UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-07332
Name of Fund:
| BlackRock LifePath® Dynamic 2030 Fund |
| BlackRock LifePath® Dynamic 2035 Fund |
| BlackRock LifePath® Dynamic 2040 Fund |
| BlackRock LifePath® Dynamic 2045 Fund |
| BlackRock LifePath® Dynamic 2050 Fund |
| BlackRock LifePath® Dynamic 2055 Fund |
| BlackRock LifePath® Dynamic 2060 Fund |
| BlackRock LifePath® Dynamic 2065 Fund |
| BlackRock LifePath® Dynamic 2070 Fund |
| BlackRock LifePath® Dynamic Retirement Fund |
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds III, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
12/31/2026
Date of reporting period:
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2030 Fund
Institutional Shares | STLDX
Semi-Annual Shareholder Report — June 30, 2026
STLDX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2030 Fund
Investor A Shares | LPRDX
Semi-Annual Shareholder Report — June 30, 2026
LPRDX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2030 Fund
Investor C Shares | LPCNX
Semi-Annual Shareholder Report — June 30, 2026
LPCNX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2030 Fund
Class K Shares | LPSDX
Semi-Annual Shareholder Report — June 30, 2026
LPSDX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2030 Fund
Class R Shares | LPRNX
Semi-Annual Shareholder Report — June 30, 2026
LPRNX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2035 Fund
Institutional Shares | LPJIX
Semi-Annual Shareholder Report — June 30, 2026
LPJIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2035 Fund
Investor A Shares | LPJAX
Semi-Annual Shareholder Report — June 30, 2026
LPJAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2035 Fund
Investor C Shares | LPJCX
Semi-Annual Shareholder Report — June 30, 2026
LPJCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2035 Fund
Class K Shares | LPJKX
Semi-Annual Shareholder Report — June 30, 2026
LPJKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2035 Fund
Class R Shares | LPJRX
Semi-Annual Shareholder Report — June 30, 2026
LPJRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( | )(b) | |
| Ten largest holdings | ||
| Security(c) | Percent of Net Assets |
|
| % | ||
| |
| |
| |
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.
BlackRock LifePath® Dynamic 2040 Fund
Institutional Shares | STLEX
Semi-Annual Shareholder Report — June 30, 2026
STLEX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( | )(b) | |
| Ten largest holdings | ||
| Security(c) | Percent of Net Assets |
|
| % | ||
| |
| |
| |
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.
BlackRock LifePath® Dynamic 2040 Fund
Investor A Shares | LPREX
Semi-Annual Shareholder Report — June 30, 2026
LPREX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( | )(b) | |
| Ten largest holdings | ||
| Security(c) | Percent of Net Assets |
|
| % | ||
| |
| |
| |
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.
BlackRock LifePath® Dynamic 2040 Fund
Investor C Shares | LPCKX
Semi-Annual Shareholder Report — June 30, 2026
LPCKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( | )(b) | |
| Ten largest holdings | ||
| Security(c) | Percent of Net Assets |
|
| % | ||
| |
| |
| |
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.
BlackRock LifePath® Dynamic 2040 Fund
Class K Shares | LPSFX
Semi-Annual Shareholder Report — June 30, 2026
LPSFX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( | )(b) | |
| Ten largest holdings | ||
| Security(c) | Percent of Net Assets |
|
| % | ||
| |
| |
| |
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.
