# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001193125-25-196216
**Filing Date:** 2025-9
**Character Count:** 880906
**Document Hash:** 989e878b521bb69f74822dd15894302f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196216.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196216

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds III
- **CENTRAL INDEX KEY:** 0000893818

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07332
- **FILM NUMBER:** 251294173

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8006439691

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS
- **DATE OF NAME CHANGE:** 20060201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS INC
- **DATE OF NAME CHANGE:** 19990804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERWORKS FUNDS INC
- **DATE OF NAME CHANGE:** 19960607

## Series and Classes Contracts Data

### BlackRock LifePath Dynamic 2030 Fund (Series ID: S000004278)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011997 | Investor A Shares    | LPRDX           |
| C000011998 | Institutional Shares | STLDX           |
| C000051481 | Class K              | LPSDX           |
| C000082487 | Class R Shares       | LPRNX           |
| C000088835 | Investor C Shares    | LPCNX           |

### BlackRock LifePath Dynamic 2040 Fund (Series ID: S000004279)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011999 | Investor A Shares    | LPREX           |
| C000012000 | Institutional Shares | STLEX           |
| C000051482 | Class K              | LPSFX           |
| C000082488 | Class R Shares       | LPRKX           |
| C000088838 | Investor C Shares    | LPCKX           |

### BlackRock LifePath Dynamic Retirement Fund (Series ID: S000004280)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000012001 | Investor A Shares    | LPRAX           |
| C000012002 | Institutional Shares | STLAX           |
| C000051483 | Class K              | LPSAX           |
| C000082489 | Class R Shares       | LPRRX           |
| C000088841 | Investor C Shares    | LPCRX           |

### BlackRock Lifepath Dynamic 2050 Fund (Series ID: S000022024)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000063260 | Investor A Shares    | LPRFX           |
| C000063261 | Institutional Shares | STLFX           |
| C000063262 | Class K              | LPSGX           |
| C000082490 | Class R Shares       | LPRPX           |
| C000088844 | Investor C Shares    | LPCPX           |

### BlackRock LifePath Dynamic 2035 Fund (Series ID: S000029260)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000089952 | Class R Shares       | LPJRX           |
| C000089953 | Investor A Shares    | LPJAX           |
| C000089954 | Investor C Shares    | LPJCX           |
| C000089955 | Institutional Shares | LPJIX           |
| C000089956 | Class K Shares       | LPJKX           |

### BlackRock LifePath Dynamic 2045 Fund (Series ID: S000029261)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000089957 | Investor A Shares    | LPHAX           |
| C000089958 | Investor C Shares    | LPHCX           |
| C000089959 | Institutional Shares | LPHIX           |
| C000089960 | Class K Shares       | LPHKX           |
| C000089961 | Class R Shares       | LPHRX           |

### BlackRock LifePath Dynamic 2055 Fund (Series ID: S000029262)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000089962 | Investor A Shares    | LPVAX           |
| C000089963 | Investor C Shares    | LPVCX           |
| C000089964 | Institutional Shares | LPVIX           |
| C000089965 | Class K Shares       | LPVKX           |
| C000089966 | Class R Shares       | LPVRX           |

### BlackRock LifePath Dynamic 2060 Fund (Series ID: S000057862)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000187068 | Investor A Shares    |  |
| C000187069 | Investor C Shares    |  |
| C000187070 | Institutional Shares |  |
| C000187071 | Class R Shares       |  |
| C000187072 | Class K Shares       |  |

### BlackRock LifePath Dynamic 2065 Fund (Series ID: S000066172)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000213843 | Investor C Shares    |  |
| C000213844 | Class K Shares       |  |
| C000213845 | Investor A Shares    |  |
| C000213846 | Institutional Shares |  |
| C000213847 | Class R Shares       |  |

### BlackRock LifePath Dynamic 2070 Fund (Series ID: S000086334)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000251824 | Class R       |  |
| C000251825 | Institutional |  |
| C000251826 | Investor A    |  |
| C000251827 | Investor C    |  |
| C000251828 | Class K       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds III

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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

12/31/2025

Date of reporting period:

6/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

### Institutional Shares \| STLDX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$482296986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 55.2% |
| Fixed-Income Funds | 35.0% |
| Money Market Funds | 12.5% |
| Liabilities in Excess of Other Assets | (2.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 30.4% |
| BlackRock Diversified Fixed Income Fund, Class K | 22.9% |
| International Tilts Master Portfolio | 9.9% |
| iShares 0-5 Year TIPS Bond ETF | 8.4% |
| iShares Core MSCI Emerging Markets ETF | 5.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.7% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| BlackRock Real Estate Securities Fund | 1.5% |
| iShares Global Infrastructure ETF | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

Institutional Shares \| STLDX

Semi-Annual Shareholder Report — June 30, 2025

STLDX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

### Investor A Shares \| LPRDX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $37(a) 0.72%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$482296986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 55.2% |
| Fixed-Income Funds | 35.0% |
| Money Market Funds | 12.5% |
| Liabilities in Excess of Other Assets | (2.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 30.4% |
| BlackRock Diversified Fixed Income Fund, Class K | 22.9% |
| International Tilts Master Portfolio | 9.9% |
| iShares 0-5 Year TIPS Bond ETF | 8.4% |
| iShares Core MSCI Emerging Markets ETF | 5.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.7% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| BlackRock Real Estate Securities Fund | 1.5% |
| iShares Global Infrastructure ETF | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

Investor A Shares \| LPRDX

Semi-Annual Shareholder Report — June 30, 2025

LPRDX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

### Investor C Shares \| LPCNX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $75(a) 1.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$482296986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 55.2% |
| Fixed-Income Funds | 35.0% |
| Money Market Funds | 12.5% |
| Liabilities in Excess of Other Assets | (2.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 30.4% |
| BlackRock Diversified Fixed Income Fund, Class K | 22.9% |
| International Tilts Master Portfolio | 9.9% |
| iShares 0-5 Year TIPS Bond ETF | 8.4% |
| iShares Core MSCI Emerging Markets ETF | 5.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.7% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| BlackRock Real Estate Securities Fund | 1.5% |
| iShares Global Infrastructure ETF | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

Investor C Shares \| LPCNX

Semi-Annual Shareholder Report — June 30, 2025

LPCNX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

### Class K Shares \| LPSDX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $11(a) 0.22%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$482296986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 55.2% |
| Fixed-Income Funds | 35.0% |
| Money Market Funds | 12.5% |
| Liabilities in Excess of Other Assets | (2.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 30.4% |
| BlackRock Diversified Fixed Income Fund, Class K | 22.9% |
| International Tilts Master Portfolio | 9.9% |
| iShares 0-5 Year TIPS Bond ETF | 8.4% |
| iShares Core MSCI Emerging Markets ETF | 5.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.7% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| BlackRock Real Estate Securities Fund | 1.5% |
| iShares Global Infrastructure ETF | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

Class K Shares \| LPSDX

Semi-Annual Shareholder Report — June 30, 2025

LPSDX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

### Class R Shares \| LPRNX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $47(a) 0.92%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$482296986 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 55.2% |
| Fixed-Income Funds | 35.0% |
| Money Market Funds | 12.5% |
| Liabilities in Excess of Other Assets | (2.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 30.4% |
| BlackRock Diversified Fixed Income Fund, Class K | 22.9% |
| International Tilts Master Portfolio | 9.9% |
| iShares 0-5 Year TIPS Bond ETF | 8.4% |
| iShares Core MSCI Emerging Markets ETF | 5.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.7% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| BlackRock Real Estate Securities Fund | 1.5% |
| iShares Global Infrastructure ETF | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2030 Fund

Class R Shares \| LPRNX

Semi-Annual Shareholder Report — June 30, 2025

LPRNX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

### Institutional Shares \| LPJIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$382242609 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 66.3% |
| Fixed-Income Funds | 25.9% |
| Money Market Funds | 20.5% |
| Liabilities in Excess of Other Assets | (12.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 36.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 20.7% |
| International Tilts Master Portfolio | 12.3% |
| iShares Core MSCI Emerging Markets ETF | 6.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| BlackRock Real Estate Securities Fund | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| iShares Global Infrastructure ETF | 1.7% |
| iShares MSCI Canada ETF | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

Institutional Shares \| LPJIX

Semi-Annual Shareholder Report — June 30, 2025

LPJIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

### Investor A Shares \| LPJAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $37(a) 0.72%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$382242609 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 66.3% |
| Fixed-Income Funds | 25.9% |
| Money Market Funds | 20.5% |
| Liabilities in Excess of Other Assets | (12.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 36.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 20.7% |
| International Tilts Master Portfolio | 12.3% |
| iShares Core MSCI Emerging Markets ETF | 6.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| BlackRock Real Estate Securities Fund | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| iShares Global Infrastructure ETF | 1.7% |
| iShares MSCI Canada ETF | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

Investor A Shares \| LPJAX

Semi-Annual Shareholder Report — June 30, 2025

LPJAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

### Investor C Shares \| LPJCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br>investment** |
| Investor C Shares | $75(a) 1.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$382242609 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Equity Funds | 66.3% |
| Fixed-Income Funds | 25.9% |
| Money Market Funds | 20.5% |
| Liabilities in Excess of Other Assets | (12.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Diversified Equity Master Portfolio | 36.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 20.7% |
| International Tilts Master Portfolio | 12.3% |
| iShares Core MSCI Emerging Markets ETF | 6.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| BlackRock Real Estate Securities Fund | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| iShares Global Infrastructure ETF | 1.7% |
| iShares MSCI Canada ETF | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

Investor C Shares \| LPJCX

Semi-Annual Shareholder Report — June 30, 2025

LPJCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

### Class K Shares \| LPJKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $11(a) 0.22%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$382242609 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 66.3% |
| Fixed-Income Funds | 25.9% |
| Money Market Funds | 20.5% |
| Liabilities in Excess of Other Assets | (12.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 36.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 20.7% |
| International Tilts Master Portfolio | 12.3% |
| iShares Core MSCI Emerging Markets ETF | 6.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| BlackRock Real Estate Securities Fund | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| iShares Global Infrastructure ETF | 1.7% |
| iShares MSCI Canada ETF | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

Class K Shares \| LPJKX

Semi-Annual Shareholder Report — June 30, 2025

LPJKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

### Class R Shares \| LPJRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $47(a) 0.92%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$382242609 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 66.3% |
| Fixed-Income Funds | 25.9% |
| Money Market Funds | 20.5% |
| Liabilities in Excess of Other Assets | (12.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 36.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 20.7% |
| International Tilts Master Portfolio | 12.3% |
| iShares Core MSCI Emerging Markets ETF | 6.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| BlackRock Real Estate Securities Fund | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| iShares Global Infrastructure ETF | 1.7% |
| iShares MSCI Canada ETF | 0.3% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2035 Fund

Class R Shares \| LPJRX

Semi-Annual Shareholder Report — June 30, 2025

LPJRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

### Institutional Shares \| STLEX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $24(a) 0.46%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$495026979 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 73.1% |
| Fixed-Income Funds | 20.1% |
| Money Market Funds | 16.7% |
| Liabilities in Excess of Other Assets | (9.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 38.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 15.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 2.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares Global Infrastructure ETF | 1.8% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

Institutional Shares \| STLEX

Semi-Annual Shareholder Report — June 30, 2025

STLEX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

### Investor A Shares \| LPREX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $37(a) 0.71%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$495026979 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 73.1% |
| Fixed-Income Funds | 20.1% |
| Money Market Funds | 16.7% |
| Liabilities in Excess of Other Assets | (9.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 38.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 15.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 2.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares Global Infrastructure ETF | 1.8% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

Investor A Shares \| LPREX

Semi-Annual Shareholder Report — June 30, 2025

LPREX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

### Investor C Shares \| LPCKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $75(a) 1.46%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$495026979 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 73.1% |
| Fixed-Income Funds | 20.1% |
| Money Market Funds | 16.7% |
| Liabilities in Excess of Other Assets | (9.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 38.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 15.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 2.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares Global Infrastructure ETF | 1.8% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

Investor C Shares \| LPCKX

Semi-Annual Shareholder Report — June 30, 2025

LPCKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

### Class K Shares \| LPSFX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $11(a) 0.21%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$495026979 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 73.1% |
| Fixed-Income Funds | 20.1% |
| Money Market Funds | 16.7% |
| Liabilities in Excess of Other Assets | (9.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 38.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 15.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 2.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares Global Infrastructure ETF | 1.8% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

Class K Shares \| LPSFX

Semi-Annual Shareholder Report — June 30, 2025

LPSFX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

### Class R Shares \| LPRKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $47(a) 0.91%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$495026979 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 73.1% |
| Fixed-Income Funds | 20.1% |
| Money Market Funds | 16.7% |
| Liabilities in Excess of Other Assets | (9.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 38.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 15.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 2.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares Global Infrastructure ETF | 1.8% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2040 Fund

Class R Shares \| LPRKX

Semi-Annual Shareholder Report — June 30, 2025

LPRKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

### Institutional Shares \| LPHIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$317134445 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 79.7% |
| Money Market Funds | 22.2% |
| Fixed-Income Funds | 13.2% |
| Liabilities in Excess of Other Assets | (15.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 41.1% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 8.8% |
| BlackRock Diversified Fixed Income Fund, Class K | 8.5% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 3.6% |
| iShares Core MSCI International Developed Markets ETF | 3.0% |
| iShares MSCI EAFE Small-Cap ETF | 2.5% |
| iShares MSCI Canada ETF | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

Institutional Shares \| LPHIX

Semi-Annual Shareholder Report — June 30, 2025

LPHIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

### Investor A Shares \| LPHAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $37(a) 0.72%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$317134445 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 79.7% |
| Money Market Funds | 22.2% |
| Fixed-Income Funds | 13.2% |
| Liabilities in Excess of Other Assets | (15.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 41.1% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 8.8% |
| BlackRock Diversified Fixed Income Fund, Class K | 8.5% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 3.6% |
| iShares Core MSCI International Developed Markets ETF | 3.0% |
| iShares MSCI EAFE Small-Cap ETF | 2.5% |
| iShares MSCI Canada ETF | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

Investor A Shares \| LPHAX

Semi-Annual Shareholder Report — June 30, 2025

LPHAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

### Investor C Shares \| LPHCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $76(a) 1.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$317134445 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 79.7% |
| Money Market Funds | 22.2% |
| Fixed-Income Funds | 13.2% |
| Liabilities in Excess of Other Assets | (15.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 41.1% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 8.8% |
| BlackRock Diversified Fixed Income Fund, Class K | 8.5% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 3.6% |
| iShares Core MSCI International Developed Markets ETF | 3.0% |
| iShares MSCI EAFE Small-Cap ETF | 2.5% |
| iShares MSCI Canada ETF | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

Investor C Shares \| LPHCX

Semi-Annual Shareholder Report — June 30, 2025

LPHCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

### Class K Shares \| LPHKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $11(a) 0.22%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$317134445 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 79.7% |
| Money Market Funds | 22.2% |
| Fixed-Income Funds | 13.2% |
| Liabilities in Excess of Other Assets | (15.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 41.1% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 8.8% |
| BlackRock Diversified Fixed Income Fund, Class K | 8.5% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 3.6% |
| iShares Core MSCI International Developed Markets ETF | 3.0% |
| iShares MSCI EAFE Small-Cap ETF | 2.5% |
| iShares MSCI Canada ETF | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

Class K Shares \| LPHKX

Semi-Annual Shareholder Report — June 30, 2025

LPHKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

### Class R Shares \| LPHRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $48(a) 0.92%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$317134445 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 79.7% |
| Money Market Funds | 22.2% |
| Fixed-Income Funds | 13.2% |
| Liabilities in Excess of Other Assets | (15.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 41.1% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 8.8% |
| BlackRock Diversified Fixed Income Fund, Class K | 8.5% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 4.6% |
| BlackRock Real Estate Securities Fund | 3.6% |
| iShares Core MSCI International Developed Markets ETF | 3.0% |
| iShares MSCI EAFE Small-Cap ETF | 2.5% |
| iShares MSCI Canada ETF | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2045 Fund

Class R Shares \| LPHRX

Semi-Annual Shareholder Report — June 30, 2025

LPHRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

### Institutional Shares \| STLFX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $25(a) 0.48%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$359588817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.1% |
| Money Market Funds | 20.4% |
| Fixed-Income Funds | 7.4% |
| Liabilities in Excess of Other Assets | (13.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 45.6% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.1% |
| iShares Core MSCI International Developed Markets ETF | 6.0% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.9% |
| BlackRock Diversified Fixed Income Fund, Class K | 3.5% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Real Estate Securities Fund | 1.9% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

Institutional Shares \| STLFX

Semi-Annual Shareholder Report — June 30, 2025

STLFX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

### Investor A Shares \| LPRFX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $38(a) 0.73%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$359588817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.1% |
| Money Market Funds | 20.4% |
| Fixed-Income Funds | 7.4% |
| Liabilities in Excess of Other Assets | (13.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 45.6% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.1% |
| iShares Core MSCI International Developed Markets ETF | 6.0% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.9% |
| BlackRock Diversified Fixed Income Fund, Class K | 3.5% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Real Estate Securities Fund | 1.9% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

Investor A Shares \| LPRFX

Semi-Annual Shareholder Report — June 30, 2025

LPRFX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

### Investor C Shares \| LPCPX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $77(a) 1.48%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$359588817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.1% |
| Money Market Funds | 20.4% |
| Fixed-Income Funds | 7.4% |
| Liabilities in Excess of Other Assets | (13.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 45.6% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.1% |
| iShares Core MSCI International Developed Markets ETF | 6.0% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.9% |
| BlackRock Diversified Fixed Income Fund, Class K | 3.5% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Real Estate Securities Fund | 1.9% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

Investor C Shares \| LPCPX

Semi-Annual Shareholder Report — June 30, 2025

LPCPX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

### Class K Shares \| LPSGX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $12(a) 0.23%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$359588817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.1% |
| Money Market Funds | 20.4% |
| Fixed-Income Funds | 7.4% |
| Liabilities in Excess of Other Assets | (13.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 45.6% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.1% |
| iShares Core MSCI International Developed Markets ETF | 6.0% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.9% |
| BlackRock Diversified Fixed Income Fund, Class K | 3.5% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Real Estate Securities Fund | 1.9% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

Class K Shares \| LPSGX

Semi-Annual Shareholder Report — June 30, 2025

LPSGX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

### Class R Shares \| LPRPX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $48(a) 0.93%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$359588817 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.1% |
| Money Market Funds | 20.4% |
| Fixed-Income Funds | 7.4% |
| Liabilities in Excess of Other Assets | (13.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 45.6% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.1% |
| iShares Core MSCI International Developed Markets ETF | 6.0% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 3.9% |
| BlackRock Diversified Fixed Income Fund, Class K | 3.5% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Real Estate Securities Fund | 1.9% |
| iShares MSCI Canada ETF | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2050 Fund

Class R Shares \| LPRPX

Semi-Annual Shareholder Report — June 30, 2025

LPRPX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

### Institutional Shares \| LPVIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $25(a) 0.49%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$264111591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 92.4% |
| Money Market Funds | 11.2% |
| Fixed-Income Funds | 2.7% |
| Liabilities in Excess of Other Assets | (6.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.1% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 7.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 1.3% |
| iShares Russell 2000 ETF | 0.8% |
| BlackRock Real Estate Securities Fund | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

Institutional Shares \| LPVIX

Semi-Annual Shareholder Report — June 30, 2025

LPVIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

### Investor A Shares \| LPVAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $38(a) 0.74%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$264111591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 92.4% |
| Money Market Funds | 11.2% |
| Fixed-Income Funds | 2.7% |
| Liabilities in Excess of Other Assets | (6.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.1% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 7.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 1.3% |
| iShares Russell 2000 ETF | 0.8% |
| BlackRock Real Estate Securities Fund | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

Investor A Shares \| LPVAX

Semi-Annual Shareholder Report — June 30, 2025

LPVAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

### Investor C Shares \| LPVCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $77(a) 1.49%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$264111591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 92.4% |
| Money Market Funds | 11.2% |
| Fixed-Income Funds | 2.7% |
| Liabilities in Excess of Other Assets | (6.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.1% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 7.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 1.3% |
| iShares Russell 2000 ETF | 0.8% |
| BlackRock Real Estate Securities Fund | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

Investor C Shares \| LPVCX

Semi-Annual Shareholder Report — June 30, 2025

LPVCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

### Class K Shares \| LPVKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $12(a) 0.24%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$264111591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 92.4% |
| Money Market Funds | 11.2% |
| Fixed-Income Funds | 2.7% |
| Liabilities in Excess of Other Assets | (6.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.1% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 7.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 1.3% |
| iShares Russell 2000 ETF | 0.8% |
| BlackRock Real Estate Securities Fund | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

Class K Shares \| LPVKX

Semi-Annual Shareholder Report — June 30, 2025

LPVKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

### Class R Shares \| LPVRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $49(a) 0.94%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$264111591 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 92.4% |
| Money Market Funds | 11.2% |
| Fixed-Income Funds | 2.7% |
| Liabilities in Excess of Other Assets | (6.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.1% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 7.4% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.4% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 1.3% |
| iShares Russell 2000 ETF | 0.8% |
| BlackRock Real Estate Securities Fund | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2055 Fund

Class R Shares \| LPVRX

Semi-Annual Shareholder Report — June 30, 2025

LPVRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

### Institutional Shares \| LPDIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $25(a) 0.49%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$126684506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.5% |
| Money Market Funds | 10.6% |
| Fixed-Income Funds | 2.4% |
| Liabilities in Excess of Other Assets | (6.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.4% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.6% |
| iShares Russell 2000 ETF | 0.8% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

Institutional Shares \| LPDIX

Semi-Annual Shareholder Report — June 30, 2025

LPDIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

### Investor A Shares \| LPDAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $38(a) 0.74%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$126684506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.5% |
| Money Market Funds | 10.6% |
| Fixed-Income Funds | 2.4% |
| Liabilities in Excess of Other Assets | (6.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.4% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.6% |
| iShares Russell 2000 ETF | 0.8% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

Investor A Shares \| LPDAX

Semi-Annual Shareholder Report — June 30, 2025

LPDAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

### Investor C Shares \| LPDCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $77(a) 1.49%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$126684506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.5% |
| Money Market Funds | 10.6% |
| Fixed-Income Funds | 2.4% |
| Liabilities in Excess of Other Assets | (6.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.4% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.6% |
| iShares Russell 2000 ETF | 0.8% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

Investor C Shares \| LPDCX

Semi-Annual Shareholder Report — June 30, 2025

LPDCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

### Class K Shares \| LPDKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $12(a) 0.24%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$126684506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.5% |
| Money Market Funds | 10.6% |
| Fixed-Income Funds | 2.4% |
| Liabilities in Excess of Other Assets | (6.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.4% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.6% |
| iShares Russell 2000 ETF | 0.8% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

Class K Shares \| LPDKX

Semi-Annual Shareholder Report — June 30, 2025

LPDKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

### Class R Shares \| LPDRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $48(a) 0.93%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$126684506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.5% |
| Money Market Funds | 10.6% |
| Fixed-Income Funds | 2.4% |
| Liabilities in Excess of Other Assets | (6.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.4% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.2% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.6% |
| iShares Russell 2000 ETF | 0.8% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2060 Fund

Class R Shares \| LPDRX

Semi-Annual Shareholder Report — June 30, 2025

LPDRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

### Institutional Shares \| LPWIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $25(a) 0.48%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$57442667 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Money Market Funds | 11.9% |
| Fixed-Income Funds | 2.3% |
| Liabilities in Excess of Other Assets | (8.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.4% |
| iShares MSCI Canada ETF | 2.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.5% |
| iShares Russell 2000 ETF | 1.2% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

Institutional Shares \| LPWIX

Semi-Annual Shareholder Report — June 30, 2025

LPWIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

### Investor A Shares \| LPWAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $38(a) 0.73%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$57442667 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Money Market Funds | 11.9% |
| Fixed-Income Funds | 2.3% |
| Liabilities in Excess of Other Assets | (8.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.4% |
| iShares MSCI Canada ETF | 2.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.5% |
| iShares Russell 2000 ETF | 1.2% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

Investor A Shares \| LPWAX

Semi-Annual Shareholder Report — June 30, 2025

LPWAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

### Investor C Shares \| LPWCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $77(a) 1.48%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$57442667 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Money Market Funds | 11.9% |
| Fixed-Income Funds | 2.3% |
| Liabilities in Excess of Other Assets | (8.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.4% |
| iShares MSCI Canada ETF | 2.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.5% |
| iShares Russell 2000 ETF | 1.2% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

Investor C Shares \| LPWCX

Semi-Annual Shareholder Report — June 30, 2025

LPWCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

### Class K Shares \| LPWKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $12(a) 0.23%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$57442667 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Money Market Funds | 11.9% |
| Fixed-Income Funds | 2.3% |
| Liabilities in Excess of Other Assets | (8.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.4% |
| iShares MSCI Canada ETF | 2.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.5% |
| iShares Russell 2000 ETF | 1.2% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

Class K Shares \| LPWKX

Semi-Annual Shareholder Report — June 30, 2025

LPWKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

### Class R Shares \| LPWRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $48(a) 0.93%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$57442667 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Money Market Funds | 11.9% |
| Fixed-Income Funds | 2.3% |
| Liabilities in Excess of Other Assets | (8.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.2% |
| International Tilts Master Portfolio | 14.9% |
| iShares Core MSCI Emerging Markets ETF | 10.8% |
| iShares Core MSCI International Developed Markets ETF | 6.9% |
| BlackRock Tactical Opportunities Fund, Class K | 4.9% |
| iShares MSCI EAFE Small-Cap ETF | 2.4% |
| iShares MSCI Canada ETF | 2.1% |
| BlackRock Diversified Fixed Income Fund, Class K | 1.5% |
| iShares Russell 2000 ETF | 1.2% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2065 Fund

