11,258
CVR Energy, Inc.(b)
 
7.50%, 02/15/31(f)
 
30
30,382
7.88%, 02/15/34
 
30
30,091
DCP Midstream Operating LP, 5.13%, 05/15/29
 
25
25,361
Delek Logistics Partners LP/Delek Logistics Finance
Corp.(b)
 
8.63%, 03/15/29
 
143
149,200
7.38%, 06/30/33
 
20
20,641
Devon Energy Corp.
 
5.20%, 09/15/34
 
120
120,469
5.60%, 07/15/41
 
100
97,463
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
 
52
54,835
Diamondback Energy, Inc.
 
3.25%, 12/01/26
 
948
943,120
3.50%, 12/01/29
 
1,577
1,524,577
3.13%, 03/24/31
 
957
894,592
6.25%, 03/15/33
 
80
85,775
5.75%, 04/18/54
 
327
313,756
5.90%, 04/18/64
 
188
181,359
Eastern Energy Gas Holdings LLC, 5.80%, 01/15/35
 
86
89,353
Ecopetrol SA
 
7.75%, 02/01/32
 
113
115,791
8.88%, 01/13/33
 
3
3,221
Enbridge, Inc.
 
4.25%, 12/01/26
 
215
215,037
6.00%, 11/15/28
 
50
51,879
5.50%, 12/01/46
 
20
18,997
5.95%, 04/05/54
 
175
174,800
Energean Israel Finance Ltd., 8.50%, 09/30/33(b)(c)
 
12
12,401
Energy Transfer LP
 
5.50%, 06/01/27
 
475
479,249
4.95%, 05/15/28
 
25
25,213
4.15%, 09/15/29
 
171
168,591
5.20%, 04/01/30
 
205
209,406
3.75%, 05/15/30
 
150
145,102
5.60%, 09/01/34
 
330
336,743
7.50%, 07/01/38
 
50
57,747
6.05%, 06/01/41
 
64
64,794
5.40%, 10/01/47
 
260
232,237
5.95%, 05/15/54
 
305
287,956
Enterprise Products Operating LLC
 
4.15%, 10/16/28
 
100
99,890
6.45%, 09/01/40
 
200
220,424
5.70%, 02/15/42
 
71
71,794
Series E, (3-mo. CME Term SOFR + 3.29%),
5.25%, 08/16/77(a)
 
100
99,751
EOG Resources, Inc., 5.65%, 12/01/54(f)
 
60
58,283
EQT Corp.
 
3.13%, 05/15/26(b)
 
253
252,802
Schedule of Investments
27
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp. (continued)
 
3.90%, 10/01/27
USD
233
$ 230,633
4.50%, 01/15/29
 
329
326,610
5.00%, 01/15/29(f)
 
444
447,073
7.00%, 02/01/30
 
1,128
1,205,527
7.50%, 06/01/30
 
1,759
1,910,424
4.75%, 01/15/31
 
3,424
3,410,943
3.63%, 05/15/31(b)
 
1,209
1,137,436
Equinor ASA, 3.70%, 04/06/50
 
55
41,203
Expand Energy Corp.
 
5.38%, 02/01/29
 
452
451,891
5.38%, 03/15/30
 
241
243,490
4.75%, 02/01/32
 
555
544,159
5.70%, 01/15/35
 
1,363
1,390,137
Exxon Mobil Corp.
 
4.33%, 03/19/50
 
90
75,022
3.45%, 04/15/51
 
115
81,860
Genesis Energy LP/Genesis Energy Finance Corp.
 
8.25%, 01/15/29
 
76
78,991
8.88%, 04/15/30
 
11
11,525
7.88%, 05/15/32
 
149
156,209
8.00%, 05/15/33
 
17
17,897
6.75%, 03/15/34(f)
 
16
16,116
Global Partners LP/GLP Finance Corp., 8.25%,
01/15/32(b)
 
50
52,492
Golar LNG Ltd., 7.50%, 10/02/30(b)
 
89
90,557
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
 
125
128,239
Hess Corp., 5.60%, 02/15/41
 
150
152,919
HF Sinclair Corp., 5.00%, 02/01/28
 
25
24,943
Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%,
02/15/35(b)
 
100
101,989
Infinity Natural Resources LLC, 7.63%, 04/01/31(b)
 
39
39,659
Ithaca Energy North Sea PLC, 8.13%, 10/15/29(b)
 
77
80,470
Karoon USA Finance, Inc., 10.50%, 05/14/29(b)
 
44
45,658
Kinder Morgan Energy Partners LP
 
7.30%, 08/15/33
 
200
226,487
5.80%, 03/15/35
 
50
51,824
6.95%, 01/15/38
 
115
128,590
7.50%, 11/15/40
 
50
58,091
4.70%, 11/01/42
 
100
87,332
Kinder Morgan, Inc.
 
7.80%, 08/01/31
 
195
222,634
5.95%, 08/01/54(f)
 
370
364,766
Kinetik Holdings LP, 5.88%, 06/15/30(b)
 
100
100,338
Magnolia Oil & Gas Operating LLC/Magnolia Oil &
Gas Finance Corp., 6.88%, 12/01/32(b)
 
115
118,988
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28(c)
 
200
200,541
MPLX LP
 
4.25%, 12/01/27
 
25
24,936
4.00%, 03/15/28
 
230
228,162
4.80%, 02/15/31
 
345
345,388
4.95%, 09/01/32
 
50
50,009
5.00%, 01/15/33
 
50
49,765
5.00%, 03/01/33
 
170
169,150
5.20%, 12/01/47
 
125
110,596
4.70%, 04/15/48
 
400
327,645
4.95%, 03/14/52
 
101
84,180
5.95%, 04/01/55
 
310
295,415
6.10%, 04/01/56
 
335
325,541
Murphy Oil Corp., 6.50%, 02/15/34
 
67
67,516
Nabors Industries, Inc.(b)
 
9.13%, 01/31/30
 
13
13,653
7.63%, 11/15/32(f)
 
45
46,954
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
 
8.13%, 02/15/29
USD
41
$ 42,500
8.38%, 02/15/32
 
123
129,100
NGPL PipeCo LLC, 3.25%, 07/15/31(b)
 
291
266,970
Noble Finance II LLC, 8.00%, 04/15/30(b)(f)
 
216
224,654
Northern Oil & Gas, Inc., 7.88%, 10/15/33(b)
 
22
22,801
Occidental Petroleum Corp.
 
8.88%, 07/15/30
 
326
371,252
6.63%, 09/01/30
 
89
94,883
6.45%, 09/15/36
 
95
102,091
4.20%, 03/15/48
 
190
144,256
ONEOK, Inc.
 
5.55%, 11/01/26
 
200
201,031
4.55%, 07/15/28
 
40
40,016
5.65%, 11/01/28
 
270
276,999
3.40%, 09/01/29
 
90
86,607
4.40%, 10/15/29
 
75
74,559
6.35%, 01/15/31
 
300
318,488
6.10%, 11/15/32
 
90
94,993
6.05%, 09/01/33
 
230
241,933
5.65%, 09/01/34
 
100
102,231
5.45%, 06/01/47
 
16
14,476
4.85%, 02/01/49
 
40
33,030
3.95%, 03/01/50
 
100
71,009
7.15%, 01/15/51(f)
 
110
119,655
Ovintiv, Inc., 7.10%, 07/15/53
 
100
108,927
Patterson-UTI Energy, Inc., 5.15%, 11/15/29
 
55
55,077
PBF Holding Co. LLC/PBF Finance Corp.(b)
 
9.88%, 03/15/30
 
28
30,086
7.88%, 09/15/30(f)
 
67
68,682
Petroleos de Venezuela SA, 6.00%, 11/15/26(c)(e)(l)
 
23
8,970
Petroleos Mexicanos
 
6.49%, 01/23/27(f)
 
18
18,117
5.35%, 02/12/28
 
10
9,983
6.50%, 01/23/29
 
92
93,794
8.75%, 06/02/29
 
271
290,241
5.95%, 01/28/31
 
34
33,277
6.70%, 02/16/32
 
10
10,035
Phillips 66, 3.90%, 03/15/28
 
143
141,622
Phillips 66 Co.
 
4.95%, 12/01/27
 
125
126,074
3.15%, 12/15/29
 
75
71,542
5.65%, 06/15/54(f)
 
50
46,899
Plains All American Pipeline LP, 5.95%, 06/15/35
 
410
422,798
Plains All American Pipeline LP/PAA Finance Corp.
 
3.55%, 12/15/29
 
130
125,867
4.90%, 02/15/45
 
35
30,411
Sabine Pass Liquefaction LLC
 
4.20%, 03/15/28
 
65
64,714
4.50%, 05/15/30
 
206
205,768
5.90%, 09/15/37
 
257
267,351
Seadrill Finance Ltd., 8.38%, 08/01/30(b)
 
21
22,015
Shell Finance U.S., Inc.
 
6.38%, 12/15/38(b)
 
175
192,500
4.00%, 05/10/46
 
75
59,732
3.00%, 11/26/51(b)(f)
 
120
76,814
SM Energy Co.(b)
 
5.00%, 10/15/26(f)
 
88
87,928
8.63%, 11/01/30
 
11
11,636
9.63%, 06/15/33
 
100
111,428
South Bow Canadian Infrastructure Holdings Ltd.(a)
 
(5-year CMT + 3.67%), 7.50%, 03/01/55
 
27
28,545
28
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
South Bow Canadian Infrastructure Holdings
Ltd.(a) (continued)
 
(5-year CMT + 3.95%), 7.63%, 03/01/55
USD
28
$ 29,224
South Bow USA Infrastructure Holdings LLC
 
4.91%, 09/01/27
 
25
25,089
5.58%, 10/01/34
 
50
49,824
Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30
 
100
97,165
Talos Production, Inc.(b)
 
9.00%, 02/01/29
 
34
35,470
9.38%, 02/01/31
 
119
126,609
Targa Resources Corp.
 
5.20%, 07/01/27
 
195
196,435
6.50%, 03/30/34
 
130
140,956
5.50%, 02/15/35
 
270
273,625
6.25%, 07/01/52
 
140
139,976
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
5.00%, 01/15/28
 
20
19,969
4.88%, 02/01/31
 
472
471,804
TotalEnergies Capital International SA, 3.13%,
05/29/50
 
300
199,466
TotalEnergies Capital SA, 5.49%, 04/05/54(f)
 
280
269,205
TotalEnergies Capital USA LLC, 4.25%, 01/13/31
 
100
98,966
TransCanada PipeLines Ltd.
 
5.85%, 03/15/36
 
135
140,146
6.20%, 10/15/37
 
25
26,523
7.63%, 01/15/39
 
75
88,504
Transocean International Ltd., 8.25%, 05/15/29(b)(f)
 
21
21,804
Trident Energy Finance PLC, 12.50%, 11/30/29(c)
 
226
241,248
Valaris Ltd., 8.38%, 04/30/30(b)
 
155
161,629
Valero Energy Corp.
 
7.50%, 04/15/32
 
50
56,746
5.15%, 03/10/36
 
25
24,615
Venture Global LNG, Inc.(b)
 
8.13%, 06/01/28
 
24
24,557
9.88%, 02/01/32(f)
 
148
158,783
Vermilion Energy, Inc., 7.25%, 02/15/33(b)(f)
 
75
76,078
Viper Energy Partners LLC
 
4.90%, 08/01/30
 
315
314,823
5.70%, 08/01/35
 
316
320,796
Vista Energy Argentina SAU, 7.63%, 12/10/35(b)
 
16
16,380
Western Midstream Operating LP
 
5.50%, 12/15/35
 
160
158,170
5.45%, 04/01/44
 
95
85,354
5.25%, 02/01/50
 
150
127,087
Williams Cos., Inc.
 
3.75%, 06/15/27
 
225
223,503
4.63%, 06/30/30
 
151
150,835
5.80%, 11/15/43
 
165
161,718
 
 
42,313,023
Passenger Airlines — 0.0%
American Airlines Trust, Series 2025-1, Class B,
5.65%, 05/11/36
 
21
20,877
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(b)
 
26
26,018
Avianca Midco 2 PLC, 9.00%, 12/01/28(b)
 
14
14,083
Garuda Indonesia Persero Tbk. PT, (6.50% Cash or
7.25% PIK), 6.50%, 12/28/31(c)(g)
 
231
195,009
Security
 
Par
(000)
Value
Passenger Airlines (continued)
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)
USD
141
$ 131,323
JetBlue Pass-Through Trust, Series 2019-1,
Class AA, 2.75%, 11/15/33
 
29
25,425
Southwest Airlines Co., 5.13%, 06/15/27
 
75
75,332
 
 
488,067
Personal Care Products — 0.0%
Colgate-Palmolive Co., 3.70%, 08/01/47
 
50
38,422
Estee Lauder Cos., Inc., 2.38%, 12/01/29
 
100
93,083
Kenvue, Inc.
 
4.90%, 03/22/33
 
25
25,167
5.05%, 03/22/53
 
150
135,379
Procter & Gamble Co.
 
2.85%, 08/11/27
 
25
24,664
3.60%, 03/25/50
 
25
18,968
 
 
335,683
Pharmaceuticals — 0.8%
AbbVie, Inc.
 
3.20%, 11/21/29
 
57
54,850
4.05%, 11/21/39
 
100
87,587
4.40%, 11/06/42
 
103
90,188
4.88%, 11/14/48
 
55
48,999
4.25%, 11/21/49
 
380
306,683
5.40%, 03/15/54
 
300
284,715
5.50%, 03/15/64
 
75
71,117
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b)
 
118
122,547
Astrazeneca Finance LLC
 
1.75%, 05/28/28
 
130
123,848
4.85%, 02/26/29
 
175
177,803
AstraZeneca PLC, 6.45%, 09/15/37
 
170
189,434
Becton Dickinson & Co.
 
4.69%, 02/13/28
 
200
200,757
2.82%, 05/20/30
 
25
23,387
3.79%, 05/20/50
 
24
17,069
Bristol-Myers Squibb Co.
 
3.25%, 08/01/42
 
80
60,351
5.50%, 02/22/44
 
66
65,036
4.25%, 10/26/49
 
250
200,479
5.55%, 02/22/54(f)
 
31
29,760
Cardinal Health, Inc.
 
5.45%, 02/15/34
 
123
125,654
5.35%, 11/15/34
 
380
384,805
5.75%, 11/15/54
 
90
87,833
Cencora, Inc.
 
4.85%, 12/15/29(f)
 
540
546,548
2.70%, 03/15/31
 
310
283,098
5.13%, 02/15/34
 
245
245,956
5.15%, 02/15/35
 
80
80,305
CVS Health Corp.
 
6.25%, 06/01/27
 
100
101,879
1.30%, 08/21/27
 
100
96,064
4.30%, 03/25/28
 
200
199,227
3.25%, 08/15/29(f)
 
100
95,886
5.00%, 09/15/32
 
180
180,565
5.45%, 09/15/35
 
540
545,092
2.70%, 08/21/40
 
91
63,627
5.13%, 07/20/45
 
200
176,729
5.05%, 03/25/48
 
275
237,259
6.05%, 06/01/54
 
100
97,545
Schedule of Investments
29
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Eli Lilly & Co.
 
4.20%, 08/14/29
USD
100
$ 99,916
4.90%, 02/12/32
 
510
520,746
4.88%, 02/27/53
 
35
31,076
5.00%, 02/09/54
 
250
226,582
5.50%, 02/12/55
 
69
67,167
5.55%, 10/15/55
 
40
39,322
4.95%, 02/27/63
 
60
52,405
5.65%, 10/15/65
 
65
63,524
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38
 
125
138,440
Harrow, Inc., 8.63%, 09/15/30(b)
 
43
44,507
HLF Financing SARL LLC/Herbalife International,
Inc., 7.75%, 05/01/33(b)
 
57
58,220
Johnson & Johnson
 
5.00%, 03/01/35
 
50
51,335
3.63%, 03/03/37
 
25
22,403
5.95%, 08/15/37
 
70
76,979
3.40%, 01/15/38
 
125
108,292
3.75%, 03/03/47
 
23
18,201
Merck & Co., Inc.
 
1.70%, 06/10/27
 
500
487,829
4.75%, 12/04/35
 
500
489,415
4.15%, 05/18/43
 
572
481,530
5.00%, 05/17/53
 
50
44,786
2.90%, 12/10/61
 
40
22,781
5.15%, 05/17/63
 
240
214,105
Mylan, Inc., 4.55%, 04/15/28
 
25
24,893
Novartis Capital Corp.
 
3.10%, 05/17/27
 
25
24,801
4.40%, 05/06/44
 
90
78,712
2.75%, 08/14/50
 
25
15,677
Pfizer Investment Enterprises Pte. Ltd.
 
5.30%, 05/19/53
 
227
210,292
5.34%, 05/19/63
 
135
122,062
Pfizer, Inc.
 
1.75%, 08/18/31
 
128
111,993
7.20%, 03/15/39
 
200
233,712
5.60%, 09/15/40
 
58
59,488
Viatris, Inc., 2.30%, 06/22/27
 
20
19,436
Zoetis, Inc.
 
3.90%, 08/20/28
 
295
291,814
5.60%, 11/16/32
 
55
57,519
 
 
10,312,642
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp.(b)
 
5.75%, 01/15/29
 
94
92,106
5.25%, 04/15/30
 
63
60,116
9.75%, 04/15/30
 
61
65,140
CBRE Services, Inc.
 
2.50%, 04/01/31
 
40
35,912
5.95%, 08/15/34
 
285
297,424
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(b)
 
54
56,842
Five Point Operating Co. LP, 8.00%, 10/01/30(b)
 
94
96,389
GLP Pte. Ltd., 9.75%, 05/20/28(c)
 
200
157,100
Howard Hughes Corp., 6.13%, 03/01/34(b)(f)
 
28
27,436
RD Michigan Property Owner I LLC, 7.50%,
03/30/45(b)
 
580
579,884
 
 
1,468,349
Residential REITs — 0.1%
ERP Operating LP, 4.65%, 09/15/34
 
160
156,177
Security
 
Par
(000)
Value
Residential REITs (continued)
Invitation Homes Operating Partnership LP, 5.50%,
08/15/33
USD
60
$ 60,778
Mid-America Apartments LP, 3.60%, 06/01/27
 
50
49,665
NNN REIT, Inc., 5.60%, 10/15/33
 
150
153,831
Realty Income Corp.
 
3.00%, 01/15/27
 
20
19,842
3.40%, 01/15/28
 
100
98,346
4.75%, 02/15/29
 
250
252,387
4.50%, 02/01/33
 
50
48,890
1.80%, 03/15/33
 
40
33,028
Store Capital LLC
 
5.40%, 04/30/30
 
169
170,792
2.75%, 11/18/30
 
237
213,912
 
 
1,257,648
Retail REITs — 0.1%
Simon Property Group LP
 
1.38%, 01/15/27
 
120
117,671
4.38%, 10/01/30
 
102
101,332
4.75%, 09/26/34
 
60
58,695
6.75%, 02/01/40
 
150
168,316
4.75%, 03/15/42
 
330
297,814
4.25%, 11/30/46
 
330
268,650
3.25%, 09/13/49
 
30
20,345
5.85%, 03/08/53(f)
 
230
229,613
 
 
1,262,436
Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc., 5.88%, 10/01/33(b)
 
47
47,255
ams-OSRAM AG, 12.25%, 03/30/29(b)
 
63
67,271
Analog Devices, Inc.
 
2.10%, 10/01/31
 
20
17,677
2.80%, 10/01/41
 
50
36,283
2.95%, 10/01/51
 
35
22,312
Applied Materials, Inc., 5.85%, 06/15/41
 
25
26,191
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.50%, 01/15/28
 
150
148,290
Broadcom, Inc.
 
4.00%, 04/15/29(b)
 
20
19,804
5.15%, 11/15/31
 
65
66,539
4.15%, 04/15/32(b)
 
25
24,251
3.42%, 04/15/33
 
201
184,158
3.47%, 04/15/34
 
124
111,909
5.20%, 07/15/35
 
285
287,459
3.14%, 11/15/35(b)
 
125
106,541
4.80%, 02/15/36
 
100
97,590
Intel Corp.
 
3.15%, 05/11/27
 
43
42,520
4.88%, 02/10/28
 
168
169,106
4.00%, 08/05/29
 
100
98,339
2.45%, 11/15/29
 
100
93,170
3.90%, 03/25/30
 
100
97,207
5.20%, 02/10/33
 
380
384,876
2.80%, 08/12/41
 
60
42,002
5.70%, 02/10/53
 
120
112,247
6.13%, 05/15/56
 
405
401,991
4.95%, 03/25/60
 
100
81,771
Kioxia Holdings Corp.
 
6.25%, 07/24/30
 
50
51,497
6.63%, 07/24/33(b)
 
98
102,445
KLA Corp., 4.95%, 07/15/52
 
175
157,163
Microchip Technology, Inc., 5.05%, 03/15/29
 
25
25,325
NVIDIA Corp.
 
3.50%, 04/01/40
 
40
33,352
30
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp. (continued)
 
3.50%, 04/01/50
USD
100
$ 73,685
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.15%, 05/01/27
 
50
49,415
5.00%, 01/15/33
 
50
50,066
QUALCOMM, Inc.
 
3.25%, 05/20/27
 
75
74,440
4.50%, 05/20/30
 
86
86,443
Texas Instruments, Inc.
 
4.60%, 02/08/29
 
110
111,353
1.75%, 05/04/30
 
255
230,808
4.90%, 03/14/33
 
200
204,225
4.15%, 05/15/48
 
50
40,998
5.15%, 02/08/54(f)
 
120
112,324
5.05%, 05/18/63
 
50
44,307
 
 
4,234,605
Software — 0.9%
Cloud Software Group, Inc.(b)
 
9.00%, 09/30/29
 
128
125,681
8.25%, 06/30/32
 
167
158,656
Concentrix Corp., 6.60%, 08/02/28
 
50
49,550
Elastic NV, 4.13%, 07/15/29(b)
 
58
55,053
Electronic Arts, Inc., 2.95%, 02/15/51
 
25
20,594
Intuit, Inc.
 
5.20%, 09/15/33
 
440
445,790
5.50%, 09/15/53(f)
 
90
81,307
Microsoft Corp.
 
5.20%, 06/01/39
 
93
95,897
2.53%, 06/01/50
 
175
103,299
2.92%, 03/17/52
 
684
435,137
3.95%, 08/08/56
 
200
151,740
2.68%, 06/01/60
 
330
181,663
MSCI, Inc.
 
3.63%, 09/01/30(b)
 
195
184,599
3.88%, 02/15/31(b)
 
112
106,358
5.25%, 09/01/35
 
86
84,641
5.15%, 03/15/36
 
535
518,279
OAK-Eagle Acquireco, Inc., 7.25%, 07/01/33(b)
 
11
11,335
Open Text Holdings, Inc.(b)
 
4.13%, 02/15/30
 
19
17,104
4.13%, 12/01/31(f)
 
30
25,616
Oracle Corp.
 
2.65%, 07/15/26
 
350
348,746
2.95%, 04/01/30
 
40
36,652
4.65%, 05/06/30(f)
 
165
161,750
2.88%, 03/25/31
 
195
173,303
4.80%, 09/26/32
 
451
428,840
4.90%, 02/06/33
 
60
56,964
3.90%, 05/15/35
 
100
84,649
5.50%, 08/03/35
 
985
938,433
5.20%, 09/26/35
 
135
125,790
3.60%, 04/01/40
 
290
209,116
3.65%, 03/25/41
 
520
368,908
4.50%, 07/08/44
 
55
40,555
6.55%, 02/04/46
 
141
131,129
3.60%, 04/01/50
 
510
305,350
3.95%, 03/25/51
 
6
3,771
5.55%, 02/06/53
 
117
93,070
5.38%, 09/27/54(f)
 
470
361,782
6.00%, 08/03/55
 
211
176,900
5.95%, 09/26/55
 
764
639,948
Security
 
Par
(000)
Value
Software (continued)
Oracle Corp. (continued)
 
6.70%, 02/04/56
USD
305
$ 281,089
3.85%, 04/01/60
 
110
63,738
4.10%, 03/25/61
 
549
332,650
6.13%, 08/03/65
 
310
258,453
6.10%, 09/26/65
 
718
593,155
Roper Technologies, Inc.
 
4.50%, 10/15/29
 
340
338,314
2.00%, 06/30/30
 
95
85,084
Salesforce, Inc.
 
4.50%, 03/15/28
 
287
287,269
4.90%, 09/15/31
 
93
92,727
5.20%, 03/15/33(f)
 
649
647,840
5.55%, 03/15/36
 
373
371,970
6.40%, 03/15/46
 
93
92,953
6.55%, 03/15/56
 
93
92,347
6.70%, 03/15/66
 
93
93,381
SS&C Technologies, Inc., 6.50%, 06/01/32(b)
 
26
26,308
Synopsys, Inc., 4.65%, 04/01/28
 
100
100,597
Take-Two Interactive Software, Inc., 3.70%, 04/14/27
 
50
49,771
UKG, Inc., 6.88%, 02/01/31(b)
 
50
48,666
VMware LLC, 4.70%, 05/15/30
 
75
75,426
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
 
54
43,932
 
 
11,513,625
Specialized REITs — 0.1%
CubeSmart LP, 2.25%, 12/15/28
 
100
94,543
Extra Space Storage LP
 
5.50%, 07/01/30
 
218
223,662
2.35%, 03/15/32
 
100
86,557
Iron Mountain, Inc.(b)
 
4.88%, 09/15/27
 
100
99,777
4.50%, 02/15/31
 
26
24,985
5.63%, 07/15/32
 
61
60,565
6.25%, 01/15/33
 
118
119,828
Public Storage Operating Co., 5.10%, 08/01/33
 
50
50,917
 
 
760,834
Specialty Retail — 0.1%
AutoZone, Inc.
 
5.05%, 07/15/26
 
125
125,200
6.55%, 11/01/33
 
225
245,471
5.40%, 07/15/34
 
305
310,784
Dick’s Sporting Goods, Inc., 4.00%, 10/01/29(b)
 
44
42,839
FirstCash, Inc.(b)
 
5.63%, 01/01/30
 
51
50,754
6.88%, 03/01/32
 
137
140,409
Gap, Inc., 3.63%, 10/01/29(b)
 
89
83,969
Genuine Parts Co., 4.95%, 08/15/29
 
25
24,966
Kohl’s Corp., 10.00%, 06/01/30(b)
 
25
27,050
Macy’s Retail Holdings LLC, 7.38%, 08/01/33(b)(f)
 
84
87,496
O’Reilly Automotive, Inc.
 
3.90%, 06/01/29
 
50
49,310
4.20%, 04/01/30
 
125
123,254
Petco Health & Wellness Co., Inc., 8.25%,
02/01/31(b)
 
7
7,069
 
 
1,318,571
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
 
4.20%, 05/12/30
 
336
337,622
2.38%, 02/08/41
 
95
67,384
3.85%, 05/04/43
 
50
41,391
Schedule of Investments
31
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
 
3.45%, 02/09/45(f)
USD
136
$ 103,602
4.65%, 02/23/46
 
425
382,073
2.65%, 02/08/51
 
189
114,919
4.85%, 05/10/53
 
250
229,298
2.55%, 08/20/60
 
129
69,262
4.10%, 08/08/62
 
160
121,926
Dell International LLC/EMC Corp.
 
6.10%, 07/15/27
 
65
66,161
5.30%, 10/01/29
 
25
25,543
6.20%, 07/15/30
 
100
105,546
5.75%, 02/01/33
 
45
46,916
5.40%, 04/15/34
 
215
218,785
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b)
 
47
49,372
Hewlett Packard Enterprise Co., 4.55%, 10/15/29
 
105
104,627
HP, Inc.
 
3.00%, 06/17/27
 
75
73,817
6.00%, 09/15/41
 
145
145,304
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
105
111,705
Seagate Data Storage Technology Pte. Ltd.(b)
 
8.25%, 12/15/29
 
87
90,922
5.88%, 07/15/30
 
41
41,890
9.63%, 12/01/32
 
215
239,106
 
 
2,787,171
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc., 2.85%, 03/27/30
 
100
94,439
Ralph Lauren Corp., 5.00%, 06/15/32
 
710
721,535
 
 
815,974
Tobacco — 0.7%
Altria Group, Inc.
 
4.80%, 02/14/29(f)
 
500
503,714
3.40%, 05/06/30
 
150
143,489
2.45%, 02/04/32
 
400
352,089
5.80%, 02/14/39
 
95
95,813
3.40%, 02/04/41
 
760
577,071
5.95%, 02/14/49(f)
 
1,110
1,082,153
4.45%, 05/06/50
 
79
61,981
3.70%, 02/04/51
 
290
199,588
4.00%, 02/04/61
 
450
314,995
BAT Capital Corp.
 
3.46%, 09/06/29
 
150
145,011
5.83%, 02/20/31
 
330
345,243
2.73%, 03/25/31
 
180
164,661
7.75%, 10/19/32
 
75
86,054
4.63%, 03/22/33
 
125
122,494
6.00%, 02/20/34
 
550
581,911
3.73%, 09/25/40
 
269
214,938
7.08%, 08/02/43
 
290
320,329
7.08%, 08/02/53
 
190
210,267
Philip Morris International, Inc.
 
4.38%, 11/01/27
 
325
325,742
4.88%, 02/15/28
 
590
595,655
5.63%, 11/17/29
 
215
222,963
4.38%, 04/30/30
 
100
99,528
1.75%, 11/01/30
 
50
44,418
5.75%, 11/17/32
 
345
363,114
5.38%, 02/15/33
 
795
817,655
5.63%, 09/07/33
 
90
93,999
5.25%, 02/13/34
 
75
76,421
6.38%, 05/16/38
 
85
92,858
Security
 
Par
(000)
Value
Tobacco (continued)
Philip Morris International, Inc. (continued)
 
4.25%, 11/10/44
USD
380
$ 314,811
Reynolds American, Inc., 5.85%, 08/15/45
 
100
97,027
Turning Point Brands, Inc., 7.63%, 03/15/32(b)
 
58
59,755
 
 
8,725,747
Transportation Infrastructure — 0.0%
FedEx Corp.
 
3.40%, 02/15/28
 
20
19,677
3.10%, 08/05/29
 
285
273,746
2.40%, 05/15/31
 
80
72,103
4.75%, 11/15/45
 
105
90,185
RXO, Inc., 6.38%, 05/15/31(b)
 
24
23,766
Ryder System, Inc., 6.60%, 12/01/33
 
80
87,810
United Parcel Service, Inc., 5.30%, 04/01/50
 
25
23,527
 
 
590,814
Utilities — 0.1%
American Water Capital Corp.
 
2.30%, 06/01/31
 
35
31,427
4.45%, 06/01/32
 
80
78,805
4.20%, 09/01/48
 
120
95,756
5.45%, 03/01/54
 
30
28,362
Essential Utilities, Inc.
 
4.80%, 08/15/27
 
50
50,183
5.38%, 01/15/34
 
185
187,898
Vistra Operations Co. LLC(b)
 
7.75%, 10/15/31
 
43
45,095
6.95%, 10/15/33
 
205
223,225
VoltaGrid LLC, 7.38%, 11/01/30(b)
 
41
42,555
 
 
783,306
Wireless Telecommunication Services — 0.5%
Millicom International Cellular SA(b)
 
6.25%, 03/25/29
 
39
39,794
7.38%, 04/02/32
 
88
90,926
Motorola Solutions, Inc.
 
4.60%, 02/23/28
 
90
90,234
4.60%, 05/23/29
 
25
25,039
2.30%, 11/15/30(f)
 
350
316,150
2.75%, 05/24/31
 
570
519,750
5.60%, 06/01/32
 
390
403,901
5.40%, 04/15/34
 
495
501,609
5.55%, 08/15/35
 
100
102,265
Rogers Communications, Inc.
 
3.20%, 03/15/27
 
65
64,340
(5-year CMT + 2.62%), 7.13%, 04/15/55(a)
 
55
56,739
(5-year CMT + 2.65%), 7.00%, 04/15/55(a)
 
55
56,138
Telecom Argentina SA, 9.25%, 05/28/33(b)(f)
 
23
24,231
T-Mobile USA, Inc.
 
2.05%, 02/15/28
 
150
143,987
4.80%, 07/15/28
 
90
90,786
3.38%, 04/15/29
 
25
24,264
3.88%, 04/15/30
 
650
632,892
2.55%, 02/15/31
 
570
518,285
5.15%, 04/15/34
 
35
35,193
5.30%, 05/15/35
 
695
700,262
5.75%, 01/15/54
 
240
228,414
5.50%, 01/15/55
 
65
59,489
5.25%, 06/15/55
 
240
211,870
5.70%, 01/15/56
 
180
169,897
3.60%, 11/15/60
 
200
128,690
5.80%, 09/15/62
 
553
526,913
32
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wireless Telecommunication Services (continued)
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 8.63%, 06/15/32(b)
USD
46
$ 48,144
Vodafone Group PLC
 
6.25%, 11/30/32
 
300
321,752
6.15%, 02/27/37
 
45
48,409
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(b)
 
180
190,386
Zegona Finance PLC, 8.63%, 07/15/29(b)
 
174
182,017
 
 
6,552,766
Total Corporate Bonds — 27.6%
(Cost: $349,807,425)
351,098,169
Floating Rate Loan Interests(a)
Construction & Engineering — 0.0%
ITG Communications LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.75%), 8.45%,
07/09/31(h)
 
125
124,273
Electric Utilities — 0.0%
CPV Fairview LLC, 2025 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.20%,
08/14/31
 
44
44,667
Kestrel Acquisition, LLC, 2025 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.70%,
11/06/31
 
37
36,851
Ohio Power Partners LLC, Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.40%,
11/12/32(h)
 
35
35,103
 
 
116,621
Hotels, Restaurants & Leisure — 0.0%
Peninsula Pacific Entertainment LLC, 2025 Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.45%, 10/01/32
 
143
141,547
Independent Power and Renewable Electricity Producers — 0.0%
West Deptford Energy Holdings LLC, 2025 Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
4.00%), 7.65%, 07/24/32
 
47
46,792
IT Services — 0.1%
Coreweave Compute Acquisition Co. IV LLC,
2026 Delayed Draw Term Loan, 0.00%,
03/31/32(h)
 
253
252,527
Media — 0.0%
Directv Financing LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 5.50%), 9.16%,
02/17/31
 
90
90,173
ECL Entertainment LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.65%,
08/30/30
 
114
113,057
 
 
203,230
Oil, Gas & Consumable Fuels — 0.0%
Crescent Midstream Operating LLC, Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.42%, 02/18/33
 
91
91,380
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals — 0.0%
Xerox Corp., 2023 Non-CoOp Term Loan, (6-mo.
CME Term SOFR at 0.50% Floor + 4.00%), 7.70%,
11/19/29
USD
16
$        11,347
Total Floating Rate Loan Interests — 0.1%
(Cost: $984,371)
987,717
Foreign Agency Obligations
Argentina — 0.0%
Argentina Treasury Bond BONCER, 2.27%, 12/15/27
ARS
12,493
21,097
Argentine Republic Government International Bonds
 
1.00%, 07/09/29
USD
1
750
4.75%, 07/09/35(m)
 
16
11,936
4.88%, 07/09/41(m)
 
27
18,617
 
 
52,400
Barbados — 0.0%
Barbados Government International Bonds, 8.00%,
06/26/35(b)
 
19
20,336
Brazil — 0.0%
Brazil Notas do Tesouro Nacional
 
10.00%, 01/01/27
BRL
1,424
280,748
Series F, 10.00%, 01/01/31
 
554
98,308
 
 
379,056
Canada — 0.0%
Province of Alberta Canada, 1.30%, 07/22/30
USD
10
8,915
Province of Ontario Canada
 
3.10%, 05/19/27
 
15
14,885
2.13%, 01/21/32
 
35
31,184
Province of Quebec Canada
 
1.90%, 04/21/31
 
10
8,972
4.50%, 09/08/33
 
15
15,009
Series PD, 7.50%, 09/15/29
 
10
11,061
 
 
90,026
Chile — 0.0%
Bonos de la Tesoreria de la Republica en pesos,
5.00%, 10/01/28(b)(c)
CLP
100,000
111,299
Chile Government International Bonds
 
3.50%, 01/25/50
USD
200
144,600
4.00%, 01/31/52
 
200
157,060
 
 
412,959
China — 0.0%
China Government Bonds, 2.11%, 08/25/34
CNY
520
78,449
Colombia — 0.1%
Colombian TES
 
11.75%, 01/24/35
COP
396,900
97,937
Series B, 5.75%, 11/03/27
 
1,079,500
265,210
Series B, 12.50%, 02/27/30
 
193,300
50,162
Series B, 7.75%, 09/18/30
 
1,194,900
261,552
Series B, 7.00%, 06/30/32
 
115,700
22,923
Series B, 7.25%, 10/26/50
 
174,200
28,144
Series B, 12.00%, 03/13/58
 
14,700
3,691
 
 
729,619
Czech Republic — 0.0%
Czech Republic Government Bonds
 
4.00%, 04/04/44
CZK
1,160
47,967
Series 154, 4.50%, 11/11/32
 
1,350
64,469
 
 
112,436
Schedule of Investments
33
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ecuador — 0.0%
Ecuador Government International Bonds, 6.90%,
07/31/35(c)(m)
USD
14
$ 12,978
Egypt — 0.0%
Egypt Government Bond
 
24.44%, 08/05/28
EGP
600
11,186
23.38%, 08/26/28
 
1,912
34,985
Egypt Government International Bonds, Series 3Y,
24.46%, 10/01/27
 
2,612
47,932
 
 
94,103
Hungary — 0.0%
Hungary Government Bonds
 
6.25%, 09/23/37
HUF
23,870
78,151
3.00%, 10/27/38
 
25,590
60,862
Hungary Government International Bonds, 7.00%,
10/24/35
 
47,420
163,566
 
 
302,579
Indonesia — 0.1%
Indonesia Government International Bonds
 
2.85%, 02/14/30
USD
640
600,032
4.65%, 09/20/32
 
450
446,116
3.05%, 03/12/51
 
270
171,788
Indonesia Treasury Bonds
 
7.00%, 05/15/27
IDR
2,226,000
129,111
6.50%, 07/15/30
 
3,521,000
202,184
5.88%, 03/15/31
 
3,067,000
170,980
8.25%, 06/15/32
 
59,000
3,639
7.00%, 02/15/33
 
456,000
26,672
6.63%, 05/15/33
 
306,000
17,439
 
 
1,767,961
Italy — 0.0%
Italy Buoni Poliennali Del Tesoro(c)
 
2.85%, 02/01/31
EUR
244
281,901
3.45%, 02/01/36
 
182
207,183
 
 
489,084
Lebanon — 0.0%
Lebanon Government International Bonds(c)(e)(l)
 
6.25%, 11/04/24
USD
23
5,831
6.65%, 11/03/28
 
14
3,549
Series 10Y, 6.85%, 03/23/27
 
39
9,886
 
 
19,266
Mexico — 0.3%
Mexican Bonos
 
8.00%, 04/29/55
MXN
597
28,453
Series M, 8.50%, 03/01/29
 
2,831
163,407
Series M, 8.50%, 05/31/29
 
67
3,870
Series M, 8.00%, 02/21/36
 
950
50,065
Series M, 7.75%, 11/13/42
 
8,204
394,244
Mexico Government International Bonds
 
2.66%, 05/24/31
USD
900
801,000
3.50%, 02/12/34
 
405
346,933
6.05%, 01/11/40
 
22
21,621
5.38%, 05/16/40
EUR
100
115,605
4.50%, 01/31/50(f)
USD
650
483,681
6.34%, 05/04/53
 
200
188,325
7.38%, 05/13/55(f)
 
500
532,812
 
 
3,130,016
Security
 
Par
(000)
Value
Panama — 0.2%
Panama Government International Bonds
 
8.88%, 09/30/27
USD
121
$ 127,988
3.88%, 03/17/28
 
1,610
1,593,900
3.30%, 01/19/33
 
200
179,050
 
 
1,900,938
Paraguay — 0.0%
Paraguay Government International Bonds, 8.50%,
04/04/38(b)
PYG
397,000
64,837
Peru — 0.1%
Peru Government International Bonds
 
7.60%, 08/12/39(c)
PEN
178
53,387
7.60%, 08/12/39(b)
 
73
21,895
3.55%, 03/10/51
USD
480
333,000
6.20%, 06/30/55
 
111
112,933
 
 
521,215
Philippines — 0.2%
Philippines Government International Bonds
 
3.00%, 02/01/28
 
420
410,462
6.38%, 07/27/30
PHP
5,640
90,129
6.00%, 08/20/30
 
34,135
537,462
6.38%, 04/28/35
 
13,560
212,018
3.20%, 07/06/46
USD
600
414,000
5.90%, 02/04/50
 
200
203,250
 
 
1,867,321
Poland — 0.1%
Republic of Poland Government Bonds
 
4.00%, 07/25/31
PLN
94
24,316
2.00%, 08/25/36
 
102
25,695
Republic of Poland Government International Bonds
 
1.75%, 08/25/31
 
85
22,905
5.00%, 10/25/35
 
812
211,930
Series 0130, 5.00%, 01/25/30
 
290
79,991
Series 0429, 5.75%, 04/25/29
 
561
158,707
Series 0729, 4.75%, 07/25/29
 
315
86,422
Series 1034, 5.00%, 10/25/34
 
362
95,667
Series 30Y, 5.50%, 03/18/54
USD
170
158,189
 
 
863,822
Romania — 0.0%
Romanian Government International Bonds
 
5.25%, 05/30/32(c)
EUR
19
22,206
4.63%, 03/04/33(b)
 
3
3,335
5.38%, 06/07/33(b)
 
5
5,773
6.13%, 10/07/37(b)
 
5
5,734
6.50%, 10/07/45(b)
 
4
4,520
 
 
41,568
South Africa — 0.1%
Republic of South Africa Government International
Bonds
 
Series 2030, 8.00%, 01/31/30
ZAR
6,065
361,910
Series 2037, 8.50%, 01/31/37
 
5,740
331,165
Series 2048, 8.75%, 02/28/48
 
829
46,928
Series R213, 7.00%, 02/28/31
 
7,746
440,244
 
 
1,180,247
South Korea — 0.0%
Export-Import Bank of Korea, 5.13%, 09/18/33
USD
300
310,782
34
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Spain — 0.2%
Spain Government Bond, 3.30%, 04/30/36(b)(c)
EUR
1,743
$ 2,012,311
Spain Government Bonds, 2.60%, 05/31/31
 
486
560,486
 
 
2,572,797
Sri Lanka — 0.0%
Sri Lanka Government International Bonds(c)
 
4.00%, 04/15/28
USD
3
2,528
5.10%, 06/15/35(m)
 
15
11,550
 
 
14,078
Thailand — 0.0%
Thailand Government Bond, 3.22%, 03/17/46
THB
2,000
62,500
Turkey — 0.0%
Turkiye Government International Bonds
 
27.70%, 09/27/34
TRY
977
18,952
Series 10Y, 26.20%, 10/05/33
 
970
17,968
Series 5Y, 31.08%, 11/08/28
 
812
16,464
Series 5Y, 30.00%, 09/12/29
 
940
18,439
 
 
71,823
Ukraine — 0.0%
Ukraine Government International Bonds(m)
 
3.00%, 02/01/30(b)
USD
1
631
3.00%, 02/01/35(b)
 
2
1,018
3.00%, 02/01/36(c)
 
29
14,616
6.00%, 02/01/36(c)
 
12
7,139
6.00%, 02/01/36(b)
 
2
1,180
 
 
24,584
Uruguay — 0.0%
Uruguay Government International Bonds
 
4.38%, 10/27/27
 
167
167,083
9.75%, 07/20/33
UYU
682
18,876
8.00%, 10/29/35
 
2,172
55,142
5.10%, 06/18/50
USD
253
234,963
 
 
476,064
Venezuela — 0.0%
Venezuela Government International Bonds(e)(l)
 
9.25%, 09/15/27
 
13
6,657
11.95%, 08/05/31(c)
 
32
18,175
 
 
24,832
Total Foreign Agency Obligations — 1.4%
(Cost: $17,694,634)
17,688,676
 
 
 
 
Shares
 
Investment Companies
Capital Markets — 0.4%
iShares iBoxx $ Investment Grade Corporate Bond
ETF(f)(n)
 
52,400
5,703,740
Total Investment Companies — 0.4%
(Cost: $5,696,804)
5,703,740
 
Security
 
Par
(000)
Value
Municipal Bonds
California — 0.1%
Bay Area Toll Authority, RB, BAB
 
Series F-2, 6.26%, 04/01/49
USD
100
$ 103,400
Series S-1, 7.04%, 04/01/50
 
142
160,250
Los Angeles Community College District, GO, BAB,
6.60%, 08/01/42
 
145
155,042
Los Angeles Department of Water & Power, RB, BAB,
6.60%, 07/01/50(f)
 
100
106,447
Regents of the University of California Medical Center
Pooled Revenue, RB, Series N, 3.26%, 05/15/60
 
50
31,432
State of California, GO, BAB
 
7.55%, 04/01/39
 
250
295,705
7.35%, 11/01/39
 
100
114,900
State of California, Refunding GO, 4.60%, 04/01/28(o)
 
370
374,377
University of California, RB, Series AD, 4.86%,
05/15/2112(f)
 
270
220,921
 
 
1,562,474
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32
 
50
53,336
Georgia — 0.0%
Municipal Electric Authority of Georgia, Refunding RB,
BAB, 6.64%, 04/01/57
 