BlackRock LifePath® Dynamic 2040 Fund
Class R Shares | LPRKX
Semi-Annual Shareholder Report — June 30, 2026
LPRKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2045 Fund
Institutional Shares | LPHIX
Semi-Annual Shareholder Report — June 30, 2026
LPHIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2045 Fund
Investor A Shares | LPHAX
Semi-Annual Shareholder Report — June 30, 2026
LPHAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2045 Fund
Investor C Shares | LPHCX
Semi-Annual Shareholder Report — June 30, 2026
LPHCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2045 Fund
Class K Shares | LPHKX
Semi-Annual Shareholder Report — June 30, 2026
LPHKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2045 Fund
Class R Shares | LPHRX
Semi-Annual Shareholder Report — June 30, 2026
LPHRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2050 Fund
Institutional Shares | STLFX
Semi-Annual Shareholder Report — June 30, 2026
STLFX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2050 Fund
Investor A Shares | LPRFX
Semi-Annual Shareholder Report — June 30, 2026
LPRFX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2050 Fund
Investor C Shares | LPCPX
Semi-Annual Shareholder Report — June 30, 2026
LPCPX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2050 Fund
Class K Shares | LPSGX
Semi-Annual Shareholder Report — June 30, 2026
LPSGX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2050 Fund
Class R Shares | LPRPX
Semi-Annual Shareholder Report — June 30, 2026
LPRPX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2055 Fund
Institutional Shares | LPVIX
Semi-Annual Shareholder Report — June 30, 2026
LPVIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2055 Fund
Investor A Shares | LPVAX
Semi-Annual Shareholder Report — June 30, 2026
LPVAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2055 Fund
Investor C Shares | LPVCX
Semi-Annual Shareholder Report — June 30, 2026
LPVCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2055 Fund
Class K Shares | LPVKX
Semi-Annual Shareholder Report — June 30, 2026
LPVKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2055 Fund
Class R Shares | LPVRX
Semi-Annual Shareholder Report — June 30, 2026
LPVRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2060 Fund
Institutional Shares | LPDIX
Semi-Annual Shareholder Report — June 30, 2026
LPDIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2060 Fund
Investor A Shares | LPDAX
Semi-Annual Shareholder Report — June 30, 2026
LPDAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2060 Fund
Investor C Shares | LPDCX
Semi-Annual Shareholder Report — June 30, 2026
LPDCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2060 Fund
Class K Shares | LPDKX
Semi-Annual Shareholder Report — June 30, 2026
LPDKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2060 Fund
Class R Shares | LPDRX
Semi-Annual Shareholder Report — June 30, 2026
LPDRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2065 Fund
Institutional Shares | LPWIX
Semi-Annual Shareholder Report — June 30, 2026
LPWIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2065 Fund
Investor A Shares | LPWAX
Semi-Annual Shareholder Report — June 30, 2026
LPWAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2065 Fund
Investor C Shares | LPWCX
Semi-Annual Shareholder Report — June 30, 2026
LPWCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2065 Fund
Class K Shares | LPWKX
Semi-Annual Shareholder Report — June 30, 2026
LPWKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2065 Fund
Class R Shares | LPWRX
Semi-Annual Shareholder Report — June 30, 2026
LPWRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2070 Fund
Institutional Shares | LPYIX
Semi-Annual Shareholder Report — June 30, 2026
LPYIX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic 2070 Fund
Investor A Shares | LPYAX
Semi-Annual Shareholder Report — June 30, 2026
LPYAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2070 Fund
Investor C Shares | LPYCX
Semi-Annual Shareholder Report — June 30, 2026
LPYCX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2070 Fund
Class K Shares | LPYKX
Semi-Annual Shareholder Report — June 30, 2026
LPYKX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic 2070 Fund
Class R Shares | LPYRX
Semi-Annual Shareholder Report — June 30, 2026
LPYRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic Retirement Fund
Institutional Shares | STLAX
Semi-Annual Shareholder Report — June 30, 2026
STLAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic Retirement Fund
Investor A Shares | LPRAX
Semi-Annual Shareholder Report — June 30, 2026
LPRAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| |
| |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| |
| |
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.
BlackRock LifePath® Dynamic Retirement Fund
Investor C Shares | LPCRX
Semi-Annual Shareholder Report — June 30, 2026
LPCRX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic Retirement Fund
Class K Shares | LPSAX
Semi-Annual Shareholder Report — June 30, 2026
LPSAX-06/26-SAR
Semi-Annual Shareholder Report — June 30, 2026
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 |
| $ |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Annualized. |
| Key Fund statistics | |
| $ | |
What did the Fund invest in?
(as of June 30, 2026)
| Portfolio composition | ||
| Asset Type(a) | Percent of Net Assets |
|
| % | ||
| Ten largest holdings | ||
| Security(b) | Percent of Net Assets |
|
| % | ||
| The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus. |
| |
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.
BlackRock LifePath® Dynamic Retirement Fund
Class R Shares | LPRRX
Semi-Annual Shareholder Report — June 30, 2026
LPRRX-06/26-SAR
