Schedule of Investments (unaudited) 
June 30, 2026
BlackRock 80/20 Target Allocation Fund
(Percentages shown are based on Net Assets)
 
Security
 
Shares/
Investment
Value
Value
Investment Companies(a)
Equity Funds — 82.0%
BlackRock Technology Opportunities Fund,
Class K
1,022,669
$  114,365,051
International Tilts Master Portfolio
$  272,477,742
272,477,742
iShares Core MSCI Emerging Markets ETF
1,960,538
162,410,968
iShares Core S&P 500 ETF
815,041
610,376,054
iShares Large Cap Core Active ETF
2,146,749
108,131,747
iShares MSCI Global Gold Miners ETF
317,314
20,498,484
iShares MSCI U.S.A. Momentum Factor ETF(b)
259,073
88,817,997
iShares S&P 500 Growth ETF(b)
1,760,701
242,149,208
iShares S&P 500 Value ETF
835,498
189,708,176
iShares U.S. Aerospace & Defense ETF
333,266
80,790,344
iShares U.S. Equity Factor Rotation Active ETF
3,638,679
247,466,559
iShares U.S. Thematic Rotation Active ETF
1,887,497
81,369,996
 
2,218,562,326
Fixed-Income Funds — 17.9%
BlackRock Strategic Income Opportunities
Portfolio, Class K
5,520,360
53,933,918
BlackRock Total Return Fund, Class K
13,615,320
135,063,973
iShares 10-20 Year Treasury Bond ETF(b)
1,076,175
107,994,161
iShares Core International Aggregate Bond ETF
529,110
26,772,966
iShares Core Universal USD Bond ETF
2,319,051
107,024,204
iShares Securitized Income Active ETF(b)
1,073,863
53,542,809
 
484,332,031
Total Long-Term Investments — 99.9%
(Cost: $2,182,780,715)
2,702,894,357
 
Security
 
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.82%(a)(c)(d)
33,483,679
$  33,493,725
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.54%(a)(c)
5,478,099
5,478,099
Total Short-Term Securities — 1.5%
(Cost: $38,971,396)
38,971,824
Total Investments — 101.4%
(Cost: $2,221,752,111)
2,741,866,181
Liabilities in Excess of Other Assets — (1.4)%
(37,007,823
)
Net Assets — 100.0%
$  2,704,858,358
 
(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 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
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional,
SL Agency
Shares
$  62,153,903
 
$  —
$  (28,650,363
)(a)
$  (15,344
)
$  5,529
$  33,493,725
33,483,679
$  69,385
(b)
$  —
BlackRock
Liquidity Funds,
T-Fund,
Institutional
Shares
—
 
5,478,099
(a)
—
—
—
5,478,099
5,478,099
106,273
—
BlackRock
Strategic
Income
Opportunities
Portfolio,
Class K
44,198,479
 
11,208,086
(1,399,247
)
(9,234
)
(64,166
)
53,933,918
5,520,360
1,910,709
—
BlackRock
Technology
Opportunities
Fund, Class K
96,538,657
 
10,374,321
(26,398,495
)
7,008,431
26,842,137
114,365,051
1,022,669
1,352,199
4,558,134
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 80/20 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares/
Investment
Value
Held at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Total
Return Fund,
Class K
$  112,232,581
 
$  27,709,275
$  (3,498,119
)
$  (50,911
)
$  (1,328,853
)
$  135,063,973
13,615,320
$  4,172,734
$  —
International Tilts
Master
Portfolio
94,695,640
 
148,128,874
(a)(c)
—
5,269,642
24,383,586
272,477,742
$272,477,742
2,761,748
—
iShares 10-
20 Year
Treasury Bond
ETF
66,559,656
 
63,400,098
(20,428,466
)
(167,974
)
(1,369,153
)
107,994,161
1,076,175
2,315,841
—
iShares Core
International
Aggregate
Bond ETF
26,159,524
 
2,887,722
(1,949,956
)
(25,467
)
(298,857
)
26,772,966
529,110
949,391
—
iShares Core
MSCI Emerging
Markets ETF
158,535,425
 
58,136,738
(103,055,861
)
17,936,551
30,858,115
162,410,968
1,960,538
4,806,267
—
iShares Core S&P
500 ETF
302,810,060
 
380,551,833
(102,483,006
)
38,611,421
(9,114,254
)
610,376,054
815,041
3,139,282
—
iShares Core
Universal USD
Bond ETF
112,120,255
 
64,181,083
(68,148,936
)
430,802
(1,559,000
)
107,024,204
2,319,051
2,840,142
—
iShares Large Cap
Core Active
ETF
—
 
97,892,470
(8,846,529
)
1,315,228
17,770,578
108,131,747
2,146,749
132,247
—
iShares MSCI
EAFE Value
ETF(d)
94,431,502
 
82,524,099
(183,220,291
)
36,577,092
(30,312,402
)
—
—
1,657,415
—
iShares MSCI
Global Gold
Miners ETF
—
 
24,405,210
(4,640,281
)
932,082
(198,527
)
20,498,484
317,314
300,394
—
iShares MSCI
U.S.A.
Momentum
Factor ETF
70,842,261
 
29,863,324
(43,162,461
)
9,615,053
21,659,820
88,817,997
259,073
435,711
—
iShares MSCI
USA Quality
Factor ETF(d)
211,627,281
 
5,892,986
(226,115,196
)
62,755,003
(54,160,074
)
—
—
513,367
—
iShares S&P
100 ETF(d)
181,447,060
 
7,020,945
(186,384,992
)
10,928,397
(13,011,410
)
—
—
465,952
—
iShares S&P
500 Growth
ETF
211,424,541
 
12,999,731
(12,696,016
)
961,128
29,459,824
242,149,208
1,760,701
634,844
—
iShares S&P
500 Value ETF
181,567,103
 
106,861,117
(123,680,156
)
8,268,667
16,691,445
189,708,176
835,498
2,977,790
—
iShares
Securitized
Income Active
ETF
44,275,304
 
10,648,892
(1,210,524
)
(8,378
)
(162,485
)
53,542,809
1,073,863
1,850,898
—
iShares
U.S. Aerospace
& Defense ETF
46,546,539
 
27,574,693
(1,771,895
)
(30,283
)
8,471,290
80,790,344
333,266
98,673
—
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 80/20 Target Allocation Fund
Affiliates (continued)
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares/
Investment
Value
Held at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
U.S. Equity
Factor Rotation
Active ETF
$  250,748,763
 
$  14,094,113
$  (49,970,369
)
$  1,108,140
$  31,485,912
$  247,466,559
3,638,679
$  1,622,772
$  —
iShares
U.S. Thematic
Rotation Active
ETF
—
 
95,552,380
(28,667,774
)
3,597,541
10,887,849
81,369,996
1,887,497
160,757
—
 
$  205,007,587
$  106,936,904
$  2,741,866,181
$  35,274,791
$  4,558,134
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(c)
Inclusive of income and expense allocated from the Master Portfolio.
(d)
As of period end, the entity is no longer held.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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.
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock 80/20 Target Allocation Fund
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Investment Companies 
$  2,430,416,615
$  —
$  —
$  2,430,416,615
Short-Term Securities
Money Market Funds
38,971,824
—
—
38,971,824
 
$  2,469,388,439
$  —
$  —
2,469,388,439
Investments valued at NAV(a)
272,477,742
 
$  2,741,866,181
 
(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.
 
Portfolio Abbreviation 
ETF
Exchange-Traded Fund
4