48
50,764
Illinois — 0.1%
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB, Series B, 6.90%, 12/01/40
 
45
50,403
State of Illinois, GO, 5.10%, 06/01/33(f)
 
576
584,927
 
 
635,330
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB,
Class A-2, 4.15%, 02/01/33
 
230
228,077
Massachusetts — 0.0%
Commonwealth of Massachusetts, GOL, Series H,
2.90%, 09/01/49(f)
 
50
33,817
Michigan — 0.0%
University of Michigan, RB, Series B, 2.56%,
04/01/50
 
100
60,802
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB, Series F,
7.41%, 01/01/40
 
184
215,456
New York — 0.1%
City of New York, GO, Series B-1, Sustainability
Bonds, 5.83%, 10/01/53
 
15
15,077
City of New York, GO, BAB, Series F-1, 6.27%,
12/01/37
 
75
79,119
Empire State Development Corp., RB, BAB, 5.77%,
03/15/39
 
35
35,670
Metropolitan Transportation Authority, RB, BAB,
6.67%, 11/15/39
 
80
86,330
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42
 
50
50,844
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44
 
60
60,307
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
 
60
61,368
Schedule of Investments
35
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
Port Authority of New York & New Jersey, RB
 
Series 165, 5.65%, 11/01/40
USD
50
$ 52,399
Series 168, 4.93%, 10/01/51
 
110
100,732
 
 
541,846
Ohio — 0.0%
American Municipal Power, Inc., RB, Series B, 8.08%,
02/15/50
 
150
185,686
Pennsylvania — 0.0%
Commonwealth Financing Authority, RB, Series A,
3.86%, 06/01/38
 
50
45,841
Pennsylvania State University, Refunding RB,
Series D, 2.79%, 09/01/43
 
50
38,007
 
 
83,848
Texas — 0.0%
Board of Regents of the University of Texas System,
RB, BAB, Series C, 4.79%, 08/15/46
 
50
46,706
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41
 
50
51,451
Dallas Fort Worth International Airport, Refunding RB,
2.84%, 11/01/46(f)
 
50
35,847
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(b)
 
100
100,041
State of Texas, GO, BAB, 5.52%, 04/01/39
 
146
147,257
 
 
381,302
Total Municipal Bonds — 0.3%
(Cost: $4,004,025)
4,032,738
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 8.9%
A&D Mortgage Trust(b)
 
Series 2023-NQM5, Class A1, 7.05%, 11/25/68
 
90
90,217
Series 2024-NQM5, Class A1, 5.70%, 11/25/69
 
76
75,985
Series 2026-NQM1, Class A1, 4.91%, 02/25/71(a)
 
152
150,927
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(b)
 
132
132,426
Ajax Mortgage Loan Trust(b)
 
Series 2021-C, Class A, 6.12%, 01/25/61
 
27
27,268
Series 2023-C, Class A1, 3.50%, 05/25/63
 
173
165,632
Alternative Loan Trust
 
Series 2005-29CB, Class A6, 5.50%, 07/25/35
 
6
3,241
Series 2005-31, Class 1A1, (1 mo. Term SOFR +
0.67%), 4.33%, 08/25/35(a)
 
378
367,825
Series 2005-55CW, Class 2A3, (1 mo. Term SOFR
+ 0.46%), 4.14%, 11/25/35(a)
 
11
8,294
Series 2005-59, Class 1A1, (1 mo. Term SOFR +
0.77%), 4.43%, 11/20/35(a)
 
8
8,026
Series 2006-11CB, Class 2A1, 6.25%, 05/25/36
 
895
440,129
Series 2006-OA17, Class 1A1D, (1 mo. Term
SOFR + 0.40%), 4.07%, 12/20/46(a)
 
278
251,952
Series 2006-OA2, Class A5, (1 mo. Term SOFR +
0.57%), 4.24%, 05/20/46(a)
 
177
160,845
Series 2006-OC10, Class 2A3, (1 mo. Term SOFR
+ 0.57%), 4.23%, 11/25/36(a)
 
351
328,562
Series 2006-OC7, Class 2A3, (1 mo. Term SOFR +
0.61%), 4.27%, 07/25/46(a)
 
325
302,583
Series 2007-19, Class 1A34, 6.00%, 08/25/37
 
281
134,802
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
American Home Mortgage Investment Trust,
Series 2006-2, Class 2A2, (1 mo. Term SOFR +
1.74%), 5.40%, 05/25/36(a)
USD
2,206
$ 173,028
Angel Oak Mortgage Trust(b)
 
Series 2021-2, Class A1, 0.99%, 04/25/66(a)
 
203
175,867
Series 2023-1, Class A1, 4.75%, 09/26/67
 
285
284,695
Series 2023-7, Class A1, 4.80%, 11/25/67
 
140
139,884
Series 2024-1, Class A1, 5.21%, 08/25/68
 
37
36,423
Series 2024-10, Class A1, 5.35%, 10/25/69
 
36
35,566
Series 2024-11, Class A1, 5.70%, 08/25/69
 
56
56,078
Series 2025-1, Class A1, 5.69%, 01/25/70
 
721
726,112
Series 2025-2, Class A1, 5.64%, 02/25/70
 
147
148,307
Series 2025-8, Class A1, 5.41%, 07/25/70
 
232
233,507
AOMT, Series 2024-6, Class A3, 4.65%, 11/25/67(b)
 
252
248,730
Banc of America Alternative Loan Trust
 
Series 2003-8, Class 1CB1, 5.50%, 10/25/33
 
43
43,445
Series 2006-7, Class A4, 6.50%, 10/25/36
 
24
5,934
Banc of America Funding Trust
 
Series 2007-1, Class 1A6, 5.75%, 01/25/37
 
7
6,365
Series 2007-3, Class TA8, (1 mo. Term SOFR +
0.29%), 3.95%, 04/25/37(a)
 
186
154,735
Barclays Mortgage Loan Trust, Series 2025-NQM1,
Class A1, 5.66%, 01/25/65(b)
 
825
830,588
Bear Stearns Asset Backed Securities I Trust(a)
 
Series 2006-AC2, Class 1A1, (1 mo. Term SOFR +
0.46%), 4.12%, 03/25/36
 
45
11,248
Series 2006-IM1, Class A3, (1 mo. Term SOFR +
0.67%), 4.33%, 04/25/36
 
199
200,553
Braccan Mortgage Funding, Series 2024-1, Class X,
(1-day SONIA GBP 4.34%), 8.08%, 02/15/67(a)(c)
GBP
68
93,380
BRAVO Residential Funding Trust(b)
 
Series 2021-NQM1, Class B1, 3.17%, 02/25/49(a)
USD
265
228,881
Series 2024-NQM4, Class A3, 4.35%, 01/25/60
 
268
258,243
Series 2025-NQM2, Class A1, 5.68%, 11/25/64
 
170
171,417
Series 2025-NQM7, Class A1, 5.46%, 07/25/65(a)
 
167
168,092
Chase Mortgage Finance Trust
 
Series 2006-S2, Class 1A16, 6.25%, 10/25/36
 
396
141,423
Series 2007-A1, Class 3A1, 5.48%, 02/25/37(a)
 
102
100,989
Series 2007-S5, Class 1A10, 6.00%, 07/25/37
 
525
216,899
CHL Mortgage Pass-Through Trust
 
Series 2006-17, Class A6, 6.00%, 12/25/36
 
5
2,353
Series 2007-11, Class A1, 6.00%, 08/25/37
 
525
216,254
Series 2007-3, Class A17, 6.00%, 04/25/37
 
159
69,868
Series 2007-4, Class 1A47, 6.00%, 05/25/37
 
270
110,309
Series 2007-8, Class 1A12, 5.88%, 01/25/38
 
140
56,124
Series 2007-8, Class 1A24, 6.00%, 01/25/38
 
90
36,574
Series 2007-9, Class A1, 5.75%, 07/25/37
 
18
7,904
CIM Trust(b)
 
Series 2023-I1, Class B1, 7.03%, 04/25/58(a)
 
100
99,616
Series 2023-I2, Class B1, 6.75%, 12/25/67(a)
 
115
113,932
Series 2025-I1, Class A1, 5.66%, 10/25/69
 
365
367,482
Series 2025-I1, Class M1, 6.44%, 10/25/69(a)
 
540
543,049
Citigroup Mortgage Loan Trust, Series 2007-6,
Class 2A1, (1 mo. Term SOFR + 0.61%), 4.27%,
05/25/37(a)
 
22
21,447
COLT Mortgage Loan Trust(b)
 
Series 2021-5, Class A1, 1.73%, 11/26/66(a)
 
99
89,549
Series 2024-6, Class A1, 5.39%, 11/25/69
 
71
70,772
Series 2025-11, Class A1, 5.05%, 11/25/70(a)
 
136
135,929
Series 2025-7, Class A1, 5.47%, 06/25/70
 
226
227,036
Series 2025-8, Class A1, 5.48%, 08/25/70
 
137
137,168
36
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a)(b)
 
Series 2019-R04, Class 2B1, (30-day Avg SOFR +
5.36%), 9.01%, 06/25/39
USD
2,071
$ 2,082,940
Series 2019-R06, Class 2B1, (30-day Avg SOFR +
3.86%), 7.51%, 09/25/39
 
1,372
1,385,030
Series 2020-R02, Class 2B1, (30-day Avg SOFR +
3.11%), 6.76%, 01/25/40
 
1,000
1,012,306
Series 2020-SBT1, Class 1B1, (30-day Avg SOFR
+ 6.86%), 10.51%, 02/25/40
 
1,900
1,973,210
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR
+ 3.76%), 7.41%, 02/25/40
 
2,325
2,373,373
Series 2021-R01, Class 1B1, (30-day Avg SOFR +
3.10%), 6.75%, 10/25/41
 
2,550
2,574,849
Series 2021-R02, Class 2B1, (30-day Avg SOFR +
3.30%), 6.95%, 11/25/41
 
1,600
1,617,504
Series 2021-R03, Class 1B1, (30-day Avg SOFR +
2.75%), 6.40%, 12/25/41
 
2,250
2,271,105
Series 2022-R01, Class 1B1, (30-day Avg SOFR +
3.15%), 6.80%, 12/25/41
 
2,690
2,723,248
Series 2022-R02, Class 2B1, (30-day Avg SOFR +
4.50%), 8.15%, 01/25/42
 
1,825
1,866,628
Series 2022-R02, Class 2M2, (30-day Avg SOFR +
3.00%), 6.65%, 01/25/42
 
2,221
2,248,200
Series 2022-R03, Class 1B1, (30-day Avg SOFR +
6.25%), 9.90%, 03/25/42
 
1,650
1,722,699
Series 2022-R04, Class 1B1, (30-day Avg SOFR +
5.25%), 8.90%, 03/25/42
 
3,150
3,260,250
Series 2022-R05, Class 2B1, (30-day Avg SOFR +
4.50%), 8.15%, 04/25/42
 
1,500
1,548,285
Series 2022-R05, Class 2B2, (30-day Avg SOFR +
7.00%), 10.65%, 04/25/42
 
2,000
2,106,260
Series 2022-R05, Class 2M2, (30-day Avg SOFR +
3.00%), 6.65%, 04/25/42
 
1,500
1,522,965
Series 2022-R07, Class 1M2, (30-day Avg SOFR +
4.65%), 8.30%, 06/25/42
 
500
520,145
Series 2022-R07 1B-1, Class B1, (30-day Avg
SOFR + 6.80%), 10.45%, 06/25/42
 
500
530,470
Series 2023-R02, Class 1B1, (30-day Avg SOFR +
5.55%), 9.20%, 01/25/43
 
520
554,259
Series 2024-R01, Class 1B1, (30-day Avg SOFR +
2.70%), 6.35%, 01/25/44
 
1,950
2,001,146
Series 2024-R02, Class 1B1, (30-day Avg SOFR +
2.50%), 6.15%, 02/25/44
 
1,000
1,012,482
Series 2024-R05, Class 2M2, (30-day Avg SOFR +
1.70%), 5.35%, 07/25/44
 
1,707
1,712,730
Series 2024-R06, Class 1B1, (30-day Avg SOFR +
2.05%), 5.70%, 09/25/44
 
1,500
1,503,747
Series 2025-R01, Class 1B1, (30-day Avg SOFR +
1.70%), 5.35%, 01/25/45
 
469
467,264
Series 2025-R02, Class 1M2, (30-day Avg SOFR +
1.60%), 5.25%, 02/25/45
 
1,750
1,754,407
Series 2026-R03, Class 2M2, (30-day Avg SOFR +
1.55%), 5.19%, 04/25/46
 
625
626,172
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-11, Class 1A1, 6.50%, 12/25/35
 
80
31,766
Cross Mortgage Trust(b)
 
Series 2024-H7, Class A1, 5.59%, 11/25/69(a)
 
107
107,431
Series 2025-H1, Class M1, 6.48%, 02/25/70(a)
 
144
144,592
Series 2025-H8, Class A1A, 5.00%, 11/25/70
 
364
362,811
CSMC, Series 2015-6R, Class 5A2, (1 mo. Term
SOFR + 0.29%), 3.48%, 03/27/36(a)(b)
 
20
16,550
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
CSMC Trust(a)(b)
 
Series 2020-NQM6, Class PT, 9.75%, 12/25/67
USD
130
$ 130,741
Series 2020-SPT1, Class PT, 6.42%, 04/25/65
 
107
107,659
Series 2022-NQM5, Class M1, 5.17%, 05/25/67
 
1,000
996,608
Deephaven Residential Mortgage Trust(b)
 
Series 2021-1, Class B1, 3.10%, 05/25/65(a)
 
400
367,981
Series 2022-2, Class M1, 4.31%, 03/25/67(a)
 
100
89,616
Series 2024-1, Class A1, 5.74%, 07/25/69
 
64
64,470
Series 2025-INV1, Class A1, 5.09%, 11/25/60(a)
 
296
294,902
Series 2026-INV1, Class A1, 4.80%, 12/25/70(a)
 
146
145,448
Easy Street Mortgage Loan Trust, Series-RTL2,
Class A1, 5.61%, 10/25/40(b)
 
100
100,117
EFMT(b)
 
Series 2022-4, Class B2, 5.84%, 09/25/67(a)
 
100
99,079
Series 2024-NQM1, Class A1A, 5.71%, 11/25/69
 
111
111,838
Series 2025-INV1, Class A1, 5.63%, 03/25/70
 
172
172,935
Series 2025-INV3, Class A1, 5.44%, 07/25/70
 
358
359,478
Series 2025-NQM5, Class A1, 5.03%, 11/25/70(a)
 
448
446,395
Series 2026-NQM1, Class A1, 4.77%, 02/25/71(a)
 
137
136,290
FIGRE Trust, Series 2024-SL1, Class A1, 5.75%,
07/25/53(a)(b)
 
94
94,803
First Horizon Alternative Mortgage Securities Trust(a)
 
Series 2005-AA12, Class 2A1, 4.72%, 02/25/36
 
7
4,214
Series 2006-AA7, Class A1, 4.58%, 01/25/37
 
437
336,530
Freddie Mac STACR REMIC Trust(a)(b)
 
Series 2020-HQA5, Class B1, (30-day Avg SOFR +
4.00%), 7.65%, 11/25/50
 
2,350
2,579,434
Series 2021-DNA1, Class B1, (30-day Avg SOFR +
2.65%), 6.30%, 01/25/51
 
2,300
2,415,000
Series 2021-DNA2, Class B1, (30-day Avg SOFR +
3.40%), 7.05%, 08/25/33
 
2,255
2,507,157
Series 2021-DNA2, Class B2, (30-day Avg SOFR +
6.00%), 9.65%, 08/25/33
 
300
369,939
Series 2021-DNA3, Class B1, (30-day Avg SOFR +
3.50%), 7.15%, 10/25/33
 
800
902,071
Series 2021-DNA5, Class B1, (30-day Avg SOFR +
3.05%), 6.70%, 01/25/34
 
2,130
2,268,577
Series 2021-DNA5, Class B2, (30-day Avg SOFR +
5.50%), 9.15%, 01/25/34
 
500
606,716
Series 2021-DNA6, Class B1, (30-day Avg SOFR +
3.40%), 7.05%, 10/25/41
 
2,100
2,122,830
Series 2021-DNA7, Class B1, (30-day Avg SOFR +
3.65%), 7.30%, 11/25/41
 
2,394
2,425,433
Series 2021-HQA1, Class B1, (30-day Avg SOFR +
3.00%), 6.65%, 08/25/33
 
2,023
2,209,168
Series 2021-HQA2, Class B1, (30-day Avg SOFR +
3.15%), 6.80%, 12/25/33
 
795
882,444
Series 2021-HQA3, Class B1, (30-day Avg SOFR +
3.35%), 7.00%, 09/25/41
 
2,110
2,124,988
Series 2021-HQA3, Class M2, (30-day Avg SOFR
+ 2.10%), 5.75%, 09/25/41
 
1,500
1,503,724
Series 2021-HQA4, Class B1, (30-day Avg SOFR +
3.75%), 7.40%, 12/25/41
 
506
513,261
Series 2021-HQA4, Class M2, (30-day Avg SOFR
+ 2.35%), 6.00%, 12/25/41
 
1,750
1,763,321
Series 2022-DNA1, Class B1, (30-day Avg SOFR +
3.40%), 7.05%, 01/25/42
 
2,500
2,538,275
Series 2022-DNA2, Class M2, (30-day Avg SOFR
+ 3.75%), 7.40%, 02/25/42
 
910
929,055
Series 2022-DNA3, Class M2, (30-day Avg SOFR
+ 4.35%), 8.00%, 04/25/42
 
500
515,697
Schedule of Investments
37
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a)(b) (continued)
 
Series 2022-DNA4, Class M2, (30-day Avg SOFR
+ 5.25%), 8.90%, 05/25/42
USD
2,000
$ 2,086,048
Series 2022-DNA5, Class M2, (30-day Avg SOFR
+ 6.75%), 10.40%, 06/25/42
 
1,000
1,063,446
Series 2022-DNA6, Class M2, (30-day Avg SOFR
+ 5.75%), 9.40%, 09/25/42
 
1,000
1,063,280
Series 2022-DNA7, Class M2, (30-day Avg SOFR
+ 7.00%), 10.65%, 03/25/52
 
1,500
1,620,000
Series 2022-HQA1, Class M2, (30-day Avg SOFR
+ 5.25%), 8.90%, 03/25/42
 
2,725
2,820,937
Series 2023-HQA1, Class M1B, (30-day Avg SOFR
+ 3.50%), 7.15%, 05/25/43
 
590
614,275
Series 2023-HQA3, Class M2, (30-day Avg SOFR
+ 3.35%), 7.00%, 11/25/43
 
1,000
1,038,750
Gaea Mortgage Loan Trust, Series 2025-A, Class A,
6.75%, 02/25/30(a)(b)
 
15
15,217
GCAT Trust(b)
 
Series 2021-NQM3, Class B1, 3.47%, 05/25/66(a)
 
100
75,459
Series 2023-NQM4, Class A1, 4.25%, 05/25/67(a)
 
128
121,125
Series 2025-NQM4, Class A1, 5.53%, 06/25/70
 
190
190,489
GS Mortgage-Backed Securities Trust(b)
 
Series 2022-NQM1, Class A4, 4.00%, 05/25/62(a)
 
63
57,822
Series 2025-DSC2, Class A1, 5.04%, 01/25/66
 
129
128,688
Series 2025-NQM5, Class A1, 5.01%, 07/25/65
 
167
166,374
Series 2026-DSC1, Class A1, 4.73%, 05/25/66
 
489
483,715
GSMPS Mortgage Loan Trust, Series 2005-RP2,
Class 1AF, (1 mo. Term SOFR + 0.46%), 4.12%,
03/25/35(a)(b)
 
123
116,048
HarborView Mortgage Loan Trust, Series 2005-1,
Class 1A, (1 mo. Term SOFR + 0.75%), 4.42%,
03/19/35(a)
 
22
10,503
Homes Trust(b)
 
Series 2024-NQM2, Class A1, 5.72%, 10/25/69
 
70
70,426
Series 2025-NQM1, Class B1, 7.03%, 01/25/70(a)
 
393
392,853
Series 2025-NQM1, Class M1, 6.52%, 01/25/70(a)
 
200
201,239
Series 2025-NQM2, Class A1, 5.43%, 02/25/70
 
174
174,978
Series 2025-NQM5, Class A1, 5.03%, 09/25/70(a)
 
164
163,566
Impac CMB Trust, Series 2007-A, Class A, (1 mo.
Term SOFR + 0.61%), 4.27%, 05/25/37(a)(b)
 
45
44,259
Impac Secured Assets Trust, Series 2006-3,
Class A1, (1 mo. Term SOFR + 0.45%), 4.11%,
11/25/36(a)
 
17
16,110
IndyMac INDX Mortgage Loan Trust, Series 2006-
AR41, Class A3, (1 mo. Term SOFR + 0.47%),
4.13%, 02/25/37(a)
 
8
8,259
Japan Housing Finance Agency, Series 180, Class 1,
0.50%, 05/10/57
JPY
80,290
375,471
JP Morgan Alternative Loan Trust, Series 2006-A1,
Class 2A1, 4.78%, 03/25/36(a)
USD
666
493,705
JP Morgan Mortgage Trust(b)
 
Series 2024-VIS2, Class B1, 7.69%, 11/25/64(a)
 
25
25,235
Series 2025-VIS1, Class M1, 6.41%, 08/25/55(a)
 
150
150,800
Series 2026-NQM1, Class A1LC, 4.93%, 06/25/66
 
30
29,777
MASTR Reperforming Loan Trust, Series 2005-1,
Class 1A3, 7.00%, 08/25/34(b)
 
315
212,310
MFA Trust(b)
 
Series 2022-NQM1, Class M1, 4.30%, 12/25/66(a)
 
100
89,902
Series 2025-NQM3, Class A1, 5.26%, 08/25/70
 
429
429,997
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Morgan Stanley Resecuritization Trust, Series 2015-
R2, Class 1B, (12-mo. MTA + 0.71%), 3.97%,
12/27/46(a)(b)
USD
301
$ 276,344
Morgan Stanley Residential Mortgage Loan Trust(a)(b)
 
Series 2023-NQM1, Class B1, 7.34%, 09/25/68
 
536
537,398
Series 2025-DSC2, Class A1, 5.44%, 07/25/70
 
477
478,588
Series 2025-NQM1, Class A1, 5.74%, 11/25/69
 
131
132,673
Series 2026-NQM2, Class A1, 4.73%, 01/26/71
 
524
519,595
New Residential Mortgage Loan Trust(b)
 
Series 2025-NQM1, Class A1, 5.64%, 01/25/65
 
416
420,076
Series 2025-NQM1, Class B1, 6.92%, 01/25/65(a)
 
500
503,385
Series 2025-NQM1, Class M1, 6.47%, 01/25/65(a)
 
289
293,909
Series 2025-NQM4, Class A1, 5.35%, 07/25/65(a)
 
126
125,881
Series 2025-NQM5, Class A1, 5.11%, 08/25/65(a)
 
85
85,069
NMLT Trust, Series 2021-INV1, Class B1, 3.61%,
05/25/56(a)(b)
 
541
431,713
NRZT, Series 2025-NQM6, Class A1, 5.09%,
10/25/65(a)(b)
 
171
170,171
NYMT Loan Trust, Series 2026-INV1, Class A1,
4.77%, 02/25/61(a)(b)
 
103
102,782
NYMT Trust, Series 2024-RR1, Class A, 7.38%,
05/25/64(b)
 
129
128,627
OBX Trust, Series 2025-NQM3, Class A1, 5.65%,
12/01/64(b)
 
96
96,595
PRKCM Trust(b)
 
Series 2022-AFC1, Class A1A, 4.10%, 04/25/57(a)
 
68
67,497
Series 2023-AFC1, Class A1, 6.60%, 02/25/58
 
60
59,516
PRPM Trust(b)
 
Series 2025-NQM1, Class A1, 5.80%, 11/25/69
 
441
443,821
Series 2025-NQM1, Class M1A, 6.65%,
11/25/69(a)
 
113
114,429
Series 2025-NQM3, Class A1, 5.61%, 05/25/70
 
355
356,881
Series 2025-NQM5, Class A1A, 5.18%, 10/25/70
 
148
147,512
RALI Trust(a)
 
Series 2005-QA6, Class NB21, 4.77%, 05/25/35
 
918
419,267
Series 2005-QO2, Class A1, (12-mo. MTA +
1.36%), 4.87%, 09/25/45
 
365
314,948
Series 2007-QH3, Class A1, (1 mo. Term SOFR +
0.43%), 4.09%, 04/25/37
 
125
124,015
Series 2007-QO2, Class A1, (1 mo. Term SOFR +
0.26%), 3.92%, 02/25/47
 
374
108,036
RCKT Mortgage Trust, Series 2024-CES8,
Class A1A, 5.49%, 11/25/44(b)
 
66
66,134
Reperforming Loan REMIC Trust(a)(b)
 
Series 2005-R1, Class 1AF1, (1 mo. Term SOFR +
0.47%), 4.13%, 03/25/35
 
18
17,905
Series 2005-R1, Class 1AF2, (1 mo. Term SOFR +
0.47%), 4.13%, 03/25/35
 
112
108,799
Series 2005-R2, Class 1AF1, (1 mo. Term SOFR +
0.45%), 4.11%, 06/25/35
 
9
8,984
Residential Asset Securitization Trust
 
Series 2006-A14C, Class 1A2, 6.25%, 12/25/36
 
340
226,383
Series 2007-A9, Class A1, (1 mo. Term SOFR +
0.66%), 4.32%, 09/25/37(a)
 
1,094
267,787
RFMSI Trust(a)
 
Series 2006-SA4, Class 2A1, 5.41%, 11/25/36
 
4
3,033
Series 2007-SA4, Class 3A1, 5.73%, 10/25/37
 
223
133,245
Saluda Grade Alternative Mortgage Trust, Series 2024-
RTL5, Class A1, 7.76%, 04/25/30(b)
 
86
85,993
Santander Mortgage Asset Receivable Trust(a)(b)
 
Series 2025-NQM6, Class A1, 5.14%, 11/25/65
 
91
91,135
38
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Santander Mortgage Asset Receivable
Trust(a)(b) (continued)
 
Series 2026-NQM1, Class A1, 4.95%, 11/25/65
USD
185
$ 183,789
Sequoia Mortgage Trust, Series 2017-CH2, Class B3,
4.41%, 12/25/47(a)(b)
 
112
109,093
SG Residential Mortgage Trust(a)(b)
 
Series 2019-3, Class B1, 4.08%, 09/25/59
 
257
246,791
Series 2021-1, Class A1, 1.16%, 07/25/61
 
274
230,413
Series 2026-1, Class A1, 4.78%, 01/25/66
 
728
722,565
TRK Trust, Series 2021-INV2, Class B1, 4.10%,
11/25/56(a)(b)
 
125
108,804
Verus Securitization Trust(b)
 
Series 2021-3, Class B1, 3.20%, 06/25/66(a)
 
214
167,883
Series 2021-8, Class A1, 2.82%, 11/25/66(a)
 
93
84,735
Series 2023-3, Class B1, 4.04%, 02/25/67(a)
 
100
80,668
Series 2025-5, Class A1, 5.43%, 06/25/70
 
232
233,346
Series 2025-6, Class A1, 5.42%, 07/25/70
 
549
552,538
Series 2026-R1, Class A1, 4.83%, 10/25/67(a)
 
206
204,121
Series 2026-R1, Class A1LC, 4.94%, 10/25/67
 
321
319,452
Visio Trust, Series 2022-1, Class B1, 5.80%,
08/25/57(a)(b)
 
100
99,628
Wachovia Mortgage Loan Trust, Series 2006-AMN1,
Class A2, (1 mo. Term SOFR + 0.41%), 1.46%,
08/25/36(a)
 
953
303,892
WaMu Mortgage Pass-Through Certificates Trust(a)
 
Series 2006-AR8, Class 1A4, 4.47%, 08/25/46
 
56
53,600
Series 2007-HY3, Class 4A1, 4.82%, 03/25/37
 
9
8,412
Series 2007-HY4, Class 1A1, 3.50%, 04/25/37
 
329
300,297
Series 2007-OA5, Class 1A, (12-mo. MTA +
0.75%), 4.26%, 06/25/47
 
79
67,932
Washington Mutual Mortgage Pass-Through
Certificates Trust
 
Series 2005-9, Class 5A1, 5.50%, 11/25/35
 
143
118,316
Series 2005-AR1, Class A1A, (1 mo. Term SOFR +
0.63%), 4.29%, 12/25/35(a)
 
146
129,345
Series 2006-6, Class 3CB1, 7.00%, 08/25/36
 
317
123,770
Series 2006-8, Class A4, 4.06%, 10/25/36
 
79
27,381
Series 2007-5, Class A6, 6.00%, 06/25/37
 
140
129,416
Series 2007-OA2, Class 2A, (12-mo. MTA +
0.70%), 4.21%, 01/25/47(a)
 
185
162,606
Series 2007-OA3, Class 5A, (12-mo. MTA +
1.25%), 4.76%, 04/25/47(a)
 
79
70,785
Series 2007-OC2, Class A3, (1 mo. Term SOFR +
0.73%), 4.39%, 06/25/37(a)
 
12
11,351
 
 
113,585,605
Commercial Mortgage-Backed Securities — 3.2%
1301 Trust(a)(b)
 
Series 2025-1301, Class A, 5.23%, 08/11/42
 
55
55,241
Series 2025-1301, Class E, 7.48%, 08/11/42
 
35
36,048
Series 2025-1301, Class F, 8.37%, 08/11/42
 
444
461,047
1345T(a)(b)
 
Series 2025-AOA, Class A, (1 mo. Term SOFR +
1.60%), 5.25%, 06/15/42
 
116
115,690
Series 2025-AOA, Class E, (1 mo. Term SOFR +
4.50%), 8.15%, 06/15/42
 
116
116,835
A10 Issuer LLC, Series 2025-FL6, Class A, (1 mo.
Term SOFR + 1.47%), 5.12%, 05/15/42(a)(b)
 
140
139,900
ACRES LLC, Series 2025-FL3, Class A, (1 mo. Term
SOFR + 1.62%), 5.28%, 08/18/40(a)(b)
 
538
538,815
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Arbor Realty Commercial Real Estate Notes,
Series 2025-FL1, Class A, (1 mo. Term SOFR +
1.35%), 5.02%, 01/20/43(a)(b)
USD
165
$ 164,775
AREIT Ltd.(a)(b)
 
Series 2024-CRE9, Class A, (1 mo. Term SOFR +
1.69%), 5.34%, 05/17/41
 
44
43,933
Series 2025-CRE10, Class A, (1 mo. Term SOFR +
1.39%), 5.06%, 12/17/29
 
795
793,955
ARES Commercial Mortgage Trust, Series 2024-IND,
Class A, (1 mo. Term SOFR + 1.69%), 5.35%,
07/15/41(a)(b)
 
370
370,694
Atrium Hotel Portfolio Trust(a)(b)
 
Series 2024-ATRM, Class A, 5.59%, 11/10/29
 
160
161,631
Series 2024-ATRM, Class E, 9.52%, 11/10/29
 
32
33,010
Series 2025-ATRM, Class A, (1 mo. Term SOFR +
1.65%), 5.30%, 08/15/42
 
68
68,105
Series 2025-ATRM, Class F, (1 mo. Term SOFR +
5.50%), 9.15%, 08/15/42
 
146
144,568
Series 2025-ATRM, Class G, (1 mo. Term SOFR +
6.75%), 10.40%, 08/15/42
 
31
30,704
BAHA Trust(a)(b)
 
Series 2024-MAR, Class A, 6.17%, 12/10/41
 
560
572,336
Series 2024-MAR, Class B, 7.07%, 12/10/41
 
20
20,669
Series 2024-MAR, Class C, 7.77%, 12/10/41
 
789
813,495
BAMLL Commercial Mortgage Securities Trust,
Series 2026-HRHB, Class A, 05/05/40(d)
 
265
265,000
BAMLL Trust(a)(b)
 
Series 2024-BHP, Class A, (1 mo. Term SOFR +
2.35%), 6.00%, 08/15/39
 
120
120,217
Series 2025-ASHF, Class A, (1 mo. Term SOFR +
1.85%), 5.51%, 02/15/42
 
802
801,996
Series 2025-ASHF, Class E, (1 mo. Term SOFR +
5.25%), 8.91%, 02/15/42
 
163
163,019
Bank
 
Series 2019-BN19, Class A3, 3.18%, 08/15/61
 
250
237,149
Series 2019-BN20, Class A3, 3.01%, 09/15/62
 
250
236,523
Series 2021-BN35, Class C, 2.90%, 06/15/64(a)
 
46
38,705
Series 2021-BN37, Class A4, 2.37%, 11/15/64
 
350
308,057
Series 2022-BNK41, Class A4, 3.92%, 04/15/65(a)
 
150
142,030
BBCMS Mortgage Trust
 
Series 2023-C22, Class A5, 6.80%, 11/15/56(a)
 
530
578,382
Series 2025-C35, Class AS, 5.84%, 07/15/58(a)
 
73
75,056
Series 2025-C35, Class D, 4.50%, 07/15/58(b)
 
37
28,713
BDS LLC, Series 2024-FL13, Class A, (1 mo. Term
SOFR + 1.58%), 5.24%, 09/19/39(a)(b)
 
100
100,304
Benchmark Mortgage Trust, Series 2020-B21,
Class A5, 1.98%, 12/17/53
 
45
39,879
BFLD Commercial Mortgage Trust(a)(b)
 
Series 2024-UNIV, Class A, (1 mo. Term SOFR +
1.49%), 5.15%, 11/15/41
 
70
70,044
Series 2024-UNIV, Class E, (1 mo. Term SOFR +
3.64%), 7.29%, 11/15/41
 
47
47,029
Series 2025-5MW, Class A, 4.83%, 10/10/42
 
100
99,290
Series 2025-660F, Class A, (1 mo. Term SOFR +
1.50%), 5.15%, 11/15/42
 
237
237,148
BFLD Trust, Series 2025-EWEST, Class A, (1 mo.
Term SOFR + 1.55%), 5.20%, 06/15/42(a)(b)
 
245
244,695
BHMS Commercial Mortgage Trust, Series 2025-
ATLS, Class A, (1 mo. Term SOFR + 1.85%),
5.50%, 08/15/42(a)(b)
 
193
193,241
Schedule of Investments
39
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BLP Commercial Mortgage Trust, Series 2024-IND2,
Class A, (1 mo. Term SOFR + 1.34%), 5.00%,
03/15/41(a)(b)
USD
331
$ 330,876
BMO Mortgage Trust, Series 2023-C5, Class XA,
0.94%, 06/15/56(a)
 
336
13,146
BMP(a)(b)
 
Series 2024-MF23, Class D, (1 mo. Term SOFR +
2.39%), 6.05%, 06/15/41
 
220
220,275
Series 2024-MF23, Class E, (1 mo. Term SOFR +
3.39%), 7.04%, 06/15/41
 
39
38,929
BOS Trust, Series 2026-LYRK, Class A,
05/11/41(a)(b)(d)
 
45
44,824
BPR Commercial Mortgage Trust, Series 2025-STAR,
Class A, 5.11%, 11/05/42(a)(b)
 
105
103,826
BPR Trust, Series 2024-PMDW, Class A, 5.36%,
11/05/41(a)(b)
 
10
10,129
BRES Commercial Mortgage Trust, Series 2025-
ATCAP, Class A, (1 mo. Term SOFR + 1.49%),
5.15%, 11/15/42(a)(b)
 
133
132,802
BWAY Trust, Series 2025-1535, Class A, 6.52%,
05/05/42(a)(b)
 
23
23,238
BX Commercial Mortgage Trust(a)(b)
 
Series 2021-VIV5, Class A, 2.84%, 03/09/44
 
240
222,607
Series 2024-AIR2, Class A, (1 mo. Term SOFR +
1.49%), 5.15%, 10/15/41
 
144
144,147
Series 2024-AIRC, Class A, (1 mo. Term SOFR +
1.69%), 5.35%, 08/15/41
 
255
255,682
Series 2024-BRBK, Class A, (1 mo. Term SOFR +
2.88%), 6.54%, 10/15/41
 
187
187,582
Series 2024-BRBK, Class B, (1 mo. Term SOFR +
3.93%), 7.59%, 10/15/41
 
23
23,029
Series 2024-GPA3, Class B, (1 mo. Term SOFR +
1.64%), 5.30%, 12/15/39
 
78
78,535
Series 2024-KING, Class A, (1 mo. Term SOFR +
1.54%), 5.20%, 05/15/34
 
99
98,787
Series 2024-MDHS, Class A, (1 mo. Term SOFR +
1.64%), 5.30%, 05/15/41
 
181
181,403
Series 2024-MF, Class A, (1 mo. Term SOFR +
1.44%), 5.10%, 02/15/39
 
253
253,398
Series 2024-MF, Class E, (1 mo. Term SOFR +
3.74%), 7.39%, 02/15/39
 
89
88,270
Series 2024-PURE, Class A, (1-day CORRA +
1.90%), 4.18%, 11/15/41
CAD
26
19,079
Series 2024-XL4, Class D, (1 mo. Term SOFR +
3.14%), 6.79%, 02/15/39
USD
136
136,201
Series 2024-XL4, Class E, (1 mo. Term SOFR +
4.19%), 7.84%, 02/15/39
 
88
87,749
Series 2025-BCAT, Class A, (1 mo. Term SOFR +
1.38%), 5.03%, 08/15/42
 
102
101,925
Series 2025-BCAT, Class E, (1 mo. Term SOFR +
3.50%), 7.15%, 08/15/42
 
94
94,640
Series 2025-JDI, Class A, (1 mo. Term SOFR +
1.40%), 5.05%, 11/15/42
 
221
220,936
Series 2025-JDI, Class E, (1 mo. Term SOFR +
3.40%), 7.05%, 11/15/42
 
89
89,031
Series 2025-SPOT, Class A, (1 mo. Term SOFR +
1.44%), 5.10%, 04/15/40
 
91
90,721
Series 2026-VLT9, Class A, (1 mo. Term SOFR +
1.70%), 5.35%, 03/15/45
 
144
143,730
Series 2026-XL6, Class E, (1 mo. Term SOFR +
3.00%), 6.65%, 03/15/43
 
125
124,223
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b)
 
Series 2021-LBA, Class AV, (1 mo. Term SOFR +
1.16%), 4.82%, 02/15/36
USD
86
$ 86,297
Series 2022-IND, Class A, (1 mo. Term SOFR +
1.49%), 5.15%, 04/15/37
 
58
57,723
Series 2024-CNYN, Class A, (1 mo. Term SOFR +
1.44%), 5.10%, 04/15/41
 
73
73,573
Series 2024-CNYN, Class D, (1 mo. Term SOFR +
2.69%), 6.34%, 04/15/41
 
71
71,341
Series 2024-CNYN, Class E, (1 mo. Term SOFR +
3.69%), 7.34%, 04/15/41
 
71
70,961
Series 2024-PALM, Class A, (1 mo. Term SOFR +
1.54%), 5.20%, 06/15/37
 
503
502,801
Series 2024-VLT4, Class A, (1 mo. Term SOFR +
1.49%), 5.15%, 06/15/41
 
368
367,297
Series 2024-VLT4, Class E, (1 mo. Term SOFR +
2.89%), 6.54%, 06/15/41
 
58
56,708
Series 2024-VLT4, Class F, (1 mo. Term SOFR +
3.94%), 7.59%, 06/15/41
 
144
142,467
Series 2025-LIFE, Class A, 6.08%, 06/13/47
 
100
99,846
Series 2025-LUNR, Class A, (1 mo. Term SOFR +
1.50%), 5.15%, 06/15/40
 
22
21,832
Series 2025-OMG, Class A, (1 mo. Term SOFR +
1.35%), 5.01%, 10/15/42
 
84
84,000
Series 2025-ROIC, Class E, (1 mo. Term SOFR +
2.94%), 6.60%, 03/15/30
 
257
256,692
Series 2025-TAIL, Class A, (1 mo. Term SOFR +
1.40%), 5.05%, 06/15/35
 
100
100,063
Series 2025-TAIL, Class E, (1 mo. Term SOFR +
3.30%), 6.95%, 06/15/35
 
124
124,001
Series 2025-VLT6, Class A, (1 mo. Term SOFR +
1.44%), 5.10%, 03/15/42
 
136
135,405
Series 2025-VOLT, Class A, (1 mo. Term SOFR +
1.70%), 5.35%, 12/15/44
 
259
258,838
BXMT Ltd, Series 2025-FL5, Class A, (1 mo. Term
SOFR + 1.64%), 5.30%, 10/18/42(a)(b)
 
164
164,525
Cali, Series 2024-SUN, Class A, (1 mo. Term SOFR +
1.89%), 5.55%, 07/15/41(a)(b)
 
140
140,212
CENT, Series 2025-CITY, Class A, 5.09%,
07/10/40(a)(b)
 
720
723,346
CFCRE Commercial Mortgage Trust, Series 2016-C4,
Class AM, 3.69%, 05/10/58
 
304
302,473
CFK Trust, Series 2020-MF2, Class B, 2.79%,
03/15/39(b)
 
330
306,814
CFSP Mortgage Trust, Series 2024-AHP1, Class A,
6.50%, 04/15/37
 
195
186,342
CHI Commercial Mortgage Trust(a)(b)
 
Series 2025-110W, Class A, 5.10%, 12/13/40
 
128
127,287
Series 2025-110W, Class D, 6.63%, 12/13/40
 
100
98,050
CIP Commercial Mortgage Trust(a)(b)
 
Series 2025-SBAY, Class A, (1 mo. Term SOFR +
1.40%), 5.05%, 10/15/37
 
313
313,389
Series 2025-SBAY, Class E, (1 mo. Term SOFR +
3.75%), 7.40%, 10/15/37
 
237
237,817
Commercial Mortgage Trust
 
Series 2022-PF2, Class A5, 5.47%, 11/15/55(a)
 
300
305,916
Series 2024-WCL1, Class A, (1 mo. Term SOFR +
1.84%), 5.50%, 06/15/41(a)(b)
 
170
169,788
Series 2024-WCL1, Class B, (1 mo. Term SOFR +
2.59%), 6.24%, 06/15/41(a)(b)
 
50
49,938
Series 2025-167G, Class A, 5.50%, 08/10/40(b)
 
254
250,812
40
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust (continued)
 
Series 2025-167G, Class E, 8.47%, 08/10/40(a)(b)
USD
40
$ 39,684
Series 2025-167G, Class F, 9.46%, 08/10/40(a)(b)
 
34
33,738
Series 2025-SBX, Class B, 5.73%, 08/10/41(a)(b)
 
48
47,645
CONE Trust(a)(b)
 
Series 2024-DFW1, Class A, (1 mo. Term SOFR +
1.64%), 5.30%, 08/15/41
 
70
69,939
Series 2024-DFW1, Class E, (1 mo. Term SOFR +
3.89%), 7.54%, 08/15/41
 
200
198,266
CSMC, Series 2022-LION, Class A, (1 mo. Term
SOFR + 3.44%), 7.09%, 02/15/27(a)(b)(h)
 
100
99,600
CSTL Commercial Mortgage Trust(a)(b)
 
Series 2024-GATE, Class A, 4.92%, 11/10/41
 
170
169,567
Series 2025-GATE2, Class D, 5.82%, 11/10/42
 
100
98,455
Series 2026-GATE3, Class E, 6.55%, 02/10/43
 
100
98,521
DBC Mortgage Trust(a)(b)
 
Series 2025-DBC, Class A, (1 mo. Term SOFR +
1.35%), 5.01%, 11/15/42
 
237
237,148
Series 2025-DBC, Class C, (1 mo. Term SOFR +
2.05%), 5.71%, 11/15/42
 
118
118,000
DBGS, Series 2024-SBL, Class A, (1 mo. Term SOFR
+ 1.88%), 5.54%, 08/15/34(a)(b)
 
260
259,837
DBSG Mortgage Trust, Series 2024-ALTA, Class A,
6.14%, 06/10/37(a)(b)
 
100
100,827
DC Trust, Series 2024-HLTN, Class A, 5.93%,
04/13/40(a)(b)
 
10
10,047
DK Trust(a)(b)
 
Series 2024-SPBX, Class A, (1 mo. Term SOFR +
1.50%), 5.15%, 03/15/34
 
72
72,000
Series 2024-SPBX, Class E, (1 mo. Term SOFR +
4.00%), 7.65%, 03/15/34
 
204
204,303
Series 2025-LXP, Class A, (1 mo. Term SOFR +
1.59%), 5.26%, 08/15/37
 
41
41,038
Series 2025-LXP, Class D, (1 mo. Term SOFR +
2.89%), 6.56%, 08/15/37
 
18
18,011
Durst Commercial Mortgage Trust, Series 2025-151,
Class D, 7.02%, 08/10/42(a)(b)
 
100
103,348
ELM Trust(a)(b)
 
Series 2024-ELM, Class A10, 5.99%, 06/10/39
 
75
75,049
Series 2024-ELM, Class A15, 5.99%, 06/10/39
 
75
75,049
Series 2024-ELM, Class E10, 8.05%, 06/10/39
 
95
94,985
Series 2024-ELM, Class XP10, 0.24%, 06/10/39
 
1,000
207
Series 2024-ELM, Class XP15, 1.61%, 06/10/39
 
1,005
1,383
EQT Trust, Series 2024-EXTR, Class A, 5.33%,
07/05/41(b)
 