Class R Shares \| LPWRX

Semi-Annual Shareholder Report — June 30, 2025

LPWRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

### Institutional Shares \| LPYIX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $26(a) 0.49%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4326811 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 96.8% |
| Fixed-Income Funds | 1.8% |
| Money Market Funds | 0.9% |
| Other Assets Less Liabilities | 0.5 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.8% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 11.0% |
| iShares Core MSCI International Developed Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares MSCI Canada ETF | 2.2% |
| iShares Core MSCI EAFE ETF | 1.5% |
| iShares Russell 2000 ETF | 1.5% |
| iShares MSCI EAFE Small-Cap ETF | 1.0% |
| BlackRock Diversified Fixed Income Fund, Class K | 0.9% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

Institutional Shares \| LPYIX

Semi-Annual Shareholder Report — June 30, 2025

LPYIX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

### Investor A Shares \| LPYAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $38(a) 0.73%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4326811 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 96.8% |
| Fixed-Income Funds | 1.8% |
| Money Market Funds | 0.9% |
| Other Assets Less Liabilities | 0.5 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.8% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 11.0% |
| iShares Core MSCI International Developed Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares MSCI Canada ETF | 2.2% |
| iShares Core MSCI EAFE ETF | 1.5% |
| iShares Russell 2000 ETF | 1.5% |
| iShares MSCI EAFE Small-Cap ETF | 1.0% |
| BlackRock Diversified Fixed Income Fund, Class K | 0.9% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

Investor A Shares \| LPYAX

Semi-Annual Shareholder Report — June 30, 2025

LPYAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

### Investor C Shares \| LPYCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $77(a) 1.48%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4326811 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 96.8% |
| Fixed-Income Funds | 1.8% |
| Money Market Funds | 0.9% |
| Other Assets Less Liabilities | 0.5 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.8% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 11.0% |
| iShares Core MSCI International Developed Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares MSCI Canada ETF | 2.2% |
| iShares Core MSCI EAFE ETF | 1.5% |
| iShares Russell 2000 ETF | 1.5% |
| iShares MSCI EAFE Small-Cap ETF | 1.0% |
| BlackRock Diversified Fixed Income Fund, Class K | 0.9% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

Investor C Shares \| LPYCX

Semi-Annual Shareholder Report — June 30, 2025

LPYCX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

### Class K Shares \| LPYKX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $13(a) 0.24%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4326811 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 96.8% |
| Fixed-Income Funds | 1.8% |
| Money Market Funds | 0.9% |
| Other Assets Less Liabilities | 0.5 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.8% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 11.0% |
| iShares Core MSCI International Developed Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares MSCI Canada ETF | 2.2% |
| iShares Core MSCI EAFE ETF | 1.5% |
| iShares Russell 2000 ETF | 1.5% |
| iShares MSCI EAFE Small-Cap ETF | 1.0% |
| BlackRock Diversified Fixed Income Fund, Class K | 0.9% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

Class K Shares \| LPYKX

Semi-Annual Shareholder Report — June 30, 2025

LPYKX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

### Class R Shares \| LPYRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $49(a) 0.94%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4326811 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Portfolio Turnover Rate | &nbsp;&nbsp;38% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 96.8% |
| Fixed-Income Funds | 1.8% |
| Money Market Funds | 0.9% |
| Other Assets Less Liabilities | 0.5 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Diversified Equity Master Portfolio | 50.8% |
| International Tilts Master Portfolio | 15.0% |
| iShares Core MSCI Emerging Markets ETF | 11.0% |
| iShares Core MSCI International Developed Markets ETF | 7.7% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares MSCI Canada ETF | 2.2% |
| iShares Core MSCI EAFE ETF | 1.5% |
| iShares Russell 2000 ETF | 1.5% |
| iShares MSCI EAFE Small-Cap ETF | 1.0% |
| BlackRock Diversified Fixed Income Fund, Class K | 0.9% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic 2070 Fund

Class R Shares \| LPYRX

Semi-Annual Shareholder Report — June 30, 2025

LPYRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

### Institutional Shares \| STLAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Institutional Shares | $24(a) 0.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$465700810 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 49.2% |
| Equity Funds | 43.7% |
| Money Market Funds | 6.5% |
| Other Assets Less Liabilities | 0.6 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| BlackRock Diversified Fixed Income Fund, Class K | 39.4% |
| Diversified Equity Master Portfolio | 23.9% |
| iShares 0-5 Year TIPS Bond ETF | 9.8% |
| International Tilts Master Portfolio | 7.3% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares Core MSCI Emerging Markets ETF | 4.0% |
| iShares Global Infrastructure ETF | 1.9% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| BlackRock Real Estate Securities Fund | 0.2% |
| iShares MSCI Canada ETF | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

Institutional Shares \| STLAX

Semi-Annual Shareholder Report — June 30, 2025

STLAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

### Investor A Shares \| LPRAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor A Shares | $37(a) 0.72%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$465700810 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 49.2% |
| Equity Funds | 43.7% |
| Money Market Funds | 6.5% |
| Other Assets Less Liabilities | 0.6 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| BlackRock Diversified Fixed Income Fund, Class K | 39.4% |
| Diversified Equity Master Portfolio | 23.9% |
| iShares 0-5 Year TIPS Bond ETF | 9.8% |
| International Tilts Master Portfolio | 7.3% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares Core MSCI Emerging Markets ETF | 4.0% |
| iShares Global Infrastructure ETF | 1.9% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| BlackRock Real Estate Securities Fund | 0.2% |
| iShares MSCI Canada ETF | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

Investor A Shares \| LPRAX

Semi-Annual Shareholder Report — June 30, 2025

LPRAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

### Investor C Shares \| LPCRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Investor C Shares | $75(a) 1.47%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$465700810 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 49.2% |
| Equity Funds | 43.7% |
| Money Market Funds | 6.5% |
| Other Assets Less Liabilities | 0.6 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| BlackRock Diversified Fixed Income Fund, Class K | 39.4% |
| Diversified Equity Master Portfolio | 23.9% |
| iShares 0-5 Year TIPS Bond ETF | 9.8% |
| International Tilts Master Portfolio | 7.3% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares Core MSCI Emerging Markets ETF | 4.0% |
| iShares Global Infrastructure ETF | 1.9% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| BlackRock Real Estate Securities Fund | 0.2% |
| iShares MSCI Canada ETF | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

Investor C Shares \| LPCRX

Semi-Annual Shareholder Report — June 30, 2025

LPCRX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

### Class K Shares \| LPSAX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class K Shares | $11(a) 0.22%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$465700810 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 49.2% |
| Equity Funds | 43.7% |
| Money Market Funds | 6.5% |
| Other Assets Less Liabilities | 0.6 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| BlackRock Diversified Fixed Income Fund, Class K | 39.4% |
| Diversified Equity Master Portfolio | 23.9% |
| iShares 0-5 Year TIPS Bond ETF | 9.8% |
| International Tilts Master Portfolio | 7.3% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares Core MSCI Emerging Markets ETF | 4.0% |
| iShares Global Infrastructure ETF | 1.9% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| BlackRock Real Estate Securities Fund | 0.2% |
| iShares MSCI Canada ETF | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

Class K Shares \| LPSAX

Semi-Annual Shareholder Report — June 30, 2025

LPSAX-06/25-SAR

![TSR - BLK Retail Logo](g113101images_5145.jpg)

### BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

### Class R Shares \| LPRRX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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<br> investment** |
| Class R Shares | $47(a) 0.92%<sup>(a)(b)</sup> |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$465700810 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 49.2% |
| Equity Funds | 43.7% |
| Money Market Funds | 6.5% |
| Other Assets Less Liabilities | 0.6 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| BlackRock Diversified Fixed Income Fund, Class K | 39.4% |
| Diversified Equity Master Portfolio | 23.9% |
| iShares 0-5 Year TIPS Bond ETF | 9.8% |
| International Tilts Master Portfolio | 7.3% |
| BlackRock Tactical Opportunities Fund, Class K | 4.8% |
| iShares Core MSCI Emerging Markets ETF | 4.0% |
| iShares Global Infrastructure ETF | 1.9% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| BlackRock Real Estate Securities Fund | 0.2% |
| iShares MSCI Canada ETF | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>The portfolio composition above is calculated using a methodology different than that disclosed in the Fund's prospectus.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

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**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g113101images_5144.jpg)

BlackRock LifePath<sup>®</sup> Dynamic Retirement Fund

Class R Shares \| LPRRX

Semi-Annual Shareholder Report — June 30, 2025

LPRRX-06/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

![](g113101imgda57a7291.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds III** |
| • BlackRock LifePath® Dynamic Retirement 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_RskDeriv-Footer-FundBookName-781_1)  | 3 |
| [Schedules of Investments](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_SOI-Footer-FundBookName-781_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_FS-Footer-FundBookName-781_1)  | 53 |
| [Statements of Operations](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_FS-Footer-FundBookName-781_7)  | 59 |
| [Statements of Changes in Net Assets](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_FS-Footer-FundBookName-781_10)  | 62 |
| [Financial Highlights](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_FIHI-Footer-FundBookName-781_1)  | 67 |
| [Notes to Financial Statements](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_NTF-Footer-FundBookName-781_1)  | 117 |
| [Additional Information](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_ADDInfo-Footer-FundBookName-781_1)  | 135 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_IAA-Footer-FundBookName-781_1)  | 137 |
| [Glossary of Terms Used in these Financial Statements](#xx_6762874f-8f7b-43c2-b451-e03f4e0971ae_Terms-Footer-FundBookName-781_1)  | 141 |

---

------

Derivative Financial Instruments

The Funds 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 Funds 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 Funds' 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 a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic Retirement Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 43.7%** | **Equity Funds — 43.7%** | **Equity Funds — 43.7%** |
| BlackRock Real Estate Securities Fund | 66568 | $1000510 |
| BlackRock Tactical Opportunities Fund, Class K | 1452933 | 22447821 |
| Diversified Equity Master Portfolio | $111245176 | 111245176 |
| International Tilts Master Portfolio | $34098109 | 34098109 |
| iShares Core MSCI Emerging Markets ETF | 311216 | 18682296 |
| iShares Global Infrastructure ETF | 147927 | 8757278 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 17264 | 797597 |
| iShares MSCI EAFE Small-Cap ETF | 75544 | 5490538 |
| iShares Russell 2000 ETF<sup>(b)</sup> | 3639 | 785260 |
|  |  | 203304585 |
| **Fixed-Income Funds — 49.2%** | **Fixed-Income Funds — 49.2%** | **Fixed-Income Funds — 49.2%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 19347928 | 183224881 |
| iShares 0-5 Year TIPS Bond ETF | 444385 | 45731660 |
|  |  | 228956541 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 6.5%** | **Money Market Funds — 6.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 1599019 | $1599658 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 28863439 | 28863439 |
|  |  | 30463097 |
| **Total Investments — 99.4%** <br>**(Cost: $385,368,185)** | **Total Investments — 99.4%** <br>**(Cost: $385,368,185)** | 462724223 |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | 2976587 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $465700810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging Markets <br> Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $7673828 | $— | &nbsp;&nbsp;&nbsp; $(7843165)<br>| &nbsp;&nbsp; $884844 | $(715507)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 5956765 |  | &nbsp;&nbsp;&nbsp; (4356646 )<sup>(b)</sup><br>| &nbsp;&nbsp; (461)<br>|  | 1599658 | 1599019 | 4687 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 79955947 |  | &nbsp;&nbsp;&nbsp; (51092508 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 28863439 | 28863439 | 530703 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 146370069 | 77656108 | &nbsp;&nbsp;&nbsp; (44135131)<br>| &nbsp;&nbsp; (2574733)<br>| 5908568 | 183224881 | 19347928 | 4856174 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; 674485 |  | &nbsp;&nbsp;&nbsp; (682063)<br>| &nbsp;&nbsp; 64299 | (56721)<br>|  |  | 3213 | &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 1593766 | 1007693 | &nbsp;&nbsp;&nbsp; (3437179)<br>| &nbsp;&nbsp; 1804506 | 31724 | 1000510 | 66568 | (1804486)<br>| &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, <br> Class K<br>| &nbsp;&nbsp; 16975975 | 4692251 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 779595 | 22447821 | 1452933 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 95262216 | 9826998 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 477999 | 5677963 | 111245176 | $111245176 | 977924 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 16959545 | 13218869 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 617035 | 3302660 | 34098109 | $34098109 | 375141 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 43362423 | 5026601 | &nbsp;&nbsp;&nbsp; (3694951)<br>| &nbsp;&nbsp; 79370 | 958217 | 45731660 | 444385 | 720756 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 17297821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 1384475 | 18682296 | 311216 | 220859 | &nbsp;&nbsp; — |
| iShares Global Infrastructure ETF | &nbsp;&nbsp; 6885318 | 959415 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 912545 | 8757278 | 147927 | 129542 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; — | 762615 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 34982 | 797597 | 17264 | 5282 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 7427538 | 2467776 | &nbsp;&nbsp;&nbsp; (5626604)<br>| &nbsp;&nbsp; 588208 | 633620 | 5490538 | 75544 | 80038 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | &nbsp;&nbsp; — | 761056 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 24204 | 785260 | 3639 | 2095 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $1941067 | $18876325 | $462724223 |  | $6101928 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic Retirement Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $9688 | &nbsp;&nbsp;&nbsp;&nbsp; $208359 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4230 | &nbsp;&nbsp;&nbsp;&nbsp; 35466 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10764 | &nbsp;&nbsp;&nbsp;&nbsp; 215094 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; 33556 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 9088 |
| MSCI EAFE Index | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp;&nbsp; 59020 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 3438 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9381 | &nbsp;&nbsp;&nbsp;&nbsp; 227189 |
| U.S. Long Bond | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6805 | &nbsp;&nbsp;&nbsp;&nbsp; 288928 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24747 | &nbsp;&nbsp;&nbsp;&nbsp; 351325 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1446930 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15110 | &nbsp;&nbsp;&nbsp;&nbsp; (490261)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30099 | &nbsp;&nbsp;&nbsp;&nbsp; (1402385)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1892646)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(445716)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 13045317 | USD | 8448075 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $151308 |
| CAD | 7335169 | USD | 5375660 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31679 |
| CAD | 11548826 | USD | 8463686 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49877 |
| EUR | 7609555 | USD | 8719637 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289635 |
| JPY | 162662000 | USD | 1136535 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| USD | 191891 | JPY | 27289000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526041 |
| JPY | 2506754535 | EUR | 15387264 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (659704)<br>|
| JPY | 2442176598 | USD | 17172909 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67305)<br>|
| USD | 1393613 | AUD | 2152000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24971)<br>|
| USD | 42397 | EUR | 37000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1408)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (753388)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(227347)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576116 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $870814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1446930 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 526041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 526041 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576116 | &nbsp;&nbsp; $526041 | &nbsp;&nbsp; $870814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1972971 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic Retirement Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $490261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1402385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1892646 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 753388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 753388 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $490261 | &nbsp;&nbsp; $753388 | &nbsp;&nbsp; $1402385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2646034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(506788)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50266)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(557054)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 169333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 169333 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (238258)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (238258)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(745046)<br>| &nbsp;&nbsp; $169333 | &nbsp;&nbsp; $(50266)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(625979)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1140227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(403844)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $736383 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 499582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 499582 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127144 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1267371 | &nbsp;&nbsp; $499582 | &nbsp;&nbsp; $(403844)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1363109 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $76634111 |
| Average notional value of contracts — short | &nbsp;&nbsp; 44016396 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 19926904 |
| Average amounts sold — in USD | &nbsp;&nbsp; 61975722 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 1958543 |

---

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 | &nbsp;&nbsp; $196905 | &nbsp;&nbsp;&nbsp;&nbsp; $238944 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 526041 | &nbsp;&nbsp;&nbsp;&nbsp; 753388 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 722946 | &nbsp;&nbsp;&nbsp;&nbsp; 992332 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (196905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (238944)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $526041 | &nbsp;&nbsp;&nbsp;&nbsp; $753388 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic Retirement Fund** 

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $290387 | &nbsp;&nbsp; $(68713)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221674 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 81556 | &nbsp;&nbsp; (81556)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 154098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154098 |
|  | &nbsp;&nbsp; $526041 | &nbsp;&nbsp; $(150269)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $375772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $68713 | &nbsp;&nbsp; $(68713)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 24971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24971 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 659704 | &nbsp;&nbsp; (81556)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 578148 |
|  | &nbsp;&nbsp; $753388 | &nbsp;&nbsp; $(150269)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $603119 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $57961300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $57961300 |
| Fixed-Income Funds | &nbsp;&nbsp; 228956541 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228956541 |
| Money Market Funds | &nbsp;&nbsp; 30463097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30463097 |
|  | &nbsp;&nbsp; $317380938 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 317380938 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 145343285 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $462724223 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $367757 | &nbsp;&nbsp;&nbsp;&nbsp; $208359 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $576116 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526041 |
| Interest Rate Contracts | &nbsp;&nbsp; 870814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870814 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (490261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (490261)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic Retirement Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753388)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1402385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1402385)<br>|
|  | &nbsp;&nbsp; $(654075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(18988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(673063)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2030 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 55.2%** | **Equity Funds — 55.2%** | **Equity Funds — 55.2%** |
| BlackRock Real Estate Securities Fund | 484232 | $7278014 |
| BlackRock Tactical Opportunities Fund, Class K | 1485714 | 22954282 |
| Diversified Equity Master Portfolio | $146616890 | 146616890 |
| International Tilts Master Portfolio | $47567986 | 47567986 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 433228 | 26006677 |
| iShares Global Infrastructure ETF | 121670 | 7202864 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 22411 | 1035388 |
| iShares MSCI EAFE Small-Cap ETF | 107260 | 7795657 |
|  |  | 266457758 |
| **Fixed-Income Funds — 35.0%** | **Fixed-Income Funds — 35.0%** | **Fixed-Income Funds — 35.0%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 11651821 | 110342742 |
| iShares 0-5 Year TIPS Bond ETF | 394396 | 40587292 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<br>| 344527 | 17722469 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(b)</sup><br>| 188 | 20607 |
|  |  | 168673110 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 12.5%** | **Money Market Funds — 12.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 16123645 | $16130095 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 43951063 | 43951063 |
|  |  | 60081158 |
| **Total Investments — 102.7%** <br>**(Cost: $437,681,584)** | **Total Investments — 102.7%** <br>**(Cost: $437,681,584)** | 495212026 |
| **Liabilities in Excess of Other Assets — (2.7)%** | **Liabilities in Excess of Other Assets — (2.7)%** | (12915040)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $482296986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging <br> Markets Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $10249883 | $4358382 | &nbsp;&nbsp;&nbsp; $(14746436)<br>| &nbsp;&nbsp; $885651 | $(747480)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; 14933572 | 1197517 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (505)<br>| (489)<br>| 16130095 | 16123645 | 21727 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 77527502 |  | &nbsp;&nbsp;&nbsp; (33576439 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 43951063 | 43951063 | 781598 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 86182468 | 72160089 | &nbsp;&nbsp;&nbsp; (50336991)<br>| &nbsp;&nbsp; (2936398)<br>| 5273574 | 110342742 | 11651821 | 3234961 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (4845)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 6176188 | 2098214 | &nbsp;&nbsp;&nbsp; (2138989)<br>| &nbsp;&nbsp; 1049649 | 92952 | 7278014 | 484232 | (1007772)<br>| &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, <br> Class K<br>| &nbsp;&nbsp; 14948295 | 7249360 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 756627 | 22954282 | 1485714 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 118565440 | 20285948 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 632410 | 7133092 | 146616890 | $146616890 | 1284542 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 28843081 | 12595249 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 938349 | 5191307 | 47567986 | $47567986 | 578490 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 34164062 | 5583804 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 839426 | 40587292 | 394396 | 626477 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 17401370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 321099 | 17722469 | 344527 | 67983 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 24079419 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 1927258 | 26006677 | 433228 | 307448 | &nbsp;&nbsp; — |
| iShares Global Infrastructure ETF | &nbsp;&nbsp; 6359691 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 843173 | 7202864 | 121670 | 119653 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; 7271103 |  | &nbsp;&nbsp;&nbsp; (7274026)<br>| &nbsp;&nbsp; (837587)<br>| 861117 | 20607 | 188 | 112533 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; — | 923961 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 111427 | 1035388 | 22411 | 6856 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 7330095 | 2185480 | &nbsp;&nbsp;&nbsp; (3134137)<br>| &nbsp;&nbsp; 291951 | 1122268 | 7795657 | 107260 | 113640 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $23520 | $23725351 | $495212026 |  | $6243291 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2030 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $9095 | &nbsp;&nbsp;&nbsp;&nbsp; $195598 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5405 | &nbsp;&nbsp;&nbsp;&nbsp; 45320 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16482 | &nbsp;&nbsp;&nbsp;&nbsp; 329992 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3178 | &nbsp;&nbsp;&nbsp;&nbsp; 48657 |
| MSCI EAFE Index | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp; 53498 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10319 | &nbsp;&nbsp;&nbsp;&nbsp; 249908 |
| U.S. Long Bond | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15456 | &nbsp;&nbsp;&nbsp;&nbsp; 656348 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17006 | &nbsp;&nbsp;&nbsp;&nbsp; 241701 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1826179 |
| Short Contracts  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; (161)<br>|
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14652 | &nbsp;&nbsp;&nbsp;&nbsp; (475405)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 32122 | &nbsp;&nbsp;&nbsp;&nbsp; (1476007)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1951573)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(125394)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 13917067 | USD | 9012339 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $161696 |
| CAD | 10152116 | USD | 7440091 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43845 |
| CAD | 11613950 | USD | 8511413 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50158 |
| EUR | 7657142 | USD | 8774166 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291446 |
| USD | 159783 | JPY | 22723000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547771 |
| JPY | 2677865257 | EUR | 16437596 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704735)<br>|
| JPY | 2677865722 | USD | 18830229 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73800)<br>|
| USD | 48127 | EUR | 42000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1599)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (780134)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(232363)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $598138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1228041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1826179 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547771 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $598138 | &nbsp;&nbsp; $547771 | &nbsp;&nbsp; $1228041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2373950 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2030 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $475566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1476007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1951573 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780134 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $475566 | &nbsp;&nbsp; $780134 | &nbsp;&nbsp; $1476007 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2731707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $544312 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(302014)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $242298 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 186318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 186318 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (231939)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (231939)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $312373 | &nbsp;&nbsp; $186318 | &nbsp;&nbsp; $(302014)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $196677 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1234665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(62256)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1172409 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 579522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 579522 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118543 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1353208 | &nbsp;&nbsp; $579522 | &nbsp;&nbsp; $(62256)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1870474 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $82081986 |
| Average notional value of contracts — short | &nbsp;&nbsp; 42764869 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 18401791 |
| Average amounts sold — in USD | &nbsp;&nbsp; 64443213 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 2170357 |

---

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 | &nbsp;&nbsp; $276513 | &nbsp;&nbsp;&nbsp;&nbsp; $268429 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 547771 | &nbsp;&nbsp;&nbsp;&nbsp; 780134 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 824284 | &nbsp;&nbsp;&nbsp;&nbsp; 1048563 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (276513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (268429)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $547771 | &nbsp;&nbsp;&nbsp;&nbsp; $780134 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2030 Fund** 

