Schedule of Investments (unaudited) 
June 30, 2026
BlackRock 40/60 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 42.1%
BlackRock Technology Opportunities Fund, Class K
154,575
$  17,286,090
International Tilts Master Portfolio
$  41,259,893
41,259,893
iShares Core MSCI Emerging Markets ETF
296,317
24,546,900
iShares Core S&P 500 ETF
116,403
87,173,043
iShares Large Cap Core Active ETF
332,114
16,728,582
iShares MSCI Global Gold Miners ETF
92,988
6,007,025
iShares MSCI U.S.A. Momentum Factor ETF
52,206
17,897,783
iShares S&P 500 Growth ETF
295,409
40,627,600
iShares S&P 500 Value ETF
108,230
24,574,704
iShares U.S. Aerospace & Defense ETF
64,020
15,519,728
iShares U.S. Equity Factor Rotation Active ETF
488,275
33,207,583
iShares U.S. Thematic Rotation Active ETF
390,214
16,822,126
 
341,651,057
Fixed-Income Funds — 58.0%
BlackRock Strategic Income Opportunities Portfolio,
Class K
6,596,183
64,444,706
BlackRock Total Return Fund, Class K
11,391,795
113,006,605
iShares 0-5 Year TIPS Bond ETF
157,746
16,115,331
iShares 10-20 Year Treasury Bond ETF
665,302
66,763,056
iShares Core International Aggregate Bond ETF
506,374
25,622,524
iShares Core Total USD Bond Market ETF
1,041,219
48,052,257
iShares Flexible Income Active ETF
488,447
25,565,316
iShares Securitized Income Active ETF
804,175
40,096,166
Security
 
Shares/
Investment
Value
Value
Fixed-Income Funds (continued)
iShares Systematic Bond ETF
172,626
$  15,314,740
iShares U.S. Treasury Bond ETF
2,463,494
56,118,393
 
471,099,094
Total Long-Term Investments — 100.1%
(Cost: $730,441,531)
812,750,151
 
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(a)(b)
405,468
405,468
Total Short-Term Securities — 0.0%
(Cost: $405,468)
405,468
Total Investments — 100.1%
(Cost: $730,846,999)
813,155,619
Liabilities in Excess of Other Assets — (0.1)%
(1,125,316
)
Net Assets — 100.0%
$  812,030,303
 
(a)
Affiliate of the Fund.
(b)
Annualized 7-day yield as of period end.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 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
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares/
Investment
Value
Held at
06/30/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional,
SL Agency
Shares(a)
$  38,173,490
 
$  —
$  (38,172,844
)(b)
$  (3,640
)
$  2,994
$  —
—
$  51,723
(c)
$  —
BlackRock Liquidity
Funds, T-Fund,
Institutional
Shares
1,615,596
 
—
(1,210,128
)(b)
—
—
405,468
405,468
30,528
—
BlackRock Strategic
Income
Opportunities
Portfolio, Class K
60,188,652
 
9,862,151
(5,460,802
)
(40,530
)
(104,765
)
64,444,706
6,596,183
2,593,658
—
BlackRock
Technology
Opportunities
Fund, Class K
16,691,839
 
1,980,853
(6,600,907
)
1,397,953
3,816,352
17,286,090
154,575
221,144
745,457
BlackRock Total
Return Fund,
Class K
106,048,630
 
17,861,848
(9,559,403
)
(162,520
)
(1,181,950
)
113,006,605
11,391,795
3,745,930
119,673
International Tilts
Master Portfolio
16,449,265
 
20,048,525
(b)(d)
—
742,893
4,019,210
41,259,893
$41,259,893
411,125
—
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 40/60 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares/
Investment
Value
Held at
06/30/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
iShares 0-5 Year TIPS
Bond ETF
$  22,343,124
 
$  17,323,334
$  (23,214,730
)
$  70,915
$  (407,312
)
$  16,115,331
157,746
$  315,310
$  —
iShares 10-20 Year
Treasury Bond
ETF
82,836,505
 
9,533,963
(23,380,752
)
(645,456
)
(1,581,204
)
66,763,056
665,302
2,629,940
—
iShares Core
International
Aggregate Bond
ETF
29,959,868
 