346
351,073
Fashion Show Mall LLC, Series 2024-SHOW,
Class A, 5.27%, 10/10/41(a)(b)
 
17
17,127
Fontainebleau Miami Beach Mortgage Trust(a)(b)
 
Series 2024-FBLU, Class A, (1 mo. Term SOFR +
1.45%), 5.10%, 12/15/39
 
700
700,466
Series 2024-FBLU, Class G, (1 mo. Term SOFR +
5.65%), 9.30%, 12/15/39
 
100
100,927
FS(a)(b)
 
Series 2026-ORL, Class A, (1 mo. Term SOFR +
1.35%), 5.00%, 02/15/41
 
250
249,922
Series 2026-ORL, Class E, (1 mo. Term SOFR +
3.25%), 6.90%, 02/15/41
 
100
99,989
FS Rialto Issuer LLC(a)(b)
 
Series 2024-FL9, Class A, (1 mo. Term SOFR +
1.63%), 6.73%, 10/19/39
 
100
100,044
Series 2025-FL10, Class A, (1 mo. Term SOFR +
1.39%), 5.05%, 08/19/42
 
780
777,800
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
FS Trust, Series 2026-HULA, Class A, (1 mo. Term
SOFR + 1.45%), 5.10%, 03/15/41(a)(b)
USD
129
$ 129,000
GGP, Series 2026-TY, Class A, 4.83%, 03/05/43(a)(b)
 
42
41,585
GS Mortgage Securities Corp. Trust(a)(b)
 
Series 2023-FUN, Class B, (1 mo. Term SOFR +
2.79%), 6.45%, 03/15/28
 
510
509,841
Series 2024-RVR, Class E, 7.72%, 08/10/41
 
37
36,648
Series 2025-800D, Class A, (1 mo. Term SOFR +
2.65%), 6.31%, 11/25/41
 
210
210,003
GS Mortgage Securities Trust
 
Series 2017-GS8, Class A4, 3.47%, 11/10/50
 
300
295,495
Series 2019-GSA1, Class AS, 3.34%, 11/10/52
 
190
178,549
GSAT Trust, Series 2025-BMF, Class A, (1 mo. Term
SOFR + 1.50%), 5.15%, 07/15/40(a)(b)
 
100
99,875
GWT, Series 2024-WLF2, Class A, (1 mo. Term
SOFR + 1.69%), 5.35%, 05/15/41(a)(b)
 
142
142,266
Harvest Commercial Capital Loan Trust,
Series 2024-1, Class A, 6.16%, 10/25/56
 
490
498,296
HIH Trust(a)(b)
 
Series 2024-2061P, Class A, (1 mo. Term SOFR +
1.84%), 5.50%, 10/15/41
 
64
64,117
Series 2024-2061P, Class D, (1 mo. Term SOFR +
3.64%), 7.29%, 10/15/41
 
28
27,504
HILT Commercial Mortgage Trust(a)(b)
 
Series 2024-ORL, Class A, (1 mo. Term SOFR +
1.54%), 5.20%, 05/15/37
 
100
100,000
Series 2024-ORL, Class D, (1 mo. Term SOFR +
3.19%), 6.84%, 05/15/37
 
100
100,000
Hono Lulu Mortgage Trust, Series 2021-LULU,
Class A, (1 mo. Term SOFR + 1.26%), 4.92%,
10/15/36(a)(b)
 
100
98,938
HTL Commercial Mortgage Trust, Series 2024-T53,
Class E, 10.60%, 05/10/39(a)(b)
 
100
101,493
ILPT Commercial Mortgage Trust, Series 2025-LPF2,
Class A, 5.47%, 07/13/42(a)(b)
 
252
254,465
INT Commercial Mortgage Trust, Series 2025-PLAZA,
Class A, 5.04%, 11/05/37(a)(b)
 
100
99,899
INV Mortgage Trust, Series 2024-IND, Class A, (1 mo.
Term SOFR + 1.74%), 5.40%, 11/15/41(a)(b)
 
100
99,125
JP Morgan Chase Commercial Mortgage Securities
Trust
 
Series 2016-JP2, Class A4, 2.82%, 08/15/49
 
59
58,847
Series 2024-IGLG, Class A, 5.35%, 11/09/39(a)(b)
 
160
160,486
Series 2024-IGLG, Class D, 6.70%, 11/09/39(a)(b)
 
41
40,908
Series 2024-IGLG, Class E, 7.50%, 11/09/39(a)(b)
 
137
136,590
Series 2024-IGLG, Class F, 8.49%, 11/09/39(a)(b)
 
118
117,525
Series 2025-BHR5, Class A, (1 mo. Term SOFR +
1.69%), 5.35%, 03/15/40(a)(b)
 
63
63,000
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR5, Class A3, 3.12%, 06/13/52
 
40
38,505
JW Commercial Mortgage Trust(a)(b)
 
Series 2024-MRCO, Class A, (1 mo. Term SOFR +
1.62%), 5.28%, 06/15/39
 
119
119,000
Series 2024-MRCO, Class D, (1 mo. Term SOFR +
3.19%), 6.84%, 06/15/39
 
88
88,000
JW Trust, Series 2024-BERY, Class A, (1 mo. Term
SOFR + 1.59%), 5.25%, 11/15/39(a)(b)
 
600
601,125
KSL Commercial Mortgage Trust(b)
 
Class A, 5.55%, 06/15/42
 
262
261,927
Class E, 7.76%, 06/05/42
 
63
63,201
Series 2024-HT2, Class A, (1 mo. Term SOFR +
1.54%), 5.20%, 12/15/39(a)
 
89
89,121
Schedule of Investments
41
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Lagarino European Loan Conduit(a)(c)
 
Series 40X, Class B, (3-mo. EURIBOR + 2.15%),
4.26%, 06/22/37
EUR
90
$ 105,684
Series 40X, Class C, (3-mo. EURIBOR + 2.65%),
4.76%, 06/22/37
 
90
105,647
Series 40X, Class D, (3-mo. EURIBOR + 3.55%),
5.66%, 06/22/37
 
91
106,771
Last Mile Logistics Pan Euro Finance, Series 1X,
Class E, (3-mo. EURIBOR + 2.70%), 4.70%,
08/17/33(a)(c)
 
453
531,400
Last Mile Securities, Series 2021-1X, Class D, (3-mo.
EURIBOR + 2.35%), 4.35%, 08/17/31(a)(c)
 
232
272,220
LBA Trust(a)(b)
 
Series 2024-7IND, Class A, (1 mo. Term SOFR +
1.44%), 5.10%, 10/15/41
USD
43
42,638
Series 2024-7IND, Class D, (1 mo. Term SOFR +
2.64%), 6.30%, 10/15/41
 
12
12,081
LEX Trust(a)(b)
 
Series 2026-450, Class A, (1 mo. Term SOFR +
1.35%), 5.00%, 03/15/43
 
78
77,903
Series 2026-450, Class E, (1 mo. Term SOFR +
3.70%), 7.35%, 03/15/43
 
325
321,888
LoanCore(a)(b)
 
Series 2025-CRE8, Class A, (1 mo. Term SOFR +
1.39%), 5.05%, 08/17/42
 
427
427,061
Series 2025-CRE9, Class A, (1 mo. Term SOFR +
1.45%), 5.11%, 08/18/42
 
135
134,749
MAC Trust, Series 2025-801B, Class A, (1 mo. Term
SOFR + 1.70%), 5.35%, 10/15/40(a)(b)
 
100
99,894
MCR Mortgage Trust(b)
 
Series 2024-HF1, Class A, (1 mo. Term SOFR +
1.79%), 5.45%, 12/15/41(a)
 
90
90,353
Series 2024-HTL, Class C, (1 mo. Term SOFR +
3.11%), 6.76%, 02/15/37(a)
 
81
80,470
Series 2024-TWA, Class A, 5.92%, 06/12/39
 
70
70,438
Series 2024-TWA, Class E, 8.73%, 06/12/39
 
37
37,091
Series 2024-TWA, Class XA, 0.92%, 06/12/39
 
332
1,750
MF1 LLC, Series 2026-FL21, Class A, (1 mo. Term
SOFR + 1.35%), 5.01%, 02/18/41(a)(b)
 
106
105,827
MHP Trust, Series 2021-STOR, Class G, (1 mo. Term
SOFR + 2.86%), 6.52%, 07/15/38(a)(b)
 
250
249,844
MIC Trust, Series 2023-MIC, Class A, 8.73%,
12/05/38(a)(b)
 
31
33,000
MLTI Trust(a)(b)
 
Series 2026-SF75, Class A, (1 mo. Term SOFR +
1.40%), 5.05%, 03/15/36
 
108
107,866
Series 2026-SF75, Class E, (1 mo. Term SOFR +
3.25%), 6.90%, 03/15/36
 
101
99,842
Morgan Stanley Capital I Trust
 
Series 2016-UB11, Class A4, 2.78%, 08/15/49
 
305
303,341
Series 2019-H6, Class D, 3.00%, 06/15/52(b)
 
10
8,264
Series 2021-230P, Class B, (1 mo. Term SOFR +
1.56%), 5.22%, 12/15/38(a)(b)
 
10
9,400
Series 2024-NSTB, Class A, 3.90%, 09/24/57(a)(b)
 
62
61,181
MSWF Commercial Mortgage Trust, Series 2023-2,
Class XA, 1.15%, 12/15/56(a)
 
1,085
57,809
MTN Commercial Mortgage Trust(a)(b)
 
Series 2022-LPFL, Class A, (1 mo. Term SOFR +
1.40%), 5.06%, 03/15/39
 
100
99,969
Series 2026-LPFX, Class A, 05/15/43(d)
 
100
100,578
NCMF Trust(a)(b)
 
Series 2025-MFS, Class A, 5.05%, 06/10/33
 
140
139,619
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
NCMF Trust(a)(b) (continued)
 
Series 2025-MFS, Class E, 7.78%, 06/10/33
USD
393
$ 394,319
Series 2025-MFS, Class F, 8.72%, 06/10/33
 
282
283,147
NRTH Commercial Mortgage Trust, Series 2025-
PARK, Class A, (1 mo. Term SOFR + 1.39%),
5.05%, 10/15/40(a)(b)
 
100
99,938
NY Commercial Mortgage Trust, Series 2025-299P,
Class B, 6.13%, 02/10/47(a)(b)
 
271
278,389
NYC Commercial Mortgage Trust(a)(b)
 
Series 2025-11X, Class A, (1 mo. Term SOFR +
1.74%), 5.40%, 10/15/40
 
172
172,430
Series 2025-28L, Class A, 4.82%, 11/05/38
 
139
138,619
Series 2025-300P, Class E, 7.39%, 07/13/42
 
112
112,069
NYCT Trust, Series 2024-3ELV, Class A, (1 mo. Term
SOFR + 1.99%), 5.65%, 08/15/29(a)(b)
 
172
172,000
One New York Plaza Trust, Series 2020-1NYP,
Class A, (1 mo. Term SOFR + 1.06%), 4.72%,
01/15/36(a)(b)
 
106
102,744
ORL Trust, Series 2024-GLKS, Class A, (1 mo. Term
SOFR + 1.49%), 5.15%, 12/15/39(a)(b)
 
100
100,156
Park Avenue Mortgage Trust(a)(b)
 
Series 2017-280P, Class B, (1 mo. Term SOFR +
1.38%), 5.04%, 09/15/34
 
283
281,762
Series 2017-280P, Class E, (1 mo. Term SOFR +
2.42%), 6.08%, 09/15/34
 
138
136,727
PENN Commercial Mortgage Trust, Series 2025-P11,
Class A, 5.34%, 08/10/42(b)
 
31
31,486
PGA Trust, Series 2024-RSR2, Class A, (1 mo. Term
SOFR + 1.89%), 5.55%, 06/15/39(a)(b)
 
38
37,988
PLYM Commercial Mortgage Trust, Series 2026-IND,
Class D, (1 mo. Term SOFR + 2.15%), 5.80%,
03/15/43(a)(b)
 
100
99,500
PRM5 Trust, Series 2025-PRM5, Class D, 5.81%,
03/10/33(a)(b)
 
489
485,039
Sage AR Funding, Series 2026-1X, Class C, (1-day
SONIA GBP 1.75%), 5.49%, 05/18/38(a)(c)
GBP
168
227,151
SCG Commercial Mortgage Trust(a)(b)
 
Series 2025-DLFN, Class E, (1 mo. Term SOFR +
2.95%), 6.60%, 03/15/35
USD
109
109,024
Series 2025-FLWR, Class A, (1 mo. Term SOFR +
1.25%), 4.90%, 08/15/42
 
44
44,055
SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term
SOFR + 2.44%), 6.10%, 04/15/42(a)(b)
 
100
100,000
SELF Commercial Mortgage Trust(a)(b)
 
Series 2024-STRG, Class A, (1 mo. Term SOFR +
1.54%), 5.20%, 11/15/34
 
6
6,278
Series 2024-STRG, Class E, (1 mo. Term SOFR +
4.19%), 7.84%, 11/15/34
 
70
69,760
SG Commercial Mortgage Securities Trust,
Series 2019-PREZ, Class E, 3.59%, 09/15/39(a)(b)
 
26
22,108
SHR Trust(a)(b)
 
Series 2024-LXRY, Class A, (1 mo. Term SOFR +
1.95%), 5.60%, 10/15/41
 
191
191,668
Series 2024-LXRY, Class D, (1 mo. Term SOFR +
3.60%), 7.25%, 10/15/41
 
100
100,313
Taurus, Series 2025-UK2X, Class D, (1-day SONIA
GBP 3.20%), 6.94%, 02/18/35(a)(c)
GBP
166
225,550
TYSN Mortgage Trust, Series 2023-CRNR, Class A,
6.80%, 12/10/33(a)(b)
USD
376
390,592
UBS Commercial Mortgage Trust, Series 2017-C4,
Class AS, 3.84%, 10/15/50(a)
 
580
563,903
42
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
UK Logistics, Series 2025-1X, Class D, (1-day SONIA
GBP 4.00%), 7.74%, 05/17/35(a)(c)
GBP
136
$ 185,048
UNIV Trust, Series 2025-APTS, Class A, (1 mo. Term
SOFR + 1.65%), 5.30%, 11/15/42(a)(b)
USD
124
123,691
VCC Trust, Series 2025-MC1, Class A1, 8.16%,
05/25/55(b)
 
70
69,847
VEGAS(a)(b)
 
Series 2024-GCS, Class C, 6.42%, 07/10/36
 
140
141,149
Series 2024-GCS, Class D, 6.42%, 07/10/36
 
215
213,431
Velocity Commercial Capital Loan Trust(b)
 
Series 2020-1, Class AFX, 2.61%, 02/25/50(a)
 
410
385,044
Series 2022-3, Class A, 5.22%, 06/25/52(a)
 
132
129,742
Series 2023-2, Class M1, 7.03%, 05/25/53(a)
 
68
68,544
Series 2024-1, Class A, 6.55%, 01/25/54(a)
 
72
73,300
Series 2024-5, Class A, 5.49%, 10/25/54
 
70
69,334
Series 2025-1, Class M2, 6.98%, 02/25/55(a)
 
1,248
1,260,668
Series 2025-1, Class M3, 7.33%, 02/25/55(a)
 
100
100,598
Series 2025-3, Class A, 5.87%, 06/25/55(a)
 
520
521,329
Series 2025-3, Class M3, 7.38%, 06/25/55(a)
 
99
100,025
Wells Fargo Commercial Mortgage Trust
 
Series 2017-C40, Class A4, 3.58%, 10/15/50
 
200
197,465
Series 2019-C49, Class D, 3.00%, 03/15/52(b)
 
10
8,103
Series 2024-1CHI, Class A, 5.48%, 07/15/35(a)(b)
 
154
154,548
Series 2024-BPRC, Class B, 6.22%, 07/15/43(b)
 
176
179,196
Series 2024-BPRC, Class C, 6.43%, 07/15/43(b)
 
112
111,826
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b)
 
50
49,842
Series 2024-BPRC, Class X, 0.31%, 07/15/43(a)(b)
 
1,390
11,139
WEST Trust, Series 2025-ROSE, Class A, 5.45%,
04/10/35(a)(b)
 
56
56,316
WHARF Commercial Mortgage Trust(a)(b)
 
Series 2025-DC, Class A, 5.53%, 07/15/40
 
114
116,005
Series 2025-DC, Class E, 7.98%, 07/15/40
 
115
118,044
 
 
41,059,058
Interest Only Collateralized Mortgage Obligations(a) — 0.1%
JP Morgan Resecuritization Trust, Series 2014-5,
Class 5C, 0.00%, 05/27/36(b)
 
1,344
218,823
Residential Asset Securitization Trust, Series 2007-
A9, Class A2, (1 mo. Term SOFR + 6.34%), 2.68%,
09/25/37
 
1,094
131,761
 
 
350,584
Total Non-Agency Mortgage-Backed Securities — 12.2%
(Cost: $155,413,473)
154,995,247
Preferred Securities
Capital Trusts — 0.6%(a)
Automobile Components — 0.0%
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54
 
49
50,233
Banks(c)(k) — 0.1%
Standard Chartered PLC, 7.63%
 
200
209,750
UBS Group AG, 7.13%
AUD
285
200,569
United Overseas Bank Ltd., 3.00%
SGD
250
195,559
 
 
605,878
Capital Markets — 0.0%
HA Sustainable Infrastructure Capital, Inc., 7.13%,
11/15/56
USD
76
76,721
Security
 
Par
(000)
Value
Chemicals — 0.0%
FMC Corp., 8.45%, 11/01/55
USD
73
$ 48,380
Diversified Telecommunication Services — 0.1%
Bell Telephone Co. of Canada or Bell Canada
 
6.88%, 09/15/55
 
46
47,194
7.00%, 09/15/55
 
50
51,888
British Telecommunications PLC, 8.38%, 12/20/83(c)
GBP
300
429,145
TELUS Corp.
 
7.00%, 10/15/55
USD
32
33,098
6.63%, 06/09/56
 
32
31,824
 
 
593,149
Electric Utilities — 0.3%
AES Corp., 7.60%, 01/15/55
 
45
45,843
CenterPoint Energy, Inc., 6.70%, 05/15/55
 
290
295,829
Dominion Energy, Inc., 6.00%, 02/15/56
 
691
691,362
Edison International
 
8.13%, 06/15/53
 
50
51,297
7.88%, 06/15/54
 
50
51,577
EDP SA, Series NC5., 1.50%, 03/14/82(c)
EUR
200
230,704
Electricite de France SA, 9.13%(b)(k)
USD
56
65,299
Entergy Corp., 7.13%, 12/01/54
 
204
210,014
Nevada Power Co., 6.25%, 05/15/55
 
261
262,064
NextEra Energy Capital Holdings, Inc.
 
6.75%, 06/15/54
 
55
57,592
6.38%, 08/15/55
 
829
846,022
4.00%, 05/15/56
EUR
400
456,951
PG&E Corp.
 
7.38%, 03/15/55(f)
USD
112
115,198
6.85%, 09/15/56
 
457
456,909
Sempra
 
6.88%, 10/01/54
 
98
99,735
6.38%, 04/01/56
 
95
96,084
Southern Co.
 
6.00%, 04/01/58
 
124
125,359
Series 2025, 6.38%, 03/15/55
 
25
25,751
 
 
4,183,590
Financial Services — 0.0%
Ally Financial, Inc., Series D, 7.10%
 
89
88,930
Insurance — 0.0%
American National Group, Inc., 7.00%, 12/01/55(f)
 
40
39,089
Internet Software & Services — 0.0%
Rakuten Group, Inc., 4.25%(c)(k)
EUR
200
229,163
Multi-Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(b)
USD
55
57,142
Veolia Environnement SA, 2.00%(c)(k)
EUR
300
342,494
 
 
399,636
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., 7.38%, 03/15/55
USD
25
26,434
Energy Transfer LP
 
8.00%, 05/15/54
 
29
30,741
7.13%, 10/01/54
 
46
47,229
6.50%, 02/15/56
 
43
43,116
6.75%, 02/15/56
 
33
33,237
Phillips 66 Co., Series A, 5.88%, 03/15/56
 
101
100,672
Sunoco LP, 7.88%(b)(k)
 
39
40,387
Schedule of Investments
43
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Thaioil Treasury Center Co. Ltd., 6.10%(c)(k)
USD
200
$ 195,500
TotalEnergies SE, 2.00%(c)(k)
EUR
300
347,724
 
 
865,040
Pharmaceuticals — 0.0%
CVS Health Corp.
 
6.75%, 12/10/54
USD
75
77,702
7.00%, 03/10/55
 
75
77,814
 
 
155,516
 
7,335,325
 
 
 
 
Shares
 
Preferred Stocks — 0.0%
Aerospace & Defense — 0.0%
Boeing Co., 6.00%, 10/15/27(f)(j)
 
750
54,150
 
54,150
Total Preferred Securities — 0.6%
(Cost: $7,399,598)
7,389,475
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(a) — 0.6%
Fannie Mae REMICS
 
Series 2023-35, Class FC, (30-day Avg SOFR +
1.10%), 4.75%, 08/25/53
USD
201
202,831
Series 2023-68, Class FB, (30-day Avg SOFR +
1.05%), 4.70%, 01/25/54
 
200
201,906
Series 2024-63, Class FH, (30-day Avg SOFR +
1.10%), 4.75%, 09/25/54
 
141
141,729
Series 2024-88, Class FC, (30-day Avg SOFR +
1.40%), 5.05%, 12/25/54
 
116
117,187
Series 2024-96, Class FA, (30-day Avg SOFR +
1.40%), 5.05%, 12/25/54
 
190
192,305
Series 2025-1, Class FX, (30-day Avg SOFR +
1.35%), 5.00%, 02/25/55
 
118
119,869
Series 2025-13, Class FB, (30-day Avg SOFR +
1.30%), 4.95%, 03/25/55
 
141
142,673
Series 2025-2, Class FG, (30-day Avg SOFR +
1.45%), 5.10%, 02/25/55
 
302
305,865
Series 2025-35, Class FJ, (30-day Avg SOFR +
1.60%), 5.25%, 05/25/55
 
382
388,394
Series 2025-63, Class DF, (30-day Avg SOFR +
1.40%), 5.05%, 08/25/55
 
103
104,835
Series 2025-9, Class FG, (30-day Avg SOFR +
1.35%), 5.00%, 03/25/55
 
79
79,802
Freddie Mac REMICS
 
Series 5468, Class WF, (30-day Avg SOFR +
1.10%), 4.75%, 11/25/54
 
155
156,407
Series 5471, Class FM, (30-day Avg SOFR +
1.40%), 5.05%, 11/25/54
 
1,086
1,099,372
Series 5478, Class FD, (30-day Avg SOFR +
1.40%), 5.05%, 02/25/54
 
93
93,973
Series 5482, Class FB, (30-day Avg SOFR +
1.50%), 5.15%, 12/25/54
 
177
179,911
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
 
Series 5500, Class DF, (30-day Avg SOFR +
1.35%), 5.00%, 10/25/54
USD
122
$ 124,195
Series 5502, Class EF, (30-day Avg SOFR +
1.40%), 5.05%, 02/25/55
 
97
98,387
Series 5503, Class FB, (30-day Avg SOFR +
1.35%), 5.00%, 02/25/55
 
112
112,999
Series 5508, Class FE, (30-day Avg SOFR +
1.60%), 5.25%, 02/25/55
 
132
133,875
Series 5513, Class FD, (30-day Avg SOFR +
1.35%), 5.00%, 01/25/55
 
1,050
1,062,659
Series 5516, Class FC, (30-day Avg SOFR +
1.40%), 5.05%, 03/25/55
 
2,399
2,432,452
Series 5543, Class FH, (30-day Avg SOFR +
1.50%), 5.15%, 06/25/55
 
136
138,043
Series 5563, Class FA, (30-day Avg SOFR +
1.35%), 5.00%, 08/25/55
 
271
274,817
Series 5574, Class FB, (30-day Avg SOFR +
1.35%), 5.00%, 09/25/55
 
121
122,372
Ginnie Mae, Series 2025-9, Class FE, (30-day Avg
SOFR + 1.25%), 4.89%, 01/20/55
 
123
123,738
 
 
8,150,596
Commercial Mortgage-Backed Securities — 0.0%
Fannie Mae-Aces, Series 2021-M4, Class A2, 1.51%,
02/25/31(a)
 
150
132,463
Freddie Mac Multiclass Certificates, Series 2024-
P015, Class A1, 4.44%, 11/25/32(a)
 
25
24,658
Ginnie Mae
 
Series 2023-119, Class AD, 2.25%, 04/16/65
 
37
29,325
Series 2023-50, Class AC, 3.25%, 09/16/63(a)
 
23
20,242
Series 2025-126B, Class AD, 5.00%, 05/16/65
 
50
49,233
Series 2025-129, Class AB, 4.75%, 09/16/54
 
36
36,226
Series 2025-88, Class AT, 5.00%, 06/16/58
 
110
109,510
 
 
401,657
Mortgage-Backed Securities — 41.5%
Fannie Mae Mortgage-Backed Securities, 5.81%,
06/01/31
 
123
126,202
Freddie Mac Mortgage-Backed Securities
 
2.50%, 10/01/31
 
110
106,001
3.50%, 04/01/48
 
55
50,803
Ginnie Mae Mortgage-Backed Securities(p)
 
4.00%, 11/20/40 - 05/20/56
 
3,647
3,415,148
3.50%, 09/20/46 - 05/20/56
 
5,447
4,968,171
4.50%, 02/20/49 - 05/20/56
 
3,921
3,793,659
3.00%, 06/20/50 - 05/20/56
 
6,371
5,677,860
2.00%, 01/20/51 - 05/20/56
 
15,510
12,761,390
2.50%, 10/20/51 - 05/20/56
 
14,712
12,607,023
5.00%, 11/20/52 - 05/20/56
 
12,858
12,754,357
5.50%, 02/20/53 - 05/20/56
 
11,951
12,034,859
6.50%, 10/20/53 - 06/15/54
 
4,824
5,038,482
6.00%, 07/20/54 - 05/20/56
 
7,566
7,714,461
Uniform Mortgage-Backed Securities(p)
 
3.00%, 07/01/31 - 06/11/56
 
27,013
23,858,422
3.50%, 05/01/33 - 06/11/56
 
42,946
39,292,349
2.50%, 01/01/35 - 06/11/56
 
55,536
47,000,476
2.00%, 05/01/36 - 05/13/56
 
62,705
51,537,509
1.50%, 09/01/36 - 05/13/56
 
10,384
8,271,594
4.00%, 05/15/39 - 06/11/56
 
16,189
15,299,775
4.50%, 05/18/41 - 05/13/56
 
20,071
19,386,802
5.50%, 09/01/48 - 06/11/56
 
79,298
79,781,978
44
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities(p) (continued)
 
5.00%, 06/01/52 - 05/13/56
USD
105,843
$ 104,385,450
6.00%, 10/01/52 - 06/11/56
 
45,592
46,605,710
6.50%, 11/01/52 - 05/13/56
 
11,369
11,827,364
 
 
528,295,845
Total U.S. Government Sponsored Agency Securities — 42.1%
(Cost: $536,545,334)
536,848,098
U.S. Treasury Obligations
U.S. Treasury Bonds
 
1.13%, 05/15/40 - 08/15/40
 
5,102
3,177,440
4.25%, 11/15/40
 
1,024
968,720
1.88%, 02/15/41 - 11/15/51
 
7,743
4,577,570
1.75%, 08/15/41
 
10,400
6,903,406
3.75%, 08/15/41 - 11/15/43
 
6,010
5,167,880
2.38%, 02/15/42 - 05/15/51
 
1,446
947,935
3.00%, 05/15/42 - 08/15/52
 
14,938
10,931,920
3.88%, 02/15/43
 
718
632,762
3.63%, 08/15/43 - 05/15/53
 
1,037
860,346
4.75%, 11/15/43 - 11/15/53
 
5,864
5,726,604
3.38%, 05/15/44 - 11/15/48
 
1,900
1,535,128
3.13%, 08/15/44 - 05/15/48(q)(r)
 
42,866
31,933,754
4.13%, 08/15/44 - 08/15/53
 
10,167
8,868,780
4.63%, 11/15/44 - 11/15/55
 
3,643
3,439,366
2.75%, 11/15/47
 
686
479,075
2.25%, 08/15/49
 
1,239
761,914
1.63%, 11/15/50
 
909
468,232
2.00%, 08/15/51
 
419
235,540
2.88%, 05/15/52
 
2,623
1,795,731
4.00%, 11/15/52
 
4,500
3,819,023
U.S. Treasury Inflation-Indexed Notes
 
1.63%, 04/15/30(f)
 
5,030
5,108,957
0.13%, 01/15/31
 
7,015
6,647,153
U.S. Treasury Notes
 
4.63%, 10/15/26 - 02/15/35
 
1,258
1,276,413
4.13%, 02/15/27 - 02/15/36
 
6,550
6,571,872
2.75%, 04/30/27 - 08/15/32
 
19,994
19,758,533
4.50%, 05/15/27 - 12/31/31
 
2,001
2,037,953
3.75%, 06/30/27 - 01/31/31
 
1,177
1,174,840
4.38%, 07/15/27 - 01/31/32
 
319
323,244
3.38%, 09/15/27 - 09/15/28
 
61
60,479
0.38%, 09/30/27
 
1,103
1,050,694
3.50%, 09/30/27 - 04/30/30
 
1,226
1,213,971
3.88%, 11/30/27 - 08/15/34(f)
 
50,771
50,704,861
4.25%, 01/15/28 - 05/15/35
 
396
393,834
4.00%, 02/29/28 - 11/15/35
 
48,829
48,863,335
3.63%, 03/31/28 - 09/30/31
 
12,620
12,484,196
2.88%, 08/15/28 - 05/15/32(f)(q)
 
69,552
65,753,787
4.88%, 10/31/28 - 10/31/30
 
21,919
22,603,846
3.25%, 06/30/29
 
1,009
988,899
0.63%, 08/15/30
 
615
533,945
Total U.S. Treasury Obligations — 26.7%
(Cost: $343,155,272)
340,781,938
Total Long-Term Investments — 116.8%
(Cost: $1,489,233,439)
1,488,741,594
Security
 
Par
(000)
Value
Short-Term Securities
Foreign Agency Obligations — 0.1%
Brazil Letras do Tesouro Nacional(s)
 
14.02%, 07/01/26
BRL
449
$ 88,707
14.01%, 10/01/26
 
2,047
391,083
Egypt Treasury Bills(s)
 
21.43%, 05/05/26
EGP
4,725
87,935
23.77%, 06/23/26
 
3,700
66,942
23.40%, 10/20/26
 
3,550
59,615
Mexican Bonos, Series M, 7.00%, 09/03/26
MXN
5,148
295,012
 
989,294
 
 
 
 
Shares
 
Money Market Funds — 12.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.83%(n)(t)(u)
 
38,965,333
38,977,023
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.54%(n)(t)
 
114,745,856
114,745,856
 
153,722,879
Total Short-Term Securities — 12.2%
(Cost: $154,683,942)
154,712,173
Options Purchased — 0.0%
(Cost: $464,691)
389,881
Total Investments Before TBA Sale Commitments and
Options Written — 129.0%
(Cost: $1,644,382,072)
1,643,843,648
 
 
 
Par
(000)
 
TBA Sale Commitments(p)
Mortgage-Backed Securities — (16.3)%
Ginnie Mae Mortgage-Backed Securities
 
2.00%, 05/20/56
USD
(146
)
(120,092
)
2.50%, 05/20/56
 
(136
)
(116,473
)
3.00%, 05/20/56
 
(26
)
(23,152
)
3.50%, 05/20/56
 
(229
)
(206,968
)
5.00%, 05/20/56
 
(114
)
(113,001
)
5.50%, 05/20/56
 
(118
)
(118,829
)
6.00%, 05/20/56
 
(128
)
(130,491
)
6.50%, 05/15/54
 
(302
)
(315,443
)
Uniform Mortgage-Backed Securities
 
1.50%, 05/13/56
 
(93
)
(71,208
)
2.00%, 05/18/41 - 06/11/56
 
(546
)
(442,460
)
2.50%, 05/18/41 - 05/13/56
 
(6,923
)
(5,797,042
)
3.00%, 03/25/37 - 05/13/56
 
(4,237
)
(3,709,307
)
3.50%, 05/18/41 - 05/13/56
 
(7,781
)
(7,083,927
)
4.00%, 05/15/39 - 05/13/56
 
(358
)
(335,768
)
4.50%, 05/18/41 - 06/11/56
 
(33,146
)
(31,873,026
)
5.00%, 05/13/56 - 06/11/56
 
(122,518
)
(120,646,125
)
5.50%, 05/13/56
 
(15,668
)
(15,745,938
)
Schedule of Investments
45
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
 
6.00%, 05/13/56
USD
(19,530
)
$ (19,936,859
)
6.50%, 05/13/56
 
(680
)
(705,479
)
Total TBA Sale Commitments — (16.3)%
(Proceeds: $(208,708,210))
(207,491,588
)
Options Written — (0.2)%
(Premiums Received: $(2,083,480))
(2,260,243
)
Total Investments, Net of TBA Sale Commitments and
Options Written — 112.5%
(Cost: $1,433,590,382)
1,434,091,817
Liabilities in Excess of Other Assets — (12.5)%
(159,611,686
)
Net Assets — 100.0%
$ 1,274,480,131
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(d)
When-issued security.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan.
(g)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(h)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(i)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $237,937, representing less than 0.05% of its net assets
as of period end, and an original cost of $235,000.
(j)
Convertible security.
(k)
Perpetual security with no stated maturity date.
(l)
Issuer filed for bankruptcy and/or is in default.
(m)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(n)
Affiliate of the Fund.
(o)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(p)
Represents or includes a TBA transaction.
(q)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(r)
All or a portion of the security has been pledged as collateral in connection with
outstanding TBA commitments.
(s)
Rates are discount rates or a range of discount rates as of period end.
(t)
Annualized 7-day yield as of period end.
(u)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 21,246,207
$ 17,736,654
(a)
$ —
$ (4,900
)
$ (938
)
$ 38,977,023
38,965,333
$ 40,286
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
192,172,783
—
(77,426,927
)(a)
—
—
114,745,856
114,745,856
3,165,106
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF
—
5,808,120
—
(111,317
)
6,937
5,703,740
52,400
40,622
—
 
$ (116,217
)
$ 5,999
$ 159,426,619
$ 3,246,014
$ —
 
(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.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
Euro BTP
19
06/08/26
$ 2,608
$ (12,073
)
Euro Bund
139
06/08/26
20,451
(47,492
)
Short Term Euro BTP
4
06/08/26
498
(2,799
)
10-Year Australian Treasury Bonds
695
06/15/26
53,571
(526,083
)
46
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts (continued)
10-Year U.S. Treasury Note
99
06/18/26
$ 10,944
$ (50,323
)
10-Year U.S. Ultra Long Treasury Note
174
06/18/26
9,362
(330,954
)
S&P 500 E-Mini Index
1
06/18/26
362
24,392
U.S. Long Bond
58
06/18/26
6,536
(58,359
)
Ultra U.S. Treasury Bond
164
06/18/26
8,498
(612,834
)
10-Year Canadian Bond
7
06/19/26
614
(3,617
)
2-Year U.S. Treasury Note
464
06/30/26
44,118
(204,140
)
5-Year U.S. Treasury Note
570
06/30/26
52,185
(454,397
)
3-Month SOFR
100
03/16/27
24,076
(118,343
)
3-Month SOFR
25
03/14/28
6,025
(18,101
)
3-Month SOFR
25
03/20/29
6,024
(5,595
)
 
(2,420,718
)
Short Contracts 
30-Year Euro Buxl Bond
1
06/08/26
128
727
Euro BOBL
11
06/08/26
1,490
4,011
Euro BTP
55
06/08/26
7,550
175,148
Euro Bund
35
06/08/26
441
9,690
Euro OAT
15
06/08/26
2,100
301
10-Year Australian Treasury Bonds
21
06/15/26
1,619
15,761
10-Year U.S. Treasury Note
467
06/18/26
14,261
132,176
E-mini Russell 2000 Index
5
06/18/26
702
(74,672
)
U.S. Long Bond
33
06/18/26
3,719
66,510
10-Year Canadian Bond
419
06/19/26
36,747
318,509
Euro Stoxx 50 Index
2
06/19/26
137
(8,349
)
Long Gilt
78
06/26/26
118
83,658
2-Year U.S. Treasury Note
19
06/30/26
3,935
(447
)
5-Year U.S. Treasury Note
6
06/30/26
647
(86
)
 
722,937
 
$ (1,697,781
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
PEN
211,500
USD
59,918
Citibank N.A.
05/04/26
$ 376
PEN
117,691
USD
33,342
HSBC Bank PLC
05/04/26
209
USD
34,000
PEN
117,691
HSBC Bank PLC
05/04/26
449
BRL
482,277
USD
90,802
Barclays Bank PLC
05/05/26
6,592
BRL
57,530
USD
11,532
BNP Paribas SA
05/05/26
86
BRL
2,697,477
USD
510,501
BNP Paribas SA
05/05/26
34,246
BRL
3,488,360
USD
699,266
BNP Paribas SA
05/05/26
5,197
BRL
54,956
USD
11,016
Citibank N.A.
05/05/26
82
BRL
55,154
USD
11,000
Citibank N.A.
05/05/26
138
BRL
55,165
USD
11,058
Citibank N.A.
05/05/26
82
BRL
55,253
USD
11,000
Citibank N.A.
05/05/26
158
BRL
284,272
USD
56,984
Citibank N.A.
05/05/26
424
BRL
294,801
USD
59,095
Citibank N.A.
05/05/26
439
BRL
458,643
USD
91,938
Citibank N.A.
05/05/26
683
BRL
2,385,595
USD
478,209
Citibank N.A.
05/05/26
3,554
BRL
3,488,360
USD
698,231
Citibank N.A.
05/05/26
6,232
BRL
54,733
USD
11,000
Deutsche Bank AG
05/05/26
53
BRL
112,299
USD
22,000
Goldman Sachs International
05/05/26
678
BRL
117,403
USD
23,000
Goldman Sachs International
05/05/26
709
BRL
166,402
USD
33,000
Goldman Sachs International
05/05/26
604
BRL
55,830
USD
11,192
HSBC Bank PLC
05/05/26
83
BRL
54,799
USD
11,000
Morgan Stanley & Co. International PLC
05/05/26
66
Schedule of Investments
47
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
CZK
229,989
USD
11,057
Goldman Sachs International
05/26/26
$ 15
CZK
413,015
USD
19,806
Goldman Sachs International
05/26/26
78
USD
205,086
COP
735,273,896
BNP Paribas SA
05/26/26
3,996
USD
52,518
IDR
905,554,329
Citibank N.A.
05/26/26
224
USD
120,539
MXN
2,095,261
UBS AG
05/26/26
805
USD
68,779
PHP
4,140,970
Barclays Bank PLC
05/26/26
1,374
USD
228,694
ZAR
3,779,113
State Street Bank and Trust Co.
05/26/26
2,182
INR
2,382,562
USD
25,000
Citibank N.A.
05/27/26
32
INR
44,266,486
USD
464,484
Citibank N.A.
05/27/26
601
USD
33,000
INR
3,117,164
Citibank N.A.
05/27/26
250
USD
71,000
INR
6,706,624
Citibank N.A.
05/27/26
537
BRL
55,343
USD
11,000
Citibank N.A.
06/02/26
96
BRL
461,870
USD
91,802
Citibank N.A.
06/02/26
798
BRL
2,402,379
USD
477,501
Citibank N.A.
06/02/26
4,151
BRL
143,234
USD
25,765
JPMorgan Chase Bank N.A.
06/02/26
2,952
AUD
868,000
USD
623,525
JPMorgan Chase Bank N.A.
06/17/26
888
BRL
1,229,288
USD
243,000
Barclays Bank PLC
06/17/26
2,596
BRL
2,455,418
USD
486,000
Barclays Bank PLC
06/17/26
4,561
BRL
2,455,661
USD
486,000
Barclays Bank PLC
06/17/26
4,610
BRL
2,458,577
USD
486,000
Barclays Bank PLC
06/17/26
5,192
BRL
947,818
USD
177,677
Goldman Sachs International
06/17/26
11,685
BRL
1,184,259
USD
222,000
Goldman Sachs International
06/17/26
14,600
BRL
1,184,259
USD
222,000
Goldman Sachs International
06/17/26
14,600
BRL
2,390,709
USD
446,161
HSBC Bank PLC
06/17/26
31,472
CNH
520,000
USD
76,021
Morgan Stanley & Co. International PLC
06/17/26
319
COP
791,555,000
USD
206,000
Morgan Stanley & Co. International PLC
06/17/26
9,442
EUR
305,000
USD
352,208
JPMorgan Chase Bank N.A.
06/17/26
6,465
EUR
2,193,000
USD
2,534,170
State Street Bank and Trust Co.
06/17/26
44,744
EUR
3,785,461
USD
4,443,906
Toronto-Dominion Bank
06/17/26
7,703
JPY
61,223,000
USD
386,546
JPMorgan Chase Bank N.A.
06/17/26
5,869
MXN
12,049,702
USD
669,242
Bank of America N.A.
06/17/26
18,075
MXN
2,352,981
USD
130,758
Societe Generale
06/17/26
3,456
MXN
4,138,837
USD
230,000
Societe Generale
06/17/26
6,080
SGD
63,650
USD
49,907
BNP Paribas SA
06/17/26
252
SGD
90,000
USD
70,877
JPMorgan Chase Bank N.A.
06/17/26
48
USD
76,502
CNH
520,000
BNP Paribas SA
06/17/26
162
USD
147,058
CNH
1,000,000
JPMorgan Chase Bank N.A.
06/17/26
249
USD
23,522
EUR
20,000
Barclays Bank PLC
06/17/26
2
USD
1,745,254
EUR
1,477,000
Barclays Bank PLC
06/17/26
8,338
USD
1,243,481
EUR
1,051,000
BNP Paribas SA
06/17/26
7,531
USD
959,427
EUR
812,000
JPMorgan Chase Bank N.A.
06/17/26
4,535
USD
382,391
EUR
324,000
State Street Bank and Trust Co.
06/17/26
1,375
USD
35,258
IDR
610,000,000
Bank of America N.A.
06/17/26
69
USD
49,250
IDR
840,850,000
Bank of America N.A.
06/17/26
744
USD
149,130
IDR
2,510,000,000
Bank of America N.A.
06/17/26
4,334
USD
444,000
IDR
7,550,131,200
Barclays Bank PLC
06/17/26
8,453
USD
47,058
IDR
812,322,444
BNP Paribas SA
06/17/26
198
USD
48,859
IDR
828,300,000
BNP Paribas SA
06/17/26
1,076
USD
37,093
IDR
640,000,000
Citibank N.A.
06/17/26
173
USD
47,096
IDR
812,588,364
Citibank N.A.
06/17/26
220
USD
74,285
IDR
1,250,000,000
Citibank N.A.
06/17/26
2,176
USD
150,104
IDR
2,530,000,000
HSBC Bank PLC
06/17/26
4,155
USD
74,711
IDR
1,260,000,000
Morgan Stanley & Co. International PLC
06/17/26
2,025
USD
37,061
IDR
640,000,000
Societe Generale
06/17/26
141
USD
221,410
INR
20,600,000
Bank of America N.A.
06/17/26
5,492
USD
391,660
JPY
60,600,000
Goldman Sachs International
06/17/26
3,239
USD
7,467
PHP
458,458
Bank of America N.A.
06/17/26
13
USD
72,256
PHP
4,400,000
Barclays Bank PLC
06/17/26
716
USD
73,346
PHP
4,400,000
BNP Paribas SA
06/17/26
1,806
USD
613,490
PHP
36,754,772
BNP Paribas SA
06/17/26
15,895
USD
71,696
THB
2,300,000
Barclays Bank PLC
06/17/26
902
USD
53,241
THB
1,700,000
Citibank N.A.
06/17/26
916
48
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
ZAR
11,316,213
USD
669,242
Citibank N.A.
06/17/26
$ 7,906
ZAR
2,192,579
USD
130,758
State Street Bank and Trust Co.
06/17/26
443
ZAR
7,178,724
USD
428,000
State Street Bank and Trust Co.
06/17/26
1,566
MYR
600,000
USD
150,659
Morgan Stanley & Co. International PLC
06/18/26
683
CZK
820,480
USD
39,326
Citibank N.A.
06/22/26
188
TRY
1,335,641
USD
28,130
Barclays Bank PLC
06/22/26
119
USD
80,253
CNH
545,096
HSBC Bank PLC
06/22/26
200
USD
276,584
COP
998,964,424
Morgan Stanley & Co. International PLC
06/22/26
4,966
USD
105,712
COP
380,508,690
State Street Bank and Trust Co.
06/22/26
2,252
USD
135,716
CZK
2,803,997
HSBC Bank PLC
06/22/26
678
USD
100,106
HUF
30,988,597
Natwest Markets PLC
06/22/26
519
USD
170,971
IDR
2,933,289,986
BNP Paribas SA
06/22/26
1,801
USD
217,703
IDR
3,735,063,238
BNP Paribas SA
06/22/26
2,293
USD
679,056
MXN
11,815,351
Barclays Bank PLC
06/22/26
5,387
USD
26,426
MXN
459,580
BNP Paribas SA
06/22/26
222
USD
106,081
MXN
1,849,473
State Street Bank and Trust Co.
06/22/26
631
USD
30,093
PEN
103,697
Citibank N.A.
06/22/26
621
USD
430,257
PHP
25,824,870
Barclays Bank PLC
06/22/26
10,462
USD
529,878
PLN
1,908,302
Morgan Stanley & Co. International PLC
06/22/26
3,468
USD
19,558
UYU
776,531
HSBC Bank PLC
06/22/26
387
USD
871,066
ZAR
14,428,767
HSBC Bank PLC
06/22/26
7,996
USD
41,479
ZAR
689,225
State Street Bank and Trust Co.
06/22/26
252
USD
62,843
ZAR
1,040,248
State Street Bank and Trust Co.
06/22/26
620
CLP
5,400,420
USD
6,000
Citibank N.A.
06/24/26
2
HUF
20,875,458
USD
67,000
Barclays Bank PLC
06/24/26
79
HUF
30,222,678
USD
97,000
Barclays Bank PLC
06/24/26
114
HUF
15,576,795
USD
50,000
Natwest Markets PLC
06/24/26
53
HUF
96,612,901
USD
309,622
Natwest Markets PLC
06/24/26
822
JPY
3,485,106
USD
22,000
HSBC Bank PLC
06/24/26
351
JPY
11,088,143
USD
70,000
State Street Bank and Trust Co.
06/24/26
1,112
MXN
388,000
JPY
3,440,683
Citibank N.A.
06/24/26
52
PEN
77,623
USD
22,000
Citibank N.A.
06/24/26
58
PEN
116,457
USD
33,000
Citibank N.A.
06/24/26
94
PEN
162,334
USD
46,000
Citibank N.A.
06/24/26
131
PEN
212,358
USD
60,000
Citibank N.A.
06/24/26
347
USD
93,596
CNH
636,453
UBS AG
06/24/26
113
USD
22,000
COP
79,411,024
BNP Paribas SA
06/24/26
417
USD
46,000
COP
166,041,232
BNP Paribas SA
06/24/26
872
USD
82,777
EUR
70,350
Barclays Bank PLC
06/24/26
21
USD
7,360
EUR
6,250
Goldman Sachs International
06/24/26
8
USD
77,000
IDR
1,321,281,500
Citibank N.A.
06/24/26
807
USD
30,000
INR
2,844,000
JPMorgan Chase Bank N.A.
06/24/26
209
USD
57,000
INR
5,403,600
JPMorgan Chase Bank N.A.
06/24/26
398
USD
34,000
PEN
117,079
Deutsche Bank AG
06/24/26
729
USD
11,000
PHP
660,418
Goldman Sachs International
06/24/26
266
USD
23,403
HUF
7,201,322
Bank of America N.A.
06/26/26
266
COP
18,495,372
USD
4,808
State Street Bank and Trust Co.
07/07/26
206
USD
59,407
INR
5,613,346
BNP Paribas SA
07/07/26
680
USD
62,299
INR
5,886,654
BNP Paribas SA
07/07/26
713
USD
40,939
MXN
712,152
State Street Bank and Trust Co.
07/10/26
396
USD
3,549
EUR
2,998
BNP Paribas SA
07/16/26
20
COP
126,352,500
USD
34,000
Citibank N.A.
07/17/26
170
COP
178,380,000
USD
48,000
Citibank N.A.
07/17/26
240
COP
505,071,821
USD
135,909
Citibank N.A.
07/17/26
680
USD
4,073
MXN
71,115
State Street Bank and Trust Co.
07/23/26
29
NGN
20,912,500
USD
14,000
Citibank N.A.
07/28/26
759
NGN
43,704,137
USD
29,258
Citibank N.A.
07/28/26
1,587
MXN
204,200
USD
11,134
Goldman Sachs International
08/18/26
453
MXN
796,200
USD
43,324
Goldman Sachs International
08/18/26
1,855
MXN
5,104,125
USD
271,055
Morgan Stanley & Co. International PLC
08/18/26
18,572
USD
11,109
CLP
9,943,320
Citibank N.A.
10/09/26
61
USD
12,100
CLP
10,824,119
Citibank N.A.
10/09/26
74
Schedule of Investments
49
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
22,691
CLP
19,886,640
Citibank N.A.
10/09/26
$ 595
USD
11,154
CLP
9,943,320
Morgan Stanley & Co. International PLC
10/09/26
106
USD
11,163
CLP
9,943,320
Morgan Stanley & Co. International PLC
10/09/26
115
USD
22,220
CLP
19,886,640
Morgan Stanley & Co. International PLC
10/09/26
124
USD
22,586
CLP
19,886,639
Morgan Stanley & Co. International PLC
10/09/26
490
USD
4,676
PEN
16,200
Citibank N.A.
10/23/26
96
USD
1,113,153
HKD
8,600,000
Citibank N.A.
12/16/26
7,252
 