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $292072 | &nbsp;&nbsp; $(75399)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $216673 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 94003 | &nbsp;&nbsp; (94003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 161696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161696 |
|  | &nbsp;&nbsp; $547771 | &nbsp;&nbsp; $(169402)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $378369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $75399 | &nbsp;&nbsp; $(75399)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 704735 | &nbsp;&nbsp; (94003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 610732 |
|  | &nbsp;&nbsp; $780134 | &nbsp;&nbsp; $(169402)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $610732 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $72272882 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72272882 |
| Fixed-Income Funds | &nbsp;&nbsp; 168673110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168673110 |
| Money Market Funds | &nbsp;&nbsp; 60081158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60081158 |
|  | &nbsp;&nbsp; $301027150 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 301027150 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 194184876 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $495212026 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $402540 | &nbsp;&nbsp;&nbsp;&nbsp; $195598 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $598138 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 547771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 547771 |
| Interest Rate Contracts | &nbsp;&nbsp; 1228041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1228041 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (475566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (475566)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2030 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(780134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(780134)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1476007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1476007)<br>|
|  | &nbsp;&nbsp; $(320992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(36765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(357757)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2035 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 66.3%** | **Equity Funds — 66.3%** | **Equity Funds — 66.3%** |
| BlackRock Real Estate Securities Fund | 550621 | $8275837 |
| BlackRock Tactical Opportunities Fund, Class K | 1214757 | 18767999 |
| Diversified Equity Master Portfolio | $138399510 | 138399510 |
| International Tilts Master Portfolio | $47081113 | 47081113 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 410120 | 24619504 |
| iShares Global Infrastructure ETF | 110186 | 6523011 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 28705 | 1326171 |
| iShares MSCI EAFE Small-Cap ETF | 113267 | 8232246 |
|  |  | 253225391 |
| **Fixed-Income Funds — 25.9%** | **Fixed-Income Funds — 25.9%** | **Fixed-Income Funds — 25.9%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 8342440 | 79002902 |
| iShares 0-5 Year TIPS Bond ETF | 11216 | 1154240 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 365278 | 18789900 |
|  |  | 98947042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 20.5%** | **Money Market Funds — 20.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 43366102 | $43383448 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 35051926 | 35051926 |
|  |  | 78435374 |
| **Total Investments — 112.7%** <br>**(Cost: $394,626,344)** | **Total Investments — 112.7%** <br>**(Cost: $394,626,344)** | 430607807 |
| **Liabilities in Excess of Other Assets — (12.7)%** | **Liabilities in Excess of Other Assets — (12.7)%** | (48365198)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $382242609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging Markets <br> Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $5533412 | $9051529 | &nbsp;&nbsp;&nbsp; $(14524271)<br>| &nbsp;&nbsp; $137232 | $(197902)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 8212598 | 35172290 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1689)<br>| 249 | 43383448 | 43366102 | 16840 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 99536975 |  | &nbsp;&nbsp;&nbsp; (64485049 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 35051926 | 35051926 | 1130007 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 30754257 | 57271914 | &nbsp;&nbsp;&nbsp; (10399177)<br>| &nbsp;&nbsp; (606755)<br>| 1982663 | 79002902 | 8342440 | 1778800 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (2891)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 6865805 | 2289198 | &nbsp;&nbsp;&nbsp; (1364008)<br>| &nbsp;&nbsp; 381608 | 103234 | 8275837 | 550621 | (336810)<br>| &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, <br> Class K<br>| &nbsp;&nbsp; 7444818 | 10814510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 508671 | 18767999 | 1214757 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 98399869 | 33141839 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 555646 | 6302156 | 138399510 | $138399510 | 1148251 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 17465551 | 25059017 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 743040 | 3813505 | 47081113 | $47081113 | 443999 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 1702655 | 635237 | &nbsp;&nbsp;&nbsp; (1238454)<br>| &nbsp;&nbsp; 26106 | 28696 | 1154240 | 11216 | 29951 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 18476906 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 312994 | 18789900 | 365278 | 66317 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 22795044 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 1824460 | 24619504 | 410120 | 291048 | &nbsp;&nbsp; — |
| iShares Global Infrastructure ETF | &nbsp;&nbsp; 5181107 | 652865 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 689039 | 6523011 | 110186 | 108359 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 4386423 |  | &nbsp;&nbsp;&nbsp; (4400342)<br>| &nbsp;&nbsp; (305415)<br>| 319334 |  |  | 67843 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; — | 1219762 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 106409 | 1326171 | 28705 | 8782 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 5468411 | 13761395 | &nbsp;&nbsp;&nbsp; (12919367)<br>| &nbsp;&nbsp; 601620 | 1320187 | 8232246 | 113267 | 103269 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $1531393 | $17113695 | $430607807 |  | $4853765 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2035 Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $7315 | &nbsp;&nbsp;&nbsp;&nbsp; $157328 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5170 | &nbsp;&nbsp;&nbsp;&nbsp; 43348 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12110 | &nbsp;&nbsp;&nbsp;&nbsp; 242443 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4822 | &nbsp;&nbsp;&nbsp;&nbsp; 73824 |
| MSCI EAFE Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp;&nbsp; 35099 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp;&nbsp; 22349 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10944 | &nbsp;&nbsp;&nbsp;&nbsp; 265054 |
| U.S. Long Bond | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 | &nbsp;&nbsp;&nbsp;&nbsp; 431008 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9484 | &nbsp;&nbsp;&nbsp;&nbsp; 134598 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1405051 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11447 | &nbsp;&nbsp;&nbsp;&nbsp; (371410)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26768 | &nbsp;&nbsp;&nbsp;&nbsp; (1229877)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1601287)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(196236)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 1433000 | USD | 933870 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10754 |
| AUD | 10043865 | USD | 6504048 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116799 |
| CAD | 8523098 | USD | 6246248 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36809 |
| CAD | 9460570 | USD | 6933284 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40858 |
| EUR | 5630792 | USD | 6452212 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214319 |
| JPY | 143089000 | USD | 998239 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3992 |
| USD | 79298 | JPY | 11277000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423842 |
| JPY | 143089000 | EUR | 868530 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26059)<br>|
| JPY | 1954588103 | EUR | 11997889 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514390)<br>|
| JPY | 1954588643 | USD | 13744286 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53867)<br>|
| USD | 755819 | CAD | 1026000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (528)<br>|
| USD | 30939 | EUR | 27000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1028)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (595872)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(172030)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $808049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1405051 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 423842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 423842 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597002 | &nbsp;&nbsp; $423842 | &nbsp;&nbsp; $808049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1828893 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2035 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371410 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1229877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1601287 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 595872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 595872 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $371410 | &nbsp;&nbsp; $595872 | &nbsp;&nbsp; $1229877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2197159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1139555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(265951)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $873604 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133283 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (158052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (158052)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $981503 | &nbsp;&nbsp; $133283 | &nbsp;&nbsp; $(265951)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $848835 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1892863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(107811)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1785052 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 427694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 427694 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75193 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1968056 | &nbsp;&nbsp; $427694 | &nbsp;&nbsp; $(107811)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2287939 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $66280111 |
| Average notional value of contracts — short | &nbsp;&nbsp; 32707774 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 14306060 |
| Average amounts sold — in USD | &nbsp;&nbsp; 50068019 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 1437639 |

---

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 | &nbsp;&nbsp; $218365 | &nbsp;&nbsp;&nbsp;&nbsp; $223192 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 423842 | &nbsp;&nbsp;&nbsp;&nbsp; 595872 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 642207 | &nbsp;&nbsp;&nbsp;&nbsp; 819064 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (218365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (223192)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $423842 | &nbsp;&nbsp;&nbsp;&nbsp; $595872 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2035 Fund** 

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $10754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10754 |
| Barclays Bank PLC | &nbsp;&nbsp; 218622 | &nbsp;&nbsp; (54895)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163727 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 77667 | &nbsp;&nbsp; (77667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 116799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116799 |
|  | &nbsp;&nbsp; $423842 | &nbsp;&nbsp; $(132562)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $54895 | &nbsp;&nbsp; $(54895)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 26059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26059 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 514918 | &nbsp;&nbsp; (77667)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 437251 |
|  | &nbsp;&nbsp; $595872 | &nbsp;&nbsp; $(132562)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $463310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $67744768 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $67744768 |
| Fixed-Income Funds | &nbsp;&nbsp; 98947042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98947042 |
| Money Market Funds | &nbsp;&nbsp; 78435374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78435374 |
|  | &nbsp;&nbsp; $245127184 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 245127184 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 185480623 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $430607807 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $439674 | &nbsp;&nbsp;&nbsp;&nbsp; $157328 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $597002 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 423842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 423842 |
| Interest Rate Contracts | &nbsp;&nbsp; 808049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 808049 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (371410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (371410)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2035 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(595872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(595872)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1229877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1229877)<br>|
|  | &nbsp;&nbsp; $(353564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(14702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(368266)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2040 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 73.1%** | **Equity Funds — 73.1%** | **Equity Funds — 73.1%** |
| BlackRock Real Estate Securities Fund | 965877 | $14517131 |
| BlackRock Tactical Opportunities Fund, Class K | 1576461 | 24356328 |
| Diversified Equity Master Portfolio | $188431371 | 188431371 |
| International Tilts Master Portfolio | $73808386 | 73808386 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 635262 | 38134778 |
| iShares Global Infrastructure ETF | 150921 | 8934523 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 47257 | 2183272 |
| iShares MSCI EAFE Small-Cap ETF | 158773 | 11539622 |
|  |  | 361905411 |
| **Fixed-Income Funds — 20.1%** | **Fixed-Income Funds — 20.1%** | **Fixed-Income Funds — 20.1%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 7941314 | 75204242 |
| iShares 0-5 Year TIPS Bond ETF | 12450 | 1281230 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 444306 | 22855101 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(b)</sup><br>| 153 | 16770 |
|  |  | 99357343 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 16.7%** | **Money Market Funds — 16.7%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 47122232 | $47141081 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 35440602 | 35440602 |
|  |  | 82581683 |
| **Total Investments — 109.9%** <br>**(Cost: $464,223,737)** | **Total Investments — 109.9%** <br>**(Cost: $464,223,737)** | 543844437 |
| **Liabilities in Excess of Other Assets — (9.9)%** | **Liabilities in Excess of Other Assets — (9.9)%** | (48817458)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $495026979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging <br> Markets Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $12468325 | $13363827 | &nbsp;&nbsp;&nbsp; $(25837435)<br>| &nbsp;&nbsp; $1209997 | $(1204714)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; 25019550 | 22123258 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1245)<br>| (482)<br>| 47141081 | 47122232 | 36478 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 96316721 |  | &nbsp;&nbsp;&nbsp; (60876119 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 35440602 | 35440602 | 1046687 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 23654521 | 51648130 | &nbsp;&nbsp;&nbsp; (1315655)<br>| &nbsp;&nbsp; (77208)<br>| 1294454 | 75204242 | 7941314 | 1575083 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (4887)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities <br> Fund<br>| &nbsp;&nbsp; 12251327 | 3819161 | &nbsp;&nbsp;&nbsp; (2042340)<br>| &nbsp;&nbsp; 299544 | 189439 | 14517131 | 965877 | (222179)<br>| &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities <br> Fund, Class K<br>| &nbsp;&nbsp; 14506415 | 9102000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 747913 | 24356328 | 1576461 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 168798035 | 11293539 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 783939 | 7555858 | 188431371 | $188431371 | 1732968 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 39157999 | 25978726 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1346311 | 7325350 | 73808386 | $73808386 | 824184 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 2056465 |  | &nbsp;&nbsp;&nbsp; (827085)<br>| &nbsp;&nbsp; 19190 | 32660 | 1281230 | 12450 | 28524 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 22472296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 382805 | 22855101 | 444306 | 81104 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 35308751 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 2826027 | 38134778 | 635262 | 450824 | &nbsp;&nbsp; — |
| iShares Global Infrastructure ETF | &nbsp;&nbsp; 7888641 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 1045882 | 8934523 | 150921 | 148419 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; 12631159 |  | &nbsp;&nbsp;&nbsp; (12654841)<br>| &nbsp;&nbsp; (928094)<br>| 968546 | 16770 | 153 | 195420 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 1007903 | 945341 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 230028 | 2183272 | 47257 | 14457 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 11357516 | 13620787 | &nbsp;&nbsp;&nbsp; (15993184)<br>| &nbsp;&nbsp; 1306612 | 1247891 | 11539622 | 158773 | 168218 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $3959046 | $22641657 | $543844437 |  | $6075300 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2040 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $9886 | &nbsp;&nbsp;&nbsp;&nbsp; $212604 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7990 | &nbsp;&nbsp;&nbsp;&nbsp; 66993 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12558 | &nbsp;&nbsp;&nbsp;&nbsp; 251423 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp;&nbsp; 140936 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19418 | &nbsp;&nbsp;&nbsp;&nbsp; 470453 |
| MSCI EAFE Index | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 46007 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10006 | &nbsp;&nbsp;&nbsp;&nbsp; 242335 |
| U.S. Long Bond | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8305 | &nbsp;&nbsp;&nbsp;&nbsp; 352591 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1788499 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14652 | &nbsp;&nbsp;&nbsp;&nbsp; (475405)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 35929 | &nbsp;&nbsp;&nbsp;&nbsp; (1640331)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2115736)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(327237)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 13705302 | USD | 8875067 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $159374 |
| CAD | 11720543 | USD | 8589530 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50618 |
| CAD | 14350945 | USD | 10517250 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61979 |
| EUR | 7435579 | USD | 8520281 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283013 |
| JPY | 178791000 | USD | 1250093 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203 |
| USD | 145762 | JPY | 20729000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557758 |
| JPY | 2570888371 | EUR | 15780938 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (676582)<br>|
| JPY | 178791000 | EUR | 1085696 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33105)<br>|
| JPY | 2570887852 | USD | 18077982 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70852)<br>|
| USD | 42398 | EUR | 37000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1408)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781947)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(224189)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2040 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1184485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $604014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1788499 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 557758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 557758 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1184485 | &nbsp;&nbsp; $557758 | &nbsp;&nbsp; $604014 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2346257 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $475405 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1640331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2115736 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 781947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 781947 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $475405 | &nbsp;&nbsp; $781947 | &nbsp;&nbsp; $1640331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2897683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2261381 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2320841 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 172567 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 172567 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (224665)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (224665)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2036716 | &nbsp;&nbsp; $172567 | &nbsp;&nbsp; $59460 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2268743 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2822419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(850508)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1971911 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 671949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 671949 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 119518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 119518 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2941937 | &nbsp;&nbsp; $671949 | &nbsp;&nbsp; $(850508)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2763378 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $74309681 |
| Average notional value of contracts — short | &nbsp;&nbsp; 43319463 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 19582359 |
| Average amounts sold — in USD | &nbsp;&nbsp; 68910671 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 1852713 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2040 Fund** 

**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 | &nbsp;&nbsp; $310217 | &nbsp;&nbsp;&nbsp;&nbsp; $293921 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 557758 | &nbsp;&nbsp;&nbsp;&nbsp; 781947 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 867975 | &nbsp;&nbsp;&nbsp;&nbsp; 1075868 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (310217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (293921)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $557758 | &nbsp;&nbsp;&nbsp;&nbsp; $781947 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $283584 | &nbsp;&nbsp; $(72260)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $211324 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 112597 | &nbsp;&nbsp; (112597)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 161577 | &nbsp;&nbsp; (33105)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128472 |
|  | &nbsp;&nbsp; $557758 | &nbsp;&nbsp; $(217962)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $339796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $72260 | &nbsp;&nbsp; $(72260)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 676582 | &nbsp;&nbsp; (112597)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 563985 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 33105 | &nbsp;&nbsp; (33105)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $781947 | &nbsp;&nbsp; $(217962)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $563985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $99665654 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $99665654 |
| Fixed-Income Funds | &nbsp;&nbsp; 99357343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99357343 |
| Money Market Funds | &nbsp;&nbsp; 82581683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82581683 |
|  | &nbsp;&nbsp; $281604680 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 281604680 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 262239757 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $543844437 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2040 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $971881 | &nbsp;&nbsp;&nbsp;&nbsp; $212604 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1184485 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 557758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 557758 |
| Interest Rate Contracts | &nbsp;&nbsp; 604014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604014 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (475405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (475405)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (781947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (781947)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1640331)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1640331)<br>|
|  | &nbsp;&nbsp; $(539841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(551426)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2045 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 79.7%** | **Equity Funds — 79.7%** | **Equity Funds — 79.7%** |
| BlackRock Real Estate Securities Fund | 755689 | $11358005 |
| BlackRock Tactical Opportunities Fund, Class K | 1010084 | 15605796 |
| Diversified Equity Master Portfolio | $130224524 | 130224524 |
| International Tilts Master Portfolio | $47499612 | 47499612 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 466293 | 27991569 |
| iShares Core MSCI International Developed <br> Markets ETF<br>| 125381 | 9533971 |
| iShares Global Infrastructure ETF | 14404 | 852717 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 41080 | 1897896 |
| iShares MSCI EAFE Small-Cap ETF | 107856 | 7838974 |
|  |  | 252803064 |
| **Fixed-Income Funds — 13.2%** | **Fixed-Income Funds — 13.2%** | **Fixed-Income Funds — 13.2%** |
| BlackRock Diversified Fixed Income Fund, Class K | 2858147 | 27066655 |
| iShares 0-5 Year TIPS Bond ETF | 230 | 23669 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 284966 | 14658651 |
|  |  | 41748975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 22.2%** | **Money Market Funds — 22.2%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 41899946 | $41916705 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 28519148 | 28519148 |
|  |  | 70435853 |
| **Total Investments — 115.1%** <br>**(Cost: $329,960,578)** | **Total Investments — 115.1%** <br>**(Cost: $329,960,578)** | 364987892 |
| **Liabilities in Excess of Other Assets — (15.1)%** | **Liabilities in Excess of Other Assets — (15.1)%** | (47853447)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $317134445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging <br> Markets Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $4085783 | $14756914 | &nbsp;&nbsp;&nbsp; $(18634879)<br>| &nbsp;&nbsp; $13619 | $(221437)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; 9307503 | 32611037 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1685)<br>| (150)<br>| 41916705 | 41899946 | 19921 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 71317071 |  | &nbsp;&nbsp;&nbsp; (42797923 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 28519148 | 28519148 | 721529 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 1741986 | 29953206 | &nbsp;&nbsp;&nbsp; (5140961)<br>| &nbsp;&nbsp; 4571 | 507853 | 27066655 | 2858147 | 588069 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (2447)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities <br> Fund<br>| &nbsp;&nbsp; 8684176 | 3610776 | &nbsp;&nbsp;&nbsp; (1146355)<br>| &nbsp;&nbsp; 24685 | 184723 | 11358005 | 755689 | 31958 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities <br> Fund, Class K<br>| &nbsp;&nbsp; 6305429 | 8885132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 415235 | 15605796 | 1010084 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 108638561 | 16503766 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 492780 | 4589417 | 130224524 | $130224524 | 1175307 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 20641748 | 21927541 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 787284 | 4143039 | 47499612 | $47499612 | 472793 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 23138 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 531 | 23669 | 230 | 395 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 14421668 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 236983 | 14658651 | 284966 | 50226 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 25917218 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 2074351 | 27991569 | 466293 | 330912 | &nbsp;&nbsp; — |
| iShares Core MSCI International <br> Developed Markets ETF<br>| &nbsp;&nbsp; — | 9114213 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 419758 | 9533971 | 125381 | 160336 | &nbsp;&nbsp; — |
| iShares Global Infrastructure ETF | &nbsp;&nbsp; 752897 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 99820 | 852717 | 14404 | 14165 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 4922012 |  | &nbsp;&nbsp;&nbsp; (4937631)<br>| &nbsp;&nbsp; (342706)<br>| 358325 |  |  | 76126 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 519951 | 2654591 | &nbsp;&nbsp;&nbsp; (1396740)<br>| &nbsp;&nbsp; 43163 | 76931 | 1897896 | 41080 | 12568 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 4621617 | 18412362 | &nbsp;&nbsp;&nbsp; (17320549)<br>| &nbsp;&nbsp; 961442 | 1164102 | 7838974 | 107856 | 99387 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $1983153 | $14049481 | $364987892 |  | $3751245 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2045 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $5734 | &nbsp;&nbsp;&nbsp;&nbsp; $123315 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5640 | &nbsp;&nbsp;&nbsp;&nbsp; 47288 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6391 | &nbsp;&nbsp;&nbsp;&nbsp; 127037 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8438 | &nbsp;&nbsp;&nbsp;&nbsp; 129191 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20418 | &nbsp;&nbsp;&nbsp;&nbsp; 494860 |
| MSCI EAFE Index | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2145 | &nbsp;&nbsp;&nbsp;&nbsp; 34610 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp;&nbsp; 60825 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6254 | &nbsp;&nbsp;&nbsp;&nbsp; 151459 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1168585 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9157 | &nbsp;&nbsp;&nbsp;&nbsp; (297128)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21295 | &nbsp;&nbsp;&nbsp;&nbsp; (971067)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1268195)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(99610)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 1240000 | USD | 808094 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9305 |
| AUD | 8314063 | USD | 5383973 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96601 |
| CAD | 6548995 | USD | 4799504 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28283 |
| CAD | 7699158 | USD | 5642414 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33251 |
| EUR | 4502689 | USD | 5159541 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171381 |
| EUR | 782000 | USD | 899398 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26445 |
| USD | 56894 | JPY | 8091000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365489 |
| CAD | 743000 | USD | 548301 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (576)<br>|
| JPY | 1696624148 | EUR | 10414423 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446501)<br>|
| JPY | 1696624653 | USD | 11930333 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46758)<br>|
| USD | 28647 | EUR | 25000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (952)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (494787)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(129298)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2045 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1041548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1168585 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 365489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 365489 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1041548 | &nbsp;&nbsp; $365489 | &nbsp;&nbsp; $127037 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1534074 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $297128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $971067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1268195 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 494787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 494787 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $297128 | &nbsp;&nbsp; $494787 | &nbsp;&nbsp; $971067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1762982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2870927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138137 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3009064 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125756 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (154100)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (154100)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2716827 | &nbsp;&nbsp; $125756 | &nbsp;&nbsp; $138137 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2980720 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2787497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(874396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1913101 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 383297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 383297 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80506 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2868003 | &nbsp;&nbsp; $383297 | &nbsp;&nbsp; $(874396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2376904 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $50184103 |
| Average notional value of contracts — short | &nbsp;&nbsp; 28094066 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 11329385 |
| Average amounts sold — in USD | &nbsp;&nbsp; 42331793 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 1247970 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2045 Fund** 

**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 | &nbsp;&nbsp; $218866 | &nbsp;&nbsp;&nbsp;&nbsp; $179097 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 365489 | &nbsp;&nbsp;&nbsp;&nbsp; 494787 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 584355 | &nbsp;&nbsp;&nbsp;&nbsp; 673884 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (218866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179097)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $365489 | &nbsp;&nbsp;&nbsp;&nbsp; $494787 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $9305 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9305 |
| Barclays Bank PLC | &nbsp;&nbsp; 171604 | &nbsp;&nbsp; (47710)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123894 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 61534 | &nbsp;&nbsp; (61534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 123046 | &nbsp;&nbsp; (576)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122470 |
|  | &nbsp;&nbsp; $365489 | &nbsp;&nbsp; $(109820)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $47710 | &nbsp;&nbsp; $(47710)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 446501 | &nbsp;&nbsp; (61534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 384967 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 576 | &nbsp;&nbsp; (576)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $494787 | &nbsp;&nbsp; $(109820)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $384967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $75078928 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $75078928 |
| Fixed-Income Funds | &nbsp;&nbsp; 41748975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41748975 |
| Money Market Funds | &nbsp;&nbsp; 70435853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70435853 |
|  | &nbsp;&nbsp; $187263756 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 187263756 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 177724136 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $364987892 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2045 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $918233 | &nbsp;&nbsp;&nbsp;&nbsp; $123315 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1041548 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 365489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 365489 |
| Interest Rate Contracts | &nbsp;&nbsp; 127037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127037 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (297128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (297128)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (494787)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (494787)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (971067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (971067)<br>|
|  | &nbsp;&nbsp; $(222925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5983)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(228908)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2050 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 86.1%** | **Equity Funds — 86.1%** | **Equity Funds — 86.1%** |
| BlackRock Real Estate Securities Fund | 441205 | $6631307 |
| BlackRock Tactical Opportunities Fund, Class K | 1149366 | 17757708 |
| Diversified Equity Master Portfolio | $163965704 | 163965704 |
| International Tilts Master Portfolio | $53711494 | 53711494 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 603926 | 36253678 |
| iShares Core MSCI International Developed <br> Markets ETF<br>| 285478 | 21707747 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 39420 | 1821204 |
| iShares MSCI EAFE Small-Cap ETF | 106367 | 7730754 |
|  |  | 309579596 |
| **Fixed-Income Funds — 7.4%** | **Fixed-Income Funds — 7.4%** | **Fixed-Income Funds — 7.4%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 1316223 | 12464635 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 273005 | 14043377 |
|  |  | 26508012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 20.4%** | **Money Market Funds — 20.4%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 44529123 | $44546935 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 28758646 | 28758646 |
|  |  | 73305581 |
| **Total Investments — 113.9%** <br>**(Cost: $350,464,959)** | **Total Investments — 113.9%** <br>**(Cost: $350,464,959)** | 409393189 |
| **Liabilities in Excess of Other Assets — (13.9)%** | **Liabilities in Excess of Other Assets — (13.9)%** | (49804372)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $359588817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging <br> Markets Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $8238298 | $18037178 | &nbsp;&nbsp;&nbsp; $(26135074)<br>| &nbsp;&nbsp; $149625 | $(290027)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; 8355438 | 36194980 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3915)<br>| 432 | 44546935 | 44529123 | 22352 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 67080148 |  | &nbsp;&nbsp;&nbsp; (38321502 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 28758646 | 28758646 | 892716 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 104181 | 12311945 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 48509 | 12464635 | 1316223 | 91955 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (2940)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities <br> Fund<br>| &nbsp;&nbsp; 4747954 | 3210230 | &nbsp;&nbsp;&nbsp; (1396729)<br>| &nbsp;&nbsp; 3011 | 66841 | 6631307 | 441205 | 31501 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities <br> Fund, Class K<br>| &nbsp;&nbsp; 8565747 | 8692007 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 499954 | 17757708 | 1149366 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 143107048 | 14256429 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 638010 | 5964217 | 163965704 | $163965704 | 1505541 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 26864425 | 20809745 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 941869 | 5095455 | 53711494 | $53711494 | 575203 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 13813560 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 229817 | 14043377 | 273005 | 48702 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 33567053 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 2686625 | 36253678 | 603926 | 428586 | &nbsp;&nbsp; — |
| iShares Core MSCI International <br> Developed Markets ETF<br>| &nbsp;&nbsp; — | 20816976 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 890771 | 21707747 | 285478 | 340936 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 4099130 |  | &nbsp;&nbsp;&nbsp; (4112137)<br>| &nbsp;&nbsp; (174564)<br>| 187571 |  |  | 63399 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 2150730 | 1668021 | &nbsp;&nbsp;&nbsp; (2240290)<br>| &nbsp;&nbsp; 62497 | 180246 | 1821204 | 39420 | 12060 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 7077496 | 21643090 | &nbsp;&nbsp;&nbsp; (23684801)<br>| &nbsp;&nbsp; 1346406 | 1348563 | 7730754 | 106367 | 112694 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2962939 | $16908974 | $409393189 |  | $4122705 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2050 Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $6920 | &nbsp;&nbsp;&nbsp;&nbsp; $148824 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp;&nbsp;&nbsp; 49259 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9082 | &nbsp;&nbsp;&nbsp;&nbsp; 181386 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12602 | &nbsp;&nbsp;&nbsp;&nbsp; 192948 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26016 | &nbsp;&nbsp;&nbsp;&nbsp; 635849 |
| MSCI EAFE Index | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 47234 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp;&nbsp; 63358 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6879 | &nbsp;&nbsp;&nbsp;&nbsp; 166605 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1485463 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10531 | &nbsp;&nbsp;&nbsp;&nbsp; (341697)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11659 | &nbsp;&nbsp;&nbsp;&nbsp; (520700)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (862397)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $623066 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 9799011 | USD | 6345587 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113854 |
| CAD | 7595445 | USD | 5566406 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32803 |
| CAD | 8223770 | USD | 6026881 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35516 |
| CAD | 1178000 | USD | 865942 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2456 |
| EUR | 5213132 | USD | 5973624 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198422 |
| EUR | 819000 | USD | 943015 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26634 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409685 |
| JPY | 1930186764 | EUR | 11848106 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507968)<br>|
| JPY | 1930186987 | USD | 13572698 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53194)<br>|
| USD | 236051 | EUR | 206000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7841)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569003)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(159318)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1304077 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1485463 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 409685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 409685 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1304077 | &nbsp;&nbsp; $409685 | &nbsp;&nbsp; $181386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1895148 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2050 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341697 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $520700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $862397 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 569003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 569003 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341697 | &nbsp;&nbsp; $569003 | &nbsp;&nbsp; $520700 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1431400 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2939420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3011538 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 167092 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (157969)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (157969)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2781451 | &nbsp;&nbsp; $167092 | &nbsp;&nbsp; $72118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3020661 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3605445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(200678)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3404767 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 424374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 424374 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80240 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3685685 | &nbsp;&nbsp; $424374 | &nbsp;&nbsp; $(200678)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3909381 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $64834440 |
| Average notional value of contracts — short | &nbsp;&nbsp; 15485716 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 13225258 |
| Average amounts sold — in USD | &nbsp;&nbsp; 47230195 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 1504624 |