3,168,488
(7,072,789
)
(99,641
)
(333,402
)
25,622,524
506,374
1,113,623
—
iShares Core MSCI
Emerging Markets
ETF
23,552,161
 
8,567,627
(15,326,695
)
3,330,821
4,422,986
24,546,900
296,317
712,620
—
iShares Core S&P
500 ETF
47,163,563
 
55,918,285
(20,670,754
)
7,155,504
(2,393,555
)
87,173,043
116,403
467,544
—
iShares Core Total
USD Bond Market
ETF
23,913,231
 
49,951,164
(25,471,507
)
178,248
(518,879
)
48,052,257
1,041,219
827,661
—
iShares Flexible
Income Active ETF
45,177,228
 
5,115,476
(23,857,045
)
(395,471
)
(474,872
)
25,565,316
488,447
1,747,898
121,473
iShares J.P. Morgan
USD Emerging
Markets Bond
ETF(a)
15,015,937
 
16,989,352
(31,981,871
)
1,133,000
(1,156,418
)
—
—
387,570
—
iShares Large Cap
Core Active ETF
—
 
15,924,042
(2,288,230
)
332,427
2,760,343
16,728,582
332,114
20,612
—
iShares MSCI EAFE
Value ETF(a)
15,981,969
 
1,360,200
(18,750,047
)
6,396,142
(4,988,264
)
—
—
384,834
—
iShares MSCI Global
Gold Miners ETF
—
 
8,099,678
(2,607,600
)
563,873
(48,926
)
6,007,025
92,988
94,322
—
iShares MSCI U.S.A.
Momentum Factor
ETF
16,643,861
 
1,088,588
(5,085,902
)
1,288,081
3,963,155
17,897,783
52,206
78,033
—
iShares MSCI USA
Quality Factor
ETF(a)
38,155,843
 
2,182,497
(42,590,125
)
11,826,042
(9,574,257
)
—
—
125,486
—
iShares S&P
100 ETF(a)
37,488,768
 
2,524,164
(39,569,193
)
1,924,892
(2,368,631
)
—
—
97,769
—
iShares S&P
500 Growth ETF
39,415,442
 
2,629,468
(6,901,517
)
1,529,810
3,954,397
40,627,600
295,409
114,408
—
iShares S&P
500 Value ETF
29,448,946
 
18,673,230
(27,663,255
)
2,264,045
1,851,738
24,574,704
108,230
467,482
—
iShares Securitized
Income Active ETF
37,392,695
 
5,577,636
(2,715,335
)
(21,314
)
(137,516
)
40,096,166
804,175
1,563,403
—
iShares Systematic
Bond ETF
—
 
16,159,775
(778,947
)
(2,571
)
(63,517
)
15,314,740
172,626
179,177
—
iShares
U.S. Aerospace &
Defense ETF
—
 
15,687,655
(783,148
)
(23,591
)
638,812
15,519,728
64,020
20,545
—
iShares U.S. Equity
Factor Rotation
Active ETF
45,231,642
 
3,232,691
(20,002,235
)
2,767,546
1,977,939
33,207,583
488,275
254,031
—
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 40/60 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares/
Investment
Value
Held at
06/30/26
Income
(Expense)
Capital
Gain
Distributions
from
Underlying
Funds
iShares
U.S. Thematic
Rotation Active
ETF
$  —
 
$  15,940,173
$  (1,464,243
)
$  88,588
$  2,257,608
$  16,822,126
390,214
$  30,409
$  —
iShares U.S. Treasury
Bond ETF
—
 
59,267,756
(2,723,624
)
(17,649
)
(408,090
)
56,118,393
2,463,494
503,790
—
 
$  41,578,397
$  3,923,976
$  813,155,619
$  19,190,575
$  986,603
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(d)
Inclusive of income and expense allocated from the Master Portfolio.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Investment Companies 
$  771,490,258
$  —
$  —
$  771,490,258
Short-Term Securities
Money Market Funds
405,468
—
—
405,468
 
$  771,895,726
$  —
$  —
771,895,726
Investments valued at NAV(a)
41,259,893
 
$  813,155,619
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 40/60 Target Allocation Fund
 
Portfolio Abbreviation 
ETF
Exchange-Traded Fund
4