 
 
 
 
 
443,077
PEN
56,833
USD
17,000
Citibank N.A.
05/04/26
(798
)
PEN
56,860
USD
17,000
Citibank N.A.
05/04/26
(790
)
PEN
100,293
USD
30,000
Citibank N.A.
05/04/26
(1,409
)
PEN
100,341
USD
30,000
Citibank N.A.
05/04/26
(1,395
)
USD
16,101
PEN
56,833
Citibank N.A.
05/04/26
(101
)
USD
16,109
PEN
56,860
Citibank N.A.
05/04/26
(101
)
USD
28,413
PEN
100,293
Citibank N.A.
05/04/26
(178
)
USD
28,427
PEN
100,341
Citibank N.A.
05/04/26
(178
)
USD
60,000
PEN
211,500
Citibank N.A.
05/04/26
(294
)
USD
28,177
TRY
1,308,604
Barclays Bank PLC
05/04/26
(784
)
USD
96,676
BRL
482,277
Barclays Bank PLC
05/05/26
(718
)
USD
11,000
BRL
57,530
BNP Paribas SA
05/05/26
(618
)
USD
540,728
BRL
2,697,477
BNP Paribas SA
05/05/26
(4,018
)
USD
660,177
BRL
3,488,360
BNP Paribas SA
05/05/26
(44,286
)
USD
11,000
BRL
55,165
Citibank N.A.
05/05/26
(140
)
USD
11,000
BRL
54,956
Citibank N.A.
05/05/26
(98
)
USD
11,056
BRL
55,154
Citibank N.A.
05/05/26
(82
)
USD
11,076
BRL
55,253
Citibank N.A.
05/05/26
(82
)
USD
54,000
BRL
284,272
Citibank N.A.
05/05/26
(3,408
)
USD
56,000
BRL
294,801
Citibank N.A.
05/05/26
(3,534
)
USD
91,802
BRL
458,643
Citibank N.A.
05/05/26
(819
)
USD
477,501
BRL
2,385,595
Citibank N.A.
05/05/26
(4,262
)
USD
699,266
BRL
3,488,360
Citibank N.A.
05/05/26
(5,197
)
USD
10,972
BRL
54,733
Deutsche Bank AG
05/05/26
(82
)
USD
22,511
BRL
112,299
Goldman Sachs International
05/05/26
(167
)
USD
23,534
BRL
117,404
Goldman Sachs International
05/05/26
(175
)
USD
33,357
BRL
166,403
Goldman Sachs International
05/05/26
(248
)
USD
11,000
BRL
55,830
HSBC Bank PLC
05/05/26
(275
)
USD
10,985
BRL
54,799
Morgan Stanley & Co. International PLC
05/05/26
(82
)
USD
53,540
CZK
1,113,283
JPMorgan Chase Bank N.A.
05/26/26
(56
)
USD
40,347
EUR
34,401
JPMorgan Chase Bank N.A.
05/26/26
(68
)
USD
116,538
EUR
99,354
JPMorgan Chase Bank N.A.
05/26/26
(184
)
USD
30,774
HUF
9,594,999
BNP Paribas SA
05/26/26
(111
)
USD
203,920
PLN
739,395
Barclays Bank PLC
05/26/26
(55
)
USD
5,795
HUF
1,816,093
Goldman Sachs International
05/29/26
(50
)
USD
693,352
BRL
3,488,360
Citibank N.A.
06/02/26
(6,027
)
USD
101,608
BRL
509,040
JPMorgan Chase Bank N.A.
06/02/26
(449
)
USD
26,068
BRL
145,342
State Street Bank and Trust Co.
06/02/26
(3,072
)
USD
37,972
BRL
211,554
State Street Bank and Trust Co.
06/02/26
(4,442
)
HUF
7,844,490
EUR
21,500
Barclays Bank PLC
06/09/26
(46
)
HUF
11,128,230
EUR
30,500
Barclays Bank PLC
06/09/26
(65
)
IDR
3,770,000,000
USD
222,157
Bank of America N.A.
06/17/26
(4,676
)
IDR
3,502,988,800
USD
206,000
Barclays Bank PLC
06/17/26
(3,922
)
IDR
2,530,000,000
USD
148,902
Goldman Sachs International
06/17/26
(2,953
)
INR
13,800,000
USD
151,499
Bank of America N.A.
06/17/26
(6,854
)
INR
6,800,000
USD
74,443
Morgan Stanley & Co. International PLC
06/17/26
(3,169
)
PHP
1,127,574
USD
18,760
Bank of America N.A.
06/17/26
(427
)
PHP
2,254,937
USD
37,570
Barclays Bank PLC
06/17/26
(907
)
PHP
2,471,810
USD
41,581
BNP Paribas SA
06/17/26
(1,392
)
PHP
1,127,839
USD
18,743
Citibank N.A.
06/17/26
(405
)
PHP
1,127,405
USD
18,754
Deutsche Bank AG
06/17/26
(424
)
PHP
1,127,556
USD
18,774
Deutsche Bank AG
06/17/26
(441
)
PHP
1,127,591
USD
18,784
Deutsche Bank AG
06/17/26
(450
)
50
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
PHP
2,255,436
USD
37,491
Deutsche Bank AG
06/17/26
$ (820
)
PHP
4,400,000
USD
73,838
JPMorgan Chase Bank N.A.
06/17/26
(2,298
)
SGD
62,700
USD
49,458
BNP Paribas SA
06/17/26
(47
)
SGD
90,000
USD
70,951
HSBC Bank PLC
06/17/26
(26
)
SGD
90,000
USD
71,455
JPMorgan Chase Bank N.A.
06/17/26
(530
)
THB
2,400,000
USD
75,169
BNP Paribas SA
06/17/26
(1,297
)
USD
37,411
AUD
53,000
Barclays Bank PLC
06/17/26
(716
)
USD
183,578
AUD
260,000
Barclays Bank PLC
06/17/26
(3,459
)
USD
35,467
AUD
50,000
Morgan Stanley & Co. International PLC
06/17/26
(501
)
USD
467,408
AUD
653,000
UBS AG
06/17/26
(2,341
)
USD
856,000
BRL
4,541,080
Citibank N.A.
06/17/26
(51,250
)
USD
1,167,750
BRL
6,229,362
Goldman Sachs International
06/17/26
(76,798
)
USD
965,000
BRL
5,130,422
UBS AG
06/17/26
(59,993
)
USD
867,623
EUR
738,000
Barclays Bank PLC
06/17/26
(246
)
USD
46,895
EUR
40,000
JPMorgan Chase Bank N.A.
06/17/26
(144
)
USD
807,748
EUR
688,000
JPMorgan Chase Bank N.A.
06/17/26
(1,323
)
USD
9,800,684
EUR
8,501,000
Societe Generale
06/17/26
(196,283
)
USD
46,866
EUR
40,000
State Street Bank and Trust Co.
06/17/26
(173
)
USD
551,919
EUR
474,557
State Street Bank and Trust Co.
06/17/26
(6,148
)
USD
3,229,705
EUR
2,800,000
Toronto-Dominion Bank
06/17/26
(63,026
)
USD
470,274
GBP
352,000
BNP Paribas SA
06/17/26
(8,673
)
USD
239,946
GBP
180,000
HSBC Bank PLC
06/17/26
(4,970
)
USD
26,792
GBP
20,000
State Street Bank and Trust Co.
06/17/26
(421
)
USD
1,617,675
GBP
1,218,000
State Street Bank and Trust Co.
06/17/26
(39,591
)
USD
79,946
GBP
60,000
UBS AG
06/17/26
(1,693
)
USD
34,764
IDR
604,414,440
Bank of America N.A.
06/17/26
(103
)
USD
44,208
IDR
767,014,056
BNP Paribas SA
06/17/26
(39
)
USD
376,173
JPY
59,405,000
UBS AG
06/17/26
(4,589
)
USD
154,056
MXN
2,775,088
Citibank N.A.
06/17/26
(4,235
)
USD
11,145
PHP
687,311
BNP Paribas SA
06/17/26
(29
)
USD
195,981
SGD
249,000
State Street Bank and Trust Co.
06/17/26
(244
)
USD
73,496
THB
2,400,000
Standard Chartered Bank
06/17/26
(376
)
USD
154,056
ZAR
2,637,393
Morgan Stanley & Co. International PLC
06/17/26
(3,762
)
USD
642,441
AUD
900,000
JPMorgan Chase Bank N.A.
06/18/26
(4,979
)
USD
764,305
AUD
1,070,000
Natwest Markets PLC
06/18/26
(5,406
)
PEN
9,048
USD
2,623
Citibank N.A.
06/22/26
(52
)
USD
131,228
HUF
40,986,456
Barclays Bank PLC
06/22/26
(488
)
USD
37,205
IDR
645,839,316
Barclays Bank PLC
06/22/26
(42
)
USD
4,978
TRY
236,350
Barclays Bank PLC
06/22/26
(21
)
CHF
52,032
USD
67,000
Bank of America N.A.
06/24/26
(48
)
CHF
46,608
USD
60,000
HSBC Bank PLC
06/24/26
(27
)
CLP
15,147,510
USD
17,000
Citibank N.A.
06/24/26
(165
)
CLP
120,629,870
USD
137,000
HSBC Bank PLC
06/24/26
(2,932
)
CLP
225,558,486
USD
256,168
HSBC Bank PLC
06/24/26
(5,482
)
CNH
652,508
USD
96,000
Societe Generale
06/24/26
(159
)
CNH
3,381,390
USD
497,350
Societe Generale
06/24/26
(686
)
COP
176,517,000
GBP
36,000
Morgan Stanley & Co. International PLC
06/24/26
(1,007
)
CZK
1,719,476
USD
83,000
Morgan Stanley & Co. International PLC
06/24/26
(190
)
CZK
4,703,537
USD
226,834
Morgan Stanley & Co. International PLC
06/24/26
(310
)
EUR
39,610
HUF
14,549,442
HSBC Bank PLC
06/24/26
(157
)
IDR
652,061,000
USD
38,000
Citibank N.A.
06/24/26
(398
)
IDR
8,138,253,224
USD
474,271
Citibank N.A.
06/24/26
(4,968
)
INR
1,030,954
USD
11,000
Barclays Bank PLC
06/24/26
(201
)
INR
3,092,862
USD
33,000
Barclays Bank PLC
06/24/26
(603
)
INR
3,186,585
USD
34,000
Barclays Bank PLC
06/24/26
(621
)
KRW
59,310,861
USD
40,336
Barclays Bank PLC
06/24/26
(25
)
KRW
63,228,060
USD
43,000
Barclays Bank PLC
06/24/26
(27
)
MXN
2,906,679
USD
167,000
State Street Bank and Trust Co.
06/24/26
(1,299
)
MXN
7,419,199
USD
425,987
State Street Bank and Trust Co.
06/24/26
(3,042
)
MYR
413,973
USD
105,000
Barclays Bank PLC
06/24/26
(563
)
MYR
2,623,745
USD
665,486
Barclays Bank PLC
06/24/26
(3,568
)
PLN
1,348,946
USD
372,689
Bank of America N.A.
06/24/26
(580
)
Schedule of Investments
51
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
PLN
119,370
USD
33,000
Natwest Markets PLC
06/24/26
$ (72
)
RON
388,837
USD
89,240
Deutsche Bank AG
06/24/26
(1,707
)
THB
353,787
USD
11,000
HSBC Bank PLC
06/24/26
(104
)
THB
4,737,536
USD
147,300
HSBC Bank PLC
06/24/26
(1,394
)
THB
18,326,450
USD
569,808
HSBC Bank PLC
06/24/26
(5,391
)
USD
22,981
AUD
32,153
Morgan Stanley & Co. International PLC
06/24/26
(146
)
USD
45,392
AUD
63,500
Morgan Stanley & Co. International PLC
06/24/26
(282
)
USD
34,000
CAD
46,312
Goldman Sachs International
06/24/26
(171
)
USD
61,000
CAD
83,147
Goldman Sachs International
06/24/26
(350
)
USD
29,000
CHF
22,803
Barclays Bank PLC
06/24/26
(341
)
USD
33,500
CHF
26,341
Barclays Bank PLC
06/24/26
(394
)
USD
82,351
GBP
61,000
Morgan Stanley & Co. International PLC
06/24/26
(646
)
USD
60,773
GBP
45,000
Toronto-Dominion Bank
06/24/26
(454
)
USD
17,365
INR
1,658,531
Barclays Bank PLC
06/24/26
(8
)
USD
29,993
INR
2,864,631
Barclays Bank PLC
06/24/26
(14
)
USD
15,635
INR
1,496,426
Morgan Stanley & Co. International PLC
06/24/26
(40
)
USD
27,007
INR
2,584,840
Morgan Stanley & Co. International PLC
06/24/26
(69
)
USD
21,000
TRY
996,929
Barclays Bank PLC
06/24/26
(46
)
ZAR
6,227,745
USD
376,541
Bank of America N.A.
06/24/26
(4,079
)
ZAR
595,205
USD
36,000
State Street Bank and Trust Co.
06/24/26
(403
)
INR
2,102,100
USD
22,000
Citibank N.A.
07/06/26
(5
)
INR
3,248,700
USD
34,000
Citibank N.A.
07/06/26
(7
)
INR
11,500,000
USD
120,735
Barclays Bank PLC
07/07/26
(421
)
USD
6,817
COP
26,229,629
State Street Bank and Trust Co.
07/07/26
(293
)
USD
11,945
COP
44,992,649
State Street Bank and Trust Co.
07/07/26
(250
)
USD
12,470
COP
47,306,101
State Street Bank and Trust Co.
07/07/26
(353
)
USD
18,099
COP
69,637,819
State Street Bank and Trust Co.
07/07/26
(777
)
USD
32,628
COP
123,969,216
State Street Bank and Trust Co.
07/07/26
(976
)
USD
34,429
COP
130,278,364
State Street Bank and Trust Co.
07/07/26
(885
)
USD
49,949
COP
194,153,169
State Street Bank and Trust Co.
07/07/26
(2,678
)
INR
1,099,875
USD
11,671
Barclays Bank PLC
07/13/26
(174
)
INR
1,533,285
USD
16,270
Barclays Bank PLC
07/13/26
(242
)
INR
2,011,325
USD
21,329
Goldman Sachs International
07/13/26
(304
)
INR
2,803,539
USD
29,730
Goldman Sachs International
07/13/26
(424
)
ARS
25,283,461
USD
17,613
Citibank N.A.
07/22/26
(1,391
)
USD
26,588
TRY
1,308,604
Barclays Bank PLC
08/04/26
(1
)
USD
342,518
MXN
6,104,525
HSBC Bank PLC
08/18/26
(3,876
)
USD
13,000
INR
1,258,660
HSBC Bank PLC
10/01/26
(35
)
HKD
731,860
USD
94,397
HSBC Bank PLC
12/16/26
(285
)
HKD
732,033
USD
94,419
HSBC Bank PLC
12/16/26
(285
)
HKD
2,000,000
USD
257,938
HSBC Bank PLC
12/16/26
(752
)
HKD
1,464,091
USD
188,842
UBS AG
12/16/26
(570
)
HKD
1,672,016
USD
215,658
UBS AG
12/16/26
(648
)
HKD
2,000,000
USD
257,965
UBS AG
12/16/26
(778
)
 
 
 
 
 
 
(721,675
)
 
$ (278,598
)
Exchange-Traded Options Purchased 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
5-Year U.S. Treasury Note Future
2
05/22/26
USD
108.50
USD
216
$ 219
S&P 500 E-Mini Index Future
1
06/18/26
USD
7,700.00
USD
362
540
iShares China Large-Cap ETF
14
07/17/26
USD
39.00
USD
2,509
957
iShares MSCI Emerging Markets ETF
9
07/17/26
USD
65.00
USD
2,688
2,201
 
 
 
3,917
52
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Exchange-Traded Options Purchased (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Put 
 
 
S&P 500 E-Mini Index Future
1
06/18/26
USD
6,850.00
USD
362
$ 2,888
 
 
 
$ 6,805
OTC Barrier Options Purchased 
Description
Type of Option
Counterparty
 
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
BNP Paribas SA
 
05/04/26
KRW
1,600.00
KRW
 
USD
20
$ —
USD Currency
One Touch
BNP Paribas SA
 
10/05/26
INR
97.00
INR
 
USD
4
1,653
 
 
 
 
 
 
 
 
 
 
 
1,653
Put 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
Bank of America N.A.
 
05/11/26
INR
89.00
INR
 
USD
21
—
EUR Currency
One Touch
BNP Paribas SA
 
05/14/26
USD
1.15
USD
 
EUR
8
822
EUR Currency
One Touch
Bank of America N.A.
 
05/14/26
MXN
19.80
MXN
 
EUR
9
10
USD Currency
One Touch
BNP Paribas SA
 
05/22/26
JPY
150.00
JPY
 
USD
20
972
EUR Currency
One Touch
Deutsche Bank AG
 
06/04/26
USD
1.13
USD
 
EUR
25
658
EUR Currency
One Touch
BNP Paribas SA
 
06/12/26
USD
1.14
USD
 
EUR
8
849
USD Currency
One Touch
Bank of America N.A.
 
07/09/26
CNH
6.65
CNH
 
USD
11
494
AUD Currency
One Touch
Deutsche Bank AG
 
07/16/26
USD
0.68
USD
 
AUD
16
1,030
USD Currency
One Touch
Bank of America N.A.
 
10/05/26
INR
93.00
INR
 
USD
10
1,172
USD Currency
One Touch
Bank of America N.A.
 
04/26/27
INR
94.00
INR
 
USD
4
621
 
 
 
 
 
 
 
 
 
 
 
6,628
 
 
 
 
 
 
 
 
 
 
 
$ 8,281
OTC Currency Options Purchased 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
USD Currency
Barclays Bank PLC
05/04/26
5.65
USD
486
$ 1
USD Currency
Barclays Bank PLC
05/04/26
18.05
USD
486
30
USD Currency
BNP Paribas SA
05/04/26
1,600.00
USD
410
—
USD Currency
Deutsche Bank AG
05/06/26
17.50
USD
22
4
USD Currency
Bank of America N.A.
05/07/26
17,200.00
USD
80
557
USD Currency
Citibank N.A.
05/14/26
92.80
USD
104
2,365
USD Currency
BNP Paribas SA
05/15/26
17.50
USD
182
230
USD Currency
Citibank N.A.
05/22/26
32.50
USD
56
496
USD Currency
Citibank N.A.
05/22/26
32.70
USD
112
718
USD Currency
Morgan Stanley & Co. International PLC
05/22/26
3,850.00
USD
129
337
USD Currency
Morgan Stanley & Co. International PLC
05/27/26
3,920.00
USD
3
7
USD Currency
UBS AG
05/27/26
3,920.00
USD
10
25
USD Currency
UBS AG
05/27/26
3,920.00
USD
145
350
EUR Currency
Barclays Bank PLC
06/08/26
410.00
EUR
70
20
USD Currency
BNP Paribas SA
06/25/26
5.10
USD
108
1,436
USD Currency
Citibank N.A.
06/29/26
5.35
USD
55
284
AUD Currency
Goldman Sachs International
07/06/26
0.69
AUD
12
450
AUD Currency
Goldman Sachs International
07/06/26
0.68
AUD
167
6,000
 
 
13,310
Put 
 
AUD Currency
JPMorgan Chase Bank N.A.
05/04/26
0.71
AUD
188
39
USD Currency
HSBC Bank PLC
05/04/26
16,400.00
USD
182
—
EUR Currency
Goldman Sachs International
05/05/26
1.15
EUR
214
14
USD Currency
UBS AG
05/06/26
16.80
USD
89
1,064
CAD Currency
Barclays Bank PLC
05/12/26
12.35
CAD
46
—
EUR Currency
Barclays Bank PLC
05/12/26
373.00
EUR
67
1,898
USD Currency
Morgan Stanley & Co. International PLC
05/22/26
32.00
USD
78
299
USD Currency
Deutsche Bank AG
06/03/26
875.00
USD
78
431
Schedule of Investments
53
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Currency Options Purchased (continued)
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Put (continued)
 
USD Currency
Societe Generale
06/05/26
329.00
USD
121
$ 7,272
EUR Currency
Bank of America N.A.
06/22/26
365.00
EUR
67
901
USD Currency
BNP Paribas SA
07/07/26
92.50
USD
300
246
USD Currency
HSBC Bank PLC
01/08/27
92.40
USD
232
516
 
 
12,680
 
 
$ 25,990
OTC Credit Default Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
Exercise
Price
Notional
Amount (000)(a)
Value
Put
 
 
 
 
 
 
 
 
 
Bought Protection on 5-Year Credit
Default Swap, 06/20/31
3.00%
 
iTraxx.XO.45.V1
Quarterly
Bank of America
N.A.
05/20/26
—
EUR 3.00
EUR
77
$ 477
Bought Protection on 5-Year Credit
Default Swap, 06/20/31
3.13%
 
iTraxx.XO.45.V1
Quarterly
Morgan Stanley
& Co.
International
PLC
05/20/26
—
EUR 3.13
EUR
49
213
 
 
 
 
 
 
 
 
 
 
$ 690
 
(a)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
1-Year Interest Rate Swap, 06/10/27
1-day SOFR,
3.66%
Annual
3.00%
Annual
Goldman Sachs
International
06/08/26
3.00
% 
USD
18,983
$ 368
1-Year Interest Rate Swap, 10/01/27
3-mo.
Australian
Bank Bill
Rate, 4.37%
Quarterly
4.80%
Quarterly
Bank of America N.A.
09/30/26
4.80
AUD
2,050
2,489
1-Year Interest Rate Swap, 10/01/27
3-mo.
Australian
Bank Bill
Rate, 4.37%
Quarterly
4.80%
Quarterly
Bank of America N.A.
09/30/26
4.80
AUD
2,060
2,502
1-Year Interest Rate Swap, 11/04/27
Tokyo
Overnight
Average Rate,
0.73%
Annual
1.10%
Annual
Bank of America N.A.
11/02/26
1.10
JPY
416,890
133
10-Year Interest Rate Swap, 03/29/38
1-day SOFR,
3.66%
Annual
4.11%
Annual
Deutsche Bank AG
03/27/28
4.11
USD
2,148
74,025
10-Year Interest Rate Swap, 04/01/38
1-day SOFR,
3.66%
Annual
4.05%
Annual
Deutsche Bank AG
03/30/28
4.05
USD
2,147
68,963
1-Year Interest Rate Swap, 04/24/29
1-day SONIA,
3.73%
Annual
4.15%
Annual
Goldman Sachs
International
04/24/28
4.15
GBP
6,444
44,645
 
 
 
 
 
 
 
 
193,125
Put 
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 03/29/38
4.11%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
03/27/28
4.11
USD
2,148
74,959
10-Year Interest Rate Swap, 04/01/38
4.05%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
03/30/28
4.05
USD
2,147
80,031
 
 
 
 
 
 
 
 
154,990
 
 
 
 
 
 
 
 
$ 348,115
54
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
iShares iBoxx $ Investment Grade Corporate Bond ETF
114
06/18/26
USD
111.00
USD
1,241
$ (1,960
)
S&P 500 E-Mini Index Future
1
06/18/26
USD
7,300.00
USD
362
(6,050
)
 
 
 
(8,010
)
Put 
 
 
5-Year U.S. Treasury Note Future
2
05/22/26
USD
107.00
USD
216
(250
)
S&P 500 E-Mini Index Future
1
06/18/26
USD
6,350.00
USD
362
(1,024
)
iShares China Large-Cap ETF
14
07/17/26
USD
35.00
USD
2,509
(1,192
)
iShares MSCI Emerging Markets ETF
9
07/17/26
USD
57.00
USD
2,688
(741
)
 
 
 
(3,207
)
 
 
 
$ (11,217
)
OTC Barrier Options Written 
Description
Type of Option
Counterparty
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
Bank of America N.A.
10/05/26
INR
97.00
INR
 
USD
4
$ (1,653)
Put 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
BNP Paribas SA
10/05/26
INR
93.00
INR
 
USD
10
(1,172)
 
 
 
 
 
 
 
 
 
 
$ (2,825)
OTC Currency Options Written 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
 
 
 
USD Currency
Bank of America N.A.
05/04/26
USD
16.74
USD
487
$ (1,621
)
USD Currency
Barclays Bank PLC
05/04/26
USD
5.65
USD
486
—
USD Currency
BNP Paribas SA
05/04/26
USD
1,600.00
USD
410
—
USD Currency
Morgan Stanley & Co. International PLC
05/04/26
USD
18.05
USD
486
(30
)
USD Currency
UBS AG
05/06/26
USD
17.50
USD
22
(4
)
USD Currency
Bank of America N.A.
05/07/26
USD
17,200.00
USD
80
(557
)
USD Currency
Societe Generale
05/11/26
USD
6.83
USD
165
(265
)
USD Currency
BNP Paribas SA
05/14/26
USD
910.00
USD
33
(230
)
USD Currency
Citibank N.A.
05/14/26
USD
92.80
USD
104
(2,365
)
USD Currency
HSBC Bank PLC
05/15/26
USD
17.50
USD
182
(230
)
USD Currency
HSBC Bank PLC
05/15/26
USD
905.00
USD
121
(1,116
)
USD Currency
Citibank N.A.
05/22/26
USD
94.00
USD
52
(662
)
USD Currency
Morgan Stanley & Co. International PLC
05/22/26
USD
4,000.00
USD
64
(50
)
USD Currency
Morgan Stanley & Co. International PLC
05/27/26
USD
4,200.00
USD
4
(1
)
USD Currency
UBS AG
05/27/26
USD
4,200.00
USD
112
(42
)
USD Currency
UBS AG
05/27/26
USD
4,200.00
USD
101
(38
)
USD Currency
UBS AG
05/27/26
USD
4,200.00
USD
16
(6
)
EUR Currency
Morgan Stanley & Co. International PLC
06/08/26
EUR
410.00
EUR
70
(20
)
USD Currency
BNP Paribas SA
06/25/26
USD
5.30
USD
108
(618
)
USD Currency
Morgan Stanley & Co. International PLC
06/29/26
USD
5.35
USD
309
(1,598
)
USD Currency
Morgan Stanley & Co. International PLC
06/29/26
USD
5.35
USD
110
(569
)
AUD Currency
Goldman Sachs International
07/06/26
AUD
0.72
AUD
334
(2,737
)
AUD Currency
Goldman Sachs International
07/06/26
AUD
0.73
AUD
25
(206
)
USD Currency
Goldman Sachs International
09/28/26
USD
17.40
USD
17
(355
)
 
 
 
 
 
 
(13,320
)
Put
 
 
 
 
 
USD Currency
Barclays Bank PLC
05/04/26
USD
5.15
USD
486
(19,376
)
USD Currency
Barclays Bank PLC
05/04/26
USD
16,400.00
USD
182
—
USD Currency
Barclays Bank PLC
05/04/26
USD
3,520.00
USD
121
(2
)
EUR Currency
Barclays Bank PLC
05/12/26
EUR
365.00
EUR
100
(799
)
USD Currency
Barclays Bank PLC
05/12/26
USD
320.00
USD
56
(1,789
)
Schedule of Investments
55
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Currency Options Written (continued)
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
 
 
 
 
 
 
USD Currency
BNP Paribas SA
05/14/26
USD
910.00
USD
33
$ (604
)
USD Currency
Morgan Stanley & Co. International PLC
05/14/26
USD
16.30
USD
800
(1,602
)
USD Currency
UBS AG
05/14/26
USD
17.55
USD
800
(7,526
)
USD Currency
BNP Paribas SA
05/15/26
USD
3,600.00
USD
40
(190
)
USD Currency
HSBC Bank PLC
05/15/26
USD
905.00
USD
121
(1,816
)
USD Currency
UBS AG
05/18/26
USD
330.00
USD
164
(10,316
)
USD Currency
Bank of America N.A.
05/22/26
USD
890.00
USD
79
(680
)
USD Currency
Bank of America N.A.
05/22/26
USD
32.00
USD
78
(299
)
USD Currency
HSBC Bank PLC
05/22/26
USD
94.00
USD
67
(108
)
USD Currency
Morgan Stanley & Co. International PLC
05/22/26
USD
3,600.00
USD
64
(465
)
EUR Currency
Societe Generale
06/05/26
EUR
372.00
EUR
104
(2,786
)
USD Currency
Morgan Stanley & Co. International PLC
06/29/26
USD
5.35
USD
309
(21,641
)
USD Currency
Morgan Stanley & Co. International PLC
06/29/26
USD
5.25
USD
110
(5,800
)
EUR Currency
BNP Paribas SA
07/03/26
EUR
6.05
EUR
100
(3,911
)
USD Currency
JPMorgan Chase Bank N.A.
07/07/26
USD
92.50
USD
300
(246
)
AUD Currency
BNP Paribas SA
07/16/26
AUD
0.68
AUD
315
(672
)
 
 
 
 
 
 
(80,628
)
 
 
 
 
 
 
$ (93,948
)
OTC Credit Default Swaptions Written 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating(a)
Exercise
Price
Notional
Amount (000)(b)
Value
Call
 
 
 
 
 
 
 
 
 
Bought Protection on 5-Year Credit
Default Swap, 06/20/31
iTraxx.XO.45.V1
 
2.75%
Quarterly
Morgan Stanley
& Co.
International
PLC
05/20/26
—
EUR 2.75
EUR
49
$ (77
)
Bought Protection on 5-Year Credit
Default Swap, 12/20/30
iTraxx.XO.44.V1
 
3.00%
Quarterly
JPMorgan Chase
Bank N.A.
06/17/26
—
EUR 3.00
EUR
569
(12,881
)
 
 
 
 
 
 
 
 
 
 
(12,958
)
Put
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year Credit
Default Swap, 06/20/31
iTraxx.XO.45.V1
 
3.38%
Quarterly
Bank of America
N.A.
05/20/26
N/R
EUR 3.38
EUR
116
(268
)
 
 
 
 
 
 
 
 
 
 
$ (13,226
)
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Written 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
5-Year Interest Rate Swap, 05/07/31
3.86%
Annual
6-mo.
PRIBOR,
3.66%
Semi-Annual
JPMorgan Chase
Bank N.A.
05/05/26
3.86
% 
CZK
1,278
$ —
1-Year Interest Rate Swap, 06/10/27
2.50%
Annual
1-day SOFR,
3.66%
Annual
Goldman Sachs
International
06/08/26
2.50
USD
18,983
(55
)
1-Year Interest Rate Swap, 10/01/27
4.35%
Quarterly
3-mo.
Australian
Bank Bill
Rate, 4.37%
Quarterly
Bank of America N.A.
09/30/26
4.35
AUD
3,080
(1,119
)
1-Year Interest Rate Swap, 10/01/27
4.35%
Quarterly
3-mo.
Australian
Bank Bill
Rate, 4.37%
Quarterly
Bank of America N.A.
09/30/26
4.35
AUD
3,090
(1,123
)
56
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap,
03/06/37
3.71%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
03/04/27
3.71
% 
USD
1,075
$ (13,556
)
10-Year Interest Rate Swap,
03/17/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
03/15/27
3.87
USD
2,190
(39,211
)
10-Year Interest Rate Swap,
11/10/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
11/08/27
3.87
USD
2,250
(53,327
)
10-Year Interest Rate Swap,
12/18/37
4.03%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
1,940
(58,202
)
10-Year Interest Rate Swap,
02/02/38
4.10%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
01/31/28
4.10
USD
2,212
(74,206
)
10-Year Interest Rate Swap,
04/09/38
4.06%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
04/07/28
4.06
USD
3,961
(129,536
)
10-Year Interest Rate Swap,
04/09/38
4.08%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
04/07/28
4.08
USD
3,961
(131,387
)
10-Year Interest Rate Swap,
04/26/38
4.03%
Annual
1-day SOFR,
3.66%
Annual
Goldman Sachs
International
04/24/28
4.03
USD
4,368
(137,452
)
1-Year Interest Rate Swap, 04/24/29
3.65%
Annual
1-day SONIA,
3.73%
Annual
Goldman Sachs
International
04/24/28
3.65
GBP
6,444
(25,731
)
10-Year Interest Rate Swap,
04/30/38
4.09%
Annual
1-day SOFR,
3.66%
Annual
JPMorgan Chase
Bank N.A.
04/28/28
4.09
USD
1,697
(57,863
)
 
 
 
 
 
 
 
 
(722,768
)
Put 
 
 
 
 
 
 
 
1-Year Interest Rate Swap, 06/10/27
1-day SOFR,
3.66%
Annual
3.50%
Annual
Goldman Sachs
International
06/08/26
3.50
USD
18,983
(48,339
)
2-Year Interest Rate Swap, 08/05/28
1-day SOFR,
3.66%
Annual
3.70%
Annual
Morgan Stanley & Co.
International PLC
08/03/26
3.70
USD
7,315
(27,554
)
2-Year Interest Rate Swap, 09/16/28
1-day SOFR,
3.66%
Annual
3.80%
Annual
Deutsche Bank AG
09/14/26
3.80
USD
4,866
(17,409
)
2-Year Interest Rate Swap, 10/16/28
6-mo.
EURIBOR,
2.52%
Semi-Annual
3.40%
Annual
Citibank N.A.
10/14/26
3.40
EUR
5,567
(15,058
)
2-Year Interest Rate Swap, 10/17/28
6-mo.
EURIBOR,
2.52%
Semi-Annual
3.31%
Annual
Citibank N.A.
10/15/26
3.31
EUR
3,755
(11,739
)
2-Year Interest Rate Swap, 10/22/28
6-mo.
EURIBOR,
2.52%
Semi-Annual
3.20%
Annual
Deutsche Bank AG
10/20/26
3.20
EUR
6,842
(25,959
)
2-Year Interest Rate Swap, 10/23/28
1-day SOFR,
3.66%
Annual
3.85%
Annual
Goldman Sachs
International
10/21/26
3.85
USD
17,541
(65,008
)
10-Year Interest Rate Swap,
03/06/37
1-day SOFR,
3.66%
Annual
3.71%
Annual
Citibank N.A.
03/04/27
3.71
USD
1,075
(40,820
)
10-Year Interest Rate Swap,
03/17/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
03/15/27
3.87
USD
2,190
(66,477
)
2-Year Interest Rate Swap, 09/22/29
1-day SOFR,
3.66%
Annual
4.30%
Annual
Goldman Sachs
International
09/20/27
4.30
USD
22,933
(90,246
)
2-Year Interest Rate Swap, 10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Goldman Sachs
International
10/04/27
4.05
USD
26,178
(140,386
)
10-Year Interest Rate Swap,
11/10/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
11/08/27
3.87
USD
2,250
(89,446
)
2-Year Interest Rate Swap, 12/10/29
1-day SOFR,
3.66%
Annual
4.00%
Annual
Morgan Stanley & Co.
International PLC
12/08/27
4.00
USD
7,993
(48,618
)
10-Year Interest Rate Swap,
12/18/37
1-day SOFR,
3.66%
Annual
4.03%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
1,940
(67,076
)
2-Year Interest Rate Swap, 12/18/29
1-day SOFR,
3.66%
Annual
4.50%
Annual
Bank of America N.A.
12/16/27
4.50
USD
12,046
(43,401
)
10-Year Interest Rate Swap,
02/02/38
1-day SOFR,
3.66%
Annual
4.10%
Annual
Deutsche Bank AG
01/31/28
4.10
USD
2,212
(73,809
)
10-Year Interest Rate Swap,
04/09/38
1-day SOFR,
3.66%
Annual
4.06%
Annual
Bank of America N.A.
04/07/28
4.06
USD
3,961
(146,611
)
Schedule of Investments
57
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap,
04/09/38
1-day SOFR,
3.66%
Annual
4.08%
Annual
Bank of America N.A.
04/07/28
4.08
% 
USD
3,961
$ (144,828
)
10-Year Interest Rate Swap,
04/26/38
1-day SOFR,
3.66%
Annual
4.03%
Annual
Goldman Sachs
International
04/24/28
4.03
USD
4,368
(170,292
)
1-Year Interest Rate Swap, 04/24/29
1-day SONIA,
3.73%
Annual
5.20%
Annual
Goldman Sachs
International
04/24/28
5.20
GBP
6,444
(21,138
)
10-Year Interest Rate Swap,
04/30/38
1-day SOFR,
3.66%
Annual
4.09%
Annual
JPMorgan Chase
Bank N.A.
04/28/28
4.09
USD
1,697
(62,045
)
 
 
 
 
 
 
 
 
(1,416,259
)
 
 
 
 
 
 
 
 
$ (2,139,027
)
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.46.V1
5.00
% 
Quarterly
06/20/31
USD
7,704
$ (594,715
)
$ (537,245
)
$ (57,470
)
Federative Republic of Brazil
1.00
Quarterly
06/20/31
USD
242
2,025
5,133
(3,108
)
iTraxx.XO.45.V1
5.00
Quarterly
06/20/31
EUR
2,633
(293,477
)
(181,170
)
(112,307
)
Republic of Colombia
1.00
Quarterly
06/20/31
USD
148
6,733
8,329
(1,596
)
United Mexican States
1.00
Quarterly
06/20/31
USD
257
(1,695
)
631
(2,326
)
CDX.NA.IG.46.V1
1.00
Quarterly
06/20/36
USD
19,931
(120,845
)
(108,504
)
(12,341
)
 
 
$ (1,001,974
)
$ (812,826
)
$ (189,148
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.44.V1
5.00
% 
Quarterly
12/20/30
B
EUR
1,021
$ 124,359
$ 91,183
$ 33,176
CDX.NA.HY.46.V1
5.00
Quarterly
06/20/31
B
USD
9,538
736,281
386,535
349,746
CDX.NA.IG.46.V1
1.00
Quarterly
06/20/31
BBB+
USD
50,418
1,119,172
935,621
183,551
 
 
 
 
 
$ 1,979,812
$ 1,413,339
$ 566,473
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Centrally Cleared Inflation Swaps 
Paid by the Fund
Received by the Fund
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
2.43%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/30
USD
1,445
$ 20,936
$ 17
$ 20,919
2.63%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
09/09/30
USD
2,492
16,313
29
16,284
2.46%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
01/27/36
USD
480
5,088
10
5,078
2.49%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
01/29/36
USD
1,570
12,959
33
12,926
2.48%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
02/11/36
USD
780
7,822
16
7,806
1.96%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
02/15/36
EUR
410
15,874
(90
)
15,964
58
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Inflation Swaps (continued)
Paid by the Fund
Received by the Fund
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
1.98%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
02/15/36
EUR
10
$ 370
$ 3
$ 367
1.98%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
02/15/36
EUR
410
15,165
(689
)
15,854
3.10%
At Termination
UK RPI All Items NSA
At Termination
02/15/36
GBP
370
17,988
438
17,550
3.10%
At Termination
UK RPI All Items NSA
At Termination
02/15/36
GBP
180
8,914
85
8,829
3.11%
At Termination
UK RPI All Items NSA
At Termination
02/15/36
GBP
540
25,763
378
25,385
2.42%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
02/20/36
USD
780
11,597
16
11,581
2.43%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
02/23/36
USD
520
7,333
11
7,322
2.43%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/02/36
USD
310
4,210
7
4,203
2.46%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/13/36
USD
1,030
11,681
21
11,660
2.48%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/14/36
USD
1,090
10,354
23
10,331
2.21%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
04/15/36
EUR
410
5,644
(459
)
6,103
2.24%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
04/15/36
EUR
620
6,868
1,781
5,087
2.28%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
04/15/36
EUR
200
1,353
938
415
3.36%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
660
13,055
1,908
11,147
3.39%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
540
8,700
2,124
6,576
3.41%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
730
9,721
1,135
8,586
3.43%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
482
5,598
(1,273
)
6,871
3.43%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
370
4,050
719
3,331
3.43%
At Termination
UK RPI All Items NSA
At Termination
04/15/36
GBP
30
329
145
184
2.50%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/16/36
USD
1,030
7,603
21
7,582
2.50%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/20/36
USD
520
3,898
(35
)
3,933
2.51%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/27/36
USD
1,030
6,909
22
6,887
2.57%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/30/36
USD
1,800
2,377
37
2,340
 