---

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 | &nbsp;&nbsp; $261639 | &nbsp;&nbsp;&nbsp;&nbsp; $72786 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 409685 | &nbsp;&nbsp;&nbsp;&nbsp; 569003 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 671324 | &nbsp;&nbsp;&nbsp;&nbsp; 641789 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (261639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72786)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $409685 | &nbsp;&nbsp;&nbsp;&nbsp; $569003 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2050 Fund** 

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $198422 | &nbsp;&nbsp; $(61035)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137387 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 68319 | &nbsp;&nbsp; (68319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 142944 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142944 |
|  | &nbsp;&nbsp; $409685 | &nbsp;&nbsp; $(129354)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $61035 | &nbsp;&nbsp; $(61035)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 507968 | &nbsp;&nbsp; (68319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 439649 |
|  | &nbsp;&nbsp; $569003 | &nbsp;&nbsp; $(129354)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $439649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $91902398 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $91902398 |
| Fixed-Income Funds | &nbsp;&nbsp; 26508012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26508012 |
| Money Market Funds | &nbsp;&nbsp; 73305581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73305581 |
|  | &nbsp;&nbsp; $191715991 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 191715991 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 217677198 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $409393189 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1155253 | &nbsp;&nbsp;&nbsp;&nbsp; $148824 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1304077 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409685 |
| Interest Rate Contracts | &nbsp;&nbsp; 181386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181386 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (341697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (341697)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2050 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(569003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(569003)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (520700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (520700)<br>|
|  | &nbsp;&nbsp; $474242 | &nbsp;&nbsp;&nbsp;&nbsp; $(10494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $463748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2055 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 92.4%** | **Equity Funds — 92.4%** | **Equity Funds — 92.4%** |
| BlackRock Real Estate Securities Fund | 128519 | $1931648 |
| BlackRock Tactical Opportunities Fund, Class K | 841763 | 13005239 |
| Diversified Equity Master Portfolio | $132256030 | 132256030 |
| International Tilts Master Portfolio | $39398302 | 39398302 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 472903 | 28388367 |
| iShares Core MSCI International Developed <br> Markets ETF<sup>(b)</sup><br>| 257871 | 19608511 |
| iShares MSCI Canada ETF | 33669 | 1555508 |
| iShares MSCI EAFE Small-Cap ETF | 80656 | 5862078 |
| iShares Russell 2000 ETF<sup>(b)</sup> | 9495 | 2048926 |
|  |  | 244054609 |
| **Fixed-Income Funds — 2.7%** | **Fixed-Income Funds — 2.7%** | **Fixed-Income Funds — 2.7%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 383280 | 3629663 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 68862 | 3542261 |
|  |  | 7171924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 11.2%** | **Money Market Funds — 11.2%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 12851782 | $12856922 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 16592320 | 16592320 |
|  |  | 29449242 |
| **Total Investments — 106.3%** <br>**(Cost: $250,123,137)** | **Total Investments — 106.3%** <br>**(Cost: $250,123,137)** | 280675775 |
| **Liabilities in Excess of Other Assets — (6.3)%** | **Liabilities in Excess of Other Assets — (6.3)%** | (16564184)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $264111591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging <br> Markets Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $4143199 | $15738957 | &nbsp;&nbsp;&nbsp; $(19655775)<br>| &nbsp;&nbsp; $(20526)<br>| $(205855)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; 2916275 | 9940419 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (257)<br>| 485 | 12856922 | 12851782 | 11992 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 51026442 |  | &nbsp;&nbsp;&nbsp; (34434122 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 16592320 | 16592320 | 595379 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 68114 | 3545403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 16146 | 3629663 | 383280 | 30971 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (1913)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities <br> Fund<br>| &nbsp;&nbsp; 1389725 | 1407391 | &nbsp;&nbsp;&nbsp; (892873)<br>| &nbsp;&nbsp; (31)<br>| 27436 | 1931648 | 128519 | 8504 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities <br> Fund, Class K<br>| &nbsp;&nbsp; 4741036 | 7926713 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 337490 | 13005239 | 841763 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 103027587 | 23584390 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 503476 | 5140577 | 132256030 | $132256030 | 1162770 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 18683163 | 16417874 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 678655 | 3618610 | 39398302 | $39398302 | 409452 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 3478082 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 64179 | 3542261 | 68862 | 13588 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 26342675 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 2045692 | 28388367 | 472903 | 326346 | &nbsp;&nbsp; — |
| iShares Core MSCI International <br> Developed Markets ETF<br>| &nbsp;&nbsp; — | 18831654 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 776857 | 19608511 | 257871 | 312065 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 456100 |  | &nbsp;&nbsp;&nbsp; (457547)<br>| &nbsp;&nbsp; (31757)<br>| 33204 |  |  | 7054 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 1770903 | 1879554 | &nbsp;&nbsp;&nbsp; (2324511)<br>| &nbsp;&nbsp; 72217 | 157345 | 1555508 | 33669 | 10300 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 3555333 | 19572827 | &nbsp;&nbsp;&nbsp; (19443002)<br>| &nbsp;&nbsp; 1075931 | 1100989 | 5862078 | 80656 | 85454 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 1320015 | 736378 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (7467)<br>| 2048926 | 9495 | 8213 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $2277708 | $13105688 | $280675775 |  | $2980175 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2055 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4745 | &nbsp;&nbsp;&nbsp;&nbsp; $102051 |
| S&P/TSE 60 Index | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3995 | &nbsp;&nbsp;&nbsp;&nbsp; 33497 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6728 | &nbsp;&nbsp;&nbsp;&nbsp; 134112 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8328 | &nbsp;&nbsp;&nbsp;&nbsp; 127513 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15040 | &nbsp;&nbsp;&nbsp;&nbsp; 366026 |
| MSCI EAFE Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp; 20973 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 | &nbsp;&nbsp;&nbsp;&nbsp; 77927 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5003 | &nbsp;&nbsp;&nbsp;&nbsp; 121168 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 983267 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7784 | &nbsp;&nbsp;&nbsp;&nbsp; (252559)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 | &nbsp;&nbsp;&nbsp;&nbsp; (71885)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (324444)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $658823 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 993000 | USD | 645352 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9227 |
| AUD | 6939996 | USD | 4494162 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80635 |
| CAD | 5094734 | USD | 3733733 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22003 |
| CAD | 6235166 | USD | 4569511 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26928 |
| EUR | 3768152 | USD | 4317850 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143423 |
| EUR | 665000 | USD | 775900 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11422 |
| JPY | 96995000 | USD | 677965 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295049 |
| JPY | 1396898642 | EUR | 8574612 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367622)<br>|
| JPY | 96995000 | EUR | 575882 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2434)<br>|
| JPY | 1396898283 | USD | 9822716 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38497)<br>|
| USD | 112296 | EUR | 98000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3730)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (412283)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(117234)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2055 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $849155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $983267 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295049 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $849155 | &nbsp;&nbsp; $295049 | &nbsp;&nbsp; $134112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1278316 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252559 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $324444 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 412283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 412283 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252559 | &nbsp;&nbsp; $412283 | &nbsp;&nbsp; $71885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $736727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2065897 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(224526)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1841371 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142643 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (116690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (116690)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1949207 | &nbsp;&nbsp; $142643 | &nbsp;&nbsp; $(224526)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1867324 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2522967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2666203 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282983 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60462 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2583429 | &nbsp;&nbsp; $282983 | &nbsp;&nbsp; $143236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3009648 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $45556420 |
| Average notional value of contracts — short | &nbsp;&nbsp; 6803495 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 9970290 |
| Average amounts sold — in USD | &nbsp;&nbsp; 35089377 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 951096 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2055 Fund** 

**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 | &nbsp;&nbsp; $242399 | &nbsp;&nbsp;&nbsp;&nbsp; $63632 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 295049 | &nbsp;&nbsp;&nbsp;&nbsp; 412283 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 537448 | &nbsp;&nbsp;&nbsp;&nbsp; 475915 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (242399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63632)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $295049 | &nbsp;&nbsp;&nbsp;&nbsp; $412283 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $143423 | &nbsp;&nbsp; $(42227)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101196 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 48931 | &nbsp;&nbsp; (48931)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 102695 | &nbsp;&nbsp; (2434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100261 |
|  | &nbsp;&nbsp; $295049 | &nbsp;&nbsp; $(93592)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $42227 | &nbsp;&nbsp; $(42227)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 367622 | &nbsp;&nbsp; (48931)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 318691 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 2434 | &nbsp;&nbsp; (2434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $412283 | &nbsp;&nbsp; $(93592)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $318691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $72400277 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $72400277 |
| Fixed-Income Funds | &nbsp;&nbsp; 7171924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7171924 |
| Money Market Funds | &nbsp;&nbsp; 29449242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29449242 |
|  | &nbsp;&nbsp; $109021443 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 109021443 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 171654332 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $280675775 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2055 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $747104 | &nbsp;&nbsp;&nbsp;&nbsp; $102051 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $849155 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295049 |
| Interest Rate Contracts | &nbsp;&nbsp; 134112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134112 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (252559)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (252559)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (412283)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (71885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (71885)<br>|
|  | &nbsp;&nbsp; $556772 | &nbsp;&nbsp;&nbsp;&nbsp; $(15183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $541589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2060 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 93.5%** | **Equity Funds — 93.5%** | **Equity Funds — 93.5%** |
| BlackRock Real Estate Securities Fund | 35659 | $535962 |
| BlackRock Tactical Opportunities Fund, Class K | 404168 | 6244394 |
| Diversified Equity Master Portfolio | $63857534 | 63857534 |
| International Tilts Master Portfolio | $18881042 | 18881042 |
| iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 227832 | 13676755 |
| iShares Core MSCI International Developed <br> Markets ETF<br>| 114235 | 8686429 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 60010 | 2772462 |
| iShares MSCI EAFE Small-Cap ETF | 38116 | 2770271 |
| iShares Russell 2000 ETF<sup>(b)</sup> | 4925 | 1062766 |
|  |  | 118487615 |
| **Fixed-Income Funds — 2.4%** | **Fixed-Income Funds — 2.4%** | **Fixed-Income Funds — 2.4%** |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| 214548 | 2031771 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<sup>(b)</sup><br>| 20468 | 1052874 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(b)</sup><br>| 41 | 4494 |
|  |  | 3089139 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 10.6%** | **Money Market Funds — 10.6%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)</sup><br>| 5041481 | $5043498 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 8316259 | 8316259 |
|  |  | 13359757 |
| **Total Investments — 106.5%** <br>**(Cost: $122,625,086)** | **Total Investments — 106.5%** <br>**(Cost: $122,625,086)** | 134936511 |
| **Liabilities in Excess of Other Assets — (6.5)%** | **Liabilities in Excess of Other Assets — (6.5)%** | (8252005)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $126684506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging Markets <br> Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $1106666 | $7376494 | &nbsp;&nbsp;&nbsp; $(8358631)<br>| &nbsp;&nbsp; $(54701)<br>| $(69828)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 3006184 | 2037313 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 180 | (179)<br>| 5043498 | 5041481 | 8594 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; 20698367 |  | &nbsp;&nbsp;&nbsp; (12382108 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 8316259 | 8316259 | 276329 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income <br> Fund, Class K<br>| &nbsp;&nbsp; 22988 | 2003963 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 4820 | 2031771 | 214548 | 9237 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (900)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 419225 | 630525 | &nbsp;&nbsp;&nbsp; (523652)<br>| &nbsp;&nbsp; (4430)<br>| 14294 | 535962 | 35659 | 2877 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, <br> Class K<br>| &nbsp;&nbsp; 1302546 | 4798890 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 142958 | 6244394 | 404168 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 42609411 | 18449932 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 227674 | 2570517 | 63857534 | $63857534 | 535922 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 7184412 | 9877506 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 296326 | 1522798 | 18881042 | $18881042 | 175543 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 1033798 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 19076 | 1052874 | 20468 | 4039 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets <br> ETF<br>| &nbsp;&nbsp; — | 12709598 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 967157 | 13676755 | 227832 | 154291 | &nbsp;&nbsp; — |
| iShares Core MSCI International <br> Developed Markets ETF<br>| &nbsp;&nbsp; — | 8305374 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 381055 | 8686429 | 114235 | 146082 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; 158016 |  | &nbsp;&nbsp;&nbsp; (154123)<br>| &nbsp;&nbsp; (6892)<br>| 7493 | 4494 | 41 | 2460 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 2203564 | 1310858 | &nbsp;&nbsp;&nbsp; (1096774)<br>| &nbsp;&nbsp; 37767 | 317047 | 2772462 | 60010 | 17038 | &nbsp;&nbsp; — |
| iShares MSCI EAFE ETF<sup>(a)</sup> | &nbsp;&nbsp; 376914 |  | &nbsp;&nbsp;&nbsp; (408847)<br>| &nbsp;&nbsp; 79528 | (47595)<br>|  |  |  | &nbsp;&nbsp; — |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2060 Fund** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| &nbsp;&nbsp; *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *06/30/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *06/30/25*<br>| *Income*<br> *(Expense)*<br>| *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; $1661148 | $10637202 | &nbsp;&nbsp;&nbsp; $(10715569)<br>| &nbsp;&nbsp; $617737 | $569753 | $2770271 | 38116 | $40383 | &nbsp;&nbsp; $— |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 576264 | 488412 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | (1910)<br>| 1062766 | 4925 | 3502 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $1193189 | $6397456 | $134936511 |  | $1375397 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $2570 | &nbsp;&nbsp;&nbsp;&nbsp; $55127 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3252 | &nbsp;&nbsp;&nbsp;&nbsp; 64733 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4164 | &nbsp;&nbsp;&nbsp;&nbsp; 63757 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7286 | &nbsp;&nbsp;&nbsp;&nbsp; 178416 |
| MSCI EAFE Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp;&nbsp; 26088 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; 16615 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp;&nbsp; 60584 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 465320 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; (118851)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; (33263)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (152114)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $313206 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 3515641 | USD | 2276638 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40848 |
| CAD | 43600 | USD | 31953 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| CAD | 3240217 | USD | 2374629 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13994 |
| EUR | 315000 | USD | 362036 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10905 |
| EUR | 1709137 | USD | 1958466 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65053 |
| JPY | 52057000 | USD | 363168 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132440 |
| CAD | 253000 | USD | 187066 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559)<br>|
| JPY | 52057000 | EUR | 315980 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9483)<br>|
| JPY | 636189384 | EUR | 3905135 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (167426)<br>|
| JPY | 636189749 | USD | 4473562 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17533)<br>|
| USD | 26355 | EUR | 23000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (875)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195876)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(63436)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2060 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $400587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $465320 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132440 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $400587 | &nbsp;&nbsp; $132440 | &nbsp;&nbsp; $64733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597760 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33263 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152114 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 195876 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 195876 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $118851 | &nbsp;&nbsp; $195876 | &nbsp;&nbsp; $33263 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $347990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1133262 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(114686)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1018576 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43201 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (51676)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (51676)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1081586 | &nbsp;&nbsp; $43201 | &nbsp;&nbsp; $(114686)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1010101 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1037330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1094425 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77793 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77793 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26266 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1063596 | &nbsp;&nbsp; $77793 | &nbsp;&nbsp; $57095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1198484 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $21106878 |
| Average notional value of contracts — short | &nbsp;&nbsp; 3160341 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 4489105 |
| Average amounts sold — in USD | &nbsp;&nbsp; 14574353 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 493299 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2060 Fund** 

**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 | &nbsp;&nbsp; $83529 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 132440 | &nbsp;&nbsp;&nbsp;&nbsp; 195876 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 215969 | &nbsp;&nbsp;&nbsp;&nbsp; 195876 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (83529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $132440 | &nbsp;&nbsp;&nbsp;&nbsp; $195876 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $77410 | &nbsp;&nbsp; $(18408)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59002 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 14182 | &nbsp;&nbsp; (14182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 40848 | &nbsp;&nbsp; (559)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40289 |
|  | &nbsp;&nbsp; $132440 | &nbsp;&nbsp; $(33149)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $18408 | &nbsp;&nbsp; $(18408)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Deutsche Bank AG | &nbsp;&nbsp; 9483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9483 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 167426 | &nbsp;&nbsp; (14182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153244 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 559 | &nbsp;&nbsp; (559)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $195876 | &nbsp;&nbsp; $(33149)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $35749039 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35749039 |
| Fixed-Income Funds | &nbsp;&nbsp; 3089139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3089139 |
| Money Market Funds | &nbsp;&nbsp; 13359757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13359757 |
|  | &nbsp;&nbsp; $52197935 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 52197935 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82738576 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $134936511 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2060 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $345460 | &nbsp;&nbsp;&nbsp;&nbsp; $55127 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $400587 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132440 |
| Interest Rate Contracts | &nbsp;&nbsp; 64733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64733 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (118851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118851)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (195876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (195876)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (33263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33263)<br>|
|  | &nbsp;&nbsp; $258079 | &nbsp;&nbsp;&nbsp;&nbsp; $(8309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $249770 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2065 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 93.8%** | **Equity Funds — 93.8%** | **Equity Funds — 93.8%** |
| BlackRock Real Estate Securities Fund | 15074 | $226562 |
| BlackRock Tactical Opportunities Fund, Class K | 182329 | 2816985 |
| Diversified Equity Master Portfolio | $28853687 | 28853687 |
| International Tilts Master Portfolio | $8529394 | 8529394 |
| iShares Core MSCI Emerging Markets ETF | 102865 | 6174986 |
| iShares Core MSCI International Developed <br> Markets ETF<br>| 52358 | 3981303 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 26625 | 1230075 |
| iShares MSCI EAFE Small-Cap ETF | 19009 | 1381574 |
| iShares Russell 2000 ETF<sup>(b)</sup> | 3273 | 706281 |
|  |  | 53900847 |
| **Fixed-Income Funds — 2.3%** | **Fixed-Income Funds — 2.3%** | **Fixed-Income Funds — 2.3%** |
| BlackRock Diversified Fixed Income Fund, Class K | 89483 | 847405 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<br>| 9042 | 465121 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(b)</sup><br>| 5 | 548 |
|  |  | 1313074 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 11.9%** | **Money Market Funds — 11.9%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.47%<sup>(c)(d)</sup><br>| 1955896 | $1956679 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 4895160 | 4895160 |
|  |  | 6851839 |
| **Total Investments — 108.0%** <br>**(Cost: $57,123,387)** | **Total Investments — 108.0%** <br>**(Cost: $57,123,387)** | 62065760 |
| **Liabilities in Excess of Other Assets — (8.0)%** | **Liabilities in Excess of Other Assets — (8.0)%** | (4623093)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $57442667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging Markets <br> Fund, Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $383705 | $3446937 | &nbsp;&nbsp;&nbsp; $(3775416)<br>| &nbsp;&nbsp; $(42406)<br>| $(12820)<br>| $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 1085514 | 871219 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (67)<br>| 13 | 1956679 | 1955896 | 3441 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 9312754 |  | &nbsp;&nbsp;&nbsp; (4417594 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 4895160 | 4895160 | 127175 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| &nbsp;&nbsp; 91920 | 752495 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 2990 | 847405 | 89483 | 5439 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (334)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 174075 | 290643 | &nbsp;&nbsp;&nbsp; (242675)<br>| &nbsp;&nbsp; (1275)<br>| 5794 | 226562 | 15074 | 969 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, <br> Class K<br>| &nbsp;&nbsp; 494628 | 2259323 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 63034 | 2816985 | 182329 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 18058639 | 9568303 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 88098 | 1138647 | 28853687 | $28853687 | 231926 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 2002375 | 5876360 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 112908 | 537751 | 8529394 | $8529394 | 64557 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade <br> Corporate Bond ETF<br>| &nbsp;&nbsp; — | 456694 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 8427 | 465121 | 9042 | 1784 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; — | 5751761 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 423225 | 6174986 | 102865 | 67518 | &nbsp;&nbsp; — |
| iShares Core MSCI International Developed <br> Markets ETF<br>| &nbsp;&nbsp; — | 3818066 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 163237 | 3981303 | 52358 | 66955 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; 91776 |  | &nbsp;&nbsp;&nbsp; (91531)<br>| &nbsp;&nbsp; (4503)<br>| 4806 | 548 | 5 | 1421 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 880474 | 644576 | &nbsp;&nbsp;&nbsp; (441950)<br>| &nbsp;&nbsp; 9407 | 137568 | 1230075 | 26625 | 6864 | &nbsp;&nbsp; — |
| iShares MSCI EAFE ETF<sup>(a)</sup> | &nbsp;&nbsp; 159915 |  | &nbsp;&nbsp;&nbsp; (173463)<br>| &nbsp;&nbsp; 30998 | (17450)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 650268 | 6109765 | &nbsp;&nbsp;&nbsp; (5951440)<br>| &nbsp;&nbsp; 350923 | 222058 | 1381574 | 19009 | 17629 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 353315 | 339433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 13533 | 706281 | 3273 | 2619 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $544083 | $2690813 | $62065760 |  | $597963 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2065 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; $1186 | &nbsp;&nbsp;&nbsp;&nbsp; $25129 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 28999 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp;&nbsp; 25167 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; 83382 |
| MSCI EAFE Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp; 11482 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 11415 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp; 30292 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 215866 |
| Short Contracts  |  |  |  |  |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp;&nbsp; (59426)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $156440 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 133000 | USD | 86788 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $885 |
| AUD | 1498964 | USD | 970675 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17431 |
| CAD | 123000 | USD | 90311 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| CAD | 126000 | USD | 92341 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| CAD | 1322151 | USD | 968953 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5710 |
| EUR | 738683 | USD | 846442 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28116 |
| EUR | 173000 | USD | 199760 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| JPY | 12635000 | USD | 88325 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| JPY | 24621000 | USD | 172067 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| USD | 168580 | CAD | 228000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59171 |
| CAD | 124000 | USD | 91507 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96)<br>|
| JPY | 12635000 | EUR | 76951 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2607)<br>|
| JPY | 291497386 | EUR | 1789305 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76714)<br>|
| JPY | 24621000 | EUR | 145735 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| JPY | 291497527 | USD | 2049754 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8034)<br>|
| USD | 9167 | EUR | 8000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (305)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87846)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28675)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2065 Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $215866 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59171 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59171 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186867 | &nbsp;&nbsp; $59171 | &nbsp;&nbsp; $28999 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $275037 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59426 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87846 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59426 | &nbsp;&nbsp; $87846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $554044 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70428)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $483616 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24047 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (22516)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (22516)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531528 | &nbsp;&nbsp; $24047 | &nbsp;&nbsp; $(70428)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $485147 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $480851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44053 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $524904 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30960 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11510 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $492361 | &nbsp;&nbsp; $30960 | &nbsp;&nbsp; $44053 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $567374 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9329098 |
| Average notional value of contracts — short | &nbsp;&nbsp; 1304520 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 2113464 |
| Average amounts sold — in USD | &nbsp;&nbsp; 6619890 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 213793 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2065 Fund** 