$ 268,472
$ 7,371
$ 261,101
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day SOFR, 3.66%
At Termination
3.78%
At Termination
N/A
05/16/26
USD
3,650
$ (10,693
)
$ —
$ (10,693
)
3.79%
At Termination
1-day SOFR, 3.66%
At Termination
N/A
05/16/26
USD
12,634
35,631
(186
)
35,817
1-day SOFR, 3.66%
At Termination
3.80%
At Termination
N/A
05/16/26
USD
8,984
(24,758
)
1
(24,759
)
3.81%
At Termination
1-day SOFR, 3.66%
At Termination
N/A
05/16/26
USD
6,894
18,014
231
17,783
1-day SOFR, 3.66%
At Termination
3.90%
At Termination
N/A
05/16/26
USD
6,894
(11,964
)
1
(11,965
)
6.91%
Monthly
1-day TIIEFONDEO, 6.87%
Monthly
N/A
09/11/26
MXN
10,608
(702
)
1
(703
)
1-day TIIEFONDEO, 6.87%
Monthly
6.98%
Monthly
N/A
11/05/26
MXN
1,662
183
—
183
4.00%
At Termination
6-mo. WIBOR, 3.88%
Semi-annual
N/A
12/17/26
PLN
500
(8
)
(37
)
29
6.66%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
12/17/26
ZAR
6,727
1,331
1
1,330
6.72%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
12/17/26
ZAR
4,973
847
(106
)
953
13.70%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
182
214
—
214
13.86%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
131
157
—
157
13.88%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
1,114
1,292
1
1,291
1-day MIBOR, 5.34%
At Termination
5.61%
At Termination
06/17/26
(a)
06/17/27
INR
73,558
(3,594
)
3
(3,597
)
1-day MIBOR, 5.34%
At Termination
5.62%
At Termination
06/17/26
(a)
06/17/27
INR
44,312
(2,122
)
2
(2,124
)
Schedule of Investments
59
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3-mo. JIBAR, 6.78%
Quarterly
7.42%
Quarterly
06/17/26
(a)
06/17/27
ZAR
3,540
$ (44
)
$ 1
$ (45
)
1-day SOFR, 3.66%
At Termination
3.23%
At Termination
12/11/26
(a)
12/11/27
USD
9,417
(48,261
)
17
(48,278
)
3.88%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
N/A
12/17/27
PLN
984
2,182
(100
)
2,282
3.95%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
N/A
12/17/27
PLN
562
1,040
(117
)
1,157
6-mo. BUBOR, 6.25%
Semi-annual
6.25%
Annual
N/A
12/17/27
HUF
70,333
(696
)
1
(697
)
6.55%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
12/17/27
ZAR
1,729
1,386
—
1,386
1-day BZDIOVER, 0.05%
At Termination
13.40%
At Termination
N/A
01/03/28
BRL
3,370
(4,267
)
2
(4,269
)
1-day BZDIOVER, 0.05%
At Termination
13.75%
At Termination
N/A
01/03/28
BRL
1,388
(281
)
1
(282
)
1-day BZDIOVER, 0.05%
At Termination
13.80%
At Termination
N/A
01/03/28
BRL
692
(60
)
1
(61
)
3.32%
Quarterly
3-mo. KLIBOR, 3.35%
Quarterly
N/A
03/18/28
MYR
1,157
421
1
420
3.49%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
N/A
03/18/28
PLN
114
530
—
530
6-mo. BUBOR, 6.25%
Semi-annual
5.76%
Annual
N/A
03/18/28
HUF
8,208
(280
)
—
(280
)
1-day TIIEFONDEO, 6.87%
Monthly
7.17%
Monthly
N/A
04/11/28
MXN
10,450
(629
)
3
(632
)
4.15%
Annual
6-mo. PRIBOR, 3.66%
Semi-annual
06/17/26
(a)
06/17/28
CZK
9,699
839
2
837
1-day MIBOR, 5.34%
Semi-annual
6.08%
Semi-annual
06/17/26
(a)
06/17/28
INR
28,191
(1,333
)
1
(1,334
)
1-day MIBOR, 5.34%
Semi-annual
6.45%
Semi-annual
06/17/26
(a)
06/17/28
INR
46,008
1,054
2
1,052
6-mo. EURIBOR, 2.52%
Semi-annual
2.83%
Annual
09/16/26
(a)
09/16/28
EUR
11,380
(20,201
)
17,379
(37,580
)
6-mo. EURIBOR, 2.52%
Semi-annual
2.93%
Annual
09/16/26
(a)
09/16/28
EUR
11,810
3,435
44,038
(40,603
)
6-mo. EURIBOR, 2.52%
Semi-annual
2.94%
Annual
09/16/26
(a)
09/16/28
EUR
485
268
1,350
(1,082
)
6-mo. EURIBOR, 2.52%
Semi-annual
3.04%
Annual
09/16/26
(a)
09/16/28
EUR
11,380
32,632
62,255
(29,623
)
3.31%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/28
USD
85,534
656,462
(74,057
)
730,519
1-day SOFR, 3.66%
Annual
3.68%
Annual
09/16/26
(a)
09/16/28
USD
14,850
(8,793
)
27,496
(36,289
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.54%
Quarterly
N/A
12/17/28
CNY
1,356
349
2
347
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.54%
Quarterly
N/A
12/17/28
CNY
909
216
1
215
1-day BZDIOVER, 0.05%
At Termination
13.02%
At Termination
N/A
01/02/29
BRL
526
(2,453
)
1
(2,454
)
1-day BZDIOVER, 0.05%
At Termination
13.25%
At Termination
N/A
01/02/29
BRL
5,000
(11,025
)
13
(11,038
)
1-day BZDIOVER, 0.05%
At Termination
13.25%
At Termination
N/A
01/02/29
BRL
8,000
(17,534
)
20
(17,554
)
1-day BZDIOVER, 0.05%
At Termination
13.33%
At Termination
N/A
01/02/29
BRL
6,000
(9,033
)
6
(9,039
)
1-day BZDIOVER, 0.05%
At Termination
13.42%
At Termination
N/A
01/02/29
BRL
2,000
(2,527
)
2
(2,529
)
1-day BZDIOVER, 0.05%
At Termination
13.65%
At Termination
04/30/26
01/02/29
BRL
2,000
383
2
381
1-day BZDIOVER, 0.05%
At Termination
13.77%
At Termination
N/A
01/02/29
BRL
11,000
7,164
9
7,155
1-day BZDIOVER, 0.05%
At Termination
13.83%
At Termination
N/A
01/02/29
BRL
2,000
1,862
2
1,860
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.56%
Quarterly
N/A
03/18/29
CNY
203
65
—
65
7.52%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
06/17/26
(a)
06/17/29
ZAR
3,540
45
2
43
1-day TIIEFONDEO, 6.87%
Monthly
7.28%
Monthly
N/A
10/31/30
MXN
3,587
(4,174
)
2
(4,176
)
1-day TIIEFONDEO, 6.87%
Monthly
7.32%
Monthly
N/A
11/05/30
MXN
671
(729
)
—
(729
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.58%
Quarterly
N/A
12/17/30
CNY
1,096
336
2
334
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.58%
Quarterly
N/A
12/17/30
CNY
791
236
1
235
6-mo. PRIBOR, 3.66%
Semi-annual
3.89%
Annual
N/A
12/17/30
CZK
9,209
(8,482
)
5
(8,487
)
4.00%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
N/A
12/17/30
PLN
15
90
(5
)
95
4.05%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
N/A
12/17/30
PLN
445
2,446
(39
)
2,485
1-day MIBOR, 5.34%
Semi-annual
5.71%
Semi-annual
N/A
12/17/30
INR
10,584
(3,651
)
1
(3,652
)
6-mo. BUBOR, 6.25%
Semi-annual
6.29%
Annual
N/A
12/17/30
HUF
10,360
466
—
466
6.86%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
12/17/30
ZAR
5,092
8,910
3
8,907
6.87%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
12/17/30
ZAR
2,404
4,178
2
4,176
1-day BZDIOVER, 0.05%
At Termination
13.18%
At Termination
N/A
01/02/31
BRL
401
(1,373
)
2
(1,375
)
1-day BZDIOVER, 0.05%
At Termination
13.24%
At Termination
N/A
01/02/31
BRL
334
(1,343
)
1
(1,344
)
1-day TIIEFONDEO, 6.87%
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
558
(365
)
—
(365
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.64%
Quarterly
N/A
03/18/31
CNY
165
107
—
107
3.58%
Annual
6-mo. PRIBOR, 3.66%
Semi-annual
N/A
03/18/31
CZK
584
994
—
994
3.62%
Annual
6-mo. PRIBOR, 3.66%
Semi-annual
N/A
03/18/31
CZK
586
952
—
952
6-mo. PRIBOR, 3.66%
Semi-annual
3.74%
Annual
N/A
03/18/31
CZK
1,332
(1,795
)
1
(1,796
)
6-mo. BUBOR, 6.25%
Semi-annual
5.98%
Annual
N/A
03/18/31
HUF
1,693
18
—
18
6.69%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
N/A
03/18/31
ZAR
761
1,776
1
1,775
1-day TIIEFONDEO, 6.87%
Monthly
7.68%
Monthly
N/A
04/07/31
MXN
1,779
(733
)
1
(734
)
60
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
7.55%
Monthly
1-day TIIEFONDEO, 6.87%
Monthly
N/A
04/10/31
MXN
1,996
$ 1,432
$ 1
$ 1,431
1-day THOR, 0.99%
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
5,324
(698
)
2
(700
)
1-day THOR, 0.99%
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
1,121
(137
)
—
(137
)
1-day THOR, 0.99%
Quarterly
1.64%
Quarterly
06/17/26
(a)
06/17/31
THB
767
(73
)
—
(73
)
1-day THOR, 0.99%
Quarterly
1.65%
Quarterly
06/17/26
(a)
06/17/31
THB
767
(60
)
—
(60
)
3-mo. KRW CDC, 2.81%
Quarterly
3.67%
Quarterly
06/17/26
(a)
06/17/31
KRW
147,110
(712
)
1
(713
)
4.12%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
06/17/26
(a)
06/17/31
PLN
474
2,617
1
2,616
4.22%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
06/17/26
(a)
06/17/31
PLN
631
2,734
2
2,732
4.40%
Annual
6-mo. WIBOR, 3.88%
Semi-annual
06/17/26
(a)
06/17/31
PLN
474
1,013
1
1,012
6-mo. PRIBOR, 3.66%
Semi-annual
4.44%
Annual
06/17/26
(a)
06/17/31
CZK
1,027
72
1
71
6.16%
Semi-annual
1-day MIBOR, 5.34%
Semi-annual
06/17/26
(a)
06/17/31
INR
26,722
5,776
3
5,773
1-day MIBOR, 5.34%
Semi-annual
6.51%
Semi-annual
06/17/26
(a)
06/17/31
INR
8,328
(552
)
1
(553
)
3-mo. JIBAR, 6.78%
Quarterly
7.51%
Quarterly
06/17/26
(a)
06/17/31
ZAR
2,293
(1,019
)
2
(1,021
)
1-day TIIEFONDEO, 6.87%
Monthly
7.67%
Monthly
09/17/26
(a)
09/11/31
MXN
23,000
(19,545
)
12
(19,557
)
1-day TIIEFONDEO, 6.87%
Monthly
7.80%
Monthly
09/17/26
(a)
09/11/31
MXN
13,000
(7,129
)
7
(7,136
)
1-day TIIEFONDEO, 6.87%
Monthly
7.83%
Monthly
09/17/26
(a)
09/11/31
MXN
68,000
(32,164
)
36
(32,200
)
1-day TIIEFONDEO, 6.87%
Monthly
7.87%
Monthly
09/17/26
(a)
09/11/31
MXN
68,000
(26,251
)
36
(26,287
)
1-day TIIEFONDEO, 6.87%
Monthly
7.88%
Monthly
09/17/26
(a)
09/11/31
MXN
27,000
(9,484
)
14
(9,498
)
1-day TIIEFONDEO, 6.87%
Monthly
7.92%
Monthly
09/17/26
(a)
09/11/31
MXN
1,000
(259
)
1
(260
)
1-day TIIEFONDEO, 6.87%
Monthly
8.10%
Monthly
09/17/26
(a)
09/11/31
MXN
15,000
2,470
8
2,462
1-day TIIEFONDEO, 6.87%
Monthly
8.11%
Monthly
09/17/26
(a)
09/11/31
MXN
5,000
911
3
908
1-day TIIEFONDEO, 6.87%
Monthly
8.12%
Monthly
09/17/26
(a)
09/11/31
MXN
21,000
4,067
11
4,056
1-day TIIEFONDEO, 6.87%
Monthly
8.32%
Monthly
09/17/26
(a)
09/11/31
MXN
15,248
10,200
7
10,193
1-day TIIEFONDEO, 6.87%
Monthly
8.32%
Monthly
09/17/26
(a)
09/11/31
MXN
63,000
42,439
33
42,406
1-day TIIEFONDEO, 6.87%
Monthly
8.35%
Monthly
09/17/26
(a)
09/11/31
MXN
15,248
11,261
8
11,253
1-day TIIEFONDEO, 6.87%
Monthly
8.37%
Monthly
09/17/26
(a)
09/11/31
MXN
30,505
23,944
16
23,928
1-day TIIEFONDEO, 6.87%
Monthly
8.37%
Monthly
09/17/26
(a)
09/11/31
MXN
58,000
46,037
30
46,007
1-day TIIEFONDEO, 6.87%
Monthly
8.39%
Monthly
09/17/26
(a)
09/11/31
MXN
42,000
34,428
22
34,406
1-day TIIEFONDEO, 6.87%
Monthly
8.44%
Monthly
09/17/26
(a)
09/11/31
MXN
29,000
27,470
15
27,455
1-day SSARON, (0.05%)
Annual
0.40%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
(94
)
5,236
(5,330
)
1-day SSARON, (0.05%)
Annual
0.40%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
(190
)
753
(943
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.55%
Quarterly
09/16/26
(a)
09/16/31
CNY
75,954
(11,850
)
123
(11,973
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.56%
Quarterly
09/16/26
(a)
09/16/31
CNY
36,000
(2,481
)
58
(2,539
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.57%
Quarterly
09/16/26
(a)
09/16/31
CNY
1,000
(42
)
2
(44
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
11,000
2,347
18
2,329
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
7,000
1,371
11
1,360
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
37,000
6,526
61
6,465
1.61%
Quarterly
China Fixing Repo Rates
7-day, 1.40%
Quarterly
09/16/26
(a)
09/16/31
CNY
4,050
(1,089
)
7
(1,096
)
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.61%
Quarterly
09/16/26
(a)
09/16/31
CNY
19,500
5,383
32
5,351
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.61%
Quarterly
09/16/26
(a)
09/16/31
CNY
19,500
5,451
32
5,419
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
30,000
9,326
48
9,278
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
21,000
6,382
34
6,348
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
24,000
8,297
39
8,258
1.63%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
73,000
15,411
26
15,385
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.64%
Quarterly
09/16/26
(a)
09/16/31
CNY
9,000
4,460
15
4,445
1.65%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
86,580
14,896
30
14,866
China Fixing Repo Rates
7-day, 1.40%
Quarterly
1.65%
Quarterly
09/16/26
(a)
09/16/31
CNY
53,000
27,187
86
27,101
Schedule of Investments
61
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1.66%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
39,000
$ 6,048
$ 14
$ 6,034
1.71%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
71,000
6,178
24
6,154
1.73%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
122,000
7,843
42
7,801
1.73%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
22,000
1,353
8
1,345
1.74%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
79,920
3,451
28
3,423
1.74%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
41,000
1,879
14
1,865
1.79%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
53,000
(1,553
)
18
(1,571
)
1-day SORA, 1.36%
Semi-Annual
1.91%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
1,000
(3,176
)
9
(3,185
)
1-day SORA, 1.36%
Semi-Annual
1.95%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
1,000
(1,530
)
8
(1,538
)
1-day SORA, 1.36%
Semi-Annual
1.96%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
375
(468
)
4
(472
)
1-day SORA, 1.36%
Semi-Annual
1.98%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
435
(226
)
4
(230
)
1-day SORA, 1.36%
Semi-Annual
1.99%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
625
(184
)
6
(190
)
1-day SORA, 1.36%
Semi-Annual
1.99%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
1,000
(201
)
9
(210
)
1-day SORA, 1.36%
Semi-Annual
2.02%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
565
510
5
505
1-day SORA, 1.36%
Semi-Annual
2.05%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
444
850
4
846
1-day SORA, 1.36%
Semi-Annual
2.07%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
556
1,510
5
1,505
1-day SORA, 1.36%
Semi-Annual
2.16%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
3,000
18,086
26
18,060
1-day SORA, 1.36%
Semi-Annual
2.21%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
1,000
8,087
9
8,078
3-mo. TAIBOR, 1.68%
Quarterly
2.26%
Quarterly
09/16/26
(a)
09/16/31
TWD
192,000
(16,133
)
67
(16,200
)
2.54%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
19,000
398,197
146,661
251,536
2.69%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
12,835
344
12,491
2.70%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
2,000
3,915
3
3,912
2.70%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
12,000
11,493
1,953
9,540
2.71%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
43,976
83,222
63
83,159
2.72%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,000
45,123
2,745
42,378
2.73%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
7,000
75,765
2,048
73,717
2.74%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
23,800
242,454
(93,869
)
336,323
2.76%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
2,000
1,348
10
1,338
2.76%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
5,000
3,294
128
3,166
2.77%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
14,000
8,736
1,087
7,649
2.77%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
52,000
32,188
24,699
7,489
2.78%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
2,000
1,178
530
648
2.78%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
5,000
38,978
577
38,401
2.79%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
11,000
5,932
(336
)
6,268
2.79%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,000
29,825
6,777
23,048
2.79%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
7,445
564
6,881
2.81%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
12,000
72,679
(844
)
73,523
2.82%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
3,000
3,628
4
3,624
2.83%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
4,000
1,300
90
1,210
2.85%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
5,000
1,217
(34
)
1,251
2.85%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
4,835
20,292
2,733
17,559
2.86%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
7,166
(861
)
8,027
2.86%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
9,860
33,946
22,821
11,125
2.88%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
7,000
358
1,753
(1,395
)
2.88%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,000
10,611
3,902
6,709
2.88%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
5,015
560
4,455
2.88%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
4,929
18
4,911
2.89%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
4,740
8,168
(9,693
)
17,861
2.91%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
4,000
2,803
6
2,797
2.91%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
947
(28
)
975
2.92%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
5,000
3,204
7
3,197
1-day CORRA, 2.25%
Semi-Annual
2.93%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
1,000
(4,791
)
(907
)
(3,884
)
1-day CORRA, 2.25%
Semi-Annual
2.94%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
(9,246
)
1,235
(10,481
)
2.94%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
37,000
(9,110
)
3,314
(12,424
)
2.94%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
4,925
(2,783
)
(34,368
)
31,585
2.95%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
7,000
2,915
10
2,905
1-day CORRA, 2.25%
Semi-Annual
2.96%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
(7,900
)
74
(7,974
)
2.96%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
(1,543
)
940
(2,483
)
1-day CORRA, 2.25%
Semi-Annual
2.97%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
(7,026
)
(1,488
)
(5,538
)
2.97%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
1,000
312
2
310
2.97%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
910
(1,920
)
(6,109
)
4,189
62
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day CORRA, 2.25%
Semi-Annual
2.98%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
5,000
$ (15,714
)
$ (180
)
$ (15,534
)
2.98%
Quarterly
3-mo. HIBOR, 2.61%
Quarterly
09/16/26
(a)
09/16/31
HKD
2,000
564
3
561
2.98%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
27,000
(11,973
)
832
(12,805
)
1-day CORRA, 2.25%
Semi-Annual
3.01%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
9,000
(18,897
)
73
(18,970
)
1-day CORRA, 2.25%
Semi-Annual
3.01%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
(4,536
)
(6,600
)
2,064
3.02%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
(5,276
)
(211
)
(5,065
)
3.02%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
(5,163
)
43
(5,206
)
1-day CORRA, 2.25%
Semi-Annual
3.03%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
1,000
(1,426
)
2,665
(4,091
)
3.03%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/31
EUR
4,740
(25,958
)
(37,752
)
11,794
3.03%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
(5,395
)
(591
)
(4,804
)
3.04%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
7,000
(5,171
)
(16
)
(5,155
)
3.05%
Annual
6-mo. EURIBOR, 2.52%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
(6,524
)
325
(6,849
)
3.09%
Annual
3-mo. STIBOR, 2.09%
Quarterly
09/16/26
(a)
09/16/31
SEK
6,000
(5,757
)
324
(6,081
)
1-day CORRA, 2.25%
Semi-Annual
3.15%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
4,683
3,426
1,257
1-day SHIR, 4.00%
Annual
3.41%
Annual
09/16/26
(a)
09/16/31
ILS
5,000
(14,966
)
18
(14,984
)
1-day SOFR, 3.66%
Annual
3.43%
Annual
09/16/26
(a)
09/16/31
USD
36,296
(513,236
)
(384,095
)
(129,141
)
3-mo. KRW CDC, 2.81%
Quarterly
3.52%
Quarterly
09/16/26
(a)
09/16/31
KRW
594,766
(6,614
)
4
(6,618
)
3-mo. KRW CDC, 2.81%
Quarterly
3.52%
Quarterly
09/16/26
(a)
09/16/31
KRW
3,207,564
(35,177
)
25
(35,202
)
3-mo. KRW CDC, 2.81%
Quarterly
3.56%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,634,436
(26,144
)
20
(26,164
)
3-mo. KRW CDC, 2.81%
Quarterly
3.60%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,807,000
(15,300
)
14
(15,314
)
3-mo. KRW CDC, 2.81%
Quarterly
3.60%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,662,500
(14,459
)
13
(14,472
)
3.61%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
2,950
18,137
869
17,268
3-mo. KRW CDC, 2.81%
Quarterly
3.61%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,662,500
(13,592
)
12
(13,604
)
3.62%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
1,000
5,771
1,406
4,365
3.62%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
5,915
34,101
10,040
24,061
3.63%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
3,000
16,371
6,565
9,806
3.66%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
1,000
3,933
(2,463
)
6,396
3.67%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
1,000
3,395
(4,562
)
7,957
1-day SHIR, 4.00%
Annual
3.72%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
1,590
4
1,586
3-mo. KRW CDC, 2.81%
Quarterly
3.72%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,867,000
(8,878
)
14
(8,892
)
3.74%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
6,258
2,544
(23,183
)
25,727
3-mo. KRW CDC, 2.81%
Quarterly
3.76%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,155,000
(8,100
)
16
(8,116
)
3-mo. KRW CDC, 2.81%
Quarterly
3.79%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,125,000
(2,916
)
9
(2,925
)
3-mo. KRW CDC, 2.81%
Quarterly
3.84%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,749,000
(2,067
)
13
(2,080
)
3-mo. KRW CDC, 2.81%
Quarterly
3.86%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,885,000
(2,082
)
21
(2,103
)
4.13%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
1,000
11,827
189
11,638
4.15%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
1,000
10,512
(444
)
10,956
4.17%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
1,000
9,299
2,043
7,256
4.18%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
3,000
26,407
476
25,931
4.19%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
4,435
36,362
28,379
7,983
4.23%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
2,000
11,780
(323
)
12,103
4.23%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
1,000
5,876
(102
)
5,978
4.24%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
2,000
10,409
108
10,301
6-mo. PRIBOR, 3.66%
Semi-Annual
4.26%
Annual
09/16/26
(a)
09/16/31
CZK
4,000
(1,680
)
(456
)
(1,224
)
4.27%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
4,410
14,138
18,105
(3,967
)
4.29%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
2,000
3,889
232
3,657
6-mo. WIBOR, 3.88%
Semi-Annual
4.30%
Annual
09/16/26
(a)
09/16/31
PLN
9,100
(35,239
)
28
(35,267
)
6-mo. WIBOR, 3.88%
Semi-Annual
4.32%
Annual
09/16/26
(a)
09/16/31
PLN
3,900
(14,409
)
12
(14,421
)
6-mo. PRIBOR, 3.66%
Semi-Annual
4.40%
Annual
09/16/26
(a)
09/16/31
CZK
13,000
(1,444
)
7
(1,451
)
6-mo. WIBOR, 3.88%
Semi-Annual
4.45%
Annual
09/16/26
(a)
09/16/31
PLN
13,000
(27,839
)
40
(27,879
)
6-mo. PRIBOR, 3.66%
Semi-Annual
4.54%
Annual
09/16/26
(a)
09/16/31
CZK
15,000
2,837
8
2,829
6-mo. PRIBOR, 3.66%
Semi-Annual
4.56%
Annual
09/16/26
(a)
09/16/31
CZK
9,000
2,127
5
2,122
6-mo. WIBOR, 3.88%
Semi-Annual
4.56%
Annual
09/16/26
(a)
09/16/31
PLN
4,000
(3,113
)
12
(3,125
)
6-mo. WIBOR, 3.88%
Semi-Annual
4.56%
Annual
09/16/26
(a)
09/16/31
PLN
4,000
(3,397
)
12
(3,409
)
6-mo. WIBOR, 3.88%
Semi-Annual
4.73%
Annual
09/16/26
(a)
09/16/31
PLN
2,000
2,313
6
2,307
6-mo. BBSW, 4.77%
Semi-Annual
4.82%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
232
(1,051
)
2
(1,053
)
6-mo. BBSW, 4.77%
Semi-Annual
4.84%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
2,000
(7,743
)
16
(7,759
)
6-mo. BBSW, 4.77%
Semi-Annual
4.84%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
1,768
(7,230
)
14
(7,244
)
6-mo. BBSW, 4.77%
Semi-Annual
4.85%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
2,102
(7,546
)
16
(7,562
)
6-mo. BBSW, 4.77%
Semi-Annual
4.86%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
4,202
(13,709
)
34
(13,743
)
6-mo. BBSW, 4.77%
Semi-Annual
4.89%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
860
(2,120
)
7
(2,127
)
Schedule of Investments
63
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. BBSW, 4.77%
Semi-Annual
5.03%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
1,000
$ 1,904
$ 8
$ 1,896
1-day MIBOR, 5.34%
Semi-annual
6.56%
Semi-annual
09/16/26
(a)
09/16/31
INR
152,153
(11,528
)
18
(11,546
)
7.34%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
9,000
8,968
6
8,962
7.36%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
18,850
17,863
13
17,850
7.37%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
11,500
10,617
7
10,610
7.40%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
11,500
9,916
8
9,908
7.42%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
10,150
8,257
7
8,250
7.59%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
9,000
3,545
6
3,539
7.69%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
120
16
—
16
7.74%
Quarterly
3-mo. JIBAR, 6.78%
Quarterly
09/16/26
(a)
09/16/31
ZAR
4,679
153
3
150
3.51%
Quarterly
3-mo. KLIBOR, 3.35%
Quarterly
09/17/26
(a)
09/17/31
MYR
655
350
2
348
3.51%
Quarterly
3-mo. KLIBOR, 3.35%
Quarterly
09/17/26
(a)
09/17/31
MYR
655
320
2
318
1-day TIIEFONDEO, 6.87%
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
1,032
90
1
89
1-day TIIEFONDEO, 6.87%
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
111
(109
)
—
(109
)
2.89%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
N/A
01/28/36
EUR
1,545
22,098
30
22,068
2.81%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
N/A
02/12/36
EUR
385
8,550
8
8,542
2.85%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
N/A
02/12/36
EUR
385
7,283
(1,246
)
8,529
3.09%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
N/A
04/16/36
EUR
1,030
(2,154
)
21
(2,175
)
3.12%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
N/A
04/16/36
EUR
1,030
(5,603
)
(7,877
)
2,274
6-mo. PRIBOR, 3.66%
Semi-annual
4.56%
Annual
06/17/26
(a)
06/17/36
CZK
437
42
—
42
6-mo. PRIBOR, 3.66%
Semi-annual
4.60%
Annual
06/17/26
(a)
06/17/36
CZK
235
59
—
59
6-mo. BUBOR, 6.25%
Semi-annual
5.49%
Annual
06/18/31
(a)
06/18/36
HUF
9,785
3
—
3
6-mo. BUBOR, 6.25%
Semi-annual
5.54%
Annual
06/18/31
(a)
06/18/36
HUF
9,743
55
—
55
6-mo. BUBOR, 6.25%
Semi-annual
5.65%
Annual
06/18/31
(a)
06/18/36
HUF
9,937
167
—
167
6-mo. EURIBOR, 2.52%
Semi-annual
2.96%
Annual
09/16/26
(a)
09/16/36
EUR
16,603
(254,438
)
64,782
(319,220
)
6-mo. EURIBOR, 2.52%
Semi-annual
3.08%
Annual
09/16/26
(a)
09/16/36
EUR
2,630
(7,800
)
1,792
(9,592
)
6-mo. EURIBOR, 2.52%
Semi-annual
3.08%
Annual
09/16/26
(a)
09/16/36
EUR
5,310
(19,479
)
(19,182
)
(297
)
6-mo. EURIBOR, 2.52%
Semi-annual
3.15%
Annual
09/16/26
(a)
09/16/36
EUR
840
3,048
1,680
1,368
6-mo. EURIBOR, 2.52%
Semi-annual
3.19%
Annual
09/16/26
(a)
09/16/36
EUR
4,980
39,406
43,231
(3,825
)
1-day SOFR, 3.66%
Annual
3.87%
Annual
09/16/26
(a)
09/16/36
USD
1,630
(14,940
)
(200
)
(14,740
)
1-day SOFR, 3.66%
Annual
3.88%
Annual
09/16/26
(a)
09/16/36
USD
3,265
(28,927
)
(7,689
)
(21,238
)
3.91%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/36
USD
3,250
21,050
(7,838
)
28,888
1-day SONIA, 3.73%
Annual
4.26%
Annual
09/16/26
(a)
09/16/36
GBP
19,687
(687,593
)
62,270
(749,863
)
1-day SONIA, 3.73%
Annual
4.40%
Annual
09/16/26
(a)
09/16/36
GBP
320
(6,616
)
(1,513
)
(5,103
)
1-day SONIA, 3.73%
Annual
4.46%
Annual
09/16/26
(a)
09/16/36
GBP
2,475
(35,278
)
(24,881
)
(10,397
)
1-day SONIA, 3.73%
Annual
4.55%
Annual
09/16/26
(a)
09/16/36
GBP
2,475
(11,007
)
(9,062
)
(1,945
)
3.03%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/56
EUR
1,738
53,494
13,072
40,422
3.13%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/56
EUR
110
892
127
765
3.19%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/56
EUR
1,120
(5,240
)
8,926
(14,166
)
3.19%
Annual
6-mo. EURIBOR, 2.52%
Semi-annual
09/16/26
(a)
09/16/56
EUR
1,120
(4,760
)
8,769
(13,529
)
1-day SOFR, 3.66%
Annual
4.14%
Annual
09/16/26
(a)
09/16/56
USD
1,580
(22,391
)
(3,740
)
(18,651
)
4.64%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
10,180
697,578
(18,612
)
716,190
4.78%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
210
8,368
574
7,794
4.83%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
60
1,817
(388
)
2,205
 
 
$ 1,109,180
$ (118,802
)
$ 1,227,982
 
(a)
Forward Swap.
OTC Credit Default Swaps — Buy Protection 
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Republic of Argentina
5.00
% 
Quarterly
Barclays Bank PLC
12/20/27
USD
4
$ (58
)
$ 75
$ (133
)
American Electric Power Co., Inc.
1.00
Quarterly
Bank of America N.A.
12/20/29
USD
176
(4,625
)
(3,676
)
(949
)
American Express, Co.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
90
(2,264
)
(1,919
)
(345
)
Dominion Energy, Inc.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
87
(2,290
)
(1,760
)
(530
)
 
 
 
 
 
$ (9,237
)
$ (7,280
)
$ (1,957
)
64
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Altice France SA
5.00
% 
Quarterly
JPMorgan Chase Bank N.A.
06/20/27
CCC+
EUR
17
$ 832
$ 318
$ 514
Altice France SA
5.00
Quarterly
Morgan Stanley & Co.
International PLC
06/20/27
CCC+
EUR
14
685
354
331
iTraxx.XO.42 10-20%
5.00
Quarterly
BNP Paribas SA
12/20/29
CCC
EUR
77
5,026
6,245
(1,219
)
iTraxx.XO.44 20-35%
5.00
Quarterly
Goldman Sachs International
12/20/30
B
EUR
77
11,465
12,428
(963
)
 
 
 
 
 
 
$ 18,008
$ 19,345
$ (1,337
)
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
4.44%
Semi-annual
1-day CLP
Interbank Rate,
26.43%
Semi-annual
Bank of America N.A.
N/A
12/17/27
CLP
165,272
$ 1,328
$ —
$ 1,328
4.44%
Semi-annual
1-day CLP
Interbank Rate,
26.43%
Semi-annual
Goldman Sachs International
N/A
12/17/27
CLP
166,437
1,338
—
1,338
1-day COOIS,
10.53%
Quarterly
9.31%
Quarterly
Goldman Sachs International
N/A
12/17/27
COP
179,914
(2,213
)
—
(2,213
)
1-day COOIS,
10.53%
Quarterly
9.31%
Quarterly
Goldman Sachs International
N/A
12/17/27
COP
165,969
(2,042
)
—
(2,042
)
1-day COOIS,
10.53%
Quarterly
9.37%
Quarterly
Goldman Sachs International
N/A
12/17/27
COP
178,597
(2,150
)
—
(2,150
)
1-day COOIS,
10.53%
Quarterly
9.37%
Quarterly
Goldman Sachs International
N/A
12/17/27
COP
164,753
(1,983
)
—
(1,983
)
1-day COOIS,
10.53%
Quarterly
9.54%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
12/17/27
COP
327,096
(3,693
)
—
(3,693
)
1-day COOIS,
10.53%
Quarterly
9.54%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
12/17/27
COP
354,581
(4,004
)
—
(4,004
)
1-day COOIS,
10.53%
Quarterly
10.78%
Quarterly
Goldman Sachs International
N/A
03/21/28
COP
107,478
(723
)
—
(723
)
9.36%
Quarterly
1-day COOIS,
10.53%
Quarterly
Goldman Sachs International
N/A
12/17/29
COP
99,882
2,146
—
2,146
9.36%
Quarterly
1-day COOIS,
10.53%
Quarterly
Goldman Sachs International
N/A
12/17/29
COP
92,058
1,977
—
1,977
9.42%
Quarterly
1-day COOIS,
10.53%
Quarterly
Goldman Sachs International
N/A
12/17/29
COP
99,589
2,089
—
2,089
9.42%
Quarterly
1-day COOIS,
10.53%
Quarterly
Goldman Sachs International
N/A
12/17/29
COP
91,788
1,926
—
1,926
9.54%
Quarterly
1-day COOIS,
10.53%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
12/17/29
COP
180,004
3,596
—
3,596
9.54%
Quarterly
1-day COOIS,
10.53%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
12/17/29
COP
195,303
3,901
—
3,901
10.60%
Quarterly
1-day COOIS,
10.53%
Quarterly
Goldman Sachs International
N/A
03/18/30
COP
59,448
678
—
678
5.42%
Semi-annual
1-day CLP
Interbank Rate,
26.43%
Semi-annual
BNP Paribas SA
N/A
06/17/36
CLP
40,835
(319
)
—
(319
)
 
 
$ 1,852
$ —
$ 1,852
Schedule of Investments
65
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit iBoxx $
Liquid High Yield
Index
At Termination
1-day SOFR ,
3.66%
Quarterly
Bank of America
N.A.
N/A
06/20/26
USD
280
$ (2,814
)
$ 2,467
$ (5,281
)
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
1-day SOFR minus
1.65%, 3.66%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
06/22/26
USD
6,615
(107,698
)
(362
)
(107,336
)
1-day SOFR minus
0.70%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
JPMorgan Chase
Bank N.A.
N/A
06/22/26
USD
728
11,148
—
11,148
1-day SOFR minus
0.50%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
Bank of America
N.A.
N/A
06/22/26
USD
423
6,388
—
6,388
1-day SOFR plus
0.05%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
Bank of America
N.A.
N/A
06/22/26
USD
1,338
(3,296
)
—
(3,296
)
1-day SOFR plus
0.20%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
Bank of America
N.A.
N/A
06/22/26
USD
4,270
(14,180
)
—
(14,180
)
 
 
 
 
 
 
 
$ (110,452
)
$ 2,105
$ (112,557
)
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written 
Description

Premiums
Paid

Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps(a)
$ 2,104,937
$ (1,615,855
)
$ 4,254,421
$ (2,388,013
)
$ —
OTC Swaps
21,887
(7,717
)
37,360
(151,359
)
—
Options Written
N/A
(2,083,480
)
169,244
(346,007
)
(2,260,243
)
 
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 24,392
$ —
$ 806,491
$ —
$ 830,883
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
—
—
—
443,077
—
—
443,077
Options purchased
Investments at value — unaffiliated(b)
—
690
6,586
34,271
348,334
—
389,881
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
—
566,473
—
—
3,426,847
261,101
4,254,421
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
—
20,265
17,536
—
21,446
—
59,247
 
$ —
$ 587,428
$ 48,514
$ 477,348
$ 4,603,118
$ 261,101
$ 5,977,509
66
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ —
$ —
$ 83,021
$ —
$ 2,445,643
$ —
$ 2,528,664
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
—
—
—
721,675
—
—
721,675
Options written
Options written at value
—
13,226
10,967
96,773
2,139,277
—
2,260,243
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
—
189,148
—
—
2,198,865
—
2,388,013
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
—
11,494
125,174
—
22,408
—
159,076
 
$ —
$ 213,868
$ 219,162
$ 818,448
$ 6,806,193
$ —
$ 8,057,671
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
(b)
Includes options purchased at value as reported in the Schedule of Investments.
For the period ended April 30, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ (23,279
)
$ —
$ (987,935
)
$ —
$ (1,011,214
)
Forward foreign currency exchange contracts
—
—
—
227,244
—
—
227,244
Options purchased(a)
—
(3,350
)
14,973
(109,026
)
(65,690
)
—
(163,093
)
Options written
—
5,582
59,987
108,163
203,762
—
377,494
Swaps
—
(376,558
)
(36,394
)
—
(3,622,965
)
(142,717
)
(4,178,634
)
 
$ —
$ (374,326
)
$ 15,287
$ 226,381
$ (4,472,828
)
$ (142,717
)
$ (4,748,203
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ (45,622
)
$ —
$ (1,907,818
)
$ —
$ (1,953,440
)
Forward foreign currency exchange contracts
—
—
—
(547,532
)
—
—
(547,532
)
Options purchased(b)
—
(80
)
(2,472
)
53,750
(55,023
)
—
(3,825
)
Options written
—
(5,847
)
1,158
(29,511
)
(219,598
)
—
(253,798
)
Swaps
—
238,155
(141,061
)
—
2,755,554
337,707
3,190,355
 
$ —
$ 232,228
$ (187,997
)
$ (523,293
)
$ 573,115
$ 337,707
$ 431,760
 
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$392,040,578
Average notional value of contracts — short
157,018,904
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
64,649,979
Average amounts sold — in USD
49,335,382
Options:
Average value of option contracts purchased
37,069
Average value of option contracts written
130,003
Average notional value of swaption contracts purchased
33,337,097
Average notional value of swaption contracts written
192,868,482
Credit default swaps:
Average notional value — buy protection
16,369,843
Average notional value — sell protection
41,610,631
Schedule of Investments
67
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)
Interest rate swaps:
Average notional value — pays fixed rate
$386,950,491
Average notional value — receives fixed rate
520,969,478
Inflation swaps:
Average notional value — pays fixed rate
19,012,545
Average notional value — receives fixed rate
—(a
)
Total return swaps:
Average notional value
13,114,684
 
(a)
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 343,917
$ 1,394,145
Forward foreign currency exchange contracts
443,077
721,675
Options
389,881
(a)
2,260,243
Swaps — centrally cleared
—
81,502
Swaps — OTC(b)
59,247
159,076
Total derivative assets and liabilities in the Statement of Assets and Liabilities
1,236,122
4,616,641
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(350,722
)
(1,486,864
)
Total derivative assets and liabilities subject to an MNA
$ 885,400
$ 3,129,777
 
(a)
Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund: 
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$ 48,532
$ (48,532
)
$ —
$ —
$ —
Barclays Bank PLC
61,542
(40,817
)
—
—
20,725
BNP Paribas SA
89,916
(69,445
)
—
—
20,471
Citibank N.A.
47,925
(47,925
)
—
—
—
Deutsche Bank AG
300,883
(195,307
)
—
—
105,576
Goldman Sachs International
122,849
(122,849
)
—
—
—
HSBC Bank PLC
46,496
(29,261
)
—
—
17,235
JPMorgan Chase Bank N.A.
33,632
(33,632
)
—
—
—
Morgan Stanley & Co. International PLC
49,414
(49,414
)
—
—
—
Natwest Markets PLC
1,394
(1,394
)
—
—
—
Societe Generale
16,949
(16,949
)
—
—
—
State Street Bank and Trust Co.
55,808
(55,808
)
—
—
—
Toronto-Dominion Bank
7,703
(7,703
)
—
—
—
UBS AG
2,357
(2,357
)
—
—
—
 
$ 885,400
$ (721,393
)
$ —
$ —
$ 164,007
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Bank of America N.A.
$ 895,693
$ (48,532
)
$ (387,161
)
$ (460,000
)
$ —
Barclays Bank PLC
40,817
(40,817
)
—
—
—
68
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
BNP Paribas SA
$ 69,445
$ (69,445
)
$ —
$ —
$ —
Citibank N.A.
175,969
(47,925
)
—
—
128,044
Deutsche Bank AG
195,307
(195,307
)
—
—
—
Goldman Sachs International
798,213
(122,849
)
(675,364
)
—
—
HSBC Bank PLC
29,261
(29,261
)
—
—
—
JPMorgan Chase Bank N.A.
143,066
(33,632
)
—
—
109,434
Morgan Stanley & Co. International PLC
358,902
(49,414
)
—
—
309,488
Natwest Markets PLC
5,478
(1,394
)
—
—
4,084
Societe Generale
200,179
(16,949
)
—
—
183,230
Standard Chartered Bank
376
—
—
—
376
State Street Bank and Trust Co.
65,047
(55,808
)
—
—
9,239
Toronto-Dominion Bank
63,480
(7,703
)
—
—
55,777
UBS AG
88,544
(2,357
)
—
—
86,187
 
$ 3,129,777
$ (721,393
)
$ (1,062,525
)
$ (460,000
)
$ 885,859
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.  Net amount may be offset further by the options written receivable/payable on the
Statement of Assets and Liabilities.
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 
Asset-Backed Securities
$ —
$ 68,074,580
$ —
$ 68,074,580
Common Stocks
1,141,216
—
—
1,141,216
Corporate Bonds
—
349,545,923
1,552,246
351,098,169
Floating Rate Loan Interests
—
575,814
411,903
987,717
Foreign Agency Obligations
—
17,688,676
—
17,688,676
Investment Companies
5,703,740
—
—
5,703,740
Municipal Bonds
—
4,032,738
—
4,032,738
Non-Agency Mortgage-Backed Securities
—
154,895,647
99,600
154,995,247
Preferred Securities
Capital Trusts
—
7,335,325
—
7,335,325
Preferred Stocks
54,150
—
—
54,150
U.S. Government Sponsored Agency Securities
—
536,848,098
—
536,848,098
U.S. Treasury Obligations
—
340,781,938
—
340,781,938
Short-Term Securities 
Foreign Agency Obligations
—
989,294
—
989,294
Money Market Funds
153,722,879
—
—
153,722,879
Options Purchased 
Credit Contracts
—
690
—
690
Equity Contracts
6,586
—
—
6,586
Foreign Currency Exchange Contracts
—
34,271
—
34,271
Schedule of Investments
69
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock Diversified Fixed Income Fund
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Interest Rate Contracts
$ 219
$ 348,115
$ —
$ 348,334
Unfunded Floating Rate Loan Interests(a)
—
—
—
—
Liabilities
Investments 
TBA Sale Commitments
—
(207,491,588
)
—
(207,491,588
)
 
$ 160,628,790
$ 1,273,659,521
$ 2,063,749
$ 1,436,352,060
Derivative Financial Instruments(b)
Assets
Credit Contracts
$ —
$ 567,318
$ —
$ 567,318
Equity Contracts
24,392
17,536
—
41,928
Foreign Currency Exchange Contracts
—
443,077
—
443,077
Interest Rate Contracts
806,491
3,445,826
—
4,252,317
Other Contracts
—
261,101
—
261,101
Liabilities
Credit Contracts
—
(206,513
)
—
(206,513
)
Equity Contracts
(93,988
)
(124,812
)
—
(218,800
)
Foreign Currency Exchange Contracts
—
(818,448
)
—
(818,448
)
Interest Rate Contracts
(2,445,893
)
(4,360,300
)
—
(6,806,193
)
 
$ (1,708,998
)
$ (775,215
)
$ —
$ (2,484,213
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency
exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
See notes to financial statements.
70
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statement of Assets and Liabilities (unaudited)
April 30, 2026
 
 
BlackRock
Diversified Fixed
Income Fund
ASSETS
Investments, at value — unaffiliated(a)(b)
$ 1,484,417,029
Investments, at value — affiliated(c)
159,426,619
Cash pledged:
Collateral — exchange-traded options written
2,446,000
Collateral — OTC derivatives
460,000
Futures contracts
6,447,310
Centrally cleared swaps
8,561,645
Foreign currency, at value(d)
8,111,953
Receivables:
Investments sold
3,498,601
Options written
84
Securities lending income — affiliated
8,754
Swaps
49,914
TBA sale commitments
208,708,210
Capital shares sold
8,036,799
Dividends — unaffiliated
429
Dividends — affiliated
341,071
Interest — unaffiliated
9,815,944
Principal paydowns
7,598
Variation margin on futures contracts
343,917
Swap premiums paid
21,887
Unrealized appreciation on:
Forward foreign currency exchange contracts
443,077
OTC swaps
37,360
Prepaid expenses
4,061
Total assets
1,901,188,262
LIABILITIES
Bank overdraft
955,374
Collateral on securities loaned
38,980,556
Options written, at value(e)
2,260,243
TBA sale commitments, at value(f)
207,491,588
Payables:
Investments purchased
373,759,409
Swaps
179,952
Administration fees
57,598
Income dividend distributions
279
Investment advisory fees
146,105
Options written
9,664
Professional fees
23,937
Variation margin on futures contracts
1,394,145
Variation margin on centrally cleared swaps
81,502
Swap premiums received
7,717
Unrealized depreciation on:
Forward foreign currency exchange contracts
721,675
Statement of Assets and Liabilities
71
Statement of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
BlackRock
Diversified Fixed
Income Fund
OTC swaps
$ 151,359
Other liabilities
487,028
Total liabilities
626,708,131
Commitments and contingent liabilities
NET ASSETS
$ 1,274,480,131
NET ASSETS CONSIST OF
Paid-in capital
$ 1,277,470,941
Accumulated loss
(2,990,810)
NET ASSETS
$ 1,274,480,131
(a) Investments, at cost—unaffiliated
$1,484,963,633
(b) Securities loaned, at value
$37,824,932
(c) Investments, at cost—affiliated
$159,418,439
(d) Foreign currency, at cost
$8,054,436
(e) Premiums received
$2,083,480
(f) Proceeds from TBA sale commitments
$208,708,210
72
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statement of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
 
BlackRock
Diversified Fixed
Income Fund
NET ASSET VALUE
Institutional
Net assets
$ 700,281,093
Shares outstanding
70,282,458
Net asset value
$ 9.96
Shares authorized
Unlimited
Par value
No par value
Class K
Net assets
$ 574,199,038
Shares outstanding
61,404,767
Net asset value
$ 9.35
Shares authorized
Unlimited
Par value
No par value
See notes to financial statements.
Statement of Assets and Liabilities
73
Statement of Operations (unaudited)
Six Months Ended April 30, 2026
 
 
BlackRock
Diversified Fixed
Income Fund
INVESTMENT INCOME
Dividends — affiliated
$3,205,728
Interest — unaffiliated
28,287,669
Securities lending income — affiliated — net
40,286
Payment-in-kind interest — unaffiliated
52,157
Foreign taxes withheld
(14,489
)
Total investment income
31,571,351
EXPENSES
Investment advisory
1,565,785
Administration — class specific
979,758
Professional
20,688
Trustees and Officer
7,643
Miscellaneous
3,635
Total expenses excluding interest expense
2,577,509
Interest expense — unaffiliated
141
Total expenses
2,577,650
Less:
Administration fees waived by the Administrator — class specific
(631,748
)
Fees waived and/or reimbursed by the Manager
(699,101
)
Fees waived and/or reimbursed by the Administrator/Manager
(28,331
)
Total expenses after fees waived and/or reimbursed
1,218,470
Net investment income
30,352,881
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)
2,168,302
Investments — affiliated
(116,217
)
Forward foreign currency exchange contracts
227,244
Foreign currency transactions
313,701
Futures contracts
(1,011,214
)
Options written
377,494
Swaps
(4,178,634
)
 
(2,219,324
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)
(19,636,593
)
Investments — affiliated
5,999
Forward foreign currency exchange contracts
(547,532
)
Foreign currency translations
85,909
Futures contracts
(1,953,440
)
Options written
(253,798
)
Swaps
3,190,355
Unfunded floating rate loan interests
(163
)
 
(19,109,263
)
Net realized and unrealized loss
(21,328,587
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$9,024,294
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$52
(b) Net of reduction in deferred foreign capital gain tax of
$1,959
See notes to financial statements.
74
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
BlackRock Diversified
Fixed Income Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$30,352,881
$58,162,071
Net realized gain (loss)
(2,219,324
)
4,313,942
Net change in unrealized appreciation (depreciation)
(19,109,263
)
15,382,624
Net increase in net assets resulting from operations
9,024,294
77,858,637
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(20,627,920
)
(41,221,408
)
Class K
(17,349,783
)
(27,049,234
)
Decrease in net assets resulting from distributions to shareholders
(37,977,703
)
(68,270,642
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
30,913,613
302,556,890
NET ASSETS
Total increase in net assets
1,960,204
312,144,885
Beginning of period
1,272,519,927
960,375,042
End of period
$1,274,480,131
$1,272,519,927
 
(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
75
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock Diversified Fixed Income Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Period from
09/19/23(a)
to 10/31/23
 
Net asset value, beginning of period
$10.19
$10.17
$9.65
$10.00
Net investment income(b)
0.24
0.50
0.53
0.06
Net realized and unrealized gain (loss)
(0.17
)
0.13
0.51
(0.36
)
Net increase (decrease) from investment operations
0.07
0.63
1.04
(0.30
)
Distributions(c)
From net investment income
(0.23
)
(0.50
)
(0.50
)
(0.05
)
From net realized gain
(0.07
)
(0.11
)
(0.02
)
—
Total distributions
(0.30
)
(0.61
)
(0.52
)
(0.05
)
Net asset value, end of period
$9.96
$10.19
$10.17
$9.65
Total Return(d)
Based on net asset value
0.68
%(e)
6.39
%
10.92
%
(2.96
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.45
%(g)
0.45
%
0.46
%
0.45
%(g)
Total expenses after fees waived and/or reimbursed
0.24
%(g)
0.24
%
0.24
%
0.24
%(g)
Net investment income
4.76
%(g)
5.02
%
5.19
%
5.00
%(g)
Supplemental Data
Net assets, end of period (000)
$700,281
$703,820
$670,181
$413,831
Portfolio turnover rate(h)
603
%
567
%
506
%
324
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Period from
09/19/23(a)
to 10/31/23
 
Portfolio turnover rate (excluding MDRs)
465
%
352
%
319
%
205
%
See notes to financial statements.
76
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock Diversified Fixed Income Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Period from
01/18/23(a)
to 10/31/23
 
Net asset value, beginning of period
$9.57
$9.56
$9.06
$10.00
Net investment income(b)
0.23
0.48
0.51
0.35
Net realized and unrealized gain (loss)
(0.16
)
0.12
0.49
(0.96
)
Net increase (decrease) from investment operations
0.07
0.60
1.00
(0.61
)
Distributions(c)
From net investment income
(0.22
)
(0.48
)
(0.48
)
(0.33
)
From net realized gain
(0.07
)
(0.11
)
(0.02
)
—
Total distributions
(0.29
)
(0.59
)
(0.50
)
(0.33
)
Net asset value, end of period
$9.35
$9.57
$9.56
$9.06
Total Return(d)
Based on net asset value
0.73
%(e)
6.47
%
11.17
%
(6.21
)%(e)(f)
Ratios to Average Net Assets(g)
Total expenses
0.35
%(h)
0.35
%
0.36
%
0.37
%(h)
Total expenses after fees waived and/or reimbursed
0.14
%(h)
0.14
%
0.14
%
0.13
%(h)
Net investment income
4.86
%(h)
5.10
%
5.29
%
4.58
%(h)
Supplemental Data
Net assets, end of period (000)
$574,199
$568,700
$290,194
$211,860
Portfolio turnover rate(i)
603
%
567
%
506
%
324
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Period from
01/18/23(a)
to 10/31/23
 
Portfolio turnover rate (excluding MDRs)
465
%
352
%
319
%
205
%
See notes to financial statements.
Financial Highlights
77
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Delaware statutory trust.  BlackRock Diversified Fixed Income Fund (the “Fund”) is a series of the Trust.  The Fund is classified as a diversified fund under the 1940 Act.
The 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.  Institutional and Class K Shares are sold only to certain eligible investors. 
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional and Class K Shares
No
No
None
The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is 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. The 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.  Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.  Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.  Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.  For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.  The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2026, if any, are disclosed in the Statement of Assets and Liabilities.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is 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 Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:  Distributions from net investment income are declared daily and paid monthly.  Distributions of capital gains are recorded on the ex-dividend dates and made at least monthly.  The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
78
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  The 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 the Fund’s Manager  as the valuation designee for the Fund. The 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 the Fund’s assets and liabilities:
•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.
•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Exchange-traded options (except ETF options, equity index options or those that are customized) are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Customized exchange-traded equity options, ETF options, equity index options and over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
Notes to Financial Statements
79
Notes to Financial Statements (unaudited) (continued)
 
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 the 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.  
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.
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 the 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 Private Companies 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.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
80
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime
Notes to Financial Statements
81
Notes to Financial Statements (unaudited) (continued)
 
rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests: 
Fund Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BlackRock Diversified Fixed Income Fund
Coreweave Compute Acquisition Co. IV LLC
$1,013,840
$ 1,011,305
$1,011,305
$ —
 
 
 
$ —
Forward Commitments, When-Issued and Delayed Delivery Securities: The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund 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 the 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
82
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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 Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule 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 Fund’s Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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 Fund’s securities on loan by counterparty which are subject to offset under an MSLA: 
Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount(b)
Barclays Bank PLC
$ 2,783,408
$ (2,783,408
)
$ —
$ —
Barclays Capital, Inc.
472,471
(472,471
)
—
—
BMO Capital Markets Corp.
259,992
(259,992
)
—
—
Citigroup Global Markets, Inc.
2,126,573
(2,126,573
)
—
—
HSBC Bank PLC
312,575
(312,573
)
—
2
HSBC Securities (USA), Inc.
5,058
(5,058
)
—
—
J.P. Morgan Securities LLC
8,811,403
(8,811,403
)
—
—
Jefferies LLC
196,102
(196,102
)
—
—
Mitsubishi UFJ Securities Holdings Co., Ltd.
20,255
(20,255
)
—
—
Morgan Stanley
9,719,881
(9,719,881
)
—
—
National Bank of Canada
241,137
(241,137
)
—
—
RBC Capital Markets LLC
6,034,053
(6,034,053
)
—
—
Scotia Capital (USA), Inc.
1,462,404
(1,462,404
)
—
—
TD Securities (USA) LLC
60,993
(60,993
)
—
—
UBS AG
13,689
(13,689
)
—
—
UBS Securities LLC
228,406
(228,406
)
—
—
Wells Fargo Bank N.A.
40,232
(40,232
)
—
—
Wells Fargo Securities LLC
5,036,300
(5,036,300
)
—
—
 
$ 37,824,932
$ (37,824,930
)
$ —
$ 2
 
(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 the Fund is disclosed in the Fund’s
Statement of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of April 30, 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, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The 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 the Fund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Notes to Financial Statements
83
Notes to Financial Statements (unaudited) (continued)
 
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options: The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.
•Swaptions — The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Fund’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.
•Foreign currency options — The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.
•Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.
The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.
84
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of  Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement  of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of  Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•Equity and Total return swaps — Equity and total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that a fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits (“financing fees”) related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
•Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
•Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.
•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.
Notes to Financial Statements
85
Notes to Financial Statements (unaudited) (continued)
 
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund.  Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, majority-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets: 
Average Daily Net Assets
Investment
Advisory Fees
First $1 billion
0.25
% 
$1 billion – $3 billion
0.24
$3 billion – $5 billion
0.23
$5 billion – $10 billion
0.22
Greater than $10 billion
0.21
The Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL, for services they provide for that portion of the Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Administration:  The Trust, on behalf of the Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund’s ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators.  For such services, BAL charges each of the share classes an administration fee, which is shown as administration – class specific in the Statement of Operations, at an annual rate of 0.20% of the average daily net assets of the Fund’s Institutional Shares and 0.10% of the average daily net assets of the Fund’s Class K Shares.
For the six months ended April 30, 2026, the following table shows the class specific administration fees borne directly by each share class of the Fund: 
Fund Name
Institutional
Class K
Total
BlackRock Diversified Fixed Income Fund
$ 696,020
$ 283,738
$ 979,758
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance.
86
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Expense Waivers and Reimbursements:  The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2026, the amount waived was $66,018.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund.  This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.  For the six months ended April 30, 2026, the Manager waived $1,335 in investment advisory fees pursuant to this arrangement.
The Manager contractually agreed to waive 0.10% of its investment advisory fees through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2026, the Manager waived $631,748 pursuant to this agreement.
BAL contractually agreed to waive 0.10% of its administration fees for each of Institutional Shares and Class K Shares through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. These amounts waived by the Administrator are included in administration fees waived by the Administrator — class specific in the Statement of Operations. For the six months ended April 30, 2026,class specific expense waivers were as follows: 
 
Administration Fees Waived by the Administrator -
Class Specific
Fund Name
Institutional
Class K
Total
BlackRock Diversified Fixed Income Fund
$ 348,010
$ 283,738
$ 631,748
The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit against the administration and/or investment advisory fees paid by the Fund in an amount equal to these independent expenses as applicable, through June 30, 2036. On July 1 of each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a perpetual ten year term. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Administrator/Manager in the Statement of Operations. For the six months ended April 30, 2026, the amount waived was $28,331.
Securities Lending:  The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the securities lending agreement effective as of January 1, 2026, the 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, the 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 the Fund for the calendar year ended December 31, 2025.
Notes to Financial Statements
87
Notes to Financial Statements (unaudited) (continued)
 
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended April 30, 2026,  the Fund  paid BTC $12,361 for securities lending agent services.
Trustees and Officers:  Certain trustees and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.
7.
 PURCHASES AND SALES
For the six months ended April 30, 2026, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows: 
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
BlackRock Diversified Fixed Income Fund
$ 7,100,029,971
$ 7,025,123,825
$ 482,313,923
$ 440,926,308
For the six months ended April 30, 2026, purchases and sales related to mortgage dollar rolls were $299,674,549 and $299,814,825, respectively.
8.
INCOME TAX INFORMATION
It is the 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.
The 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 the 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 the 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 Fund as of April 30, 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 Fund’s 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 Fund’s NAV.
As of April 30, 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)
BlackRock Diversified Fixed Income Fund
$ 1,645,051,328
$ 18,879,186
$ (19,270,977
)
$ (391,791
)
9.
  BANK BORROWINGS 
The Trust, on behalf of the 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 Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, 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 2027 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 April 30, 2026, the Fund did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the 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 Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
The Fund 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.
88
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Market Risk:  The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
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. The Fund may invest in illiquid investments.  An illiquid investment is any investment that the 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. The 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 the Fund’ 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The 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.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. 
Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
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 the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance.
The Fund invests a significant portion of its 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.
Notes to Financial Statements
89
Notes to Financial Statements (unaudited) (continued)
 
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 Fund invests.
The Fund invests a significant portion of  its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows: 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
BlackRock Diversified Fixed Income Fund 
Institutional
Shares sold
7,392
$ 74,433
943,563
$ 9,494,294
Shares issued in reinvestment of distributions
2,064,673
20,816,280
4,073,363
41,021,631
Shares redeemed
(843,538)
(8,507,151)
(1,849,817)
(18,844,550)
 
1,228,527
$ 12,383,562
3,167,109
$ 31,671,375
Class K
Shares sold
1,933,602
$ 18,242,131
38,381,554
$ 358,754,602
Shares issued in reinvestment of distributions
1,849,834
17,503,890
2,843,612
26,895,128
Shares redeemed
(1,806,844)
(17,215,970)
(12,166,544)
(114,764,215)
 
1,976,592
$ 18,530,051
29,058,622
$ 270,885,515
 
3,205,119
$ 30,913,613
32,225,731
$ 302,556,890
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
90
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Fund’s allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund 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 Fund 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) 537-4942 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.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 5PP
United Kingdom
BlackRock (Singapore) Limited
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Westborough, MA 01581
Additional Information
91
Additional Information (continued)
 
Fund and Service Providers (continued) 
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
 
Legal Counsel
Ropes & Gray LLP
New York, NY 10036
Address of the Fund
400 Howard Street
San Francisco, CA 94105
92
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
 
Currency Abbreviation
ARS
 Argentine Peso
AUD
 Australian Dollar
BRL
 Brazilian Real
CAD
 Canadian Dollar
CHF
 Swiss Franc
CLP
 Chilean Peso
CNH
 Chinese Yuan
CNY
 Chinese Yuan
COP
 Colombian Peso
CZK
 Czech Koruna
EGP
 Egyptian Pound
EUR
 Euro
GBP
 British Pound
HKD
 Hong Kong Dollar
HUF
 Hungarian Forint
IDR
 Indonesian Rupiah
ILS
 Israeli Shekel
INR
 Indian Rupee
JPY
 Japanese Yen
KRW
 South Korean Won
MXN
 Mexican Peso
MYR
 Malaysian Ringgit
NGN
 Nigerian Naira
PEN
 Peru Nuevo Sol
PHP
 Philippine Peso
PLN
 Polish Zloty
RON
 Romanian Leu
SEK
 Swedish Krona
SGD
 Singapore Dollar
THB
 Thai Baht
TRY
 Turkish Lira
TWD
 New Taiwan Dollar
USD
 United States Dollar
UYU
 Uruguayan Peso
ZAR
 South African Rand
 
Portfolio Abbreviation
ABS
 Asset-Backed Security
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BBSW
 Bank Bill Swap Rate
BMO
 BMO Capital Markets
BUBOR
 Budapest Interbank Offered Rate
BZDIOVER
 Overnight Brazil Interbank Deposit (CETIP)
CDC
 Certificate of Deposit Rate
CLO
 Collateralized Loan Obligation
CME
 Chicago Mercantile Exchange
CMT
 Constant Maturity Treasury
COOIS
 Columbia Overnight Interbank Reference Rate
CORRA
 Overnight Bank of Canada Repo Rate
CPI
 Consumer Price Index
CR
 Custodian Receipt
CVR
 Contingent Value Right
DAC
 Designated Activity Company
ETF
 Exchange-Traded Fund
EURIBOR
 Euro Interbank Offered Rate
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
HIBOR
 Hong Kong Interbank Offered Rate
JIBAR
 Johannesburg Interbank Average Rate
KLIBOR
 Kuala Lumpur Interbank Offered Rate
MIBOR
 Mumbai Interbank Offered Rate
MSCI
 Morgan Stanley Capital International
MTA
 Month Treasury Average
MTN
 Medium-Term Note
PCL
 Public Company Limited
PIK
 Payment-in-Kind
PR
 Prerefunded
PRIBOR
 Prague Interbank Offer Rate
RB
 Revenue Bonds
REIT
 Real Estate Investment Trust
REMIC
 Real Estate Mortgage Investment Conduit
S&P
 Standard & Poor’s
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
SCA
 Societe en Commandite par Actions
SG
 Syncora Guarantee
SHIR
 ILS - Shekel Overnight Interest Rate
SOFR
 Secured Overnight Financing Rate
SONIA
 Sterling Overnight Interbank Average Rate
SORA
 Singapore Overnight Rate Average
SSARON
 Swiss Average Overnight Rate
STACR
 Structured Agency Credit Risk
STIBOR
 Stockholm Interbank Offered Rate
TAIBOR
 Taipei Interbank Offered Rate
TBA
 To-Be-Announced
THOR
 Thai Overnight Repurchase Rate
TIIEFONDEO
 MXN - Overnight TIIE Funding Rate
UK RPI
 United Kingdom Retail Price Index
WIBOR
 Warsaw Interbank Offered Rate
Glossary of Terms Used in these Financial Statements
93
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s 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.
 
 

 
April 30, 2026 
2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock Funds III
• BlackRock LifePath® ESG Index Retirement Fund
• BlackRock LifePath® ESG Index 2030 Fund
• BlackRock LifePath® ESG Index 2035 Fund
• BlackRock LifePath® ESG Index 2040 Fund
• BlackRock LifePath® ESG Index 2045 Fund
• BlackRock LifePath® ESG Index 2050 Fund
• BlackRock LifePath® ESG Index 2055 Fund
• BlackRock LifePath® ESG Index 2060 Fund
• BlackRock LifePath® ESG Index 2065 Fund
• BlackRock LifePath® ESG Index 2070 Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents 
Page
 
3
23
27
30
35
65
78
80
2
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index Retirement Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 40.7%
iShares Developed Real Estate Index Fund, Class K
 
36,670
$ 326,002
iShares ESG Aware MSCI EAFE ETF(b)
 
10,555
1,066,899
iShares ESG Aware MSCI EM ETF(b)
 
11,001
562,591
iShares ESG Aware MSCI USA ETF(b)
 
18,935
2,965,221
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
6,979
358,441
iShares MSCI Canada ETF(b)
 
2,479
145,269
iShares MSCI EAFE Small-Cap ETF(b)
 
2,155
180,136
iShares MSCI Emerging Markets Small-Cap ETF
 
1,138
87,468
 
5,692,027
Fixed-Income Funds — 59.1%
iShares ESG Aware U.S. Aggregate Bond ETF
 
151,580
7,197,018
iShares TIPS Bond ETF(b)
 
9,553
1,065,733
 
8,262,751
Money Market Funds — 18.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
2,610,032
2,610,815
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
33,031
33,031
 
2,643,846
Total Investments — 118.7%
(Cost: $14,693,612)
16,598,624
Liabilities in Excess of Other Assets — (18.7)%
(2,619,564
)
Net Assets — 100.0%
$ 13,979,060
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 3,114,421
$ —
$ (503,003
)(a)
$ (677
)
$ 74
$ 2,610,815
2,610,032
$ 3,634
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
28,473
4,558
(a)
—
—
—
33,031
33,031
873
—
iShares Developed Real Estate Index Fund, Class K
312,553
57,274
(63,946
)
1,290
18,831
326,002
36,670
9,956
6,205
iShares ESG Aware MSCI EAFE ETF
1,088,310
215,803
(327,526
)
25,534
64,778
1,066,899
10,555
20,712
—
iShares ESG Aware MSCI EM ETF
522,381
142,748
(190,062
)
25,973
61,551
562,591
11,001
8,537
—
iShares ESG Aware MSCI USA ETF
3,025,616
455,774
(682,583
)
49,374
117,040
2,965,221
18,935
16,049
—
iShares ESG Aware MSCI USA Small-Cap ETF
375,431
53,581
(118,871
)
12,070
36,230
358,441
6,979
1,814
—
iShares ESG Aware U.S. Aggregate Bond ETF
7,351,208
1,365,256
(1,423,603
)
(33,000
)
(62,843
)
7,197,018
151,580
140,462
—
iShares MSCI Canada ETF
145,066
19,534
(41,553
)
5,206
17,016
145,269
2,479
1,354
—
iShares MSCI EAFE Small-Cap ETF
180,618
35,523
(55,415
)
4,706
14,704
180,136
2,155
3,540
—
iShares MSCI Emerging Markets Small-Cap ETF
84,254
18,940
(26,619
)
2,536
8,357
87,468
1,138
2,025
—
iShares TIPS Bond ETF
1,100,769
143,460
(180,457
)
(10,813
)
12,774
1,065,733
9,553
10,194
—
 
$ 82,199
$ 288,512
$ 16,598,624
$ 219,150
$ 6,205
 
(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.
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index Retirement 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 
Investment Companies 
Equity Funds
$ 5,692,027
$ —
$ —
$ 5,692,027
Fixed-Income Funds
8,262,751
—
—
8,262,751
Money Market Funds
2,643,846
—
—
2,643,846
 
$16,598,624
$—
$—
$16,598,624
See notes to financial statements.
4
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2030 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 50.9%
iShares Developed Real Estate Index Fund, Class K
 
43,523
$ 386,921
iShares ESG Aware MSCI EAFE ETF(b)
 
16,706
1,688,642
iShares ESG Aware MSCI EM ETF(b)
 
17,601
900,115
iShares ESG Aware MSCI USA ETF
 
28,994
4,540,460
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
10,809
555,150
iShares MSCI Canada ETF(b)
 
4,128
241,901
iShares MSCI EAFE Small-Cap ETF(b)
 
3,360
280,862
iShares MSCI Emerging Markets Small-Cap ETF(b)
 
1,830
140,656
 
8,734,707
Fixed-Income Funds — 48.9%
iShares ESG Aware U.S. Aggregate Bond ETF
 
151,234
7,180,590
iShares TIPS Bond ETF(b)
 
10,855
1,210,984
 
8,391,574
Money Market Funds — 17.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
2,944,365
2,945,249
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
40,054
40,054
 
2,985,303
Total Investments — 117.2%
(Cost: $17,732,037)
20,111,584
Liabilities in Excess of Other Assets — (17.2)%
(2,953,532
)
Net Assets — 100.0%
$ 17,158,052
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 2,453,673
$ 492,070
(a)
$ —
$ (570
)
$ 76
$ 2,945,249
2,944,365
$ 4,079
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
33,814
6,240
(a)
—
—
—
40,054
40,054
767
—
iShares Developed Real Estate Index Fund, Class K
369,839
53,926
(59,599
)
1,055
21,700
386,921
43,523
11,483
7,248
iShares ESG Aware MSCI EAFE ETF
1,597,499
225,759
(255,570
)
15,533
105,421
1,688,642
16,706
30,030
—
iShares ESG Aware MSCI EM ETF
767,551
148,744
(136,237
)
11,201
108,856
900,115
17,601
12,391
—
iShares ESG Aware MSCI USA ETF
4,276,888
548,119
(498,254
)
9,484
204,223
4,540,460
28,994
23,457
—
iShares ESG Aware MSCI USA Small-Cap ETF
525,078
43,057
(78,343
)
3,470
61,888
555,150
10,809
2,673
—
iShares ESG Aware U.S. Aggregate Bond ETF
6,424,080
1,239,631
(385,904
)
(1,521
)
(95,696
)
7,180,590
151,234
128,165
—
iShares MSCI Canada ETF
209,962
18,594
(18,723
)
1,093
30,975
241,901
4,128
1,937
—
iShares MSCI EAFE Small-Cap ETF
262,543
25,860
(33,020
)
1,935
23,544
280,862
3,360
5,081
—
iShares MSCI Emerging Markets Small-Cap ETF
120,382
11,992
(5,966
)
177
14,071
140,656
1,830
2,855
—
iShares TIPS Bond ETF
1,117,698
147,953
(57,088
)
(298
)
2,719
1,210,984
10,855
10,270
—
 
$ 41,559
$ 477,777
$ 20,111,584
$ 233,188
$ 7,248
 
(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.
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2030 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 
Investment Companies 
Equity Funds
$ 8,734,707
$ —
$ —
$ 8,734,707
Fixed-Income Funds
8,391,574
—
—
8,391,574
Money Market Funds
2,985,303
—
—
2,985,303
 
$20,111,584
$—
$—
$20,111,584
See notes to financial statements.
6
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2035 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 62.8%
iShares Developed Real Estate Index Fund, Class K
 
55,301
$ 491,625
iShares ESG Aware MSCI EAFE ETF(b)
 
20,436
2,065,671
iShares ESG Aware MSCI EM ETF(b)
 
21,846
1,117,204
iShares ESG Aware MSCI USA ETF
 
35,129
5,501,201
iShares ESG Aware MSCI USA Small-Cap ETF
 
12,850
659,976
iShares MSCI Canada ETF(b)
 
5,041
295,403
iShares MSCI EAFE Small-Cap ETF(b)
 
4,078
340,880
iShares MSCI Emerging Markets Small-Cap ETF
 
2,229
171,323
 
10,643,283
Fixed-Income Funds — 37.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
109,996
5,222,610
iShares TIPS Bond ETF(b)
 
9,359
1,044,090
 
6,266,700
Money Market Funds — 31.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
5,187,355
5,188,911
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
83,705
83,705
 
5,272,616
Total Investments — 130.9%
(Cost: $19,675,683)
22,182,599
Liabilities in Excess of Other Assets — (30.9)%
(5,238,605
)
Net Assets — 100.0%
$ 16,943,994
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 5,390,064
$ —
$ (200,254
)(a)
$ (1,022
)
$ 123
$ 5,188,911
5,187,355
$ 6,264
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
26,582
57,123
(a)
—
—
—
83,705
83,705
680
—
iShares Developed Real Estate Index Fund, Class K
428,609
90,539
(56,071
)
914
27,634
491,625
55,301
14,305
8,729
iShares ESG Aware MSCI EAFE ETF
1,844,564
364,662
(288,583
)
2,594
142,434
2,065,671
20,436
36,034
—
iShares ESG Aware MSCI EM ETF
894,560
227,412
(152,728
)
5,368
142,592
1,117,204
21,846
15,004
—
iShares ESG Aware MSCI USA ETF
4,850,680
892,233
(494,984
)
76
253,196
5,501,201
35,129
28,796
—
iShares ESG Aware MSCI USA Small-Cap ETF
586,985
81,485
(85,751
)
46
77,211
659,976
12,850
3,220
—
iShares ESG Aware U.S. Aggregate Bond ETF
4,363,228
1,229,996
(298,476
)
(36,060
)
(36,078
)
5,222,610
109,996
92,665
—
iShares MSCI Canada ETF
243,603
38,076
(25,292
)
114
38,902
295,403
5,041
2,335
—
iShares MSCI EAFE Small-Cap ETF
302,173
47,566
(39,134
)
170
30,105
340,880
4,078
6,085
—
iShares MSCI Emerging Markets Small-Cap ETF
140,584
22,368
(9,414
)
(81
)
17,866
171,323
2,229
3,473
—
iShares TIPS Bond ETF
874,556
212,453
(45,445
)
(6,391
)
8,917
1,044,090
9,359
8,276
—
 
$ (34,272
)
$ 702,902
$ 22,182,599
$ 217,137
$ 8,729
 
(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.
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2035 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 
Investment Companies 
Equity Funds
$ 10,643,283
$ —
$ —
$ 10,643,283
Fixed-Income Funds
6,266,700
—
—
6,266,700
Money Market Funds
5,272,616
—
—
5,272,616
 
$22,182,599
$—
$—
$22,182,599
See notes to financial statements.
8
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2040 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 74.5%
iShares Developed Real Estate Index Fund, Class K
 
107,686
$ 957,332
iShares ESG Aware MSCI EAFE ETF
 
40,891
4,133,261
iShares ESG Aware MSCI EM ETF(b)
 
44,100
2,255,274
iShares ESG Aware MSCI USA ETF
 
68,796
10,773,454
iShares ESG Aware MSCI USA Small-Cap ETF
 
24,986
1,283,281
iShares MSCI Canada ETF
 
9,843
576,800
iShares MSCI EAFE Small-Cap ETF(b)
 
8,085
675,825
iShares MSCI Emerging Markets Small-Cap ETF
 
4,380
336,652
 
20,991,879
Fixed-Income Funds — 25.3%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
121,674
5,777,081
iShares TIPS Bond ETF(b)
 
12,116
1,351,661
 
7,128,742
Money Market Funds — 18.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
5,050,822
5,052,337
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
96,990
96,990
 
5,149,327
Total Investments — 118.1%
(Cost: $28,012,300)
33,269,948
Liabilities in Excess of Other Assets — (18.1)%
(5,094,629
)
Net Assets — 100.0%
$ 28,175,319
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 4,673,145
$ 381,896
(a)
$ —
$ (2,953
)
$ 249
$ 5,052,337
5,050,822
$ 11,264
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
53,228
43,762
(a)
—
—
—
96,990
96,990
1,023
—
iShares Developed Real Estate Index Fund, Class K
887,321
118,516
(103,890
)
2,313
53,072
957,332
107,686
28,788
18,086
iShares ESG Aware MSCI EAFE ETF
3,871,720
450,214
(481,715
)
19,058
273,984
4,133,261
40,891
74,756
—
iShares ESG Aware MSCI EM ETF
1,875,461
278,398
(193,455
)
12,607
282,263
2,255,274
44,100
31,095
—
iShares ESG Aware MSCI USA ETF
10,062,095
968,087
(753,146
)
11,210
485,208
10,773,454
68,796
57,668
—
iShares ESG Aware MSCI USA Small-Cap ETF
1,195,949
65,024
(132,599
)
4,365
150,542
1,283,281
24,986
6,374
—
iShares ESG Aware U.S. Aggregate Bond ETF
5,074,558
1,050,028
(268,571
)
(2,516
)
(76,418
)
5,777,081
121,674
104,722
—
iShares MSCI Canada ETF
508,466
29,221
(39,895
)
1,662
77,346
576,800
9,843
4,818
—
iShares MSCI EAFE Small-Cap ETF
633,153
49,431
(69,056
)
2,486
59,811
675,825
8,085
12,725
—
iShares MSCI Emerging Markets Small-Cap ETF
296,198
24,305
(19,555
)
689
35,015
336,652
4,380
7,311
—
iShares TIPS Bond ETF
1,240,105
148,177
(39,473
)
(76
)
2,928
1,351,661
12,116
11,611
—
 
$ 48,845
$ 1,344,000
$ 33,269,948
$ 352,155
$ 18,086
 
(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.
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2040 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 
Investment Companies 
Equity Funds
$ 20,991,879
$ —
$ —
$ 20,991,879
Fixed-Income Funds
7,128,742
—
—
7,128,742
Money Market Funds
5,149,327
—
—
5,149,327
 
$33,269,948
$—
$—
$33,269,948
See notes to financial statements.
10
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2045 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 84.9%
iShares Developed Real Estate Index Fund, Class K
 
106,018
$ 942,499
iShares ESG Aware MSCI EAFE ETF
 
40,287
4,072,210
iShares ESG Aware MSCI EM ETF(b)
 
42,834
2,190,531
iShares ESG Aware MSCI USA ETF(b)
 
66,903
10,477,010
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
23,955
1,230,329
iShares MSCI Canada ETF
 
9,628
564,201
iShares MSCI EAFE Small-Cap ETF(b)
 
7,917
661,782
iShares MSCI Emerging Markets Small-Cap ETF
 
4,290
329,734
 
20,468,296
Fixed-Income Funds — 14.9%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
59,132
2,807,587
iShares TIPS Bond ETF(b)
 
7,081
789,956
 
3,597,543
Money Market Funds — 25.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
6,037,116
6,038,927
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
86,489
86,489
 
6,125,416
Total Investments — 125.2%
(Cost: $25,285,876)
30,191,255
Liabilities in Excess of Other Assets — (25.2)%
(6,084,455
)
Net Assets — 100.0%
$ 24,106,800
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 6,199,393
$ —
$ (159,847
)(a)
$ (742
)
$ 123
$ 6,038,927
6,037,116
$ 6,856
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
42,292
44,197
(a)
—
—
—
86,489
86,489
805
—
iShares Developed Real Estate Index Fund, Class K
830,758
160,934
(102,363
)
1,450
51,720
942,499
106,018
27,053
16,543
iShares ESG Aware MSCI EAFE ETF
3,545,030
690,006
(434,557
)
6,225
265,506
4,072,210
40,287
67,019
—
iShares ESG Aware MSCI EM ETF
1,705,326
398,468
(189,720
)
3,806
272,651
2,190,531
42,834
27,541
—
iShares ESG Aware MSCI USA ETF
9,166,170
1,636,210
(794,252
)
(4,030
)
472,912
10,477,010
66,903
52,962
—
iShares ESG Aware MSCI USA Small-Cap ETF
1,095,520
122,659
(130,558
)
811
141,897
1,230,329
23,955
5,832
—
iShares ESG Aware U.S. Aggregate Bond ETF
2,252,849
697,387
(106,325
)
(942
)
(35,382
)
2,807,587
59,132
47,241
—
iShares MSCI Canada ETF
463,713
57,401
(30,041
)
449
72,679
564,201
9,628
4,259
—
iShares MSCI EAFE Small-Cap ETF
583,235
90,006
(70,501
)
1,778
57,264
661,782
7,917
11,675
—
iShares MSCI Emerging Markets Small-Cap ETF
268,826
48,096
(21,471
)
237
34,046
329,734
4,290
6,728
—
iShares TIPS Bond ETF
657,253
161,174
(30,188
)
(260
)
1,977
789,956
7,081
6,107
—
 
$ 8,782
$ 1,335,393
$ 30,191,255
$ 264,078
$ 16,543
 
(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.
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2045 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 
Investment Companies 
Equity Funds
$ 20,468,296
$ —
$ —
$ 20,468,296
Fixed-Income Funds
3,597,543
—
—
3,597,543
Money Market Funds
6,125,416
—
—
6,125,416
 
$30,191,255
$—
$—
$30,191,255
See notes to financial statements.
12
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2050 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 93.4%
iShares Developed Real Estate Index Fund, Class K
 
121,490
$ 1,080,050
iShares ESG Aware MSCI EAFE ETF(b)
 
49,148
4,967,880
iShares ESG Aware MSCI EM ETF(b)
 
51,692
2,643,529
iShares ESG Aware MSCI USA ETF(b)
 
80,533
12,611,467
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
28,675
1,472,748
iShares MSCI Canada ETF(b)
 
11,501
673,959
iShares MSCI EAFE Small-Cap ETF(b)
 
9,702
810,990
iShares MSCI Emerging Markets Small-Cap ETF
 
5,080
390,454
 
24,651,077
Fixed-Income Funds — 6.5%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
26,418
1,254,327
iShares TIPS Bond ETF(b)
 
4,044
451,149
 
1,705,476
Money Market Funds — 25.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
6,583,223
6,585,198
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
103,223
103,223
 
6,688,421
Total Investments — 125.2%
(Cost: $27,198,038)
33,044,974
Liabilities in Excess of Other Assets — (25.2)%
(6,642,097
)
Net Assets — 100.0%
$ 26,402,877
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 8,019,087
$ —
$ (1,432,103
)(a)
$ (1,902
)
$ 116
$ 6,585,198
6,583,223
$ 8,186
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
38,027
65,196
(a)
—
—
—
103,223
103,223
942
—
iShares Developed Real Estate Index Fund, Class K
973,502
134,247
(87,307
)
602
59,006
1,080,050
121,490
31,640
19,681
iShares ESG Aware MSCI EAFE ETF
4,477,006
664,597
(516,956
)
19,572
323,661
4,967,880
49,148
85,176
—
iShares ESG Aware MSCI EM ETF
2,135,199
419,096
(256,803
)
10,105
335,932
2,643,529
51,692
35,079
—
iShares ESG Aware MSCI USA ETF
11,445,930
1,507,137
(900,819
)
(10,049
)
569,268
12,611,467
80,533
65,502
—
iShares ESG Aware MSCI USA Small-Cap ETF
1,360,506
84,914
(147,661
)
4,748
170,241
1,472,748
28,675
7,224
—
iShares ESG Aware U.S. Aggregate Bond ETF
993,809
321,305
(44,805
)
(557
)
(15,425
)
1,254,327
26,418
20,983
—
iShares MSCI Canada ETF
581,277
39,739
(37,322
)
1,269
88,996
673,959
11,501
5,477
—
iShares MSCI EAFE Small-Cap ETF
723,843
95,228
(80,601
)
3,688
68,832
810,990
9,702
14,668
—
iShares MSCI Emerging Markets Small-Cap ETF
338,532
31,664
(20,131
)
368
40,021
390,454
5,080
8,333
—
iShares TIPS Bond ETF
355,191
111,590
(16,677
)
(146
)
1,191
451,149
4,044
3,374
—
 
$ 27,698
$ 1,641,839
$ 33,044,974
$ 286,584
$ 19,681
 
(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.
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2050 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 
Investment Companies 
Equity Funds
$ 24,651,077
$ —
$ —
$ 24,651,077
Fixed-Income Funds
1,705,476
—
—
1,705,476
Money Market Funds
6,688,421
—
—
6,688,421
 
$33,044,974
$—
$—
$33,044,974
See notes to financial statements.
14
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2055 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 97.8%
iShares Developed Real Estate Index Fund, Class K
 
96,208
$ 855,291
iShares ESG Aware MSCI EAFE ETF(b)
 
39,628
4,005,598
iShares ESG Aware MSCI EM ETF(b)
 
41,933
2,144,454
iShares ESG Aware MSCI USA ETF
 
64,808
10,148,933
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
22,974
1,179,945
iShares MSCI Canada ETF
 
9,161
536,835
iShares MSCI EAFE Small-Cap ETF(b)
 
7,630
637,792
iShares MSCI Emerging Markets Small-Cap ETF
 
3,947
303,371
 
19,812,219
Fixed-Income Funds — 2.0%
iShares ESG Aware U.S. Aggregate Bond ETF
 
6,084
288,868
iShares TIPS Bond ETF(b)
 
990
110,444
 
399,312
Money Market Funds — 33.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
6,782,758
6,784,792
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
60,315
60,315
 
6,845,107
Total Investments — 133.6%
(Cost: $22,725,201)
27,056,638
Liabilities in Excess of Other Assets — (33.6)%
(6,809,397
)
Net Assets — 100.0%
$ 20,247,241
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 4,878,818
$ 1,905,842
(a)
$ —
$ (48
)
$ 180
$ 6,784,792
6,782,758
$ 5,937
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
21,922
38,393
(a)
—
—
—
60,315
60,315
688
—
iShares Developed Real Estate Index Fund, Class K
725,023
101,683
(17,475
)
(750
)
46,810
855,291
96,208
24,072
14,608
iShares ESG Aware MSCI EAFE ETF
3,403,003
602,865
(259,826
)
4,238
255,318
4,005,598
39,628
65,834
—
iShares ESG Aware MSCI EM ETF
1,617,420
371,825
(114,398
)
3,560
266,047
2,144,454
41,933
26,910
—
iShares ESG Aware MSCI USA ETF
8,694,717
1,578,103
(575,497
)
(11,479
)
463,089
10,148,933
64,808
51,400
—
iShares ESG Aware MSCI USA Small-Cap ETF
1,043,312
99,128
(99,259
)
1,794
134,970
1,179,945
22,974
5,650
—
iShares ESG Aware U.S. Aggregate Bond ETF
223,700
74,835
(5,870
)
(881
)
(2,916
)
288,868
6,084
4,769
—
iShares MSCI Canada ETF
441,235
38,820
(13,238
)
(188
)
70,206
536,835
9,161
4,190
—
iShares MSCI EAFE Small-Cap ETF
567,917
69,775
(55,458
)
1,410
54,148
637,792
7,630
11,385
—
iShares MSCI Emerging Markets Small-Cap ETF
260,622
32,514
(21,766
)
671
31,330
303,371
3,947
6,577
—
iShares TIPS Bond ETF
81,085
31,259
(2,210
)
(268
)
578
110,444
990
753
—
 
$ (1,941
)
$ 1,319,760
$ 27,056,638
$ 208,165
$ 14,608
 
(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.
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2055 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 
Investment Companies 
Equity Funds
$ 19,812,219
$ —
$ —
$ 19,812,219
Fixed-Income Funds
399,312
—
—
399,312
Money Market Funds
6,845,107
—
—
6,845,107
 
$27,056,638
$—
$—
$27,056,638
See notes to financial statements.
16
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2060 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 98.9%
iShares Developed Real Estate Index Fund, Class K
 
76,669
$ 681,583
iShares ESG Aware MSCI EAFE ETF(b)
 
33,076
3,343,321
iShares ESG Aware MSCI EM ETF(b)
 
34,640
1,771,490
iShares ESG Aware MSCI USA ETF
 
53,848
8,432,597
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
19,177
984,931
iShares MSCI Canada ETF(b)
 
7,679
449,989
iShares MSCI EAFE Small-Cap ETF(b)
 
6,523
545,258
iShares MSCI Emerging Markets Small-Cap ETF
 
3,309
254,333
 
16,463,502
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
2,796
132,754
iShares TIPS Bond ETF(b)
 
285
31,795
 
164,549
Money Market Funds — 35.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
5,872,205
5,873,967
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
50,358
50,358
 
5,924,325
Total Investments — 135.5%
(Cost: $18,315,548)
22,552,376
Liabilities in Excess of Other Assets — (35.5)%
(5,904,679
)
Net Assets — 100.0%
$ 16,647,697
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 5,683,611
$ 191,506
(a)
$ —
$ (1,370
)
$ 220
$ 5,873,967
5,872,205
$ 6,060
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
33,602
16,756
(a)
—
—
—
50,358
50,358
619
—
iShares Developed Real Estate Index Fund, Class K
622,883
86,036
(65,417
)
239
37,842
681,583
76,669
20,165
12,517
iShares ESG Aware MSCI EAFE ETF
2,886,566
502,044
(268,136
)
5,063
217,784
3,343,321
33,076
55,863
—
iShares ESG Aware MSCI EM ETF
1,370,776
304,478
(131,887
)
6,145
221,978
1,771,490
34,640
22,773
—
iShares ESG Aware MSCI USA ETF
7,388,086
1,116,020
(445,446
)
(9,942
)
383,879
8,432,597
53,848
42,938
—
iShares ESG Aware MSCI USA Small-Cap ETF
884,420
77,299
(91,607
)
937
113,882
984,931
19,177
4,740
—
iShares ESG Aware U.S. Aggregate Bond ETF
119,342
18,627
(3,353
)
(615
)
(1,247
)
132,754
2,796
2,444
—
iShares MSCI Canada ETF
372,076
34,954
(16,412
)
67
59,304
449,989
7,679
3,560
—
iShares MSCI EAFE Small-Cap ETF
476,617
75,730
(53,918
)
845
45,984
545,258
6,523
9,672
—
iShares MSCI Emerging Markets Small-Cap ETF
221,115
23,819
(17,281
)
338
26,342
254,333
3,309
5,478
—
iShares TIPS Bond ETF
26,398
5,892
(555
)
(75
)
135
31,795
285
245
—
 
$ 1,632
$ 1,106,103
$ 22,552,376
$ 174,557
$ 12,517
 
(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.
Schedule of Investments
17
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2060 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 
Investment Companies 
Equity Funds
$ 16,463,502
$ —
$ —
$ 16,463,502
Fixed-Income Funds
164,549
—
—
164,549
Money Market Funds
5,924,325
—
—
5,924,325
 
$22,552,376
$—
$—
$22,552,376
See notes to financial statements.
18
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2065 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 98.9%
iShares Developed Real Estate Index Fund, Class K
 