**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 | &nbsp;&nbsp; $43851 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 59171 | &nbsp;&nbsp;&nbsp;&nbsp; 87846 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 103022 | &nbsp;&nbsp;&nbsp;&nbsp; 87846 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (43851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $59171 | &nbsp;&nbsp;&nbsp;&nbsp; $87846 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $29001 | &nbsp;&nbsp; $(8339)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20662 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 11851 | &nbsp;&nbsp; (11851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 18319 | &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18223 |
|  | &nbsp;&nbsp; $59171 | &nbsp;&nbsp; $(20286)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $8339 | &nbsp;&nbsp; $(8339)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 79321 | &nbsp;&nbsp; (11851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67470 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 96 | &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 90 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90 |
|  | &nbsp;&nbsp; $87846 | &nbsp;&nbsp; $(20286)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $16517766 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16517766 |
| Fixed-Income Funds | &nbsp;&nbsp; 1313074 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313074 |
| Money Market Funds | &nbsp;&nbsp; 6851839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6851839 |
|  | &nbsp;&nbsp; $24682679 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 24682679 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37383081 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $62065760 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2065 Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $161738 | &nbsp;&nbsp;&nbsp;&nbsp; $25129 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $186867 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59171 |
| Interest Rate Contracts | &nbsp;&nbsp; 28999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28999 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (59426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59426)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87846)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87846)<br>|
|  | &nbsp;&nbsp; $131311 | &nbsp;&nbsp;&nbsp;&nbsp; $(3546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $127765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock LifePath® Dynamic 2070 Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 96.8%** | **Equity Funds — 96.8%** | **Equity Funds — 96.8%** |
| BlackRock Real Estate Securities Fund | 1387 | $20849 |
| BlackRock Tactical Opportunities Fund, Class K | 13376 | 206657 |
| Diversified Equity Master Portfolio | $2199986 | 2199986 |
| International Tilts Master Portfolio | $649215 | 649215 |
| iShares Core MSCI EAFE ETF | 790 | 65949 |
| iShares Core MSCI Emerging Markets ETF | 7902 | 474357 |
| iShares Core MSCI International Developed Markets <br> ETF<br>| 4367 | 332070 |
| iShares MSCI Canada ETF | 2082 | 96188 |
| iShares MSCI EAFE Small-Cap ETF | 625 | 45425 |
| iShares MSCI Japan ETF | 453 | 33961 |
| iShares Russell 2000 ETF<sup>(b)</sup> | 295 | 63658 |
|  |  | 4188315 |
| **Fixed-Income Funds — 1.8%** | **Fixed-Income Funds — 1.8%** | **Fixed-Income Funds — 1.8%** |
| BlackRock Diversified Fixed Income Fund, Class K | 4160 | 39394 |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<br>| 743 | 38220 |
|  |  | 77614 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.47%<sup>(c)(d)</sup><br>| 6826 | $6829 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 31748 | 31748 |
|  |  | 38577 |
| **Total Investments — 99.5%** <br>**(Cost: $4,007,916)** | **Total Investments — 99.5%** <br>**(Cost: $4,007,916)** | 4304506 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 22305 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4326811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> 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 June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*06/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Advantage Emerging Markets Fund, <br> Class K<sup>(a)</sup><br>| &nbsp;&nbsp; $196700 | $163579 | &nbsp;&nbsp;&nbsp; $(361528)<br>| &nbsp;&nbsp;&nbsp; $(12641)<br>| $13890 | $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; 465741 |  | &nbsp;&nbsp;&nbsp; (458927 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 14 | 1 | 6829 | 6826 | 626 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 392450 |  | &nbsp;&nbsp;&nbsp; (360702 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — |  | 31748 | 31748 | 5256 | &nbsp;&nbsp; — |
| BlackRock Diversified Fixed Income Fund, <br> Class K<br>| &nbsp;&nbsp; 3303 | 35888 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 203 | 39394 | 4160 | 380 | &nbsp;&nbsp; — |
| BlackRock High Yield Bond Portfolio, Class K<sup>(a)</sup> | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  |  |  | (56)<br>| &nbsp;&nbsp; — |
| BlackRock Real Estate Securities Fund | &nbsp;&nbsp; 20431 | 133 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 285 | 20849 | 1387 | 133 | &nbsp;&nbsp; — |
| BlackRock Tactical Opportunities Fund, Class K | &nbsp;&nbsp; 5258 | 197281 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4118 | 206657 | 13376 |  | &nbsp;&nbsp; — |
| Diversified Equity Master Portfolio | &nbsp;&nbsp; 2284662 |  | &nbsp;&nbsp;&nbsp; (185742 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 10719 | 90347 | 2199986 | $2199986 | 21142 | &nbsp;&nbsp; — |
| International Tilts Master Portfolio | &nbsp;&nbsp; 409587 | 155460 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12646 | 71522 | 649215 | $649215 | 7908 | &nbsp;&nbsp; — |
| iShares Broad USD Investment Grade Corporate <br> Bond ETF<br>| &nbsp;&nbsp; — | 37528 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 692 | 38220 | 743 | 147 | &nbsp;&nbsp; — |
| iShares Core MSCI EAFE ETF | &nbsp;&nbsp; — | 230501 | &nbsp;&nbsp;&nbsp; (171555)<br>| &nbsp;&nbsp;&nbsp; 3453 | 3550 | 65949 | 790 | 892 | &nbsp;&nbsp; — |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; — | 439204 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 35153 | 474357 | 7902 | 5608 | &nbsp;&nbsp; — |
| iShares Core MSCI International Developed <br> Markets ETF<br>| &nbsp;&nbsp; — | 319903 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 12167 | 332070 | 4367 | 5177 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 42095 |  | &nbsp;&nbsp;&nbsp; (42229)<br>| &nbsp;&nbsp;&nbsp; (1912)<br>| 2046 |  |  | 650 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 109414 | 22783 | &nbsp;&nbsp;&nbsp; (49536)<br>| &nbsp;&nbsp;&nbsp; 706 | 12821 | 96188 | 2082 | 637 | &nbsp;&nbsp; — |
| iShares MSCI EAFE ETF<sup>(a)</sup> | &nbsp;&nbsp; 19734 | 233 | &nbsp;&nbsp;&nbsp; (21632)<br>| &nbsp;&nbsp;&nbsp; (356)<br>| 2021 |  |  |  | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 306909 | 40433 | &nbsp;&nbsp;&nbsp; (335399)<br>| &nbsp;&nbsp;&nbsp; 483 | 32999 | 45425 | 625 | 1422 | &nbsp;&nbsp; — |
| iShares MSCI Japan ETF | &nbsp;&nbsp; — | 95699 | &nbsp;&nbsp;&nbsp; (65625)<br>| &nbsp;&nbsp;&nbsp; 2491 | 1396 | 33961 | 453 | 268 | &nbsp;&nbsp; — |
| iShares MSCI USA Value Factor ETF<sup>(a)</sup> | &nbsp;&nbsp; 39710 |  | &nbsp;&nbsp;&nbsp; (38303)<br>| &nbsp;&nbsp;&nbsp; (2537)<br>| 1130 |  |  | 255 | &nbsp;&nbsp; — |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 51484 | 32806 | &nbsp;&nbsp;&nbsp; (19446)<br>| &nbsp;&nbsp;&nbsp; (2226)<br>| 1040 | 63658 | 295 | 311 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $10840 | $285381 | $4304506 |  | $50756 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2070 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

<sup>(d)</sup> Inclusive of income and expense allocated from the Master Portfolio.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp;&nbsp;&nbsp; $2245 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 5288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $9211 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 115536 | USD | 74814 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1347 |
| CAD | 109826 | USD | 80476 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| EUR | 64686 | USD | 74122 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2462 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294 |
| JPY | 23968412 | EUR | 147116 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6296)<br>|
| JPY | 11084228 | USD | 77942 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (306)<br>|
| USD | 3239 | AUD | 5000 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| USD | 1465 | CAD | 2000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6668)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2374)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9211 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4294 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6966 | &nbsp;&nbsp; $4294 | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13505 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2070 Fund** 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20304 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4620)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $15684 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2479)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2479)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20304 | &nbsp;&nbsp; $(2479)<br>| &nbsp;&nbsp; $(4620)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $13205 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30212 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4576 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4576 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27967 | &nbsp;&nbsp; $4576 | &nbsp;&nbsp; $2245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34788 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $487029 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 202567 |
| Average amounts sold — in USD | &nbsp;&nbsp; 492581 |

---

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 | &nbsp;&nbsp; $1478 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 4294 | &nbsp;&nbsp;&nbsp;&nbsp; 6668 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 5772 | &nbsp;&nbsp;&nbsp;&nbsp; 6668 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (1478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $4294 | &nbsp;&nbsp;&nbsp;&nbsp; $6668 |

---

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* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $4294 | &nbsp;&nbsp; $(315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $315 | &nbsp;&nbsp; $(315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs International | &nbsp;&nbsp; 6296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6296 |
| UBS AG | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp; $6668 | &nbsp;&nbsp; $(315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6353 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock LifePath® Dynamic 2070 Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**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 | &nbsp;&nbsp; $1339114 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1339114 |
| Fixed-Income Funds | &nbsp;&nbsp; 77614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77614 |
| Money Market Funds | &nbsp;&nbsp; 38577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38577 |
|  | &nbsp;&nbsp; $1455305 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 1455305 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2849201 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4304506 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6966 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6966 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4294 |
| Interest Rate Contracts | &nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2245 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6668)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6668)<br>|
|  | &nbsp;&nbsp; $9211 | &nbsp;&nbsp;&nbsp;&nbsp; $(2374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 