41,341
$ 367,519
iShares ESG Aware MSCI EAFE ETF(b)
 
17,582
1,777,189
iShares ESG Aware MSCI EM ETF(b)
 
18,561
949,210
iShares ESG Aware MSCI USA ETF
 
28,696
4,493,792
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
10,178
522,742
iShares MSCI Canada ETF(b)
 
4,105
240,553
iShares MSCI EAFE Small-Cap ETF(b)
 
3,423
286,129
iShares MSCI Emerging Markets Small-Cap ETF
 
1,773
136,275
 
8,773,409
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
1,847
87,696
Money Market Funds — 38.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
3,372,026
3,373,038
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
24,230
24,230
 
3,397,268
Total Investments — 138.2%
(Cost: $9,678,038)
12,258,373
Liabilities in Excess of Other Assets — (38.2)%
(3,387,977
)
Net Assets — 100.0%
$  8,870,396
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 2,095,594
$ 1,277,354
(a)
$ —
$ (40
)
$ 130
$ 3,373,038
3,372,026
$ 2,215
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
7,620
16,610
(a)
—
—
—
24,230
24,230
342
—
iShares Developed Real Estate Index Fund, Class K
318,147
51,676
(23,494
)
679
20,511
367,519
41,341
10,431
6,420
iShares ESG Aware MSCI EAFE ETF
1,510,061
284,540
(137,008
)
3,141
116,455
1,777,189
17,582
29,298
—
iShares ESG Aware MSCI EM ETF
717,721
178,034
(68,872
)
2,988
119,339
949,210
18,561
11,990
—
iShares ESG Aware MSCI USA ETF
3,865,582
651,251
(224,882
)
(1,566
)
203,407
4,493,792
28,696
22,772
—
iShares ESG Aware MSCI USA Small-Cap ETF
463,533
44,344
(46,739
)
489
61,115
522,742
10,178
2,510
—
iShares ESG Aware U.S. Aggregate Bond ETF
75,980
14,541
(1,628
)
(299
)
(898
)
87,696
1,847
1,578
—
iShares MSCI Canada ETF
195,298
22,483
(8,886
)
202
31,456
240,553
4,105
1,857
—
iShares MSCI EAFE Small-Cap ETF
251,950
37,079
(28,316
)
795
24,621
286,129
3,423
5,079
—
iShares MSCI Emerging Markets Small-Cap ETF
115,970
17,713
(12,072
)
501
14,163
136,275
1,773
2,943
—
 
$ 6,890
$ 590,299
$ 12,258,373
$ 91,015
$ 6,420
 
(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.
Schedule of Investments
19
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2065 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 
Investment Companies 
Equity Funds
$ 8,773,409
$ —
$ —
$ 8,773,409
Fixed-Income Funds
87,696
—
—
87,696
Money Market Funds
3,397,268
—
—
3,397,268
 
$12,258,373
$—
$—
$12,258,373
See notes to financial statements.
20
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
April 30, 2026
BlackRock LifePath® ESG Index 2070 Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Investment Companies(a)
Equity Funds — 99.5%
iShares Developed Real Estate Index Fund, Class K
 
14,273
$ 126,885
iShares ESG Aware MSCI EAFE ETF(b)
 
6,142
620,833
iShares ESG Aware MSCI EM ETF(b)
 
6,503
332,563
iShares ESG Aware MSCI USA ETF
 
10,034
1,571,325
iShares ESG Aware MSCI USA Small-Cap ETF(b)
 
3,591
184,434
iShares MSCI Canada ETF(b)
 
1,442
84,501
iShares MSCI EAFE Small-Cap ETF(b)
 
1,190
99,472
iShares MSCI Emerging Markets Small-Cap ETF
 
621
47,731
 
3,067,744
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
646
30,672
Money Market Funds — 37.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)
 
1,162,909
1,163,258
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.61%(c)
 
4,169
4,169
 
1,167,427
Total Investments — 138.3%
(Cost: $3,736,480)
4,265,843
Liabilities in Excess of Other Assets — (38.3)%
(1,182,391
)
Net Assets — 100.0%
$  3,083,452
 
(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 April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 885,765
$ 277,476
(a)
$ —
$ (38
)
$ 55
$ 1,163,258
1,162,909
$ 756
(b)
$ —
BlackRock Cash Funds: Treasury, SL Agency Shares
5,059
—
(890
)(a)
—
—
4,169
4,169
3,810
—
iShares Developed Real Estate Index Fund, Class K
104,745
25,047
(9,917
)
(812
)
7,822
126,885
14,273
3,660
2,087
iShares ESG Aware MSCI EAFE ETF
508,436
129,184
(57,981
)
3,006
38,188
620,833
6,142
9,731
—
iShares ESG Aware MSCI EM ETF
242,086
74,556
(25,928
)
1,870
39,979
332,563
6,503
3,978
—
iShares ESG Aware MSCI USA ETF
1,291,969
296,406
(91,080
)
(910
)
74,940
1,571,325
10,034
7,768
—
iShares ESG Aware MSCI USA Small-Cap ETF
154,541
26,256
(17,572
)
807
20,402
184,434
3,591
855
—
iShares ESG Aware U.S. Aggregate Bond ETF
25,150
6,495
(575
)
(9
)
(389
)
30,672
646
521
—
iShares MSCI Canada ETF
64,795
11,761
(2,669
)
75
10,539
84,501
1,442
608
—
iShares MSCI EAFE Small-Cap ETF
82,993
17,104
(9,344
)
397
8,322
99,472
1,190
1,653
—
iShares MSCI Emerging Markets Small-Cap ETF
37,438
7,824
(2,551
)
134
4,886
47,731
621
930
—
 
$ 4,520
$ 204,744
$ 4,265,843
$ 34,270
$ 2,087
 
(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.
Schedule of Investments
21
Schedule of Investments (unaudited)(continued)
April 30, 2026
BlackRock LifePath® ESG Index 2070 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 
Investment Companies 
Equity Funds
$ 3,067,744
$ —
$ —
$ 3,067,744
Fixed-Income Funds
30,672
—
—
30,672
Money Market Funds
1,167,427
—
—
1,167,427
 
$4,265,843
$—
$—
$4,265,843
See notes to financial statements.
22
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited)
April 30, 2026
 
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 16,598,624
$ 20,111,584
$ 22,182,599
$ 33,269,948
Receivables:
Investments sold
269,046
301,690
269,771
374,717
Securities lending income — affiliated
450
496
1,832
2,141
Capital shares sold
1,492
2,300
4,575
8,205
Dividends — affiliated
119
212
4
134
From the Administrator
28
—
—
—
From the Manager
1,139
1,466
1,629
2,964
Total assets
16,870,898
20,417,748
22,460,410
33,658,109
LIABILITIES
Collateral on securities loaned
2,610,366
2,944,355
5,188,214
5,055,150
Payables:
Investments purchased
271,403
304,785
317,322
414,437
Administration fees
—
290
257
1,618
Capital shares redeemed
—
—
603
1,589
Trustees’ and Officer’s fees
243
211
209
242
Professional fees
9,717
9,666
9,667
9,652
Service fees
109
389
144
102
Total liabilities
2,891,838
3,259,696
5,516,416
5,482,790
Commitments and contingent liabilities
NET ASSETS
$ 13,979,060
$ 17,158,052
$ 16,943,994
$ 28,175,319
NET ASSETS CONSIST OF
Paid-in capital
$ 12,357,260
$ 14,896,405
$ 14,507,488
$ 22,988,939
Accumulated earnings
1,621,800
2,261,647
2,436,506
5,186,380
NET ASSETS
$ 13,979,060
$ 17,158,052
$ 16,943,994
$ 28,175,319
Statements of Assets and Liabilities
23
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
NET ASSET VALUE
Institutional
Net assets
$ 265,255
$ 195,260
$ 603,708
$ 1,682,456
Shares outstanding
22,831
15,033
41,989
108,608
Net asset value
$ 11.62
$ 12.99
$ 14.38
$ 15.49
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 572,989
$ 2,038,680
$ 794,401
$ 535,479
Shares outstanding
49,439
157,275
55,330
34,589
Net asset value
$ 11.59
$ 12.96
$ 14.36
$ 15.48
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 13,140,816
$ 14,924,112
$ 15,545,885
$ 25,957,384
Shares outstanding
1,130,982
1,148,771
1,080,838
1,674,858
Net asset value
$ 11.62
$ 12.99
$ 14.38
$ 15.50
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
(a) Investments, at cost—affiliated
$14,693,612
$17,732,037
$19,675,683
$28,012,300
(b) Securities loaned, at value
$2,606,118
$2,933,140
$5,151,171
$4,996,728
See notes to financial statements.
24
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 30,191,255
$ 33,044,974
$ 27,056,638
$ 22,552,376
Receivables:
Investments sold
253,204
263,215
165,514
88,003
Securities lending income — affiliated
795
1,330
1,544
745
Capital shares sold
2,582
4,807
6,700
12,056
Dividends — affiliated
7
6
6
5
From the Manager
2,660
3,072
2,412
1,987
Total assets
30,450,503
33,317,404
27,232,814
22,655,172
LIABILITIES
Collateral on securities loaned
6,038,494
6,585,828
6,784,118
5,874,468
Payables:
Investments purchased
292,799
315,429
188,891
107,527
Administration fees
1,123
1,374
612
255
Capital shares redeemed
978
1,764
1,976
14,952
Trustees’ and Officer’s fees
249
231
246
219
Professional fees
9,660
9,653
9,666
9,667
Service fees
400
248
64
387
Total liabilities
6,343,703
6,914,527
6,985,573
6,007,475
Commitments and contingent liabilities
NET ASSETS
$ 24,106,800
$ 26,402,877
$ 20,247,241
$ 16,647,697
NET ASSETS CONSIST OF
Paid-in capital
$ 19,240,210
$ 20,589,305
$ 15,960,895
$ 12,450,127
Accumulated earnings
4,866,590
5,813,572
4,286,346
4,197,570
NET ASSETS
$ 24,106,800
$ 26,402,877
$ 20,247,241
$ 16,647,697
NET ASSET VALUE
Institutional
Net assets
$ 862,443
$ 940,979
$ 805,415
$ 1,084,796
Shares outstanding
50,981
53,224
44,826
60,153
Net asset value
$ 16.92
$ 17.68
$ 17.97
$ 18.03
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 2,066,284
$ 1,277,937
$ 339,994
$ 2,001,507
Shares outstanding
122,416
72,402
18,934
111,222
Net asset value
$ 16.88
$ 17.65
$ 17.96
$ 18.00
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 21,178,073
$ 24,183,961
$ 19,101,832
$ 13,561,394
Shares outstanding
1,250,957
1,367,033
1,062,813
751,385
Net asset value
$ 16.93
$ 17.69
$ 17.97
$ 18.05
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
(a) Investments, at cost—affiliated
$25,285,876
$27,198,038
$22,725,201
$18,315,548
(b) Securities loaned, at value
$5,964,536
$6,535,378
$6,774,941
$5,878,023
See notes to financial statements.
Statements of Assets and Liabilities
25
Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2026
 
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 12,258,373
$ 4,265,843
Receivables:
Investments sold
71,561
26,777
Securities lending income — affiliated
308
137
Capital shares sold
4,017
266
Dividends — affiliated
2
77
From the Administrator
707
1,754
From the Manager
1,065
374
Total assets
12,336,033
4,295,228
LIABILITIES
Collateral on securities loaned
3,372,481
1,163,282
Payables:
Investments purchased
79,678
25,268
Capital shares redeemed
3,297
—
Trustees’ and Officer’s fees
224
262
Professional fees
9,673
22,940
Service fees
284
24
Total liabilities
3,465,637
1,211,776
Commitments and contingent liabilities
NET ASSETS
$ 8,870,396
$ 3,083,452
NET ASSETS CONSIST OF
Paid-in capital
$ 6,305,624
$ 2,546,800
Accumulated earnings
2,564,772
536,652
NET ASSETS
$ 8,870,396
$ 3,083,452
NET ASSET VALUE
Institutional
Net assets
$ 306,397
$ 124,967
Shares outstanding
17,160
10,064
Net asset value
$ 17.86
$ 12.42
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor A
Net assets
$ 1,482,306
$ 124,041
Shares outstanding
83,181
10,000
Net asset value
$ 17.82
$ 12.40
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class K
Net assets
$ 7,081,693
$ 2,834,444
Shares outstanding
396,496
228,216
Net asset value
$ 17.86
$ 12.42
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
(a) Investments, at cost—affiliated
$9,678,038
$3,736,480
(b) Securities loaned, at value
$3,367,551
$1,161,866
See notes to financial statements.
26
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited)
Six Months Ended April 30, 2026
 
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
INVESTMENT INCOME
Dividends — affiliated
$215,516
$229,109
$210,873
$340,891
Securities lending income — affiliated — net
3,634
4,079
6,264
11,264
Total investment income
219,150
233,188
217,137
352,155
EXPENSES
Administration — class specific
10,475
12,285
11,986
20,373
Professional
8,416
8,371
8,371
8,371
Trustees and Officer
3,691
3,649
3,649
3,739
Investment advisory
3,421
3,928
3,893
6,618
Service — class specific
731
2,280
831
647
Miscellaneous
55
55
57
57
Total expenses
26,789
30,568
28,787
39,805
Less fees waived and/or reimbursed by the Administrator/Manager
(22,158
)
(24,420
)
(25,218
)
(36,002
)
Total expenses after fees waived and/or reimbursed
4,631
6,148
3,569
3,803
Net investment income
214,519
227,040
213,568
348,352
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
82,199
41,559
(34,272
)
48,845
Capital gain distributions from underlying funds — affiliated
6,205
7,248
8,729
18,086
 
88,404
48,807
(25,543
)
66,931
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
288,512
477,777
702,902
1,344,000
 
288,512
477,777
702,902
1,344,000
Net realized and unrealized gain
376,916
526,584
677,359
1,410,931
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$591,435
$753,624
$890,927
$1,759,283
See notes to financial statements.
Statements of Operations
27
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2026
 
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
INVESTMENT INCOME
Dividends — affiliated
$257,222
$278,398
$202,228
$168,497
Securities lending income — affiliated — net
6,856
8,186
5,937
6,060
Total investment income
264,078
286,584
208,165
174,557
EXPENSES
Administration — class specific
16,821
18,502
13,739
11,924
Professional
8,371
8,371
8,371
8,371
Investment advisory
5,381
5,994
4,495
3,743
Trustees and Officer
3,709
3,709
3,712
3,649
Service — class specific
2,406
1,512
392
2,347
Miscellaneous
57
57
56
58
Total expenses
36,745
38,145
30,765
30,092
Less fees waived and/or reimbursed by the Administrator/Manager
(32,549
)
(35,747
)
(30,116
)
(27,090
)
Total expenses after fees waived and/or reimbursed
4,196
2,398
649
3,002
Net investment income
259,882
284,186
207,516
171,555
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
8,782
27,698
(1,941
)
1,632
Capital gain distributions from underlying funds — affiliated
16,543
19,681
14,608
12,517
 
25,325
47,379
12,667
14,149
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
1,335,393
1,641,839
1,319,760
1,106,103
 
1,335,393
1,641,839
1,319,760
1,106,103
Net realized and unrealized gain
1,360,718
1,689,218
1,332,427
1,120,252
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$1,620,600
$1,973,404
$1,539,943
$1,291,807
See notes to financial statements.
28
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2026
 
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
INVESTMENT INCOME
Dividends — affiliated
$88,800
$33,514
Securities lending income — affiliated — net
2,215
756
Total investment income
91,015
34,270
EXPENSES
Professional
8,371
7,843
Administration — class specific
6,374
2,025
Trustees and Officer
3,646
3,640
Investment advisory
1,988
655
Service — class specific
1,708
146
Miscellaneous
57
42
Total expenses
22,144
14,351
Less fees waived and/or reimbursed by the Administrator/Manager
(20,026
)
(14,143
)
Total expenses after fees waived and/or reimbursed
2,118
208
Net investment income
88,897
34,062
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments — affiliated
6,890
4,520
Capital gain distributions from underlying funds — affiliated
6,420
2,087
 
13,310
6,607
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
590,299
204,744
 
590,299
204,744
Net realized and unrealized gain
603,609
211,351
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$692,506
$245,413
See notes to financial statements.
Statements of Operations
29
Statements of Changes in Net Assets
 
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$214,519
$268,066
$227,040
$215,554
Net realized gain (loss)
88,404
(230,529
)
48,807
4,371
Net change in unrealized appreciation (depreciation)
288,512
1,069,770
477,777
1,072,880
Net increase in net assets resulting from operations
591,435
1,107,307
753,624
1,292,805
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(6,260
)
(2,945
)
(4,056
)
(6,871
)
Investor A
(13,285
)
(12,847
)
(33,960
)
(74,855
)
Class K
(327,724
)
(95,105
)
(305,675
)
(236,194
)
Decrease in net assets resulting from distributions to shareholders
(347,269
)
(110,897
)
(343,691
)
(317,920
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(469,182
)
5,623,618
1,055,702
8,721,985
NET ASSETS
Total increase (decrease) in net assets
(225,016
)
6,620,028
1,465,635
9,696,870
Beginning of period
14,204,076
7,584,048
15,692,417
5,995,547
End of period
$13,979,060
$14,204,076
$17,158,052
$15,692,417
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
30
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$213,568
$175,723
$348,352
$331,443
Net realized gain (loss)
(25,543
)
(51,683
)
66,931
(75,852
)
Net change in unrealized appreciation (depreciation)
702,902
1,180,395
1,344,000
2,476,215
Net increase in net assets resulting from operations
890,927
1,304,435
1,759,283
2,731,806
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(10,634
)
(4,353
)
(29,019
)
(19,649
)
Investor A
(10,189
)
(7,963
)
(8,847
)
(16,843
)
Class K
(264,209
)
(131,648
)
(455,957
)
(556,276
)
Decrease in net assets resulting from distributions to shareholders
(285,032
)
(143,964
)
(493,823
)
(592,768
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,809,154
9,298,725
1,198,227
13,419,879
NET ASSETS
Total increase in net assets
2,415,049
10,459,196
2,463,687
15,558,917
Beginning of period
14,528,945
4,069,749
25,711,632
10,152,715
End of period
$16,943,994
$14,528,945
$28,175,319
$25,711,632
 
(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
31
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$259,882
$228,560
$284,186
$218,164
Net realized gain (loss)
25,325
(47,175
)
47,379
(76,778
)
Net change in unrealized appreciation (depreciation)
1,335,393
2,227,234
1,641,839
2,601,516
Net increase in net assets resulting from operations
1,620,600
2,408,619
1,973,404
2,742,902
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(14,156
)
(4,451
)
(14,382
)
(4,998
)
Investor A
(29,377
)
(24,918
)
(16,433
)
(18,119
)
Class K
(326,911
)
(180,876
)
(349,511
)
(202,357
)
Decrease in net assets resulting from distributions to shareholders
(370,444
)
(210,245
)
(380,326
)
(225,474
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
2,233,553
11,404,262
1,378,800
12,919,089
NET ASSETS
Total increase in net assets
3,483,709
13,602,636
2,971,878
15,436,517
Beginning of period
20,623,091
7,020,455
23,430,999
7,994,482
End of period
$24,106,800
$20,623,091
$26,402,877
$23,430,999
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
32
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$207,516
$150,174
$171,555
$143,318
Net realized gain (loss)
12,667
(60,675
)
14,149
(44,575
)
Net change in unrealized appreciation (depreciation)
1,319,760
1,892,045
1,106,103
1,767,589
Net increase in net assets resulting from operations
1,539,943
1,981,544
1,291,807
1,866,332
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(10,791
)
(5,122
)
(14,424
)
(8,569
)
Investor A
(3,706
)
(5,310
)
(25,151
)
(32,062
)
Class K
(259,759
)
(136,620
)
(197,161
)
(116,592
)
Decrease in net assets resulting from distributions to shareholders
(274,256
)
(147,052
)
(236,736
)
(157,223
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,897,290
10,430,725
1,185,761
6,619,633
NET ASSETS
Total increase in net assets
3,162,977
12,265,217
2,240,832
8,328,742
Beginning of period
17,084,264
4,819,047
14,406,865
6,078,123
End of period
$20,247,241
$17,084,264
$16,647,697
$14,406,865
 
(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
33
Statements of Changes in Net Assets (continued)
 
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$88,897
$89,446
$34,062
$41,064
Net realized gain (loss)
13,310
(19,265
)
6,607
(6,306
)
Net change in unrealized appreciation (depreciation)
590,299
1,006,660
204,744
384,369
Net increase in net assets resulting from operations
692,506
1,076,841
245,413
419,127
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(4,555
)
(3,764
)
(2,343
)
(1,738
)
Investor A
(19,492
)
(25,317
)
(2,076
)
(1,671
)
Class K
(106,984
)
(82,518
)
(46,656
)
(31,530
)
Decrease in net assets resulting from distributions to shareholders
(131,031
)
(111,599
)
(51,075
)
(34,939
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
792,179
2,482,959
402,338
144,462
NET ASSETS
Total increase in net assets
1,353,654
3,448,201
596,676
528,650
Beginning of period
7,516,742
4,068,541
2,486,776
1,958,126
End of period
$8,870,396
$7,516,742
$3,083,452
$2,486,776
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
34
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index Retirement Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$11.44
$10.39
$9.00
$8.89
$11.11
$9.79
Net investment income(a)
0.17
0.30
0.29
0.25
0.22
0.17
Net realized and unrealized gain (loss)
0.28
0.89
1.38
0.09
(2.09
)
1.32
Net increase (decrease) from investment operations
0.45
1.19
1.67
0.34
(1.87
)
1.49
Distributions(b)
From net investment income
(0.27
)
(0.10
)
(0.28
)
(0.23
)
(0.21
)
(0.17
)
From net realized gain
—
(0.04
)
—
—
(0.14
)
(0.00
)(c)
Total distributions
(0.27
)
(0.14
)
(0.28
)
(0.23
)
(0.35
)
(0.17
)
Net asset value, end of period
$11.62
$11.44
$10.39
$9.00
$8.89
$11.11
Total Return(d)
Based on net asset value
4.05
%(e)
11.66
%
18.55
%
3.78
%
(17.14
)%
15.30
%
Ratios to Average Net Assets(f)
Total expenses
0.43
%(g)
0.56
%
4.90
%(h)
1.19
%
1.31
%
1.35
%
Total expenses after fees waived and/or reimbursed
0.10
%(g)
0.11
%
0.11
%
0.11
%
0.11
%
0.12
%
Net investment income
3.09
%(g)
2.78
%
2.82
%
2.64
%
2.21
%
1.57
%
Supplemental Data
Net assets, end of period (000)
$265
$261
$210
$90
$89
$111
Portfolio turnover rate
18
%
22
%
11
%
12
%
17
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.86% respectively.
See notes to financial statements.
Financial Highlights
35
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index Retirement Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$11.40
$10.37
$9.00
$8.89
$11.11
$9.79
Net investment income(a)
0.16
0.29
0.24
0.22
0.20
0.14
Net realized and unrealized gain (loss)
0.27
0.88
1.40
0.10
(2.09
)
1.32
Net increase (decrease) from investment operations
0.43
1.17
1.64
0.32
(1.89
)
1.46
Distributions(b)
From net investment income
(0.24
)
(0.10
)
(0.27
)
(0.21
)
(0.19
)
(0.14
)
From net realized gain
—
(0.04
)
—
—
(0.14
)
(0.00
)(c)
Total distributions
(0.24
)
(0.14
)
(0.27
)
(0.21
)
(0.33
)
(0.14
)
Net asset value, end of period
$11.59
$11.40
$10.37
$9.00
$8.89
$11.11
Total Return(d)
Based on net asset value
3.82
%(e)
11.42
%
18.30
%
3.50
%
(17.34
)%
15.02
%
Ratios to Average Net Assets(f)
Total expenses
0.68
%(g)
0.79
%
5.05
%(h)
1.44
%
1.57
%
1.60
%
Total expenses after fees waived and/or reimbursed
0.35
%(g)
0.36
%
0.36
%
0.36
%
0.36
%
0.37
%
Net investment income
2.91
%(g)
2.71
%
2.38
%
2.39
%
1.98
%
1.32
%
Supplemental Data
Net assets, end of period (000)
$573
$631
$960
$134
$148
$129
Portfolio turnover rate
18
%
22
%
11
%
12
%
17
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 1.03% respectively.
See notes to financial statements.
36
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index Retirement Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$11.45
$10.39
$9.00
$8.89
$11.11
$9.79
Net investment income(a)
0.18
0.30
0.29
0.26
0.23
0.17
Net realized and unrealized gain (loss)
0.27
0.90
1.38
0.09
(2.09
)
1.32
Net increase (decrease) from investment operations
0.45
1.20
1.67
0.35
(1.86
)
1.49
Distributions(b)
From net investment income
(0.28
)
(0.10
)
(0.28
)
(0.24
)
(0.22
)
(0.17
)
From net realized gain
—
(0.04
)
—
—
(0.14
)
(0.00
)(c)
Total distributions
(0.28
)
(0.14
)
(0.28
)
(0.24
)
(0.36
)
(0.17
)
Net asset value, end of period
$11.62
$11.45
$10.39
$9.00
$8.89
$11.11
Total Return(d)
Based on net asset value
4.02
%(e)
11.77
%
18.60
%
3.84
%
(17.10
)%
15.35
%
Ratios to Average Net Assets(f)
Total expenses
0.38
%(g)
0.50
%
4.85
%(h)
1.10
%
1.26
%
1.30
%
Total expenses after fees waived and/or reimbursed
0.05
%(g)
0.06
%
0.06
%
0.06
%
0.06
%
0.07
%
Net investment income
3.15
%(g)
2.84
%
2.87
%
2.76
%
2.26
%
1.62
%
Supplemental Data
Net assets, end of period (000)
$13,141
$13,313
$6,414
$2,686
$1,615
$2,000
Portfolio turnover rate
18
%
22
%
11
%
12
%
17
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.81% respectively.
See notes to financial statements.
Financial Highlights
37
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2030 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$12.68
$11.80
$9.78
$9.48
$11.92
$9.73
Net investment income(a)
0.18
0.29
0.31
0.24
0.25
0.17
Net realized and unrealized gain (loss)
0.40
1.24
1.81
0.28
(2.39
)
2.19
Net increase (decrease) from investment operations
0.58
1.53
2.12
0.52
(2.14
)
2.36
Distributions(b)
From net investment income
(0.25
)
(0.35
)
(0.10
)
(0.22
)
(0.24
)
(0.17
)
From net realized gain
(0.02
)
(0.30
)
—
—
(0.06
)
(0.00
)(c)
Total distributions
(0.27
)
(0.65
)
(0.10
)
(0.22
)
(0.30
)
(0.17
)
Net asset value, end of period
$12.99
$12.68
$11.80
$9.78
$9.48
$11.92
Total Return(d)
Based on net asset value
4.70
%(e)
13.63
%
21.83
%
5.48
%
(18.24
)%
24.34
%
Ratios to Average Net Assets(f)
Total expenses
0.40
%(g)
0.59
%
0.61
%
0.92
%
0.92
%
1.05
%
Total expenses after fees waived and/or reimbursed
0.09
%(g)
0.10
%
0.10
%
0.09
%
0.09
%
0.08
%
Net investment income
2.89
%(g)
2.47
%
2.73
%
2.40
%
2.32
%
1.47
%
Supplemental Data
Net assets, end of period (000)
$195
$184
$125
$104
$101
$253
Portfolio turnover rate
10
%
27
%
50
%
31
%
16
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
38
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2030 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$12.64
$11.77
$9.77
$9.47
$11.91
$9.72
Net investment income(a)
0.16
0.27
0.28
0.21
0.21
0.15
Net realized and unrealized gain (loss)
0.40
1.22
1.82
0.28
(2.38
)
2.19
Net increase (decrease) from investment operations
0.56
1.49
2.10
0.49
(2.17
)
2.34
Distributions(b)
From net investment income
(0.22
)
(0.32
)
(0.10
)
(0.19
)
(0.21
)
(0.15
)
From net realized gain
(0.02
)
(0.30
)
—
—
(0.06
)
(0.00
)(c)
Total distributions
(0.24
)
(0.62
)
(0.10
)
(0.19
)
(0.27
)
(0.15
)
Net asset value, end of period
$12.96
$12.64
$11.77
$9.77
$9.47
$11.91
Total Return(d)
Based on net asset value
4.54
%(e)
13.32
%
21.59
%
5.16
%
(18.44
)%
24.17
%
Ratios to Average Net Assets(f)
Total expenses
0.65
%(g)
0.84
%
0.86
%
1.17
%
1.19
%
1.25
%
Total expenses after fees waived and/or reimbursed
0.34
%(g)
0.35
%
0.35
%
0.34
%
0.34
%
0.33
%
Net investment income
2.59
%(g)
2.27
%
2.49
%
2.08
%
2.01
%
1.31
%
Supplemental Data
Net assets, end of period (000)
$2,039
$1,729
$1,414
$1,109
$1,018
$1,246
Portfolio turnover rate
10
%
27
%
50
%
31
%
16
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
39
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2030 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$12.68
$11.80
$9.78
$9.48
$11.92
$9.73
Net investment income(a)
0.18
0.30
0.30
0.25
0.25
0.18
Net realized and unrealized gain (loss)
0.41
1.23
1.83
0.28
(2.39
)
2.18
Net increase (decrease) from investment operations
0.59
1.53
2.13
0.53
(2.14
)
2.36
Distributions(b)
From net investment income
(0.26
)
(0.35
)
(0.11
)
(0.23
)
(0.24
)
(0.17
)
From net realized gain
(0.02
)
(0.30
)
—
—
(0.06
)
(0.00
)(c)
Total distributions
(0.28
)
(0.65
)
(0.11
)
(0.23
)
(0.30
)
(0.17
)
Net asset value, end of period
$12.99
$12.68
$11.80
$9.78
$9.48
$11.92
Total Return(d)
Based on net asset value
4.77
%(e)
13.67
%
21.84
%
5.55
%
(18.18
)%
24.40
%
Ratios to Average Net Assets(f)
Total expenses
0.35
%(g)
0.50
%
0.56
%
0.86
%
0.89
%
1.01
%
Total expenses after fees waived and/or reimbursed
0.04
%(g)
0.05
%
0.05
%
0.04
%
0.04
%
0.04
%
Net investment income
2.93
%(g)
2.52
%
2.72
%
2.50
%
2.31
%
1.60
%
Supplemental Data
Net assets, end of period (000)
$14,924
$13,779
$4,456
$4,057
$1,756
$2,146
Portfolio turnover rate
10
%
27
%
50
%
31
%
16
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
40
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2035 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$13.86
$12.32
$10.02
$9.67
$12.34
$9.69
Net investment income(a)
0.19
0.27
0.30
0.24
0.26
0.20
Net realized and unrealized gain (loss)
0.60
1.60
2.15
0.37
(2.53
)
2.65
Net increase (decrease) from investment operations
0.79
1.87
2.45
0.61
(2.27
)
2.85
Distributions(b)
From net investment income
(0.27
)
(0.24
)
(0.11
)
(0.23
)
(0.25
)
(0.20
)
From net realized gain
—
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(c)
Total distributions
(0.27
)
(0.33
)
(0.15
)
(0.26
)
(0.40
)
(0.20
)
Net asset value, end of period
$14.38
$13.86
$12.32
$10.02
$9.67
$12.34
Total Return(d)
Based on net asset value
5.75
%(e)
15.57
%
24.57
%
6.32
%
(18.79
)%
29.53
%
Ratios to Average Net Assets(f)
Total expenses
0.40
%(g)
0.63
%
0.86
%
1.02
%
1.17
%
1.26
%
Total expenses after fees waived and/or reimbursed
0.08
%(g)
0.09
%
0.09
%
0.08
%
0.08
%
0.07
%
Net investment income
2.74
%(g)
2.13
%
2.59
%
2.29
%
2.37
%
1.70
%
Supplemental Data
Net assets, end of period (000)
$604
$549
$161
$232
$117
$148
Portfolio turnover rate
10
%
12
%
17
%
14
%
12
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
41
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2035 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$13.82
$12.29
$10.02
$9.66
$12.34
$9.69
Net investment income(a)
0.17
0.24
0.27
0.21
0.23
0.17
Net realized and unrealized gain (loss)
0.60
1.60
2.14
0.39
(2.53
)
2.65
Net increase (decrease) from investment operations
0.77
1.84
2.41
0.60
(2.30
)
2.82
Distributions(b)
From net investment income
(0.23
)
(0.22
)
(0.10
)
(0.21
)
(0.23
)
(0.17
)
From net realized gain
—
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(c)
Total distributions
(0.23
)
(0.31
)
(0.14
)
(0.24
)
(0.38
)
(0.17
)
Net asset value, end of period
$14.36
$13.82
$12.29
$10.02
$9.66
$12.34
Total Return(d)
Based on net asset value
5.61
%(e)
15.30
%
24.19
%
6.16
%
(19.07
)%
29.24
%
Ratios to Average Net Assets(f)
Total expenses
0.66
%(g)
0.88
%
1.10
%
1.27
%
1.42
%
1.50
%
Total expenses after fees waived and/or reimbursed
0.33
%(g)
0.34
%
0.34
%
0.33
%
0.33
%
0.32
%
Net investment income
2.44
%(g)
1.92
%
2.28
%
2.07
%
2.14
%
1.47
%
Supplemental Data
Net assets, end of period (000)
$794
$630
$311
$209
$167
$161
Portfolio turnover rate
10
%
12
%
17
%
14
%
12
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
42
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2035 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$13.86
$12.33
$10.02
$9.67
$12.34
$9.69
Net investment income(a)
0.19
0.29
0.30
0.25
0.26
0.20
Net realized and unrealized gain (loss)
0.59
1.58
2.16
0.37
(2.52
)
2.65
Net increase (decrease) from investment operations
0.78
1.87
2.46
0.62
(2.26
)
2.85
Distributions(b)
From net investment income
(0.26
)
(0.25
)
(0.11
)
(0.24
)
(0.26
)
(0.20
)
From net realized gain
—
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(c)
Total distributions
(0.26
)
(0.34
)
(0.15
)
(0.27
)
(0.41
)
(0.20
)
Net asset value, end of period
$14.38
$13.86
$12.33
$10.02
$9.67
$12.34
Total Return(d)
Based on net asset value
5.75
%(e)
15.59
%
24.68
%
6.36
%
(18.74
)%
29.59
%
Ratios to Average Net Assets(f)
Total expenses
0.36
%(g)
0.54
%
0.81
%
0.97
%
1.12
%
1.22
%
Total expenses after fees waived and/or reimbursed
0.03
%(g)
0.03
%
0.04
%
0.03
%
0.03
%
0.02
%
Net investment income
2.76
%(g)
2.27
%
2.59
%
2.37
%
2.43
%
1.75
%
Supplemental Data
Net assets, end of period (000)
$15,546
$13,350
$3,597
$2,706
$2,049
$2,222
Portfolio turnover rate
10
%
12
%
17
%
14
%
12
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
43
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2040 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$14.80
$13.24
$10.50
$9.91
$12.73
$9.65
Net investment income(a)
0.19
0.28
0.30
0.24
0.26
0.19
Net realized and unrealized gain (loss)
0.78
1.90
2.55
0.57
(2.70
)
3.09
Net increase (decrease) from investment operations
0.97
2.18
2.85
0.81
(2.44
)
3.28
Distributions(b)
From net investment income
(0.28
)
(0.26
)
(0.11
)
(0.22
)
(0.26
)
(0.20
)
From net realized gain
—
(0.36
)
—
—
(0.12
)
(0.00
)(c)
Total distributions
(0.28
)
(0.62
)
(0.11
)
(0.22
)
(0.38
)
(0.20
)
Net asset value, end of period
$15.49
$14.80
$13.24
$10.50
$9.91
$12.73
Total Return(d)
Based on net asset value
6.66
%(e)
17.18
%
27.24
%
8.15
%
(19.53
)%
34.16
%
Ratios to Average Net Assets(f)
Total expenses
0.34
%(g)
0.42
%
0.50
%
0.85
%
1.08
%
1.20
%
Total expenses after fees waived and/or reimbursed
0.07
%(g)
0.07
%
0.08
%
0.07
%
0.06
%
0.06
%
Net investment income
2.58
%(g)
2.07
%
2.38
%
2.23
%
2.36
%
1.60
%
Supplemental Data
Net assets, end of period (000)
$1,682
$1,528
$417
$296
$264
$305
Portfolio turnover rate
8
%
20
%
55
%
22
%
13
%
10
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
44
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2040 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$14.76
$13.21
$10.49
$9.91
$12.73
$9.65
Net investment income(a)
0.18
0.24
0.27
0.21
0.23
0.17
Net realized and unrealized gain (loss)
0.78
1.90
2.55
0.57
(2.70
)
3.08
Net increase (decrease) from investment operations
0.96
2.14
2.82
0.78
(2.47
)
3.25
Distributions(b)
From net investment income
(0.24
)
(0.23
)
(0.10
)
(0.20
)
(0.23
)
(0.17
)
From net realized gain
—
(0.36
)
—
—
(0.12
)
(0.00
)(c)
Total distributions
(0.24
)
(0.59
)
(0.10
)
(0.20
)
(0.35
)
(0.17
)
Net asset value, end of period
$15.48
$14.76
$13.21
$10.49
$9.91
$12.73
Total Return(d)
Based on net asset value
6.57
%(e)
16.85
%
27.01
%
7.78
%
(19.73
)%
33.83
%
Ratios to Average Net Assets(f)
Total expenses
0.59
%(g)
0.68
%
0.75
%
1.10
%
1.32
%
1.48
%
Total expenses after fees waived and/or reimbursed
0.32
%(g)
0.33
%
0.33
%
0.32
%
0.31
%
0.31
%
Net investment income
2.45
%(g)
1.78
%
2.14
%
1.98
%
2.07
%
1.43
%
Supplemental Data
Net assets, end of period (000)
$535
$542
$372
$248
$233
$180
Portfolio turnover rate
8
%
20
%
55
%
22
%
13
%
10
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
45
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2040 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$14.80
$13.24
$10.50
$9.91
$12.73
$9.65
Net investment income(a)
0.19
0.28
0.30
0.26
0.27
0.21
Net realized and unrealized gain (loss)
0.79
1.91
2.55
0.56
(2.70
)
3.07
Net increase (decrease) from investment operations
0.98
2.19
2.85
0.82
(2.43
)
3.28
Distributions(b)
From net investment income
(0.28
)
(0.27
)
(0.11
)
(0.23
)
(0.27
)
(0.20
)
From net realized gain
—
(0.36
)
—
—
(0.12
)
(0.00
)(c)
Total distributions
(0.28
)
(0.63
)
(0.11
)
(0.23
)
(0.39
)
(0.20
)
Net asset value, end of period
$15.50
$14.80
$13.24
$10.50
$9.91
$12.73
Total Return(d)
Based on net asset value
6.73
%(e)
17.26
%
27.26
%
8.22
%
(19.49
)%
34.20
%
Ratios to Average Net Assets(f)
Total expenses
0.29
%(g)
0.37
%
0.45
%
0.77
%
1.02
%
1.18
%
Total expenses after fees waived and/or reimbursed
0.02
%(g)
0.02
%
0.03
%
0.02
%
0.01
%
0.01
%
Net investment income
2.64
%(g)
2.09
%
2.40
%
2.38
%
2.44
%
1.74
%
Supplemental Data
Net assets, end of period (000)
$25,957
$23,642
$9,364
$6,213
$2,254
$2,292
Portfolio turnover rate
8
%
20
%
55
%
22
%
13
%
10
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
46
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2045 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.02
$13.80
$10.75
$10.13
$13.06
$9.62
Net investment income(a)
0.20
0.26
0.29
0.23
0.27
0.21
Net realized and unrealized gain (loss)
0.99
2.29
2.87
0.61
(2.85
)
3.43
Net increase (decrease) from investment operations
1.19
2.55
3.16
0.84
(2.58
)
3.64
Distributions(b)
From net investment income
(0.29
)
(0.25
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
From net realized gain
(0.00
)(c)
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.29
)
(0.33
)
(0.11
)
(0.22
)
(0.35
)
(0.20
)
Net asset value, end of period
$16.92
$16.02
$13.80
$10.75
$10.13
$13.06
Total Return(d)
Based on net asset value
7.57
%(e)
18.84
%
29.51
%
8.29
%
(20.08
)%
38.08
%
Ratios to Average Net Assets(f)
Total expenses
0.36
%(g)
0.48
%
0.61
%
0.81
%
0.99
%
1.21
%
Total expenses after fees waived and/or reimbursed
0.06
%(g)
0.06
%
0.07
%
0.06
%
0.05
%
0.05
%
Net investment income
2.44
%(g)
1.79
%
2.22
%
2.06
%
2.36
%
1.72
%
Supplemental Data
Net assets, end of period (000)
$862
$750
$184
$127
$105
$131
Portfolio turnover rate
9
%
21
%
18
%
15
%
15
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
47
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2045 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$15.96
$13.75
$10.74
$10.12
$13.05
$9.62
Net investment income(a)
0.18
0.23
0.26
0.20
0.24
0.17
Net realized and unrealized gain (loss)
0.99
2.28
2.85
0.62
(2.84
)
3.44
Net increase (decrease) from investment operations
1.17
2.51
3.11
0.82
(2.60
)
3.61
Distributions(b)
From net investment income
(0.25
)
(0.22
)
(0.10
)
(0.20
)
(0.25
)
(0.18
)
From net realized gain
(0.00
)(c)
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.25
)
(0.30
)
(0.10
)
(0.20
)
(0.33
)
(0.18
)
Net asset value, end of period
$16.88
$15.96
$13.75
$10.74
$10.12
$13.05
Total Return(d)
Based on net asset value
7.41
%(e)
18.60
%
29.09
%
8.03
%
(20.27
)%
37.74
%
Ratios to Average Net Assets(f)
Total expenses
0.61
%(g)
0.73
%
0.87
%
1.06
%
1.23
%
1.42
%
Total expenses after fees waived and/or reimbursed
0.31
%(g)
0.32
%
0.32
%
0.31
%
0.30
%
0.30
%
Net investment income
2.19
%(g)
1.59
%
2.04
%
1.81
%
2.11
%
1.40
%
Supplemental Data
Net assets, end of period (000)
$2,066
$1,883
$1,025
$803
$693
$365
Portfolio turnover rate
9
%
21
%
18
%
15
%
15
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
48
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2045 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.03
$13.81
$10.75
$10.13
$13.06
$9.62
Net investment income(a)
0.20
0.28
0.28
0.24
0.28
0.21
Net realized and unrealized gain (loss)
0.99
2.28
2.89
0.61
(2.85
)
3.44
Net increase (decrease) from investment operations
1.19
2.56
3.17
0.85
(2.57
)
3.65
Distributions(b)
From net investment income
(0.29
)
(0.26
)
(0.11
)
(0.23
)
(0.28
)
(0.21
)
From net realized gain
(0.00
)(c)
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.29
)
(0.34
)
(0.11
)
(0.23
)
(0.36
)
(0.21
)
Net asset value, end of period
$16.93
$16.03
$13.81
$10.75
$10.13
$13.06
Total Return(d)
Based on net asset value
7.54
%(e)
18.91
%
29.62
%
8.34
%
(20.03
)%
38.15
%
Ratios to Average Net Assets(f)
Total expenses
0.31
%(g)
0.42
%
0.56
%
0.76
%
0.93
%
1.16
%
Total expenses after fees waived and/or reimbursed
0.01
%(g)
0.02
%
0.02
%
0.01
%
—
%
—
%
Net investment income
2.44
%(g)
1.90
%
2.20
%
2.12
%
2.49
%
1.77
%
Supplemental Data
Net assets, end of period (000)
$21,178
$17,990
$5,812
$3,205
$2,574
$2,351
Portfolio turnover rate
9
%
21
%
18
%
15
%
15
%
11
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
49
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2050 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.60
$14.16
$10.90
$10.21
$13.22
$9.61
Net investment income(a)
0.19
0.24
0.28
0.22
0.27
0.20
Net realized and unrealized gain (loss)
1.16
2.54
3.09
0.69
(2.93
)
3.61
Net increase (decrease) from investment operations
1.35
2.78
3.37
0.91
(2.66
)
3.81
Distributions(b)
From net investment income
(0.27
)
(0.26
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
From net realized gain
—
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.27
)
(0.34
)
(0.11
)
(0.22
)
(0.35
)
(0.20
)
Net asset value, end of period
$17.68
$16.60
$14.16
$10.90
$10.21
$13.22
Total Return(c)
Based on net asset value
8.26
%(d)
20.04
%
31.03
%
8.84
%
(20.46
)%
39.90
%
Ratios to Average Net Assets(e)
Total expenses
0.35
%(f)
0.46
%
0.57
%
0.77
%
1.01
%
1.21
%
Total expenses after fees waived and/or reimbursed
0.05
%(f)
0.06
%
0.06
%
0.06
%
0.05
%
0.05
%
Net investment income
2.34
%(f)
1.61
%
2.10
%
1.97
%
2.31
%
1.68
%
Supplemental Data
Net assets, end of period (000)
$941
$855
$204
$131
$108
$132
Portfolio turnover rate
9
%
17
%
16
%
15
%
14
%
8
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
50
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2050 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.55
$14.12
$10.88
$10.21
$13.21
$9.61
Net investment income(a)
0.17
0.21
0.26
0.20
0.22
0.17
Net realized and unrealized gain (loss)
1.16
2.52
3.08
0.66
(2.90
)
3.61
Net increase (decrease) from investment operations
1.33
2.73
3.34
0.86
(2.68
)
3.78
Distributions(b)
From net investment income
(0.23
)
(0.22
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
From net realized gain
—
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.23
)
(0.30
)
(0.10
)
(0.19
)
(0.32
)
(0.18
)
Net asset value, end of period
$17.65
$16.55
$14.12
$10.88
$10.21
$13.21
Total Return(c)
Based on net asset value
8.10
%(d)
19.71
%
30.84
%
8.42
%
(20.58
)%
39.49
%
Ratios to Average Net Assets(e)
Total expenses
0.60
%(f)
0.73
%
0.83
%
1.01
%
1.26
%
1.44
%
Total expenses after fees waived and/or reimbursed
0.30
%(f)
0.31
%
0.31
%
0.31
%
0.30
%
0.30
%
Net investment income
2.08
%(f)
1.45
%
1.99
%
1.75
%
1.92
%
1.41
%
Supplemental Data
Net assets, end of period (000)
$1,278
$1,141
$851
$679
$263
$243
Portfolio turnover rate
9
%
17
%
16
%
15
%
14
%
8
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
Financial Highlights
51
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2050 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.60
$14.17
$10.90
$10.21
$13.22
$9.61
Net investment income(a)
0.20
0.25
0.28
0.23
0.28
0.21
Net realized and unrealized gain (loss)
1.16
2.53
3.10
0.68
(2.94
)
3.61
Net increase (decrease) from investment operations
1.36
2.78
3.38
0.91
(2.66
)
3.82
Distributions(b)
From net investment income
(0.27
)
(0.27
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
From net realized gain
—
(0.08
)
—
—
(0.08
)
—
Total distributions
(0.27
)
(0.35
)
(0.11
)
(0.22
)
(0.35
)
(0.21
)
Net asset value, end of period
$17.69
$16.60
$14.17
$10.90
$10.21
$13.22
Total Return(c)
Based on net asset value
8.31
%(d)
20.03
%
31.14
%
8.89
%
(20.41
)%
39.96
%
Ratios to Average Net Assets(e)
Total expenses
0.30
%(f)
0.40
%
0.52
%
0.72
%
0.94
%
1.16
%
Total expenses after fees waived and/or reimbursed
—
%(f)
0.01
%
0.01
%
0.01
%
—
%
—
%
Net investment income
2.39
%(f)
1.68
%
2.11
%
2.04
%
2.46
%
1.74
%
Supplemental Data
Net assets, end of period (000)
$24,184
$21,435
$6,939
$3,867
$3,027
$2,379
Portfolio turnover rate
9
%
17
%
16
%
15
%
14
%
8
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
See notes to financial statements.
52
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2055 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.80
$14.24
$10.90
$10.21
$13.25
$9.61
Net investment income(a)
0.19
0.24
0.27
0.21
0.27
0.21
Net realized and unrealized gain (loss)
1.24
2.64
3.18
0.71
(2.93
)
3.63
Net increase (decrease) from investment operations
1.43
2.88
3.45
0.92
(2.66
)
3.84
Distributions(b)
From net investment income
(0.26
)
(0.23
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
From net realized gain
—
(0.09
)
(0.00
)(c)
(0.01
)
(0.11
)
—
Total distributions
(0.26
)
(0.32
)
(0.11
)
(0.23
)
(0.38
)
(0.20
)
Net asset value, end of period
$17.97
$16.80
$14.24
$10.90
$10.21
$13.25
Total Return(d)
Based on net asset value
8.64
%(e)
20.64
%
31.80
%
8.91
%
(20.47
)%
40.22
%
Ratios to Average Net Assets(f)
Total expenses
0.38
%(g)
0.56
%
0.77
%
1.00
%
1.11
%
1.22
%
Total expenses after fees waived and/or reimbursed
0.05
%(g)
0.06
%
0.06
%
0.06
%
0.05
%
0.05
%
Net investment income
2.26
%(g)
1.57
%
2.05
%
1.86
%
2.33
%
1.69
%
Supplemental Data
Net assets, end of period (000)
$805
$681
$222
$158
$106
$133
Portfolio turnover rate
6
%
13
%
13
%
14
%
15
%
9
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
53
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2055 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.76
$14.21
$10.90
$10.20
$13.25
$9.60
Net investment income(a)
0.17
0.21
0.24
0.19
0.24
0.18
Net realized and unrealized gain (loss)
1.24
2.63
3.17
0.71
(2.94
)
3.65
Net increase (decrease) from investment operations
1.41
2.84
3.41
0.90
(2.70
)
3.83
Distributions(b)
From net investment income
(0.21
)
(0.20
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
From net realized gain
—
(0.09
)
(0.00
)(c)
(0.01
)
(0.11
)
—
Total distributions
(0.21
)
(0.29
)
(0.10
)
(0.20
)
(0.35
)
(0.18
)
Net asset value, end of period
$17.96
$16.76
$14.21
$10.90
$10.20
$13.25
Total Return(d)
Based on net asset value
8.47
%(e)
20.35
%
31.45
%
8.76
%
(20.74
)%
40.05
%
Ratios to Average Net Assets(f)
Total expenses
0.64
%(g)
0.82
%
1.02
%
1.25
%
1.36
%
1.47
%
Total expenses after fees waived and/or reimbursed
0.30
%(g)
0.31
%
0.31
%
0.31
%
0.30
%
0.30
%
Net investment income
1.98
%(g)
1.42
%
1.83
%
1.67
%
2.06
%
1.44
%
Supplemental Data
Net assets, end of period (000)
$340
$339
$252
$185
$148
$175
Portfolio turnover rate
6
%
13
%
13
%
14
%
15
%
9
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
54
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2055 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.81
$14.24
$10.90
$10.21
$13.25
$9.61
Net investment income(a)
0.20
0.24
0.27
0.22
0.28
0.21
Net realized and unrealized gain (loss)
1.22
2.67
3.18
0.70
(2.93
)
3.64
Net increase (decrease) from investment operations
1.42
2.91
3.45
0.92
(2.65
)
3.85
Distributions(b)
From net investment income
(0.26
)
(0.25
)
(0.11
)
(0.22
)
(0.28
)
(0.21
)
From net realized gain
—
(0.09
)
(0.00
)(c)
(0.01
)
(0.11
)
—
Total distributions
(0.26
)
(0.34
)
(0.11
)
(0.23
)
(0.39
)
(0.21
)
Net asset value, end of period
$17.97
$16.81
$14.24
$10.90
$10.21
$13.25
Total Return(d)
Based on net asset value
8.58
%(e)
20.80
%
31.82
%
8.97
%
(20.43
)%
40.29
%
Ratios to Average Net Assets(f)
Total expenses
0.34
%(g)
0.49
%
0.72
%
0.95
%
1.06
%
1.18
%
Total expenses after fees waived and/or reimbursed
—
%(g)
0.01
%
0.01
%
0.01
%
—
%
—
%
Net investment income
2.32
%(g)
1.61
%
2.05
%
1.98
%
2.43
%
1.74
%
Supplemental Data
Net assets, end of period (000)
$19,102
$16,065
$4,345
$2,748
$2,296
$2,385
Portfolio turnover rate
6
%
13
%
13
%
14
%
15
%
9
%
 
(a)
Based on average shares outstanding.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
Amount is greater than $(0.005) per share.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
See notes to financial statements.
Financial Highlights
55
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2060 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.87
$14.31
$10.95
$10.24
$13.25
$9.61
Net investment income(a)
0.19
0.25
0.27
0.22
0.27
0.20
Net realized and unrealized gain (loss)
1.25
2.65
3.19
0.70
(2.95
)
3.65
Net increase (decrease) from investment operations
1.44
2.90
3.46
0.92
(2.68
)
3.85
Distributions(b)
From net investment income
(0.28
)
(0.26
)
(0.10
)
(0.21
)
(0.26
)
(0.21
)
From net realized gain
—
(0.08
)
—
—
(0.07
)
—
Total distributions
(0.28
)
(0.34
)
(0.10
)
(0.21
)
(0.33
)
(0.21
)
Net asset value, end of period
$18.03
$16.87
$14.31
$10.95
$10.24
$13.25
Total Return(c)
Based on net asset value
8.62
%(d)
20.66
%
31.78
%
8.96
%
(20.53
)%
40.24
%
Ratios to Average Net Assets(e)
Total expenses
0.41
%(f)
0.56
%
0.67
%
0.90
%
1.04
%
1.19
%
Total expenses after fees waived and/or reimbursed
0.05
%(f)
0.06
%
0.06
%
0.06
%
0.05
%
0.05
%
Net investment income
2.28
%(f)
1.65
%
2.04
%
1.94
%
2.31
%
1.66
%
Supplemental Data
Net assets, end of period (000)
$1,085
$864
$345
$216
$159
$196
Portfolio turnover rate
7
%
13
%
14
%
14
%
20
%
9
%
 
(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.
See notes to financial statements.
56
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2060 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.81
$14.26
$10.93
$10.23
$13.24
$9.60
Net investment income(a)
0.17
0.21
0.25
0.18
0.24
0.18
Net realized and unrealized gain (loss)
1.25
2.65
3.18
0.71
(2.94
)
3.64
Net increase (decrease) from investment operations
1.42
2.86
3.43
0.89
(2.70
)
3.82
Distributions(b)
From net investment income
(0.23
)
(0.23
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
From net realized gain
—
(0.08
)
—
—
(0.07
)
—
Total distributions
(0.23
)
(0.31
)
(0.10
)
(0.19
)
(0.31
)
(0.18
)
Net asset value, end of period
$18.00
$16.81
$14.26
$10.93
$10.23
$13.24
Total Return(c)
Based on net asset value
8.53
%(d)
20.37
%
31.52
%
8.68
%
(20.75
)%
40.02
%
Ratios to Average Net Assets(e)
Total expenses
0.66
%(f)
0.82
%
0.92
%
1.15
%
1.30
%
1.41
%
Total expenses after fees waived and/or reimbursed
0.30
%(f)
0.31
%
0.31
%
0.31
%
0.30
%
0.30
%
Net investment income
2.04
%(f)
1.42
%
1.87
%
1.58
%
2.05
%
1.42
%
Supplemental Data
Net assets, end of period (000)
$2,002
$1,839
$1,504
$859
$222
$351
Portfolio turnover rate
7
%
13
%
14
%
14
%
20
%
9
%
 
(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.
See notes to financial statements.
Financial Highlights
57
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2060 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.88
$14.32
$10.95
$10.24
$13.25
$9.61
Net investment income(a)
0.20
0.25
0.28
0.22
0.27
0.21
Net realized and unrealized gain (loss)
1.25
2.66
3.20
0.71
(2.94
)
3.64
Net increase (decrease) from investment operations
1.45
2.91
3.48
0.93
(2.67
)
3.85
Distributions(b)
From net investment income
(0.28
)
(0.27
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
From net realized gain
—
(0.08
)
—
—
(0.07
)
—
Total distributions
(0.28
)
(0.35
)
(0.11
)
(0.22
)
(0.34
)
(0.21
)
Net asset value, end of period
$18.05
$16.88
$14.32
$10.95
$10.24
$13.25
Total Return(c)
Based on net asset value
8.69
%(d)
20.70
%
31.89
%
9.01
%
(20.48
)%
40.30
%
Ratios to Average Net Assets(e)
Total expenses
0.36
%(f)
0.50
%
0.62
%
0.85
%
0.99
%
1.15
%
Total expenses after fees waived and/or reimbursed
—
%(f)
0.01
%
0.01
%
0.01
%
—
%
—
%
Net investment income
2.33
%(f)
1.64
%
2.08
%
1.98
%
2.37
%
1.75
%
Supplemental Data
Net assets, end of period (000)
$13,561
$11,704
$4,229
$2,761
$2,370
$2,385
Portfolio turnover rate
7
%
13
%
14
%
14
%
20
%
9
%
 
(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.
See notes to financial statements.
58
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2065 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.71
$14.19
$10.90
$10.21
$13.25
$9.61
Net investment income(a)
0.19
0.25
0.27
0.22
0.27
0.21
Net realized and unrealized gain (loss)
1.25
2.63
3.18
0.71
(2.93
)
3.64
Net increase (decrease) from investment operations
1.44
2.88
3.45
0.93
(2.66
)
3.85
Distributions(b)
From net investment income
(0.29
)
(0.26
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
From net realized gain
—
(0.10
)
(0.05
)
(0.02
)
(0.11
)
—
Total distributions
(0.29
)
(0.36
)
(0.16
)
(0.24
)
(0.38
)
(0.21
)
Net asset value, end of period
$17.86
$16.71
$14.19
$10.90
$10.21
$13.25
Total Return(c)
Based on net asset value
8.72
%(d)
20.73
%
31.91
%
9.03
%
(20.46
)%
40.24
%
Ratios to Average Net Assets(e)
Total expenses
0.55
%(f)
0.76
%
0.87
%
1.17
%
1.18
%
1.22
%
Total expenses after fees waived and/or reimbursed
0.05
%(f)
0.06
%
0.06
%
0.06
%
0.05
%
0.05
%
Net investment income
2.25
%(f)
1.71
%
2.06
%
1.96
%
2.31
%
1.70
%
Supplemental Data
Net assets, end of period (000)
$306
$261
$149
$114
$103
$132
Portfolio turnover rate
7
%
13
%
11
%
15
%
15
%
10
%
 
(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.
See notes to financial statements.
Financial Highlights
59
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2065 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.66
$14.15
$10.89
$10.21
$13.24
$9.60
Net investment income(a)
0.17
0.22
0.23
0.18
0.24
0.17
Net realized and unrealized gain (loss)
1.23
2.62
3.19
0.71
(2.92
)
3.65
Net increase (decrease) from investment operations
1.40
2.84
3.42
0.89
(2.68
)
3.82
Distributions(b)
From net investment income
(0.24
)
(0.23
)
(0.11
)
(0.19
)
(0.24
)
(0.18
)
From net realized gain
—
(0.10
)
(0.05
)
(0.02
)
(0.11
)
—
Total distributions
(0.24
)
(0.33
)
(0.16
)
(0.21
)
(0.35
)
(0.18
)
Net asset value, end of period
$17.82
$16.66
$14.15
$10.89
$10.21
$13.24
Total Return(c)
Based on net asset value
8.52
%(d)
20.45
%
31.60
%
8.71
%
(20.59
)%
39.95
%
Ratios to Average Net Assets(e)
Total expenses
0.80
%(f)
1.02
%
1.11
%
1.41
%
1.43
%
1.47
%
Total expenses after fees waived and/or reimbursed
0.30
%(f)
0.31
%
0.31
%
0.31
%
0.30
%
0.30
%
Net investment income
2.01
%(f)
1.47
%
1.74
%
1.64
%
2.05
%
1.43
%
Supplemental Data
Net assets, end of period (000)
$1,482
$1,366
$1,057
$463
$160
$155
Portfolio turnover rate
7
%
13
%
11
%
15
%
15
%
10
%
 
(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.
See notes to financial statements.
60
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2065 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
 
Net asset value, beginning of period
$16.72
$14.19
$10.90
$10.21
$13.25
$9.61
Net investment income(a)
0.19
0.26
0.28
0.23
0.27
0.21
Net realized and unrealized gain (loss)
1.24
2.64
3.17
0.70
(2.92
)
3.64
Net increase (decrease) from investment operations
1.43
2.90
3.45
0.93
(2.65
)
3.85
Distributions(b)
From net investment income
(0.29
)
(0.27
)
(0.11
)
(0.22
)
(0.28
)
(0.21
)
From net realized gain
—
(0.10
)
(0.05
)
(0.02
)
(0.11
)
—
Total distributions
(0.29
)
(0.37
)
(0.16
)
(0.24
)
(0.39
)
(0.21
)
Net asset value, end of period
$17.86
$16.72
$14.19
$10.90
$10.21
$13.25
Total Return(c)
Based on net asset value
8.69
%(d)
20.87
%
31.92
%
9.08
%
(20.42
)%
40.31
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%(f)
0.70
%
0.82
%
1.12
%
1.13
%
1.17
%
Total expenses after fees waived and/or reimbursed
—
%(f)
0.01
%
0.01
%
0.01
%
—
%
—
%
Net investment income
2.28
%(f)
1.75
%
2.12
%
2.01
%
2.36
%
1.75
%
Supplemental Data
Net assets, end of period (000)
$7,082
$5,890
$2,863
$2,101
$1,881
$2,385
Portfolio turnover rate
7
%
13
%
11
%
15
%
15
%
10
%
 
(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.
See notes to financial statements.
Financial Highlights
61
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2070 Fund
 
Institutional
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$11.65
$9.79
$10.00
Net investment income(b)
0.15
0.20
0.03
Net realized and unrealized gain (loss)
0.85
1.84
(0.24
)
Net increase (decrease) from investment operations
1.00
2.04
(0.21
)
Distributions(c)
From net investment income
(0.23
)
(0.12
)
—
From net realized gain
—
(0.06
)
—
Total distributions
(0.23
)
(0.18
)
—
Net asset value, end of period
$12.42
$11.65
$9.79
Total Return(d)
Based on net asset value
8.75
%(e)
21.09
%
(2.10
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.13
%(g)
1.40
%
1.27
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.05
%(g)
0.06
%
0.06
%(g)
Net investment income
2.61
%(g)
1.93
%
3.27
%(g)
Supplemental Data
Net assets, end of period (000)
$125
$117
$98
Portfolio turnover rate
8
%
13
%
2
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.65%.
See notes to financial statements.
62
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2070 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$11.63
$9.79
$10.00
Net investment income(b)
0.14
0.17
0.03
Net realized and unrealized gain (loss)
0.84
1.84
(0.24
)
Net increase (decrease) from investment operations
0.98
2.01
(0.21
)
Distributions(c)
From net investment income
(0.21
)
(0.11
)
—
From net realized gain
—
(0.06
)
—
Total distributions
(0.21
)
(0.17
)
—
Net asset value, end of period
$12.40
$11.63
$9.79
Total Return(d)
Based on net asset value
8.52
%(e)
20.80
%
(2.10
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.38
%(g)
1.66
%
1.52
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.30
%(g)
0.31
%
0.30
%(g)
Net investment income
2.36
%(g)
1.68
%
3.02
%(g)
Supplemental Data
Net assets, end of period (000)
$124
$116
$98
Portfolio turnover rate
8
%
13
%
2
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.90%.
See notes to financial statements.
Financial Highlights
63
Financial Highlights (continued)
(For a share outstanding throughout each period)
 
 
BlackRock LifePath® ESG Index 2070 Fund (continued)
 
Class K
 
Six Months Ended
04/30/26
(unaudited)
Year Ended
10/31/25
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$11.66
$9.79
$10.00
Net investment income(b)
0.15
0.20
0.03
Net realized and unrealized gain (loss)
0.85
1.85
(0.24
)
Net increase (decrease) from investment operations
1.00
2.05
(0.21
)
Distributions(c)
From net investment income
(0.24
)
(0.12
)
—
From net realized gain
—
(0.06
)
—
Total distributions
(0.24
)
(0.18
)
—
Net asset value, end of period
$12.42
$11.66
$9.79
Total Return(d)
Based on net asset value
8.72
%(e)
21.21
%
(2.10
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.08
%(g)
1.35
%
1.23
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.00
%(g)(i)
0.01
%
0.01
%(g)
Net investment income
2.61
%(g)
1.97
%
3.31
%(g)
Supplemental Data
Net assets, end of period (000)
$2,834
$2,254
$1,762
Portfolio turnover rate
8
%
13
%
2
%
 
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.60%.
(i)
Amount is less than 0.005%.
See notes to financial statements.
64
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.  The Trust is organized as a Delaware statutory trust.  The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”: 
Fund Name
Herein Referred To As
Diversification
Classification
BlackRock LifePath® ESG Index Retirement Fund
LifePath ESG Index Retirement Fund
Diversified
BlackRock LifePath® ESG Index 2030 Fund
LifePath ESG Index 2030 Fund
Diversified
BlackRock LifePath® ESG Index 2035 Fund
LifePath ESG Index 2035 Fund
Diversified
BlackRock LifePath® ESG Index 2040 Fund
LifePath ESG Index 2040 Fund
Diversified
BlackRock LifePath® ESG Index 2045 Fund
LifePath ESG Index 2045 Fund
Diversified
BlackRock LifePath® ESG Index 2050 Fund
LifePath ESG Index 2050 Fund
Diversified
BlackRock LifePath® ESG Index 2055 Fund
LifePath ESG Index 2055 Fund
Diversified
BlackRock LifePath® ESG Index 2060 Fund
LifePath ESG Index 2060 Fund
Diversified
BlackRock LifePath® ESG Index 2065 Fund
LifePath ESG Index 2065 Fund
Diversified
BlackRock LifePath® ESG Index 2070 Fund
LifePath ESG Index 2070 Fund
Diversified
The Funds will generally invest in other registered investment companies (each, an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds.
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 Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries.  Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures. 
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional, Investor A and Class K Shares
No
No
None
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
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.  Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.  The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:  Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.
Notes to Financial Statements
65
Notes to Financial Statements (unaudited) (continued)
 
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager  as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•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”).
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.
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, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.
66
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
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)
LifePath ESG Index Retirement Fund
Barclays Bank PLC
$ 56,099
$ (55,926
)
$ —
$ 173
BofA Securities, Inc.
293,132
(292,225
)
—
907
J.P. Morgan Securities LLC
1,296,487
(1,296,487
)
—
—
Jefferies LLC
2,173
(2,171
)
—
2
RBC Capital Markets LLC
239,341
(239,341
)
—
—
Wells Fargo Securities LLC
718,886
(718,886
)
—
—
 
$ 2,606,118
$ (2,605,036
)
$ —
$ 1,082
LifePath ESG Index 2030 Fund
Barclays Bank PLC
$ 12,235
$ (12,212
)
$ —
$ 23
J.P. Morgan Securities LLC
2,080,336
(2,080,336
)
—
—
RBC Capital Markets LLC
829,216
(829,216
)
—
—
Wells Fargo Securities LLC
11,353
(11,353
)
—
—
 
$ 2,933,140
$ (2,933,117
)
$ —
$ 23
LifePath ESG Index 2035 Fund
BofA Securities, Inc.
$ 1,237,964
$ (1,237,964
)
$ —
$ —
J.P. Morgan Securities LLC
2,941,968
(2,941,968
)
—
—
RBC Capital Markets LLC
953,615
(953,615
)
—
—
Wells Fargo Securities LLC
17,624
(17,624
)
—
—
 
$ 5,151,171
$ (5,151,171
)
$ —
$ —
LifePath ESG Index 2040 Fund
Barclays Bank PLC
$ 2,506
$ (2,506
)
$ —
$ —
Barclays Capital, Inc.
61,368
(61,368
)
—
—
BofA Securities, Inc.
854,640
(854,640
)
—
—
J.P. Morgan Securities LLC
3,417,523
(3,417,523
)
—
—
Jefferies LLC
77,321
(77,195
)
—
126
RBC Capital Markets LLC
583,370
(583,370
)
—
—
 
$ 4,996,728
$ (4,996,602
)
$ —
$ 126
LifePath ESG Index 2045 Fund
Barclays Bank PLC
$ 1,994
$ (1,994
)
$ —
$ —
BofA Securities, Inc.
2,119,071
(2,119,071
)
—
—
J.P. Morgan Securities LLC
2,382,474
(2,382,474
)
—
—
RBC Capital Markets LLC
1,147,519
(1,147,519
)
—
—
Wells Fargo Securities LLC
313,478
(313,478
)
—
—
 
$ 5,964,536
$ (5,964,536
)
$ —
$ —
LifePath ESG Index 2050 Fund
Barclays Bank PLC
$ 46,640
$ (46,640
)
$ —
$ —
BNP Paribas SA
210,960
(209,680
)
—
1,280
BofA Securities, Inc.
1,808,780
(1,808,780
)
—
—
J.P. Morgan Securities LLC
1,542,331
(1,542,331
)
—
—
RBC Capital Markets LLC
2,893,482
(2,893,482
)
—
—
TD Securities (USA) LLC
33,185
(33,146
)
—
39
 
$ 6,535,378
$ (6,534,059
)
$ —
$ 1,319
LifePath ESG Index 2055 Fund
BofA Securities, Inc.
$ 1,718,360
$ (1,712,920
)
$ —
$ 5,440
J.P. Morgan Securities LLC
3,695,478
(3,695,478
)
—
—
Jefferies LLC
135,917
(135,784
)
—
133
RBC Capital Markets LLC
1,113,844
(1,113,844
)
—
—
TD Securities (USA) LLC
111,342
(111,233
)
—
109
 
$ 6,774,941
$ (6,769,259
)
$ —
$ 5,682
Notes to Financial Statements
67
Notes to Financial Statements (unaudited) (continued)
 
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount(b)
LifePath ESG Index 2060 Fund
BofA Securities, Inc.
$ 3,264,884
$ (3,253,947
)
$ —
$ 10,937
J.P. Morgan Securities LLC
975,696
(975,696
)
—
—
RBC Capital Markets LLC
259,679
(259,679
)
—
—
TD Securities (USA) LLC
31,346
(31,310
)
—
36
Wells Fargo Securities LLC
1,346,418
(1,346,418
)
—
—
 
$ 5,878,023
$ (5,867,050
)
$ —
$ 10,973
LifePath ESG Index 2065 Fund
BNP Paribas SA
$ 5,136
$ (5,136
)
$ —
$ —
J.P. Morgan Securities LLC
2,884,973
(2,884,973
)
—
—
Jefferies LLC
39,622
(39,586
)
—
36
RBC Capital Markets LLC
169,488
(169,488
)
—
—
Wells Fargo Securities LLC
268,332
(267,817
)
—
515
 
$ 3,367,551
$ (3,367,000
)
$ —
$ 551
LifePath ESG Index 2070 Fund
BNP Paribas SA
$ 70,320
$ (69,899
)
$ —
$ 421
BofA Securities, Inc.
483,348
(482,465
)
—
883
J.P. Morgan Securities LLC
424,359
(424,359
)
—
—
RBC Capital Markets LLC
179,760
(179,760
)
—
—
Wells Fargo Securities LLC
4,079
(4,057
)
—
22
 
$ 1,161,866
$ (1,160,540
)
$ —
$ 1,326
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of April 30, 2026. Additional collateral is delivered to each 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 BlackRock Finance, Inc. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, majority-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to 0.05% of the average daily value of each Fund’s net assets.
Service Fees:  The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Fund’s Investor A Shares.
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.
For the six months ended April 30, 2026, the following table shows the class specific service fees borne directly by each share class of each Fund: 
Fund Name
Investor A
LifePath ESG Index Retirement Fund
$ 731
LifePath ESG Index 2030 Fund
2,280
LifePath ESG Index 2035 Fund
831
LifePath ESG Index 2040 Fund
647
LifePath ESG Index 2045 Fund
2,406
LifePath ESG Index 2050 Fund
1,512
LifePath ESG Index 2055 Fund
392
LifePath ESG Index 2060 Fund
2,347
LifePath ESG Index 2065 Fund
1,708
LifePath ESG Index 2070 Fund
146
68
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
Administration:  The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”) to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Funds’ ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.20% based on the average daily net assets of each Fund’s Institutional and Investor A Shares and 0.15% of the average daily net assets of each Fund’s Class K Shares.
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance.
For the six months ended April 30, 2026, the following table shows the class specific administration fees borne directly by each share class of each Fund: 
Fund Name
Institutional
Investor A
Class K
Total
LifePath ESG Index Retirement Fund
$ 258
$ 585
$ 9,632
$ 10,475
LifePath ESG Index 2030 Fund
186
1,824
10,275
12,285
LifePath ESG Index 2035 Fund
561
664
10,761
11,986
LifePath ESG Index 2040 Fund
1,557
518
18,298
20,373
LifePath ESG Index 2045 Fund
780
1,925
14,116
16,821
LifePath ESG Index 2050 Fund
877
1,210
16,415
18,502
LifePath ESG Index 2055 Fund
709
314
12,716
13,739
LifePath ESG Index 2060 Fund
904
1,878
9,142
11,924
LifePath ESG Index 2065 Fund
271
1,367
4,736
6,374
LifePath ESG Index 2070 Fund
117
116
1,792
2,025
Expense Waivers and Reimbursements:  With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2026, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 21
LifePath ESG Index 2030 Fund
19
LifePath ESG Index 2035 Fund
19
LifePath ESG Index 2040 Fund
25
LifePath ESG Index 2045 Fund
26
LifePath ESG Index 2050 Fund
26
LifePath ESG Index 2055 Fund
22
LifePath ESG Index 2060 Fund
17
LifePath ESG Index 2065 Fund
10
LifePath ESG Index 2070 Fund
4
The Manager and the Administrator have contractually agreed to reimburse each Fund for acquired fund fees and expenses up to a maximum amount equal to the combined investment advisory fee and administration fee of each share class through June 30, 2027. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2026, the amounts waived were as follows: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 10,030
LifePath ESG Index 2030 Fund
12,381
LifePath ESG Index 2035 Fund
13,179
LifePath ESG Index 2040 Fund
23,867
LifePath ESG Index 2045 Fund
20,443
LifePath ESG Index 2050 Fund
23,641
LifePath ESG Index 2055 Fund
18,011
LifePath ESG Index 2060 Fund
15,053
LifePath ESG Index 2065 Fund
7,999
LifePath ESG Index 2070 Fund
2,656
The fees and expenses of the Funds’ Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Funds. Each of BAL and BFA have contractually agreed to reimburse the Funds or provide an offsetting credit for such
Notes to Financial Statements
69
Notes to Financial Statements (unaudited) (continued)
 
Independent Expenses through June 30, 2036. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2026, the Funds waived the following amounts: 
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 12,107
LifePath ESG Index 2030 Fund
12,020
LifePath ESG Index 2035 Fund
12,020
LifePath ESG Index 2040 Fund
12,110
LifePath ESG Index 2045 Fund
12,080
LifePath ESG Index 2050 Fund
12,080
LifePath ESG Index 2055 Fund
12,083
LifePath ESG Index 2060 Fund
12,020
LifePath ESG Index 2065 Fund
12,017
LifePath ESG Index 2070 Fund
11,483
Securities Lending:  The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the 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.
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 April 30, 2026, each Fund paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
LifePath ESG Index Retirement Fund
$ 1,241
LifePath ESG Index 2030 Fund
1,351
LifePath ESG Index 2035 Fund
2,094
LifePath ESG Index 2040 Fund
3,711
LifePath ESG Index 2045 Fund
2,372
LifePath ESG Index 2050 Fund
2,832
LifePath ESG Index 2055 Fund
1,978
LifePath ESG Index 2060 Fund
2,041
LifePath ESG Index 2065 Fund
763
LifePath ESG Index 2070 Fund
259
Trustees and Officers:  Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions:  Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.
70
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
6.
 PURCHASES AND SALES
For the six months ended April 30, 2026, purchases and sales of investments in the Underlying Funds, excluding short-term securities, were as follows: 
Fund Name
Purchases
Sales
LifePath ESG Index Retirement Fund
$2,507,895
$3,110,636
LifePath ESG Index 2030 Fund
2,463,637
1,528,706
LifePath ESG Index 2035 Fund
3,206,791
1,495,879
LifePath ESG Index 2040 Fund
3,181,401
2,101,355
LifePath ESG Index 2045 Fund
4,062,343
1,909,978
LifePath ESG Index 2050 Fund
3,409,517
2,109,082
LifePath ESG Index 2055 Fund
3,000,808
1,164,997
LifePath ESG Index 2060 Fund
2,244,896
1,094,010
LifePath ESG Index 2065 Fund
1,301,662
551,896
LifePath ESG Index 2070 Fund
594,634
217,618
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 April 30, 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 October 31, 2025, the Funds had non-expiring capital loss carryforwards as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
LifePath ESG Index Retirement Fund
$ (102,377
)
LifePath ESG Index 2035 Fund
(5,645
)
LifePath ESG Index 2040 Fund
(5,672
)
LifePath ESG Index 2050 Fund
(20,677
)
LifePath ESG Index 2055 Fund
(12,289
)
LifePath ESG Index 2060 Fund
(16,883
)
LifePath ESG Index 2065 Fund
(10,397
)
LifePath ESG Index 2070 Fund
(5,327
)
As of April 30, 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)
LifePath ESG Index Retirement Fund
$ 15,029,576
$ 1,905,012
$ (335,964
)
$ 1,569,048
LifePath ESG Index 2030 Fund
17,968,356
2,379,547
(236,319
)
2,143,228
LifePath ESG Index 2035 Fund
19,777,211
2,506,916
(101,528
)
2,405,388
LifePath ESG Index 2040 Fund
28,227,203
5,257,648
(214,903
)
5,042,745
LifePath ESG Index 2045 Fund
25,401,393
4,905,379
(115,517
)
4,789,862
LifePath ESG Index 2050 Fund
27,305,434
5,846,936
(107,396
)
5,739,540
LifePath ESG Index 2055 Fund
22,803,751
4,331,615
(78,728
)
4,252,887
LifePath ESG Index 2060 Fund
18,376,583
4,237,948
(62,155
)
4,175,793
LifePath ESG Index 2065 Fund
9,708,078
2,582,233
(31,938
)
2,550,295
LifePath ESG Index 2070 Fund
3,736,802
529,871
(830
)
529,041
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
Notes to Financial Statements
71
Notes to Financial Statements (unaudited) (continued)
 
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 2027 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 April 30, 2026, the Funds did not borrow under the credit agreement.
9.
PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Manager uses an indexing approach to try to achieve each Fund’s investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
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
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index Retirement Fund 
Institutional
Shares sold
1
$ 7
2,526
$ 28,741
Shares issued in reinvestment of distributions
61
693
—
—
Shares redeemed
(11)
(127)
(1)
(9)
 
51
$ 573
2,525
$ 28,732
72
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index Retirement Fund (continued)
Investor A
Shares sold
946
$ 10,775
6,083
$ 66,159
Shares issued in reinvestment of distributions
750
8,443
974
10,027
Shares redeemed
(7,593)
(86,035)
(44,303)
(441,432)
 
(5,897)
$ (66,817)
(37,246)
$ (365,246)
Class K
Shares sold
185,806
$ 2,085,868
658,146
$ 7,137,152
Shares issued in reinvestment of distributions
19,934
224,856
4,033
41,580
Shares redeemed
(237,485)
(2,713,662)
(116,624)
(1,218,600)
 
(31,745)
$ (402,938)
545,555
$ 5,960,132
 
(37,591)
$ (469,182)
510,834
$ 5,623,618
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2030 Fund 
Institutional
Shares sold
462
$ 5,860
28,915
$ 346,325
Shares issued in reinvestment of distributions
104
1,296
34
383
Shares redeemed
(65)
(811)
(25,007)
(300,082)
 
501
$ 6,345
3,942
$ 46,626
Investor A
Shares sold
17,964
$ 222,370
10,944
$ 133,086
Shares issued in reinvestment of distributions
2,516
31,502
6,084
68,628
Shares redeemed
(15)
(195)
(419)
(5,098)
 
20,465
$ 253,677
16,609
$ 196,616
Class K
Shares sold
124,255
$ 1,583,987
802,433
$ 9,578,390
Shares issued in reinvestment of distributions
20,294
254,487
10,516
118,721
Shares redeemed
(82,179)
(1,042,794)
(104,067)
(1,218,368)
 
62,370
$ 795,680
708,882
$ 8,478,743
 
83,336
$ 1,055,702
729,433
$ 8,721,985
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2035 Fund 
Institutional
Shares sold
2,305
$ 32,179
26,597
$ 366,333
Shares issued in reinvestment of distributions
579
7,980
84
1,029
Shares redeemed
(470)
(6,469)
(199)
(2,421)
 
2,414
$ 33,690
26,482
$ 364,941
Investor A
Shares sold
11,186
$ 157,677
20,571
$ 247,513
Shares issued in reinvestment of distributions
577
7,936
401
4,874
Shares redeemed
(2,024)
(28,023)
(694)
(9,436)
 
9,739
$ 137,590
20,278
$ 242,951
Class K
Shares sold
177,210
$ 2,454,373
702,866
$ 9,089,996
Shares issued in reinvestment of distributions
15,726
216,546
5,713
69,590
Shares redeemed
(75,099)
(1,033,045)
(37,370)
(468,753)
 
117,837
$ 1,637,874
671,209
$ 8,690,833
 
129,990
$ 1,809,154
717,969
$ 9,298,725
Notes to Financial Statements
73
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2040 Fund 
Institutional
Shares sold
5,579
$ 83,153
81,906
$ 1,173,258
Shares issued in reinvestment of distributions
1,770
26,070
1,525
19,649
Shares redeemed
(2,023)
(29,672)
(11,628)
(171,050)
 
5,326
$ 79,551
71,803
$ 1,021,857
Investor A
Shares sold
1,372
$ 20,376
7,257
$ 94,179
Shares issued in reinvestment of distributions
431
6,357
1,309
16,843
Shares redeemed
(3,928)
(57,538)
(12)
(159)
 
(2,125)
$ (30,805)
8,554
$ 110,863
Class K
Shares sold
131,421
$ 1,961,674
1,020,521
$ 14,015,065
Shares issued in reinvestment of distributions
27,354
402,922
43,223
556,276
Shares redeemed
(81,472)
(1,215,115)
(173,379)
(2,284,182)
 
77,303
$ 1,149,481
890,365
$ 12,287,159
 
80,504
$ 1,198,227
970,722
$ 13,419,879
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2045 Fund 
Institutional
Shares sold
5,776
$ 92,093
35,110
$ 555,647
Shares issued in reinvestment of distributions
701
11,206
85
1,175
Shares redeemed
(2,292)
(36,294)
(1,740)
(27,654)
 
4,185
$ 67,005
33,455
$ 529,168
Investor A
Shares sold
4,457
$ 72,221
42,714
$ 581,153
Shares issued in reinvestment of distributions
1,686
26,898
1,592
21,920
Shares redeemed
(1,706)
(26,681)
(829)
(11,592)
 
4,437
$ 72,438
43,477
$ 591,481
Class K
Shares sold
208,018
$ 3,379,213
815,123
$ 12,000,561
Shares issued in reinvestment of distributions
17,157
274,335
8,710
120,200
Shares redeemed
(96,686)
(1,559,438)
(122,334)
(1,837,148)
 
128,489
$ 2,094,110
701,499
$ 10,283,613
 
137,111
$ 2,233,553
778,431
$ 11,404,262
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2050 Fund 
Institutional
Shares sold
4,948
$ 83,376
40,480
$ 663,236
Shares issued in reinvestment of distributions
702
11,644
112
1,594
Shares redeemed
(3,966)
(66,692)
(3,486)
(56,801)
 
1,684
$ 28,328
37,106
$ 608,029
Investor A
Shares sold
5,292
$ 87,565
12,777
$ 184,313
Shares issued in reinvestment of distributions
854
14,169
1,065
15,096
Shares redeemed
(2,704)
(46,360)
(5,146)
(75,569)
 
3,442
$ 55,374
8,696
$ 123,840
74
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class (continued)
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2050 Fund (continued)
Class K
Shares sold
170,561
$ 2,869,737
897,892
$ 13,613,008
Shares issued in reinvestment of distributions
18,100
300,646
9,832
139,518
Shares redeemed
(112,671)
(1,875,285)
(106,533)
(1,565,306)
 
75,990
$ 1,295,098
801,191
$ 12,187,220
 
81,116
$ 1,378,800
846,993
$ 12,919,089
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2055 Fund 
Institutional
Shares sold
4,227
$ 73,045
31,182
$ 504,999
Shares issued in reinvestment of distributions
485
8,162
132
1,890
Shares redeemed
(414)
(6,897)
(6,397)
(105,088)
 
4,298
$ 74,310
24,917
$ 401,801
Investor A
Shares sold
1,434
$ 24,139
2,348
$ 33,680
Shares issued in reinvestment of distributions
97
1,642
167
2,387
Shares redeemed
(2,800)
(47,082)
(36)
(551)
 
(1,269)
$ (21,301)
2,479
$ 35,516
Class K
Shares sold
145,391
$ 2,500,993
705,300
$ 10,778,779
Shares issued in reinvestment of distributions
12,602
212,087
5,345
76,492
Shares redeemed
(51,077)
(868,799)
(59,778)
(861,863)
 
106,916
$ 1,844,281
650,867
$ 9,993,408
 
109,945
$ 1,897,290
678,263
$ 10,430,725
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2060 Fund 
Institutional
Shares sold
9,877
$ 171,860
27,573
$ 443,659
Shares issued in reinvestment of distributions
691
11,672
362
5,194
Shares redeemed
(1,644)
(28,208)
(843)
(11,519)
 
8,924
$ 155,324
27,092
$ 437,334
Investor A
Shares sold
4,163
$ 70,274
11,805
$ 181,070
Shares issued in reinvestment of distributions
1,356
22,868
2,025
29,038
Shares redeemed
(3,684)
(64,502)
(9,901)
(146,773)
 
1,835
$ 28,640
3,929
$ 63,335
Class K
Shares sold
102,049
$ 1,749,027
442,179
$ 6,801,811
Shares issued in reinvestment of distributions
8,700
147,038
3,799
54,590
Shares redeemed
(52,654)
(894,268)
(48,064)
(737,437)
 
58,095
$ 1,001,797
397,914
$ 6,118,964
 
68,854
$ 1,185,761
428,935
$ 6,619,633
Notes to Financial Statements
75
Notes to Financial Statements (unaudited) (continued)
 
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2065 Fund 
Institutional
Shares sold
1,753
$ 29,868
5,134
$ 83,811
Shares issued in reinvestment of distributions
100
1,675
13
182
Shares redeemed
(329)
(5,527)
(11)
(159)
 
1,524
$ 26,016
5,136
$ 83,834
Investor A
Shares sold
3,673
$ 62,030
11,986
$ 179,861
Shares issued in reinvestment of distributions
1,022
17,064
1,552
22,046
Shares redeemed
(3,495)
(58,298)
(6,266)
(92,679)
 
1,200
$ 20,796
7,272
$ 109,228
Class K
Shares sold
57,513
$ 975,947
165,660
$ 2,521,416
Shares issued in reinvestment of distributions
3,245
54,260
1,153
16,391
Shares redeemed
(16,531)
(284,840)
(16,234)
(247,910)
 
44,227
$ 745,367
150,579
$ 2,289,897
 
46,951
$ 792,179
162,987
$ 2,482,959
 
 
Six Months Ended
04/30/26
Year Ended
10/31/25
Fund Name / Share Class 
Shares 
Amounts 
Shares 
Amounts 
LifePath ESG Index 2070 Fund 
Institutional
Shares sold
64
$ 753
—
$ —
Shares issued in reinvestment of distributions
—
—
—
—
Shares redeemed
—
—
—
—
 
64
$ 753
—
$ —
Investor A
Shares sold
—
$ —
—
$ —
Shares issued in reinvestment of distributions
—
—
—
—
Shares redeemed
—
—
—
—
 
—
$ —
—
$ —
Class K
Shares sold
38,575
$ 445,843
13,494
$ 146,015
Shares issued in reinvestment of distributions
298
3,464
—
—
Shares redeemed
(4,017)
(47,722)
(134)
(1,553)
 
34,856
$ 401,585
13,360
$ 144,462
 
34,920
$ 402,338
13,360
$ 144,462
As of April 30, 2026, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows: 
Fund Name
Institutional
Investor A
Class K
LifePath ESG Index Retirement Fund
20,255
20,271
364,526
LifePath ESG Index 2030 Fund
10,000
10,000
180,000
LifePath ESG Index 2035 Fund
10,000
10,000
180,000
LifePath ESG Index 2040 Fund
10,483
10,458
188,820
LifePath ESG Index 2045 Fund
10,000
10,000
180,000
LifePath ESG Index 2050 Fund
10,000
10,000
180,000
LifePath ESG Index 2055 Fund
10,000
10,000
180,000
LifePath ESG Index 2060 Fund
10,000
10,000
180,000
LifePath ESG Index 2065 Fund
10,000
10,000
180,000
LifePath ESG Index 2070 Fund
10,000
10,000
180,000
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:
76
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
On June 11, 2026, the Board approved the closure of each Fund to new and subsequent investments and thereafter to liquidate the Funds. Accordingly, effective 4:00 P.M. (Eastern time) on or about October 9, 2026, the Funds will no longer accept orders to purchase Fund shares. On or about October 16, 2026 (the “Liquidation Date”), all of the assets of each Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the NAV per share, and each Fund will then be terminated as a series of the Trust.
Notes to Financial Statements
77
Additional Information
 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds’ allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
78
2026 BlackRock Semi-Annual Financial Statements and Additional Information
Additional Information (continued)
 
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Westborough, MA 01581
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Ropes & Gray LLP
New York, NY 10036
Address of the Funds
400 Howard Street
San Francisco, CA 94105
Additional Information
79
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
ETF
 Exchange-Traded Fund
MSCI
 Morgan Stanley Capital International
80
2026 BlackRock Semi-Annual Financial Statements and Additional Information
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940

Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

 

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

BlackRock Funds III

 

By:     /s/ John M. Perlowski
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Funds III

Date: June 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 III

Date: June 22, 2026

 

By:     /s/ Trent Walker
   Trent Walker
   Chief Financial Officer (principal financial officer) of
   BlackRock Funds III

Date: June 22, 2026

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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CERTIFICATIONS PURSUANT TO SECTION 906

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