<sup>(b)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>Retirement Fund<br>| BlackRock <br>LifePath® Dynamic <br>2030 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2035 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2040 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $462724223 | $495212026 | $430607807 | $543844437 |
| Cash | 85313 | 71682 | 102025 | 252596 |
| Cash pledged for futures contracts | 2221000 | 2169000 | 2191000 | 4388000 |
| Foreign currency, at value<sup>(c)</sup> | 2000691 | 543984 | 462161 | 653595 |
| Receivables: |  |  |  |  |
| Investments sold | 1858822 | 2303239 |  |  |
| Securities lending income — affiliated | 2066 | 3445 | 4996 | 6635 |
| Capital shares sold | 2100144 | 1989587 | 2045207 | 985343 |
| Dividends — affiliated | 815972 | 568240 | 408371 | 393980 |
| Variation margin on futures contracts | 196905 | 276513 | 218365 | 310217 |
| Unrealized appreciation on forward foreign currency exchange contracts | 526041 | 547771 | 423842 | 557758 |
| Total assets | 472531177 | 503685487 | 436463774 | 551392561 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | 1599658 | 16133104 | 43383224 | 47144665 |
| Payables: |  |  |  |  |
| Investments purchased | 3611045 | 3526872 | 9731102 | 7858259 |
| Administration fees | 49261 | 52095 | 21980 | 56137 |
| Capital shares redeemed | 474379 | 537866 | 211206 | 148815 |
| Investment advisory fees | 46358 | 43205 | 28857 | 32111 |
| Trustees' and Officer's fees | 1521 | 1674 | 1393 | 1654 |
| Professional fees | 21902 | 11844 | 10703 | 11428 |
| Service and distribution fees | 33911 | 33278 | 13636 | 36645 |
| Variation margin on futures contracts | 238944 | 268429 | 223192 | 293921 |
| Unrealized depreciation on forward foreign currency exchange contracts | 753388 | 780134 | 595872 | 781947 |
| Total liabilities | 6830367 | 21388501 | 54221165 | 56365582 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $465700810 | $482296986 | $382242609 | $495026979 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $389712075 | $436148566 | $341112168 | $404312115 |
| Accumulated earnings | 75988735 | 46148420 | 41130441 | 90714864 |
| NET ASSETS | $465700810 | $482296986 | $382242609 | $495026979 |
| <sup>(a)</sup> Investments, at cost—affiliated | $385368185 | $437681584 | $394626344 | $464223737 |
| <sup>(b)</sup> Securities loaned, at value | $1579900 | $15886439 | $42624905 | $46412396 |
| <sup>(c)</sup> Foreign currency, at cost | $2051315 | $541808 | $460380 | $650676 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>Retirement Fund<br>| BlackRock <br>LifePath® Dynamic <br>2030 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2035 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2040 Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $36358235 | $51502184 | $12464818 | $53250044 |
| Shares outstanding | 3702188 | 3596122 | 744443 | 2882190 |
| Net asset value | $9.82 | $14.32 | $16.74 | $18.48 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $125265570 | $134124899 | $40469837 | $148443415 |
| Shares outstanding | 15989255 | 10033741 | 2437955 | 9560400 |
| Net asset value | $7.83 | $13.37 | $16.60 | $15.53 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor C** |  |  |  |  |
| Net assets | $2474205 | $2122654 | $3081993 | $2785070 |
| Shares outstanding | 260850 | 154651 | 190751 | 157330 |
| Net asset value | $9.49 | $13.73 | $16.16 | $17.70 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $287791482 | $284084689 | $317799508 | $277134090 |
| Shares outstanding | 29420063 | 19853950 | 18596937 | 14822242 |
| Net asset value | $9.78 | $14.31 | $17.09 | $18.70 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class R** |  |  |  |  |
| Net assets | $13811318 | $10462560 | $8426453 | $13414360 |
| Shares outstanding | 1438158 | 749382 | 509925 | 745405 |
| Net asset value | $9.60 | $13.96 | $16.52 | $18.00 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2045 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2050 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2055 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2060 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $364987892 | $409393189 | $280675775 | $134936511 |
| Cash | 232714 | 219968 | 79929 |  |
| Cash pledged for futures contracts | 4014000 | 4316000 | 2478000 | 1200000 |
| Foreign currency, at value<sup>(c)</sup> | 431647 | 494973 | 338950 | 106785 |
| Receivables: |  |  |  |  |
| Securities lending income — affiliated | 5644 | 7334 | 4629 | 2829 |
| Capital shares sold | 805978 | 1153912 | 819874 | 558718 |
| Dividends — affiliated | 185057 | 128781 | 59818 | 27347 |
| Variation margin on futures contracts | 218866 | 261639 | 242399 | 83529 |
| Unrealized appreciation on forward foreign currency exchange contracts | 365489 | 409685 | 295049 | 132440 |
| Total assets | 371247287 | 416385481 | 284994423 | 137048159 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | 41919109 | 44546364 | 12856600 | 5044032 |
| Payables: |  |  |  |  |
| Investments purchased | 10951856 | 11402943 | 7142525 | 5057903 |
| Administration fees | 18690 | 34569 | 15745 | 5716 |
| Capital shares redeemed | 502585 | 105550 | 347801 | 34651 |
| Investment advisory fees | 21785 | 28691 | 21769 | 10043 |
| Trustees' and Officer's fees | 1316 | 1408 | 1215 | 966 |
| Professional fees | 10753 | 10855 | 10719 | 10590 |
| Service and distribution fees | 12864 | 24495 | 10543 | 3876 |
| Variation margin on futures contracts | 179097 | 72786 | 63632 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 494787 | 569003 | 412283 | 195876 |
| Total liabilities | 54112842 | 56796664 | 20882832 | 10363653 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $317134445 | $359588817 | $264111591 | $126684506 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $273781226 | $297730220 | $225581468 | $110356369 |
| Accumulated earnings | 43353219 | 61858597 | 38530123 | 16328137 |
| NET ASSETS | $317134445 | $359588817 | $264111591 | $126684506 |
| <sup>(a)</sup> Investments, at cost—affiliated | $329960578 | $350464959 | $250123137 | $122625086 |
| <sup>(b)</sup> Securities loaned, at value | $41199797 | $43830094 | $12628727 | $4983082 |
| <sup>(c)</sup> Foreign currency, at cost | $429695 | $492451 | $337325 | $106436 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2045 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2050 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2055 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2060 Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $7658683 | $21187872 | $8367514 | $7203425 |
| Shares outstanding | 399206 | 860875 | 398944 | 452532 |
| Net asset value | $19.18 | $24.61 | $20.97 | $15.92 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $38583238 | $98246410 | $34657613 | $9725378 |
| Shares outstanding | 2026980 | 4029807 | 1670828 | 614656 |
| Net asset value | $19.03 | $24.38 | $20.74 | $15.82 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor C** |  |  |  |  |
| Net assets | $1646465 | $1896548 | $1368455 | $92550 |
| Shares outstanding | 89195 | 80325 | 67995 | 5889 |
| Net asset value | $18.46 | $23.61 | $20.13 | $15.72 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $258479301 | $227520099 | $212050305 | $103990055 |
| Shares outstanding | 13235874 | 9167241 | 9894519 | 6503949 |
| Net asset value | $19.53 | $24.82 | $21.43 | $15.99 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class R** |  |  |  |  |
| Net assets | $10766758 | $10737888 | $7667704 | $5673098 |
| Shares outstanding | 570065 | 445075 | 372134 | 359035 |
| Net asset value | $18.89 | $24.13 | $20.60 | $15.80 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2065 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2070 Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $62065760 | $4304506 |
| Cash | 26858 |  |
| Cash pledged for futures contracts | 645000 | 29000 |
| Foreign currency, at value<sup>(c)</sup> | 43580 | 6373 |
| Receivables: |  |  |
| Investments sold |  | 70793 |
| Securities lending income — affiliated | 998 | 85 |
| Capital shares sold | 77683 | 1455 |
| Dividends — affiliated | 15697 | 499 |
| From the Administrator |  | 2300 |
| Variation margin on futures contracts | 43851 | 1478 |
| Unrealized appreciation on forward foreign currency exchange contracts | 59171 | 4294 |
| Total assets | 62978598 | 4420783 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned | 1956861 | 6814 |
| Payables: |  |  |
| Investments purchased | 3405437 | 69045 |
| Administration fees | 2377 |  |
| Capital shares redeemed | 63993 |  |
| Investment advisory fees | 4468 | 321 |
| Trustees' and Officer's fees | 1102 | 228 |
| Professional fees | 10669 | 10750 |
| Service and distribution fees | 3178 | 146 |
| Unrealized depreciation on forward foreign currency exchange contracts | 87846 | 6668 |
| Total liabilities | 5535931 | 93972 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $57442667 | $4326811 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $50775908 | $4012245 |
| Accumulated earnings | 6666759 | 314566 |
| NET ASSETS | $57442667 | $4326811 |
| <sup>(a)</sup> Investments, at cost—affiliated | $57123387 | $4007916 |
| <sup>(b)</sup> Securities loaned, at value | $1935749 | $6689 |
| <sup>(c)</sup> Foreign currency, at cost | $43339 | $6482 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2065 Fund<br>| BlackRock <br>LifePath® Dynamic <br>2070 Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $2009510 | $107753 |
| Shares outstanding | 140880 | 10000 |
| Net asset value | $14.26 | $10.78 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Investor A** |  |  |
| Net assets | $12119694 | $110173 |
| Shares outstanding | 854983 | 10237 |
| Net asset value | $14.18 | $10.76 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Investor C** |  |  |
| Net assets | $870478 | $107220 |
| Shares outstanding | 61930 | 10000 |
| Net asset value | $14.06 | $10.72 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Class K** |  |  |
| Net assets | $41806282 | $3894153 |
| Shares outstanding | 2922039 | 360948 |
| Net asset value | $14.31 | $10.79 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Class R** |  |  |
| Net assets | $636703 | $107512 |
| Shares outstanding | 44927 | 10000 |
| Net asset value | $14.17 | $10.75 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>Retirement Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2030 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2035 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2040 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $4744176 | &nbsp;&nbsp;&nbsp; $4358532 | &nbsp;&nbsp;&nbsp; $3244675 | &nbsp;&nbsp;&nbsp; $3481671 |
| Interest — unaffiliated | &nbsp;&nbsp; 66441 | &nbsp;&nbsp;&nbsp; 61090 | &nbsp;&nbsp;&nbsp; 58186 | &nbsp;&nbsp;&nbsp; 80377 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 4687 | &nbsp;&nbsp;&nbsp; 21727 | &nbsp;&nbsp;&nbsp; 16840 | &nbsp;&nbsp;&nbsp; 36477 |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 1261113 | &nbsp;&nbsp;&nbsp; 1750788 | &nbsp;&nbsp;&nbsp; 1485707 | &nbsp;&nbsp;&nbsp; 2407020 |
| Interest — affiliated | &nbsp;&nbsp; 207872 | &nbsp;&nbsp;&nbsp; 275655 | &nbsp;&nbsp;&nbsp; 241496 | &nbsp;&nbsp;&nbsp; 375924 |
| Expenses | &nbsp;&nbsp; (397037)<br>| &nbsp;&nbsp;&nbsp; (535525)<br>| &nbsp;&nbsp;&nbsp; (462985)<br>| &nbsp;&nbsp;&nbsp; (732444)<br>|
| Fees waived | &nbsp;&nbsp; 281117 | &nbsp;&nbsp;&nbsp; 372114 | &nbsp;&nbsp;&nbsp; 328032 | &nbsp;&nbsp;&nbsp; 506652 |
| Total investment income | &nbsp;&nbsp; 6168369 | &nbsp;&nbsp;&nbsp; 6304381 | &nbsp;&nbsp;&nbsp; 4911951 | &nbsp;&nbsp;&nbsp; 6155677 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 649901 | &nbsp;&nbsp;&nbsp; 655422 | &nbsp;&nbsp;&nbsp; 494752 | &nbsp;&nbsp;&nbsp; 662958 |
| Administration — class specific | &nbsp;&nbsp; 298948 | &nbsp;&nbsp;&nbsp; 319572 | &nbsp;&nbsp;&nbsp; 136728 | &nbsp;&nbsp;&nbsp; 337926 |
| Service and distribution — class specific | &nbsp;&nbsp; 196059 | &nbsp;&nbsp;&nbsp; 194940 | &nbsp;&nbsp;&nbsp; 80448 | &nbsp;&nbsp;&nbsp; 214771 |
| Professional | &nbsp;&nbsp; 6453 | &nbsp;&nbsp;&nbsp; 11472 | &nbsp;&nbsp;&nbsp; 11596 | &nbsp;&nbsp;&nbsp; 11407 |
| Trustees and Officer | &nbsp;&nbsp; 5077 | &nbsp;&nbsp;&nbsp; 5085 | &nbsp;&nbsp;&nbsp; 4633 | &nbsp;&nbsp;&nbsp; 5089 |
| Miscellaneous | &nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; 3635 | &nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp; 3638 |
| Total expenses | &nbsp;&nbsp; 1158970 | &nbsp;&nbsp;&nbsp; 1190126 | &nbsp;&nbsp;&nbsp; 730288 | &nbsp;&nbsp;&nbsp; 1235789 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (395504)<br>| &nbsp;&nbsp;&nbsp; (444911)<br>| &nbsp;&nbsp;&nbsp; (357296)<br>| &nbsp;&nbsp;&nbsp; (530573)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 763466 | &nbsp;&nbsp;&nbsp; 745215 | &nbsp;&nbsp;&nbsp; 372992 | &nbsp;&nbsp;&nbsp; 705216 |
| Net investment income | &nbsp;&nbsp; 5404903 | &nbsp;&nbsp;&nbsp; 5559166 | &nbsp;&nbsp;&nbsp; 4538959 | &nbsp;&nbsp;&nbsp; 5450461 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 846033 | &nbsp;&nbsp;&nbsp; (1547239)<br>| &nbsp;&nbsp;&nbsp; 232707 | &nbsp;&nbsp;&nbsp; 1828796 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 169333 | &nbsp;&nbsp;&nbsp; 186318 | &nbsp;&nbsp;&nbsp; 133283 | &nbsp;&nbsp;&nbsp; 172567 |
| Foreign currency transactions | &nbsp;&nbsp; 19641 | &nbsp;&nbsp;&nbsp; 57319 | &nbsp;&nbsp;&nbsp; 47022 | &nbsp;&nbsp;&nbsp; 60929 |
| Futures contracts | &nbsp;&nbsp; (557054)<br>| &nbsp;&nbsp;&nbsp; 242298 | &nbsp;&nbsp;&nbsp; 873604 | &nbsp;&nbsp;&nbsp; 2320841 |
| Swaps | &nbsp;&nbsp; (238258)<br>| &nbsp;&nbsp;&nbsp; (231939)<br>| &nbsp;&nbsp;&nbsp; (158052)<br>| &nbsp;&nbsp;&nbsp; (224665)<br>|
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange <br> contracts and foreign currency transactions allocated from the applicable affiliated Underlying <br> Master Portfolio<br>| &nbsp;&nbsp; 1095034 | &nbsp;&nbsp;&nbsp; 1570759 | &nbsp;&nbsp;&nbsp; 1298686 | &nbsp;&nbsp;&nbsp; 2130250 |
|  | &nbsp;&nbsp; 1334729 | &nbsp;&nbsp;&nbsp; 277516 | &nbsp;&nbsp;&nbsp; 2427250 | &nbsp;&nbsp;&nbsp; 6288718 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 9895702 | &nbsp;&nbsp;&nbsp; 11400952 | &nbsp;&nbsp;&nbsp; 6998034 | &nbsp;&nbsp;&nbsp; 7760449 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 499582 | &nbsp;&nbsp;&nbsp; 579522 | &nbsp;&nbsp;&nbsp; 427694 | &nbsp;&nbsp;&nbsp; 671949 |
| Foreign currency translations | &nbsp;&nbsp; 143217 | &nbsp;&nbsp;&nbsp; 8488 | &nbsp;&nbsp;&nbsp; 5441 | &nbsp;&nbsp;&nbsp; 11994 |
| Futures contracts | &nbsp;&nbsp; 736383 | &nbsp;&nbsp;&nbsp; 1172409 | &nbsp;&nbsp;&nbsp; 1785052 | &nbsp;&nbsp;&nbsp; 1971911 |
| Swaps | &nbsp;&nbsp; 127144 | &nbsp;&nbsp;&nbsp; 118543 | &nbsp;&nbsp;&nbsp; 75193 | &nbsp;&nbsp;&nbsp; 119518 |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward <br> foreign currency exchange contracts and foreign currency translations allocated from the <br> applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 8980623 | &nbsp;&nbsp;&nbsp; 12324399 | &nbsp;&nbsp;&nbsp; 10115661 | &nbsp;&nbsp;&nbsp; 14881208 |
|  | &nbsp;&nbsp; 20382651 | &nbsp;&nbsp;&nbsp; 25604313 | &nbsp;&nbsp;&nbsp; 19407075 | &nbsp;&nbsp;&nbsp; 25417029 |
| Net realized and unrealized gain | &nbsp;&nbsp; 21717380 | &nbsp;&nbsp;&nbsp; 25881829 | &nbsp;&nbsp;&nbsp; 21834325 | &nbsp;&nbsp;&nbsp; 31705747 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $27122283 | &nbsp;&nbsp;&nbsp; $31440995 | &nbsp;&nbsp;&nbsp; $26373284 | &nbsp;&nbsp;&nbsp; $37156208 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2045 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2050 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2055 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2060 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $2083224 | &nbsp;&nbsp;&nbsp; $2019609 | &nbsp;&nbsp;&nbsp; $1395961 | &nbsp;&nbsp;&nbsp; $655338 |
| Interest — unaffiliated | &nbsp;&nbsp; 66703 | &nbsp;&nbsp;&nbsp; 74304 | &nbsp;&nbsp;&nbsp; 51401 | &nbsp;&nbsp;&nbsp; 22298 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 19921 | &nbsp;&nbsp;&nbsp; 22352 | &nbsp;&nbsp;&nbsp; 11992 | &nbsp;&nbsp;&nbsp; 8594 |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 1539540 | &nbsp;&nbsp;&nbsp; 1938837 | &nbsp;&nbsp;&nbsp; 1460590 | &nbsp;&nbsp;&nbsp; 659200 |
| Interest — affiliated | &nbsp;&nbsp; 250713 | &nbsp;&nbsp;&nbsp; 321001 | &nbsp;&nbsp;&nbsp; 245501 | &nbsp;&nbsp;&nbsp; 111947 |
| Expenses | &nbsp;&nbsp; (481939)<br>| &nbsp;&nbsp;&nbsp; (613967)<br>| &nbsp;&nbsp;&nbsp; (467162)<br>| &nbsp;&nbsp;&nbsp; (212172)<br>|
| Fees waived | &nbsp;&nbsp; 339786 | &nbsp;&nbsp;&nbsp; 434873 | &nbsp;&nbsp;&nbsp; 333293 | &nbsp;&nbsp;&nbsp; 152490 |
| Total investment income | &nbsp;&nbsp; 3817948 | &nbsp;&nbsp;&nbsp; 4197009 | &nbsp;&nbsp;&nbsp; 3031576 | &nbsp;&nbsp;&nbsp; 1397695 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 406803 | &nbsp;&nbsp;&nbsp; 466696 | &nbsp;&nbsp;&nbsp; 338133 | &nbsp;&nbsp;&nbsp; 155989 |
| Administration — class specific | &nbsp;&nbsp; 117578 | &nbsp;&nbsp;&nbsp; 210735 | &nbsp;&nbsp;&nbsp; 99598 | &nbsp;&nbsp;&nbsp; 42583 |
| Service and distribution — class specific | &nbsp;&nbsp; 75484 | &nbsp;&nbsp;&nbsp; 145703 | &nbsp;&nbsp;&nbsp; 60014 | &nbsp;&nbsp;&nbsp; 21362 |
| Professional | &nbsp;&nbsp; 11618 | &nbsp;&nbsp;&nbsp; 11564 | &nbsp;&nbsp;&nbsp; 11599 | &nbsp;&nbsp;&nbsp; 11418 |
| Trustees and Officer | &nbsp;&nbsp; 4446 | &nbsp;&nbsp;&nbsp; 4613 | &nbsp;&nbsp;&nbsp; 4261 | &nbsp;&nbsp;&nbsp; 3789 |
| Miscellaneous | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp; 727 |
| Total expenses | &nbsp;&nbsp; 617651 | &nbsp;&nbsp;&nbsp; 841446 | &nbsp;&nbsp;&nbsp; 515740 | &nbsp;&nbsp;&nbsp; 235868 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (327847)<br>| &nbsp;&nbsp;&nbsp; (370965)<br>| &nbsp;&nbsp;&nbsp; (266363)<br>| &nbsp;&nbsp;&nbsp; (130141)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 289804 | &nbsp;&nbsp;&nbsp; 470481 | &nbsp;&nbsp;&nbsp; 249377 | &nbsp;&nbsp;&nbsp; 105727 |
| Net investment income | &nbsp;&nbsp; 3528144 | &nbsp;&nbsp;&nbsp; 3726528 | &nbsp;&nbsp;&nbsp; 2782199 | &nbsp;&nbsp;&nbsp; 1291968 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 703089 | &nbsp;&nbsp;&nbsp; 1383060 | &nbsp;&nbsp;&nbsp; 1095577 | &nbsp;&nbsp;&nbsp; 669189 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 125756 | &nbsp;&nbsp;&nbsp; 167092 | &nbsp;&nbsp;&nbsp; 142643 | &nbsp;&nbsp;&nbsp; 43201 |
| Foreign currency transactions | &nbsp;&nbsp; 39794 | &nbsp;&nbsp;&nbsp; 45653 | &nbsp;&nbsp;&nbsp; 33162 | &nbsp;&nbsp;&nbsp; 11895 |
| Futures contracts | &nbsp;&nbsp; 3009064 | &nbsp;&nbsp;&nbsp; 3011538 | &nbsp;&nbsp;&nbsp; 1841371 | &nbsp;&nbsp;&nbsp; 1018576 |
| Swaps | &nbsp;&nbsp; (154100)<br>| &nbsp;&nbsp;&nbsp; (157969)<br>| &nbsp;&nbsp;&nbsp; (116690)<br>| &nbsp;&nbsp;&nbsp; (51676)<br>|
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange <br> contracts and foreign currency transactions allocated from the applicable affiliated Underlying <br> Master Portfolio<br>| &nbsp;&nbsp; 1280064 | &nbsp;&nbsp;&nbsp; 1579879 | &nbsp;&nbsp;&nbsp; 1182131 | &nbsp;&nbsp;&nbsp; 524000 |
|  | &nbsp;&nbsp; 5003667 | &nbsp;&nbsp;&nbsp; 6029253 | &nbsp;&nbsp;&nbsp; 4178194 | &nbsp;&nbsp;&nbsp; 2215185 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 5317025 | &nbsp;&nbsp;&nbsp; 5849302 | &nbsp;&nbsp;&nbsp; 4346501 | &nbsp;&nbsp;&nbsp; 2304141 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 383297 | &nbsp;&nbsp;&nbsp; 424374 | &nbsp;&nbsp;&nbsp; 282983 | &nbsp;&nbsp;&nbsp; 77793 |
| Foreign currency translations | &nbsp;&nbsp; 6471 | &nbsp;&nbsp;&nbsp; 7669 | &nbsp;&nbsp;&nbsp; 5145 | &nbsp;&nbsp;&nbsp; 2228 |
| Futures contracts | &nbsp;&nbsp; 1913101 | &nbsp;&nbsp;&nbsp; 3404767 | &nbsp;&nbsp;&nbsp; 2666203 | &nbsp;&nbsp;&nbsp; 1094425 |
| Swaps | &nbsp;&nbsp; 80506 | &nbsp;&nbsp;&nbsp; 80240 | &nbsp;&nbsp;&nbsp; 60462 | &nbsp;&nbsp;&nbsp; 26266 |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward <br> foreign currency exchange contracts and foreign currency translations allocated from the <br> applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 8732456 | &nbsp;&nbsp;&nbsp; 11059672 | &nbsp;&nbsp;&nbsp; 8759187 | &nbsp;&nbsp;&nbsp; 4093315 |
|  | &nbsp;&nbsp; 16432856 | &nbsp;&nbsp;&nbsp; 20826024 | &nbsp;&nbsp;&nbsp; 16120481 | &nbsp;&nbsp;&nbsp; 7598168 |
| Net realized and unrealized gain | &nbsp;&nbsp; 21436523 | &nbsp;&nbsp;&nbsp; 26855277 | &nbsp;&nbsp;&nbsp; 20298675 | &nbsp;&nbsp;&nbsp; 9813353 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $24964667 | &nbsp;&nbsp;&nbsp; $30581805 | &nbsp;&nbsp;&nbsp; $23080874 | &nbsp;&nbsp;&nbsp; $11105321 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2065 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Dynamic <br>2070 Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $298039 | &nbsp;&nbsp;&nbsp; $21080 |
| Interest — unaffiliated | &nbsp;&nbsp; 9923 | &nbsp;&nbsp;&nbsp; 508 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 3441 | &nbsp;&nbsp;&nbsp; 626 |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 272961 | &nbsp;&nbsp;&nbsp; 27025 |
| Interest — affiliated | &nbsp;&nbsp; 47719 | &nbsp;&nbsp;&nbsp; 4549 |
| Expenses | &nbsp;&nbsp; (89497)<br>| &nbsp;&nbsp;&nbsp; (8663)<br>|
| Fees waived | &nbsp;&nbsp; 65300 | &nbsp;&nbsp;&nbsp; 6139 |
| Total investment income | &nbsp;&nbsp; 607886 | &nbsp;&nbsp;&nbsp; 51264 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 67751 | &nbsp;&nbsp;&nbsp; 5944 |
| Administration — class specific | &nbsp;&nbsp; 25031 | &nbsp;&nbsp;&nbsp; 1262 |
| Service and distribution — class specific | &nbsp;&nbsp; 18053 | &nbsp;&nbsp;&nbsp; 865 |
| Professional | &nbsp;&nbsp; 11407 | &nbsp;&nbsp;&nbsp; 11631 |
| Trustees and Officer | &nbsp;&nbsp; 3629 | &nbsp;&nbsp;&nbsp; 4238 |
| Miscellaneous | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 58 |
| Total expenses | &nbsp;&nbsp; 126043 | &nbsp;&nbsp;&nbsp; 23998 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (64512)<br>| &nbsp;&nbsp;&nbsp; (20521)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 61531 | &nbsp;&nbsp;&nbsp; 3477 |
| Net investment income | &nbsp;&nbsp; 546355 | &nbsp;&nbsp;&nbsp; 47787 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — affiliated | &nbsp;&nbsp; 343077 | &nbsp;&nbsp;&nbsp; (12525)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 24047 | &nbsp;&nbsp;&nbsp; (2479)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 5059 | &nbsp;&nbsp;&nbsp; 41 |
| Futures contracts | &nbsp;&nbsp; 483616 | &nbsp;&nbsp;&nbsp; 15684 |
| Swaps | &nbsp;&nbsp; (22516)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions <br> allocated from the applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 201006 | &nbsp;&nbsp;&nbsp; 23365 |
|  | &nbsp;&nbsp; 1034289 | &nbsp;&nbsp;&nbsp; 24086 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — affiliated | &nbsp;&nbsp; 1014415 | &nbsp;&nbsp;&nbsp; 123512 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 30960 | &nbsp;&nbsp;&nbsp; 4576 |
| Foreign currency translations | &nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp; 380 |
| Futures contracts | &nbsp;&nbsp; 524904 | &nbsp;&nbsp;&nbsp; 30212 |
| Swaps | &nbsp;&nbsp; 11510 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and <br> foreign currency translations allocated from the applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 1676398 | &nbsp;&nbsp;&nbsp; 161869 |
|  | &nbsp;&nbsp; 3259238 | &nbsp;&nbsp;&nbsp; 320549 |
| Net realized and unrealized gain | &nbsp;&nbsp; 4293527 | &nbsp;&nbsp;&nbsp; 344635 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $4839882 | &nbsp;&nbsp;&nbsp; $392422 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>Retirement Fund | BlackRock <br>LifePath® Dynamic <br>Retirement Fund | BlackRock <br>LifePath® Dynamic <br>2030 Fund | BlackRock <br>LifePath® Dynamic <br>2030 Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5404903 | &nbsp;&nbsp;&nbsp; $11182045 | &nbsp;&nbsp;&nbsp; $5559166 | &nbsp;&nbsp;&nbsp; $11310738 |
| Net realized gain | &nbsp;&nbsp; 1334729 | &nbsp;&nbsp;&nbsp; 14814630 | &nbsp;&nbsp;&nbsp; 277516 | &nbsp;&nbsp;&nbsp; 23389789 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20382651 | &nbsp;&nbsp;&nbsp; (8563836)<br>| &nbsp;&nbsp;&nbsp; 25604313 | &nbsp;&nbsp;&nbsp; (1568745)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 27122283 | &nbsp;&nbsp;&nbsp; 17432839 | &nbsp;&nbsp;&nbsp; 31440995 | &nbsp;&nbsp;&nbsp; 33131782 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3607461)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3150094)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14320640)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9127591)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (170625)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (122832)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15943071)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14022851)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (786223)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (575186)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (34828020)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26998554)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 15868103 | &nbsp;&nbsp;&nbsp; 227564342 | &nbsp;&nbsp;&nbsp; 55935096 | &nbsp;&nbsp;&nbsp; 111643760 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 42990386 | &nbsp;&nbsp;&nbsp; 210169161 | &nbsp;&nbsp;&nbsp; 87376091 | &nbsp;&nbsp;&nbsp; 117776988 |
| Beginning of period | &nbsp;&nbsp; 422710424 | &nbsp;&nbsp;&nbsp; 212541263 | &nbsp;&nbsp;&nbsp; 394920895 | &nbsp;&nbsp;&nbsp; 277143907 |
| End of period | &nbsp;&nbsp; $465700810 | &nbsp;&nbsp;&nbsp; $422710424 | &nbsp;&nbsp;&nbsp; $482296986 | &nbsp;&nbsp;&nbsp; $394920895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2035 Fund | BlackRock <br>LifePath® Dynamic <br>2035 Fund | BlackRock <br>LifePath® Dynamic <br>2040 Fund | BlackRock <br>LifePath® Dynamic <br>2040 Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4538959 | &nbsp;&nbsp;&nbsp; $7163766 | &nbsp;&nbsp;&nbsp; $5450461 | &nbsp;&nbsp;&nbsp; $9033914 |
| Net realized gain | &nbsp;&nbsp; 2427250 | &nbsp;&nbsp;&nbsp; 15715309 | &nbsp;&nbsp;&nbsp; 6288718 | &nbsp;&nbsp;&nbsp; 31941787 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19407075 | &nbsp;&nbsp;&nbsp; 752443 | &nbsp;&nbsp;&nbsp; 25417029 | &nbsp;&nbsp;&nbsp; 2942358 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 26373284 | &nbsp;&nbsp;&nbsp; 23631518 | &nbsp;&nbsp;&nbsp; 37156208 | &nbsp;&nbsp;&nbsp; 43918059 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (746994)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4966645)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2228222)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16207378)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (235790)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (251932)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16145033)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19814930)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (518842)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (943168)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19874881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42184053)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 66440458 | &nbsp;&nbsp;&nbsp; 130155941 | &nbsp;&nbsp;&nbsp; 50942163 | &nbsp;&nbsp;&nbsp; 129490624 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 92813742 | &nbsp;&nbsp;&nbsp; 133912578 | &nbsp;&nbsp;&nbsp; 88098371 | &nbsp;&nbsp;&nbsp; 131224630 |
| Beginning of period | &nbsp;&nbsp; 289428867 | &nbsp;&nbsp;&nbsp; 155516289 | &nbsp;&nbsp;&nbsp; 406928608 | &nbsp;&nbsp;&nbsp; 275703978 |
| End of period | &nbsp;&nbsp; $382242609 | &nbsp;&nbsp;&nbsp; $289428867 | &nbsp;&nbsp;&nbsp; $495026979 | &nbsp;&nbsp;&nbsp; $406928608 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2045 Fund | BlackRock <br>LifePath® Dynamic <br>2045 Fund | BlackRock <br>LifePath® Dynamic <br>2050 Fund | BlackRock <br>LifePath® Dynamic <br>2050 Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3528144 | &nbsp;&nbsp;&nbsp; $4912804 | &nbsp;&nbsp;&nbsp; $3726528 | &nbsp;&nbsp;&nbsp; $5221649 |
| Net realized gain | &nbsp;&nbsp; 5003667 | &nbsp;&nbsp;&nbsp; 18020719 | &nbsp;&nbsp;&nbsp; 6029253 | &nbsp;&nbsp;&nbsp; 23940049 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16432856 | &nbsp;&nbsp;&nbsp; 2847716 | &nbsp;&nbsp;&nbsp; 20826024 | &nbsp;&nbsp;&nbsp; 3020198 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 24964667 | &nbsp;&nbsp;&nbsp; 25781239 | &nbsp;&nbsp;&nbsp; 30581805 | &nbsp;&nbsp;&nbsp; 32181896 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (582214)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2124259)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2717250)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9620666)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (132144)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (204604)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16601297)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16721620)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (846680)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (846942)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20879585)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29518091)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 55753614 | &nbsp;&nbsp;&nbsp; 100800170 | &nbsp;&nbsp;&nbsp; 50290273 | &nbsp;&nbsp;&nbsp; 114481816 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 80718281 | &nbsp;&nbsp;&nbsp; 105701824 | &nbsp;&nbsp;&nbsp; 80872078 | &nbsp;&nbsp;&nbsp; 117145621 |
| Beginning of period | &nbsp;&nbsp; 236416164 | &nbsp;&nbsp;&nbsp; 130714340 | &nbsp;&nbsp;&nbsp; 278716739 | &nbsp;&nbsp;&nbsp; 161571118 |
| End of period | &nbsp;&nbsp; $317134445 | &nbsp;&nbsp;&nbsp; $236416164 | &nbsp;&nbsp;&nbsp; $359588817 | &nbsp;&nbsp;&nbsp; $278716739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2055 Fund | BlackRock <br>LifePath® Dynamic <br>2055 Fund | BlackRock <br>LifePath® Dynamic <br>2060 Fund | BlackRock <br>LifePath® Dynamic <br>2060 Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2782199 | &nbsp;&nbsp;&nbsp; $3603610 | &nbsp;&nbsp;&nbsp; $1291968 | &nbsp;&nbsp;&nbsp; $1421642 |
| Net realized gain | &nbsp;&nbsp; 4178194 | &nbsp;&nbsp;&nbsp; 14903802 | &nbsp;&nbsp;&nbsp; 2215185 | &nbsp;&nbsp;&nbsp; 4773805 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16120481 | &nbsp;&nbsp;&nbsp; 3045614 | &nbsp;&nbsp;&nbsp; 7598168 | &nbsp;&nbsp;&nbsp; 1595562 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 23080874 | &nbsp;&nbsp;&nbsp; 21553026 | &nbsp;&nbsp;&nbsp; 11105321 | &nbsp;&nbsp;&nbsp; 7791009 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (576032)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (325057)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2037263)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (337110)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (96322)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5897)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12313668)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4143679)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (465334)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (179012)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15488619)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4990755)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 45531738 | &nbsp;&nbsp;&nbsp; 92453447 | &nbsp;&nbsp;&nbsp; 34196220 | &nbsp;&nbsp;&nbsp; 49696273 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 68612612 | &nbsp;&nbsp;&nbsp; 98517854 | &nbsp;&nbsp;&nbsp; 45301541 | &nbsp;&nbsp;&nbsp; 52496527 |
| Beginning of period | &nbsp;&nbsp; 195498979 | &nbsp;&nbsp;&nbsp; 96981125 | &nbsp;&nbsp;&nbsp; 81382965 | &nbsp;&nbsp;&nbsp; 28886438 |
| End of period | &nbsp;&nbsp; $264111591 | &nbsp;&nbsp;&nbsp; $195498979 | &nbsp;&nbsp;&nbsp; $126684506 | &nbsp;&nbsp;&nbsp; $81382965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Dynamic <br>2065 Fund | BlackRock <br>LifePath® Dynamic <br>2065 Fund | BlackRock <br>LifePath® Dynamic <br>2070 Fund | BlackRock <br>LifePath® Dynamic <br>2070 Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $546355 | &nbsp;&nbsp;&nbsp; $617607 | &nbsp;&nbsp;&nbsp; $47787 | &nbsp;&nbsp;&nbsp; $32921 |
| Net realized gain (loss) | &nbsp;&nbsp; 1034289 | &nbsp;&nbsp;&nbsp; 1896992 | &nbsp;&nbsp;&nbsp; 24086 | &nbsp;&nbsp;&nbsp; (69212)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3259238 | &nbsp;&nbsp;&nbsp; 420550 | &nbsp;&nbsp;&nbsp; 320549 | &nbsp;&nbsp;&nbsp; (17231)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 4839882 | &nbsp;&nbsp;&nbsp; 2935149 | &nbsp;&nbsp;&nbsp; 392422 | &nbsp;&nbsp;&nbsp; (53522)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (100578)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (559)<br>|
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (561288)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (492)<br>|
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56598)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (291)<br>|
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1618832)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22553)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41613)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (439)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2378909)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24334)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 19016906 | &nbsp;&nbsp;&nbsp; 20814996 | &nbsp;&nbsp;&nbsp; 12245 | &nbsp;&nbsp;&nbsp; 4000000 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 23856788 | &nbsp;&nbsp;&nbsp; 21371236 | &nbsp;&nbsp;&nbsp; 404667 | &nbsp;&nbsp;&nbsp; 3922144 |
| Beginning of period | &nbsp;&nbsp; 33585879 | &nbsp;&nbsp;&nbsp; 12214643 | &nbsp;&nbsp;&nbsp; 3922144 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $57442667 | &nbsp;&nbsp;&nbsp; $33585879 | &nbsp;&nbsp;&nbsp; $4326811 | &nbsp;&nbsp;&nbsp; $3922144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic Retirement Fund | BlackRock LifePath® Dynamic Retirement Fund | BlackRock LifePath® Dynamic Retirement Fund | BlackRock LifePath® Dynamic Retirement Fund | BlackRock LifePath® Dynamic Retirement Fund | BlackRock LifePath® Dynamic Retirement Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp; $9.49 | &nbsp;&nbsp;&nbsp; $9.17 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $11.04 |
| Net investment income<sup>(a)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net increase (decrease) from investment operations | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp; $9.49 | &nbsp;&nbsp;&nbsp; $9.17 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $11.68 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.27<br> %<br>| &nbsp;&nbsp;&nbsp; (14.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.82<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.65 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>|
| Net investment income | 2.42 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $36358 | &nbsp;&nbsp;&nbsp; $36706 | &nbsp;&nbsp;&nbsp; $34048 | &nbsp;&nbsp;&nbsp; $36438 | &nbsp;&nbsp;&nbsp; $49943 | &nbsp;&nbsp;&nbsp; $59201 |
| Portfolio turnover rate | &nbsp;&nbsp; 17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 43 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.65% and 0.39%,respectively. 

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp;&nbsp; $7.78 | &nbsp;&nbsp;&nbsp; $7.65 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $9.58 |
| Net investment income<sup>(a)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Net increase (decrease) from investment operations | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $7.83 | &nbsp;&nbsp;&nbsp; $7.38 | &nbsp;&nbsp;&nbsp; $7.78 | &nbsp;&nbsp;&nbsp; $7.65 | &nbsp;&nbsp;&nbsp; $9.12 | &nbsp;&nbsp;&nbsp; $10.03 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.10 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.00<br> %<br>| &nbsp;&nbsp;&nbsp; (15.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.56<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.90 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | 2.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $125266 | &nbsp;&nbsp;&nbsp; $120783 | &nbsp;&nbsp;&nbsp; $111979 | &nbsp;&nbsp;&nbsp; $116173 | &nbsp;&nbsp;&nbsp; $164481 | &nbsp;&nbsp;&nbsp; $190948 |
| Portfolio turnover rate | &nbsp;&nbsp; 17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 43 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.90% and 0.64%,respectively. 

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp; $10.87 |
| Net investment income<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net increase (decrease) from investment operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $8.95 | &nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp; $11.50 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.80 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.22<br> %<br>| &nbsp;&nbsp;&nbsp; (15.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.72<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.65 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>|
| Net investment income | 1.44 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2474 | &nbsp;&nbsp;&nbsp; $2575 | &nbsp;&nbsp;&nbsp; $1330 | &nbsp;&nbsp;&nbsp; $1585 | &nbsp;&nbsp;&nbsp; $2249 | &nbsp;&nbsp;&nbsp; $2303 |
| Portfolio turnover rate | &nbsp;&nbsp; 17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 43 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.65% and 1.40%,respectively. 

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $10.99 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Net increase (decrease) from investment operations | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $10.83 | &nbsp;&nbsp;&nbsp; $11.63 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.61<br> %<br>| &nbsp;&nbsp;&nbsp; (14.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.17<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 2.69 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $287791 | &nbsp;&nbsp;&nbsp; $250200 | &nbsp;&nbsp;&nbsp; $59644 | &nbsp;&nbsp;&nbsp; $43138 | &nbsp;&nbsp;&nbsp; $78916 | &nbsp;&nbsp;&nbsp; $74809 |
| Portfolio turnover rate | &nbsp;&nbsp; 17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 43 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 0.40% and 0.16%,respectively. 

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) | BlackRock LifePath® Dynamic Retirement Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp; $9.02 | &nbsp;&nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp; $10.91 |
| Net investment income<sup>(a)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Net increase (decrease) from investment operations | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp; $9.02 | &nbsp;&nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp; $11.54 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.96 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.76<br> %<br>| &nbsp;&nbsp;&nbsp; (15.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.41<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.10 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Net investment income | 1.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $13811 | &nbsp;&nbsp;&nbsp; $12446 | &nbsp;&nbsp;&nbsp; $5540 | &nbsp;&nbsp;&nbsp; $5292 | &nbsp;&nbsp;&nbsp; $6183 | &nbsp;&nbsp;&nbsp; $6360 |
| Portfolio turnover rate | &nbsp;&nbsp; 17 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 43 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.10% and 0.85%,respectively. 

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2030 Fund | BlackRock LifePath® Dynamic 2030 Fund | BlackRock LifePath® Dynamic 2030 Fund | BlackRock LifePath® Dynamic 2030 Fund | BlackRock LifePath® Dynamic 2030 Fund | BlackRock LifePath® Dynamic 2030 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp; $11.64 | &nbsp;&nbsp;&nbsp; $14.10 | &nbsp;&nbsp;&nbsp; $14.80 | &nbsp;&nbsp;&nbsp; $13.65 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Net increase (decrease) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp; $11.64 | &nbsp;&nbsp;&nbsp; $14.10 | &nbsp;&nbsp;&nbsp; $14.80 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.03 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.38<br> %<br>| &nbsp;&nbsp;&nbsp; (15.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.67 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 2.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $51502 | &nbsp;&nbsp;&nbsp; $46932 | &nbsp;&nbsp;&nbsp; $45102 | &nbsp;&nbsp;&nbsp; $40746 | &nbsp;&nbsp;&nbsp; $55606 | &nbsp;&nbsp;&nbsp; $58905 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $13.30 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $13.02 |
| Net investment income<sup>(a)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Net increase (decrease) from investment operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.37 | &nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp; $13.30 | &nbsp;&nbsp;&nbsp; $14.09 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.87 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.97<br> %<br>| &nbsp;&nbsp;&nbsp; (15.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 2.25 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $134125 | &nbsp;&nbsp;&nbsp; $130356 | &nbsp;&nbsp;&nbsp; $132514 | &nbsp;&nbsp;&nbsp; $133740 | &nbsp;&nbsp;&nbsp; $172296 | &nbsp;&nbsp;&nbsp; $183497 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp; $14.47 | &nbsp;&nbsp;&nbsp; $13.34 |
| Net investment income<sup>(a)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net increase (decrease) from investment operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $13.71 | &nbsp;&nbsp;&nbsp; $14.47 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.52 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.10<br> %<br>| &nbsp;&nbsp;&nbsp; (16.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.67 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.51 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2123 | &nbsp;&nbsp;&nbsp; $2006 | &nbsp;&nbsp;&nbsp; $1972 | &nbsp;&nbsp;&nbsp; $2359 | &nbsp;&nbsp;&nbsp; $2698 | &nbsp;&nbsp;&nbsp; $2925 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp; $12.97 | &nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $13.62 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| Net increase (decrease) from investment operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $13.35 | &nbsp;&nbsp;&nbsp; $12.97 | &nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $14.77 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.19 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.61<br> %<br>| &nbsp;&nbsp;&nbsp; (15.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.36<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.42 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.73 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $284085 | &nbsp;&nbsp;&nbsp; $206809 | &nbsp;&nbsp;&nbsp; $90777 | &nbsp;&nbsp;&nbsp; $70367 | &nbsp;&nbsp;&nbsp; $100750 | &nbsp;&nbsp;&nbsp; $77510 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) | BlackRock LifePath® Dynamic 2030 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp; $14.59 | &nbsp;&nbsp;&nbsp; $13.46 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net increase (decrease) from investment operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp; $14.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.81 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.85<br> %<br>| &nbsp;&nbsp;&nbsp; (16.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.12 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | 2.05 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10463 | &nbsp;&nbsp;&nbsp; $8819 | &nbsp;&nbsp;&nbsp; $6778 | &nbsp;&nbsp;&nbsp; $5157 | &nbsp;&nbsp;&nbsp; $5389 | &nbsp;&nbsp;&nbsp; $4434 |
| Portfolio turnover rate | &nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 38 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2035 Fund | BlackRock LifePath® Dynamic 2035 Fund | BlackRock LifePath® Dynamic 2035 Fund | BlackRock LifePath® Dynamic 2035 Fund | BlackRock LifePath® Dynamic 2035 Fund | BlackRock LifePath® Dynamic 2035 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.57 | &nbsp;&nbsp;&nbsp; $14.97 | &nbsp;&nbsp;&nbsp; $13.19 | &nbsp;&nbsp;&nbsp; $16.13 | &nbsp;&nbsp;&nbsp; $15.92 | &nbsp;&nbsp;&nbsp; $14.34 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net increase (decrease) from investment operations | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.74 | &nbsp;&nbsp;&nbsp; $15.57 | &nbsp;&nbsp;&nbsp; $14.97 | &nbsp;&nbsp;&nbsp; $13.19 | &nbsp;&nbsp;&nbsp; $16.13 | &nbsp;&nbsp;&nbsp; $15.92 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.51 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.25<br> %<br>| &nbsp;&nbsp;&nbsp; (16.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.82<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.68 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 2.58 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $12465 | &nbsp;&nbsp;&nbsp; $10726 | &nbsp;&nbsp;&nbsp; $13914 | &nbsp;&nbsp;&nbsp; $10486 | &nbsp;&nbsp;&nbsp; $12898 | &nbsp;&nbsp;&nbsp; $11677 |
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.45 | &nbsp;&nbsp;&nbsp; $14.87 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $16.05 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.27 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net increase (decrease) from investment operations | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp;&nbsp; $15.45 | &nbsp;&nbsp;&nbsp; $14.87 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $16.05 | &nbsp;&nbsp;&nbsp; $15.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.44 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.00<br> %<br>| &nbsp;&nbsp;&nbsp; (16.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.55<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 2.34 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $40470 | &nbsp;&nbsp;&nbsp; $32354 | &nbsp;&nbsp;&nbsp; $30565 | &nbsp;&nbsp;&nbsp; $24670 | &nbsp;&nbsp;&nbsp; $26304 | &nbsp;&nbsp;&nbsp; $28189 |
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $15.80 | &nbsp;&nbsp;&nbsp; $15.67 | &nbsp;&nbsp;&nbsp; $14.11 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Net increase (decrease) from investment operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $15.80 | &nbsp;&nbsp;&nbsp; $15.67 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.02 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.12<br> %<br>| &nbsp;&nbsp;&nbsp; (17.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.68<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.68 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.60 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3082 | &nbsp;&nbsp;&nbsp; $3628 | &nbsp;&nbsp;&nbsp; $2768 | &nbsp;&nbsp;&nbsp; $3066 | &nbsp;&nbsp;&nbsp; $3637 | &nbsp;&nbsp;&nbsp; $3123 |
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp;&nbsp; $15.24 | &nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $16.15 | &nbsp;&nbsp;&nbsp; $14.53 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Net increase (decrease) from investment operations | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $15.87 | &nbsp;&nbsp;&nbsp; $15.24 | &nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $16.15 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.69 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.53<br> %<br>| &nbsp;&nbsp;&nbsp; (16.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.43 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.84 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $317800 | &nbsp;&nbsp;&nbsp; $234968 | &nbsp;&nbsp;&nbsp; $102494 | &nbsp;&nbsp;&nbsp; $68520 | &nbsp;&nbsp;&nbsp; $95154 | &nbsp;&nbsp;&nbsp; $67968 |
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) | BlackRock LifePath® Dynamic 2035 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.40 | &nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $16.03 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.26 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net increase (decrease) from investment operations | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.52 | &nbsp;&nbsp;&nbsp; $15.40 | &nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $16.03 | &nbsp;&nbsp;&nbsp; $15.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.27 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.69<br> %<br>| &nbsp;&nbsp;&nbsp; (16.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.13 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | 2.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8426 | &nbsp;&nbsp;&nbsp; $7753 | &nbsp;&nbsp;&nbsp; $5775 | &nbsp;&nbsp;&nbsp; $4143 | &nbsp;&nbsp;&nbsp; $3687 | &nbsp;&nbsp;&nbsp; $2620 |
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 17 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 14 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 29 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2040 Fund | BlackRock LifePath® Dynamic 2040 Fund | BlackRock LifePath® Dynamic 2040 Fund | BlackRock LifePath® Dynamic 2040 Fund | BlackRock LifePath® Dynamic 2040 Fund | BlackRock LifePath® Dynamic 2040 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.61 | &nbsp;&nbsp;&nbsp; $14.63 | &nbsp;&nbsp;&nbsp; $18.02 | &nbsp;&nbsp;&nbsp; $18.74 | &nbsp;&nbsp;&nbsp; $17.22 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Net increase (decrease) from investment operations | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.61 | &nbsp;&nbsp;&nbsp; $14.63 | &nbsp;&nbsp;&nbsp; $18.02 | &nbsp;&nbsp;&nbsp; $18.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.26 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.15<br> %<br>| &nbsp;&nbsp;&nbsp; (17.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.98<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.70 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.46 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 2.42 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $53250 | &nbsp;&nbsp;&nbsp; $49329 | &nbsp;&nbsp;&nbsp; $48906 | &nbsp;&nbsp;&nbsp; $41098 | &nbsp;&nbsp;&nbsp; $54509 | &nbsp;&nbsp;&nbsp; $59328 |
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 39 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $15.66 | &nbsp;&nbsp;&nbsp; $16.71 | &nbsp;&nbsp;&nbsp; $15.44 |
| Net investment income<sup>(a)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Net increase (decrease) from investment operations | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.53 | &nbsp;&nbsp;&nbsp; $14.36 | &nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $15.66 | &nbsp;&nbsp;&nbsp; $16.71 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.15 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.90<br> %<br>| &nbsp;&nbsp;&nbsp; (17.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.72<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net investment income | 2.17 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $148443 | &nbsp;&nbsp;&nbsp; $138167 | &nbsp;&nbsp;&nbsp; $134232 | &nbsp;&nbsp;&nbsp; $121680 | &nbsp;&nbsp;&nbsp; $153955 | &nbsp;&nbsp;&nbsp; $157613 |
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 39 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $17.56 | &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp;&nbsp; $16.89 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net increase (decrease) from investment operations | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $17.56 | &nbsp;&nbsp;&nbsp; $18.38 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.66 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.00<br> %<br>| &nbsp;&nbsp;&nbsp; (17.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.70 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.46 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.42 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2785 | &nbsp;&nbsp;&nbsp; $2619 | &nbsp;&nbsp;&nbsp; $2625 | &nbsp;&nbsp;&nbsp; $2210 | &nbsp;&nbsp;&nbsp; $2486 | &nbsp;&nbsp;&nbsp; $2325 |
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 39 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp; $16.78 | &nbsp;&nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $18.85 | &nbsp;&nbsp;&nbsp; $17.32 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Net increase (decrease) from investment operations | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp; $16.78 | &nbsp;&nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $18.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.41 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.55<br> %<br>| &nbsp;&nbsp;&nbsp; (16.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.23<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.45 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.21 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | 2.68 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $277134 | &nbsp;&nbsp;&nbsp; $207157 | &nbsp;&nbsp;&nbsp; $83738 | &nbsp;&nbsp;&nbsp; $60687 | &nbsp;&nbsp;&nbsp; $85150 | &nbsp;&nbsp;&nbsp; $57407 |
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 39 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) | BlackRock LifePath® Dynamic 2040 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $16.66 | &nbsp;&nbsp;&nbsp; $16.28 | &nbsp;&nbsp;&nbsp; $14.35 | &nbsp;&nbsp;&nbsp; $17.73 | &nbsp;&nbsp;&nbsp; $18.51 | &nbsp;&nbsp;&nbsp; $17.02 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net increase (decrease) from investment operations | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.00 | &nbsp;&nbsp;&nbsp; $16.66 | &nbsp;&nbsp;&nbsp; $16.28 | &nbsp;&nbsp;&nbsp; $14.35 | &nbsp;&nbsp;&nbsp; $17.73 | &nbsp;&nbsp;&nbsp; $18.51 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.04 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.68<br> %<br>| &nbsp;&nbsp;&nbsp; (17.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.45<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.91 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income | 1.97 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $13414 | &nbsp;&nbsp;&nbsp; $9657 | &nbsp;&nbsp;&nbsp; $6203 | &nbsp;&nbsp;&nbsp; $4880 | &nbsp;&nbsp;&nbsp; $4977 | &nbsp;&nbsp;&nbsp; $3946 |
| Portfolio turnover rate | &nbsp;&nbsp; 18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 11 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 13 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 6 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 39 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2045 Fund | BlackRock LifePath® Dynamic 2045 Fund | BlackRock LifePath® Dynamic 2045 Fund | BlackRock LifePath® Dynamic 2045 Fund | BlackRock LifePath® Dynamic 2045 Fund | BlackRock LifePath® Dynamic 2045 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $16.76 | &nbsp;&nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $17.06 | &nbsp;&nbsp;&nbsp; $15.31 |
| Net investment income<sup>(a)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Net increase (decrease) from investment operations | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.18 | &nbsp;&nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $16.76 | &nbsp;&nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $17.06 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.73 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.98<br> %<br>| &nbsp;&nbsp;&nbsp; (17.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.31<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 2.43 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7659 | &nbsp;&nbsp;&nbsp; $6394 | &nbsp;&nbsp;&nbsp; $9509 | &nbsp;&nbsp;&nbsp; $6317 | &nbsp;&nbsp;&nbsp; $8641 | &nbsp;&nbsp;&nbsp; $7491 |
| Portfolio turnover rate | &nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> Rounds to less than 1%.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp; $16.68 | &nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $17.75 | &nbsp;&nbsp;&nbsp; $17.02 | &nbsp;&nbsp;&nbsp; $15.27 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Net increase (decrease) from investment operations | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp; $16.68 | &nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $17.75 | &nbsp;&nbsp;&nbsp; $17.02 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.56 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.72<br> %<br>| &nbsp;&nbsp;&nbsp; (17.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 2.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $38583 | &nbsp;&nbsp;&nbsp; $30894 | &nbsp;&nbsp;&nbsp; $25035 | &nbsp;&nbsp;&nbsp; $17896 | &nbsp;&nbsp;&nbsp; $21856 | &nbsp;&nbsp;&nbsp; $17996 |
| Portfolio turnover rate | &nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> Rounds to less than 1%.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.06 | &nbsp;&nbsp;&nbsp; $16.27 | &nbsp;&nbsp;&nbsp; $13.90 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $16.78 | &nbsp;&nbsp;&nbsp; $15.04 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Net increase (decrease) from investment operations | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp; (3.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.46 | &nbsp;&nbsp;&nbsp; $17.06 | &nbsp;&nbsp;&nbsp; $16.27 | &nbsp;&nbsp;&nbsp; $13.90 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $16.78 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.21 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.81<br> %<br>| &nbsp;&nbsp;&nbsp; (18.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.42 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1646 | &nbsp;&nbsp;&nbsp; $1554 | &nbsp;&nbsp;&nbsp; $1358 | &nbsp;&nbsp;&nbsp; $1284 | &nbsp;&nbsp;&nbsp; $1392 | &nbsp;&nbsp;&nbsp; $1129 |
| Portfolio turnover rate | &nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> Rounds to less than 1%.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp; $17.02 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $18.05 | &nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp; $15.48 |
| Net investment income<sup>(a)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss) | 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 |
| Net increase (decrease) from investment operations | 1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.53 | &nbsp;&nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp; $17.02 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $18.05 | &nbsp;&nbsp;&nbsp; $17.25 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.86 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.22<br> %<br>| &nbsp;&nbsp;&nbsp; (17.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.54<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.46 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | 2.71 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $258479 | &nbsp;&nbsp;&nbsp; $187920 | &nbsp;&nbsp;&nbsp; $87416 | &nbsp;&nbsp;&nbsp; $60100 | &nbsp;&nbsp;&nbsp; $82853 | &nbsp;&nbsp;&nbsp; $56683 |
| Portfolio turnover rate | &nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> Rounds to less than 1%.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) | BlackRock LifePath® Dynamic 2045 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $16.58 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp; $16.97 | &nbsp;&nbsp;&nbsp; $15.23 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Net increase (decrease) from investment operations | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $16.58 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp; $16.97 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.43<br> %<br>| &nbsp;&nbsp;&nbsp; (18.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.73<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.16 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | 1.99 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10767 | &nbsp;&nbsp;&nbsp; $9654 | &nbsp;&nbsp;&nbsp; $7396 | &nbsp;&nbsp;&nbsp; $4108 | &nbsp;&nbsp;&nbsp; $2989 | &nbsp;&nbsp;&nbsp; $2454 |
| Portfolio turnover rate | &nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> Rounds to less than 1%.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2050 Fund | BlackRock LifePath® Dynamic 2050 Fund | BlackRock LifePath® Dynamic 2050 Fund | BlackRock LifePath® Dynamic 2050 Fund | BlackRock LifePath® Dynamic 2050 Fund | BlackRock LifePath® Dynamic 2050 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $18.25 | &nbsp;&nbsp;&nbsp; $22.99 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $20.39 |
| Net investment income<sup>(a)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Net increase (decrease) from investment operations | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $18.25 | &nbsp;&nbsp;&nbsp; $22.99 | &nbsp;&nbsp;&nbsp; $22.78 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.38 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02<br> %<br>| &nbsp;&nbsp;&nbsp; (18.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 2.33 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $21188 | &nbsp;&nbsp;&nbsp; $19712 | &nbsp;&nbsp;&nbsp; $20535 | &nbsp;&nbsp;&nbsp; $15423 | &nbsp;&nbsp;&nbsp; $21290 | &nbsp;&nbsp;&nbsp; $19215 |
| Portfolio turnover rate | &nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp; $21.46 | &nbsp;&nbsp;&nbsp; $18.13 | &nbsp;&nbsp;&nbsp; $22.87 | &nbsp;&nbsp;&nbsp; $22.69 | &nbsp;&nbsp;&nbsp; $20.31 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Net increase (decrease) from investment operations | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.38 | &nbsp;&nbsp;&nbsp; $22.31 | &nbsp;&nbsp;&nbsp; $21.46 | &nbsp;&nbsp;&nbsp; $18.13 | &nbsp;&nbsp;&nbsp; $22.87 | &nbsp;&nbsp;&nbsp; $22.69 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.69<br> %<br>| &nbsp;&nbsp;&nbsp; (18.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.50<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.97 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 2.07 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $98246 | &nbsp;&nbsp;&nbsp; $88951 | &nbsp;&nbsp;&nbsp; $75362 | &nbsp;&nbsp;&nbsp; $64526 | &nbsp;&nbsp;&nbsp; $77982 | &nbsp;&nbsp;&nbsp; $73608 |
| Portfolio turnover rate | &nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $21.69 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $22.36 | &nbsp;&nbsp;&nbsp; $20.02 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| Net increase (decrease) from investment operations | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $21.69 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $22.36 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.85 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.78<br> %<br>| &nbsp;&nbsp;&nbsp; (19.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1897 | &nbsp;&nbsp;&nbsp; $1981 | &nbsp;&nbsp;&nbsp; $1812 | &nbsp;&nbsp;&nbsp; $1690 | &nbsp;&nbsp;&nbsp; $2002 | &nbsp;&nbsp;&nbsp; $1477 |
| Portfolio turnover rate | &nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $18.37 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $22.86 | &nbsp;&nbsp;&nbsp; $20.46 |
| Net investment income<sup>(a)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain (loss) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Net increase (decrease) from investment operations | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $22.66 | &nbsp;&nbsp;&nbsp; $21.75 | &nbsp;&nbsp;&nbsp; $18.37 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $22.86 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.53 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.28<br> %<br>| &nbsp;&nbsp;&nbsp; (18.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $227520 | &nbsp;&nbsp;&nbsp; $159941 | &nbsp;&nbsp;&nbsp; $59474 | &nbsp;&nbsp;&nbsp; $42971 | &nbsp;&nbsp;&nbsp; $66065 | &nbsp;&nbsp;&nbsp; $35574 |
| Portfolio turnover rate | &nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) | BlackRock LifePath® Dynamic 2050 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $18.01 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp; $20.23 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Net increase (decrease) from investment operations | 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.13 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $18.01 | &nbsp;&nbsp;&nbsp; $22.74 | &nbsp;&nbsp;&nbsp; $22.59 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.19 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.41<br> %<br>| &nbsp;&nbsp;&nbsp; (19.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.23<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.17 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Net investment income | 1.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10738 | &nbsp;&nbsp;&nbsp; $8132 | &nbsp;&nbsp;&nbsp; $4388 | &nbsp;&nbsp;&nbsp; $3302 | &nbsp;&nbsp;&nbsp; $3149 | &nbsp;&nbsp;&nbsp; $2647 |
| Portfolio turnover rate | &nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 7 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 16 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2055 Fund | BlackRock LifePath® Dynamic 2055 Fund | BlackRock LifePath® Dynamic 2055 Fund | BlackRock LifePath® Dynamic 2055 Fund | BlackRock LifePath® Dynamic 2055 Fund | BlackRock LifePath® Dynamic 2055 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $19.11 | &nbsp;&nbsp;&nbsp; $17.76 | &nbsp;&nbsp;&nbsp; $14.99 | &nbsp;&nbsp;&nbsp; $18.90 | &nbsp;&nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp; $15.90 |
| Net investment income<sup>(a)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain (loss) | 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Net increase (decrease) from investment operations | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp;&nbsp; $19.11 | &nbsp;&nbsp;&nbsp; $17.76 | &nbsp;&nbsp;&nbsp; $14.99 | &nbsp;&nbsp;&nbsp; $18.90 | &nbsp;&nbsp;&nbsp; $17.94 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.73 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.18<br> %<br>| &nbsp;&nbsp;&nbsp; (18.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.47<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.72 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 2.30 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8368 | &nbsp;&nbsp;&nbsp; $7105 | &nbsp;&nbsp;&nbsp; $9062 | &nbsp;&nbsp;&nbsp; $6014 | &nbsp;&nbsp;&nbsp; $7814 | &nbsp;&nbsp;&nbsp; $6308 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 9 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp; $18.78 | &nbsp;&nbsp;&nbsp; $17.85 | &nbsp;&nbsp;&nbsp; $15.82 |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Net increase (decrease) from investment operations | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.74 | &nbsp;&nbsp;&nbsp; $18.93 | &nbsp;&nbsp;&nbsp; $17.61 | &nbsp;&nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp; $18.78 | &nbsp;&nbsp;&nbsp; $17.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.56 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.77<br> %<br>| &nbsp;&nbsp;&nbsp; (18.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.17<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.97 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Net investment income | 2.07 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $34658 | &nbsp;&nbsp;&nbsp; $25709 | &nbsp;&nbsp;&nbsp; $18754 | &nbsp;&nbsp;&nbsp; $14873 | &nbsp;&nbsp;&nbsp; $17422 | &nbsp;&nbsp;&nbsp; $15871 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 9 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.43 | &nbsp;&nbsp;&nbsp; $17.20 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $18.42 | &nbsp;&nbsp;&nbsp; $17.59 | &nbsp;&nbsp;&nbsp; $15.58 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 |
| Net increase (decrease) from investment operations | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $18.43 | &nbsp;&nbsp;&nbsp; $17.20 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $18.42 | &nbsp;&nbsp;&nbsp; $17.59 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.22 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.94<br> %<br>| &nbsp;&nbsp;&nbsp; (19.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.32<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.72 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| Net investment income | 1.26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1368 | &nbsp;&nbsp;&nbsp; $1268 | &nbsp;&nbsp;&nbsp; $1099 | &nbsp;&nbsp;&nbsp; $1341 | &nbsp;&nbsp;&nbsp; $1340 | &nbsp;&nbsp;&nbsp; $1071 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 9 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 27 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount is greater than $(0.005) per share.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(i)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $19.51 | &nbsp;&nbsp;&nbsp; $18.09 | &nbsp;&nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $19.21 | &nbsp;&nbsp;&nbsp; $18.19 | &nbsp;&nbsp;&nbsp; $16.12 |
| Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp; (3.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Net increase (decrease) from investment operations | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp; $19.51 | &nbsp;&nbsp;&nbsp; $18.09 | &nbsp;&nbsp;&nbsp; $15.27 | &nbsp;&nbsp;&nbsp; $19.21 | &nbsp;&nbsp;&nbsp; $18.19 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.84 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.38<br> %<br>| &nbsp;&nbsp;&nbsp; (18.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.69<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.24 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.57 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $212050 | &nbsp;&nbsp;&nbsp; $155499 | &nbsp;&nbsp;&nbsp; $64423 | &nbsp;&nbsp;&nbsp; $37439 | &nbsp;&nbsp;&nbsp; $53041 | &nbsp;&nbsp;&nbsp; $30189 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 9 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) | BlackRock LifePath® Dynamic 2055 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.82 | &nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp; $14.81 | &nbsp;&nbsp;&nbsp; $18.72 | &nbsp;&nbsp;&nbsp; $17.82 | &nbsp;&nbsp;&nbsp; $15.78 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Net increase (decrease) from investment operations | 1.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $20.60 | &nbsp;&nbsp;&nbsp; $18.82 | &nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp; $14.81 | &nbsp;&nbsp;&nbsp; $18.72 | &nbsp;&nbsp;&nbsp; $17.82 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.46 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.60<br> %<br>| &nbsp;&nbsp;&nbsp; (19.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.96<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.17 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.94 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Net investment income | 1.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7668 | &nbsp;&nbsp;&nbsp; $5918 | &nbsp;&nbsp;&nbsp; $3643 | &nbsp;&nbsp;&nbsp; $2464 | &nbsp;&nbsp;&nbsp; $2204 | &nbsp;&nbsp;&nbsp; $1306 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 9 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 23 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2060 Fund | BlackRock LifePath® Dynamic 2060 Fund | BlackRock LifePath® Dynamic 2060 Fund | BlackRock LifePath® Dynamic 2060 Fund | BlackRock LifePath® Dynamic 2060 Fund | BlackRock LifePath® Dynamic 2060 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $13.20 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $13.93 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $11.47 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Net increase (decrease) from investment operations | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $13.20 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $13.93 | &nbsp;&nbsp;&nbsp; $12.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.79 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.30<br> %<br>| &nbsp;&nbsp;&nbsp; (18.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Net investment income | 2.31 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7203 | &nbsp;&nbsp;&nbsp; $5183 | &nbsp;&nbsp;&nbsp; $3573 | &nbsp;&nbsp;&nbsp; $1596 | &nbsp;&nbsp;&nbsp; $1314 | &nbsp;&nbsp;&nbsp; $1197 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 18 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp; $13.15 | &nbsp;&nbsp;&nbsp; $11.07 | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $11.46 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Net increase (decrease) from investment operations | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp; $13.15 | &nbsp;&nbsp;&nbsp; $11.07 | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $12.84 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.99<br> %<br>| &nbsp;&nbsp;&nbsp; (18.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.99 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Net investment income | 2.06 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $9725 | &nbsp;&nbsp;&nbsp; $6100 | &nbsp;&nbsp;&nbsp; $2529 | &nbsp;&nbsp;&nbsp; $1562 | &nbsp;&nbsp;&nbsp; $1054 | &nbsp;&nbsp;&nbsp; $580 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 18 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp; $12.83 | &nbsp;&nbsp;&nbsp; $11.45 |
| Net investment income<sup>(a)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Net increase (decrease) from investment operations | 1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.72 | &nbsp;&nbsp;&nbsp; $14.38 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp; $12.83 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.32 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.09<br> %<br>| &nbsp;&nbsp;&nbsp; (19.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $93 | &nbsp;&nbsp;&nbsp; $110 | &nbsp;&nbsp;&nbsp; $153 | &nbsp;&nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp; $45 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 18 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.54 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp; $13.95 | &nbsp;&nbsp;&nbsp; $12.87 | &nbsp;&nbsp;&nbsp; $11.48 |
| Net investment income<sup>(a)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Net increase (decrease) from investment operations | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.99 | &nbsp;&nbsp;&nbsp; $14.54 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $11.13 | &nbsp;&nbsp;&nbsp; $13.95 | &nbsp;&nbsp;&nbsp; $12.87 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.97 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.62<br> %<br>| &nbsp;&nbsp;&nbsp; (18.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.24 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | 2.57 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $103990 | &nbsp;&nbsp;&nbsp; $66912 | &nbsp;&nbsp;&nbsp; $20630 | &nbsp;&nbsp;&nbsp; $11524 | &nbsp;&nbsp;&nbsp; $17030 | &nbsp;&nbsp;&nbsp; $8747 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 18 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) | BlackRock LifePath® Dynamic 2060 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $11.06 | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $11.46 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Net increase (decrease) from investment operations | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.80 | &nbsp;&nbsp;&nbsp; $14.42 | &nbsp;&nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $11.06 | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $12.85 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.57 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.79<br> %<br>| &nbsp;&nbsp;&nbsp; (19.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income | 1.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5673 | &nbsp;&nbsp;&nbsp; $3077 | &nbsp;&nbsp;&nbsp; $2001 | &nbsp;&nbsp;&nbsp; $1247 | &nbsp;&nbsp;&nbsp; $817 | &nbsp;&nbsp;&nbsp; $359 |
| Portfolio turnover rate | &nbsp;&nbsp; 25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 3 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 18 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2065 Fund | BlackRock LifePath® Dynamic 2065 Fund | BlackRock LifePath® Dynamic 2065 Fund | BlackRock LifePath® Dynamic 2065 Fund | BlackRock LifePath® Dynamic 2065 Fund | BlackRock LifePath® Dynamic 2065 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.99 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.47 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net increase (decrease) from investment operations | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp;&nbsp; $12.99 | &nbsp;&nbsp;&nbsp; $12.01 | &nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.78 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.39<br> %<br>| &nbsp;&nbsp;&nbsp; (18.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.76 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Net investment income | 2.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2010 | &nbsp;&nbsp;&nbsp; $1365 | &nbsp;&nbsp;&nbsp; $1094 | &nbsp;&nbsp;&nbsp; $604 | &nbsp;&nbsp;&nbsp; $596 | &nbsp;&nbsp;&nbsp; $486 |
| Portfolio turnover rate | &nbsp;&nbsp; 28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 4 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 45 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp; $11.97 | &nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.47 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net increase (decrease) from investment operations | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp; $11.97 | &nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.67 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.99<br> %<br>| &nbsp;&nbsp;&nbsp; (18.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.01 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Net investment income | 2.06 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $12120 | &nbsp;&nbsp;&nbsp; $8266 | &nbsp;&nbsp;&nbsp; $2502 | &nbsp;&nbsp;&nbsp; $868 | &nbsp;&nbsp;&nbsp; $722 | &nbsp;&nbsp;&nbsp; $501 |
| Portfolio turnover rate | &nbsp;&nbsp; 28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 4 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 45 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.87 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp; $12.64 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.47 |
| Net investment income<sup>(a)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net increase (decrease) from investment operations | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $12.87 | &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp; $12.64 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.08<br> %<br>| &nbsp;&nbsp;&nbsp; (19.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.83<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Net investment income | 1.25 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $870 | &nbsp;&nbsp;&nbsp; $849 | &nbsp;&nbsp;&nbsp; $774 | &nbsp;&nbsp;&nbsp; $553 | &nbsp;&nbsp;&nbsp; $528 | &nbsp;&nbsp;&nbsp; $470 |
| Portfolio turnover rate | &nbsp;&nbsp; 28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 4 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 45 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $12.03 | &nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.48 |
| Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Net increase (decrease) from investment operations | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $12.03 | &nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.99 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.75<br> %<br>| &nbsp;&nbsp;&nbsp; (18.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.15<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.51 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 2.58 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $41806 | &nbsp;&nbsp;&nbsp; $22536 | &nbsp;&nbsp;&nbsp; $7335 | &nbsp;&nbsp;&nbsp; $3655 | &nbsp;&nbsp;&nbsp; $4242 | &nbsp;&nbsp;&nbsp; $2969 |
| Portfolio turnover rate | &nbsp;&nbsp; 28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 4 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 45 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) | BlackRock LifePath® Dynamic 2065 Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $11.74 | &nbsp;&nbsp;&nbsp; $10.47 |
| Net investment income<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net increase (decrease) from investment operations | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $10.03 | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $11.74 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.51 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.82<br> %<br>| &nbsp;&nbsp;&nbsp; (18.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.47<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Net investment income | 1.83 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $637 | &nbsp;&nbsp;&nbsp; $570 | &nbsp;&nbsp;&nbsp; $509 | &nbsp;&nbsp;&nbsp; $445 | &nbsp;&nbsp;&nbsp; $509 | &nbsp;&nbsp;&nbsp; $470 |
| Portfolio turnover rate | &nbsp;&nbsp; 28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 4 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 45 %<sup>(h)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

<sup>(h)</sup> From January 1, 2020 through March 8, 2020, the rate includes the LifePath Dynamic Master Portfolio's purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 9, 2020, the rate includes the LifePath Dynamic Fund's purchases and sales of the underlying funds and the Underlying Master Portfolios. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2070 Fund | BlackRock LifePath® Dynamic 2070 Fund |
|  | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.86 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net increase (decrease) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp; $9.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 9.89 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.35 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 1.52 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(g)</sup><br>|
| Net investment income | 2.23 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $108 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 10 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.80%.

<sup>(i)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2070 Fund (continued) | BlackRock LifePath® Dynamic 2070 Fund (continued) |
|  | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 0.85 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net increase (decrease) from investment operations | 0.95 | &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $9.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 9.68 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.42 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 1.77 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(g)</sup><br>|
| Net investment income | 1.98 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $110 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 10 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.04%.

<sup>(i)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2070 Fund (continued) | BlackRock LifePath® Dynamic 2070 Fund (continued) |
|  | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 0.85 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net increase (decrease) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $9.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 9.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.61 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 2.52 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49 %<sup>(g)</sup><br>|
| Net investment income | 1.23 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $107 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 10 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.79%.

<sup>(i)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2070 Fund (continued) | BlackRock LifePath® Dynamic 2070 Fund (continued) |
|  | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.86 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net increase (decrease) from investment operations | 0.98 | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp;&nbsp; $9.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 9.99 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.29 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 1.27 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>(g)</sup><br>|
| Net investment income | 2.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3894 | &nbsp;&nbsp;&nbsp; $3530 |
| Portfolio turnover rate | &nbsp;&nbsp; 38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 10 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.54%.

<sup>(i)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Dynamic 2070 Fund (continued) | BlackRock LifePath® Dynamic 2070 Fund (continued) |
|  | Class R | Class R |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) | 0.85 | &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net increase (decrease) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp; $9.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 9.58 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.47 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 1.97 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.94 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>(g)</sup><br>|
| Net investment income | 1.77 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $108 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 38 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp; 10 %<sup>(i)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 3.24%.

<sup>(i)</sup> Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock LifePath® Dynamic Retirement Fund | LifePath Dynamic Retirement Fund | Diversified |
| BlackRock LifePath® Dynamic 2030 Fund | LifePath Dynamic 2030 Fund | Diversified |
| BlackRock LifePath® Dynamic 2035 Fund | LifePath Dynamic 2035 Fund | Diversified |
| BlackRock LifePath® Dynamic 2040 Fund | LifePath Dynamic 2040 Fund | Diversified |
| BlackRock LifePath® Dynamic 2045 Fund | LifePath Dynamic 2045 Fund | Diversified |
| BlackRock LifePath® Dynamic 2050 Fund | LifePath Dynamic 2050 Fund | Diversified |
| BlackRock LifePath® Dynamic 2055 Fund | LifePath Dynamic 2055 Fund | Diversified |
| BlackRock LifePath® Dynamic 2060 Fund | LifePath Dynamic 2060 Fund | Diversified |
| BlackRock LifePath® Dynamic 2065 Fund | LifePath Dynamic 2065 Fund | Diversified |
| BlackRock LifePath® Dynamic 2070 Fund | LifePath Dynamic 2070 Fund | Diversified |

---

As of period end, the investment of LifePath Dynamic Retirement Fund, LifePath Dynamic 2030 Fund, LifePath Dynamic 2035 Fund, LifePath Dynamic 2040 Fund, LifePath Dynamic 2045 Fund, LifePath Dynamic 2050 Fund, LifePath Dynamic 2055 Fund, LifePath Dynamic 2060 Fund, LifePath Dynamic 2065 Fund and LifePath Dynamic 2070 Fund in the Diversified Equity Master Portfolio represented 23.9%, 30.4%, 36.2%, 38.1%, 41.1%, 45.6%, 50.1%, 50.4%, 50.2% and 50.8% respectively, of net assets. As such, financial statements of the Diversified Equity Master Portfolio including the Schedules of Investments, should be read in conjunction with each respective Fund's financial statements. Diversified Equity Master Portfolio's financial statements are available, without charge, on the U.S. Securities and Exchange Commission's ("SEC's") website at **sec.gov**.

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. The Funds may also invest in other master portfolios ("Underlying Master Portfolios") that are managed by subsidiaries of BlackRock.

The value of a Fund's investment in each of Diversified Equity Master Portfolio and International Tilts Master Portfolio reflects that Fund's proportionate interest in the net assets of that master portfolio. As of period end, the Funds held interests in Underlying Master Portfolios as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Diversified Equity* <br>*Master* <br>*Portfolio*<br>| *International* <br>*Tilts Master* <br>*Portfolio*<br>|
| LifePath Dynamic Retirement Fund | 3.9<br> % <br>| 4.8<br> % <br>|
| LifePath Dynamic 2030 Fund | 5.2 | 6.7 |
| LifePath Dynamic 2035 Fund | 4.9 | 6.6 |
| LifePath Dynamic 2040 Fund | 6.7 | 10.4 |
| LifePath Dynamic 2045 Fund | 4.6 | 6.7 |
| LifePath Dynamic 2050 Fund | 5.8 | 7.5 |
| LifePath Dynamic 2055 Fund | 4.7 | 5.5 |
| LifePath Dynamic 2060 Fund | 2.3 | 2.6 |
| LifePath Dynamic 2065 Fund | 1.0 | 1.2 |
| LifePath Dynamic 2070 Fund | 0.1 | 0.1 |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Class K and Class R Shares | No | No |  |
| Investor A Shares | Yes | No<sup>(a)</sup> |  |
| Investor C Shares | No | Yes<sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Prior Year Reorganization:** The Board of LifePath Dynamic Retirement Fund (the "Acquiring Fund") and the Board of BlackRock LifePath Dynamic 2025 Fund (the "Target Fund") approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund.

Each shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate net asset value ("NAV") of such shareholder's Target Fund shares, as determined at the close of business on October 4, 2024, less the costs of the Target Fund's reorganization.

The reorganization was accomplished by a tax-free exchange of shares of the Acquiring Fund in the following amounts and at the following conversion ratios:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Target Fund's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Acquiring Fund's* <br>*Share* <br>*Class*<br>| &nbsp;&nbsp; *Shares of* <br>*the Acquiring Fund*<br>|
| Institutional | &nbsp;&nbsp; 369208 | 1.43611100 | &nbsp;&nbsp; Institutional | &nbsp;&nbsp; 530224 |
| Investor A | &nbsp;&nbsp; 1345193 | 1.75976130 | &nbsp;&nbsp; InvestorA | &nbsp;&nbsp; 2367219 |
| Investor C | &nbsp;&nbsp; 97996 | 1.44165983 | &nbsp;&nbsp; InvestorC | &nbsp;&nbsp; 141277 |
| Class K | &nbsp;&nbsp; 6467773 | 1.42502548 | &nbsp;&nbsp; ClassK | &nbsp;&nbsp; 9216741 |
| Class R | &nbsp;&nbsp; 472930 | 1.43771300 | &nbsp;&nbsp; ClassR | &nbsp;&nbsp; 679938 |

---

The Target Fund's net assets and composition of net assets on October 4, 2024, the valuation date of the reorganization, were as follows:

---

| | |
|:---|:---|
|  | *Target Fund* |
| Net assets | &nbsp;&nbsp; $119935918 |
| Paid-in-capital | &nbsp;&nbsp; 112753638 |
| Accumulated earnings | &nbsp;&nbsp; 7182280 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets of the Acquiring Fund before the reorganization were $277,080,853. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $397,016,771. The Target Fund's fair value and cost of financial instruments prior to the reorganization were as follows:

---

| | | |
|:---|:---|:---|
| *Target Fund* | &nbsp;&nbsp; *Fair Value of* <br>*Investments*<br>| *Cost of Investments* |
| BlackRock LifePath Dynamic 2025 Fund | &nbsp;&nbsp; $109337836 | &nbsp;&nbsp; $97545340 |

---

The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives and strategies and identical investment policies, risks and restrictions. The reorganization was a tax-free event and was effective on October 7, 2024.

Assuming the reorganization had been completed on January 1, 2024, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended December 31, 2024, were as follows:

• Net investment income (loss): $16,812,570

• Net realized and change in unrealized gain/loss on investments: $13,946,482

• Net increase/decrease in net assets resulting from operations: $30,759,052

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund's Statements of Operations since October 7, 2024.

Reorganization costs incurred by LifePath Dynamic Retirement Fund in connection with the reorganization were expensed by LifePath Dynamic Retirement Fund.

***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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Each Fund records daily its proportionate share of the Diversified Equity Master Portfolio and International Tilts Master Portfolios' income, expenses and realized and unrealized gains and losses.

**Foreign Currency Translation:** Each 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.

Each 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 Statements 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. Each 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.

**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.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds 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 paid by the Funds are recorded on the ex-dividend dates. Distributions from net investment income are declared and paid annually. 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 the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Funds record their proportionate investment in the Underlying Master Portfolios at fair value, which is based upon their pro rata ownership in the net assets of the Underlying Master Portfolios.

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 Funds use 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2025, certain investments of the Funds were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a 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 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 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. 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| LifePath Dynamic Retirement Fund |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $794640 | &nbsp;&nbsp; $(794640)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; 785260 | &nbsp;&nbsp; (785260)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1579900 | &nbsp;&nbsp; $(1579900)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2030 Fund |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $20607 | &nbsp;&nbsp; $(20607)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 11620790 | &nbsp;&nbsp; (11620790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3940122 | &nbsp;&nbsp; (3940122)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 304920 | &nbsp;&nbsp; (304920)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15886439 | &nbsp;&nbsp; $(15886439)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2035 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $4781154 | &nbsp;&nbsp; $(4781154)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 24732672 | &nbsp;&nbsp; (24732672)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 13111079 | &nbsp;&nbsp; (13111079)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $42624905 | &nbsp;&nbsp; $(42624905)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2040 Fund |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $16770 | &nbsp;&nbsp; $(16770)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 44214986 | &nbsp;&nbsp; (44214986)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2180640 | &nbsp;&nbsp; (2180640)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $46412396 | &nbsp;&nbsp; $(46412396)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2045 Fund |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $27991569 | &nbsp;&nbsp; $(27991569)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 259921 | &nbsp;&nbsp; (259921)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 106260 | &nbsp;&nbsp; (106260)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 12842047 | &nbsp;&nbsp; (12842047)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $41199797 | &nbsp;&nbsp; $(41199797)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2050 Fund |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $149176 | &nbsp;&nbsp; $(149176)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 36253678 | &nbsp;&nbsp; (36253678)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 6115160 | &nbsp;&nbsp; (6115160)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 937860 | &nbsp;&nbsp; (937860)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 374220 | &nbsp;&nbsp; (374220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $43830094 | &nbsp;&nbsp; $(43830094)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2055 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $395408 | &nbsp;&nbsp; $(395408)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 4715660 | &nbsp;&nbsp; (4715660)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 324162 | &nbsp;&nbsp; (324162)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 2779389 | &nbsp;&nbsp; (2779389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 2365182 | &nbsp;&nbsp; (2365182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2048926 | &nbsp;&nbsp; (2048926)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12628727 | &nbsp;&nbsp; $(12628727)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2060 Fund |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $114057 | &nbsp;&nbsp; $(114057)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4494 | &nbsp;&nbsp; (4494)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 780 | &nbsp;&nbsp; (780)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 175560 | &nbsp;&nbsp; (175560)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 418110 | &nbsp;&nbsp; (418110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2176020 | &nbsp;&nbsp; (2176020)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 1052874 | &nbsp;&nbsp; (1052874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 863376 | &nbsp;&nbsp; (863376)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 177811 | &nbsp;&nbsp; (177811)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4983082 | &nbsp;&nbsp; $(4983082)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Dynamic 2065 Fund |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $548 | &nbsp;&nbsp; $(548)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 1228920 | &nbsp;&nbsp; (1228920)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 706281 | &nbsp;&nbsp; (706281)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1935749 | &nbsp;&nbsp; $(1935749)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities*<br> *Loaned at Value*<br>| *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net*<br> *Amount*<br>|
| LifePath Dynamic 2070 Fund |  |  |  |  |
| UBS AG | &nbsp;&nbsp; $6689 | &nbsp;&nbsp; $(6689)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

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.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their 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 Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter ("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).

Futures contracts are exchange-traded agreements between the Funds 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 Funds are 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 Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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 Funds 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 Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements 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 Statements 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 Statements 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds 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 Statements 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' 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 Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each 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 Statements 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 Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total return swaps — 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).

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 instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a 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 a 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, a 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 Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules 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 Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A 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 Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each 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 Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***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, wholly-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 0.30% of the average daily value of each Fund's net assets.

With respect to each Fund, 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 each Sub-Adviser for services it provides for that portion of each Fund for which BIL and BSL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

**Service and Distribution Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|
| Class R | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended June 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Class R* | *Total* |
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $151162 | &nbsp;&nbsp; $12110 | &nbsp;&nbsp; $32787 | &nbsp;&nbsp; $196059 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 160276 | &nbsp;&nbsp; 9832 | &nbsp;&nbsp; 24832 | &nbsp;&nbsp; 194940 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 43628 | &nbsp;&nbsp; 16483 | &nbsp;&nbsp; 20337 | &nbsp;&nbsp; 80448 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 172618 | &nbsp;&nbsp; 12965 | &nbsp;&nbsp; 29188 | &nbsp;&nbsp; 214771 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 42820 | &nbsp;&nbsp; 7803 | &nbsp;&nbsp; 24861 | &nbsp;&nbsp; 75484 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 111776 | &nbsp;&nbsp; 10312 | &nbsp;&nbsp; 23615 | &nbsp;&nbsp; 145703 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 36958 | &nbsp;&nbsp; 6640 | &nbsp;&nbsp; 16416 | &nbsp;&nbsp; 60014 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 9843 | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 11074 | &nbsp;&nbsp; 21362 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 12393 | &nbsp;&nbsp; 4208 | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 18053 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 865 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL" or the "Administrator"), which has agreed 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 0.29% based on the average daily net assets of each Fund's Institutional, Investor A and Investor C Shares, 0.04% of the average daily net assets of Class K Shares and 0.24% of the average daily net assets of Class R 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 June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $52189 | $175348 | $3512 | $52162 | $15737 | $298948 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 69039 | 185920 | 2851 | 49843 | 11919 | 319572 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 17257 | 50609 | 4780 | 54320 | 9762 | 136728 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 71918 | 200236 | 3760 | 48002 | 14010 | 337926 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 10002 | 49671 | 2263 | 43709 | 11933 | 117578 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 28662 | 129660 | 2991 | 38087 | 11335 | 210735 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 10821 | 42872 | 1925 | 36100 | 7880 | 99598 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 8585 | 11417 | 129 | 17136 | 5316 | 42583 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 2288 | 14376 | 1220 | 6450 | 697 | 25031 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 143 | 144 | 143 | 713 | 119 | 1262 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

**Other Fees:** For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $97 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 224 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 969 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 469 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 644 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 399 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 453 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 450 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 718 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 1 |

---

For the six months ended June 30, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor C* |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; $209 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 296 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 15 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 49 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 79 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 306 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**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, 2026. 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 June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $11242 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 16452 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 23789 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 22038 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 15195 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 18758 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 12529 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 5812 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 2674 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 110 |

---

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, 2026. 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 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 June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $372732 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 411902 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 317278 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 492039 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 296588 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 336030 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 237973 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 109123 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 46802 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 4543 |

---

The fees and expenses of the Trust's 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 the Manager and the Administrator has contractually agreed to reimburse the Funds or provide an offsetting credit against the investment advisory fees paid by the Funds in an amount equal to these independent expenses through June 30, 2035. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $11530 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 16557 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 16229 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 16496 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 16064 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 16177 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 15861 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 15206 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 15036 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 15868 |

---

**Securities Lending:** The 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 current securities lending agreement, 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 specified thresholds, 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 June 30, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $1936 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 7293 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 5978 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 12178 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 7066 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 8138 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 4490 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 3109 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 1216 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 214 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, each Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**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.

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments in the Underlying Funds and the Underlying Master Portfolios, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $136179756 | &nbsp;&nbsp;&nbsp; $67459850 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 172189626 | &nbsp;&nbsp;&nbsp; 81707757 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 192599594 | &nbsp;&nbsp;&nbsp; 43481612 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 197026978 | &nbsp;&nbsp;&nbsp; 70393128 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 175990490 | &nbsp;&nbsp;&nbsp; 60026919 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 181417508 | &nbsp;&nbsp;&nbsp; 72235006 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 143840068 | &nbsp;&nbsp;&nbsp; 48723572 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 77864179 | &nbsp;&nbsp;&nbsp; 22210832 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 39053439 | &nbsp;&nbsp;&nbsp; 10711875 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 1846237 | &nbsp;&nbsp;&nbsp; 1394850 |

---

***8.*** ***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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2025, 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 December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<br>|
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(646458)<br>|
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (692761)<br>|
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (580711)<br>|
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (1588352)<br>|
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (522983)<br>|
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (187495)<br>|
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (147589)<br>|
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; (244241)<br>| &nbsp;&nbsp; — |

---

As of June 30, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| LifePath Dynamic Retirement Fund | &nbsp;&nbsp; $398912458 | &nbsp;&nbsp; $80895414 | &nbsp;&nbsp; $(17756712)<br>| &nbsp;&nbsp; $63138702 |
| LifePath Dynamic 2030 Fund | &nbsp;&nbsp; 459327595 | &nbsp;&nbsp; 60047878 | &nbsp;&nbsp; (24521204)<br>| &nbsp;&nbsp; 35526674 |
| LifePath Dynamic 2035 Fund | &nbsp;&nbsp; 399745344 | &nbsp;&nbsp; 37810355 | &nbsp;&nbsp; (7316158)<br>| &nbsp;&nbsp; 30494197 |
| LifePath Dynamic 2040 Fund | &nbsp;&nbsp; 471837544 | &nbsp;&nbsp; 81967724 | &nbsp;&nbsp; (10512257)<br>| &nbsp;&nbsp; 71455467 |
| LifePath Dynamic 2045 Fund | &nbsp;&nbsp; 334160156 | &nbsp;&nbsp; 36608747 | &nbsp;&nbsp; (6009919)<br>| &nbsp;&nbsp; 30598828 |
| LifePath Dynamic 2050 Fund | &nbsp;&nbsp; 361808021 | &nbsp;&nbsp; 61032939 | &nbsp;&nbsp; (12984023)<br>| &nbsp;&nbsp; 48048916 |
| LifePath Dynamic 2055 Fund | &nbsp;&nbsp; 253243211 | &nbsp;&nbsp; 31981567 | &nbsp;&nbsp; (4007414)<br>| &nbsp;&nbsp; 27974153 |
| LifePath Dynamic 2060 Fund | &nbsp;&nbsp; 123438209 | &nbsp;&nbsp; 12909185 | &nbsp;&nbsp; (1161113)<br>| &nbsp;&nbsp; 11748072 |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 57471392 | &nbsp;&nbsp; 5217409 | &nbsp;&nbsp; (495276)<br>| &nbsp;&nbsp; 4722133 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 3980403 | &nbsp;&nbsp; 337676 | &nbsp;&nbsp; (6736)<br>| &nbsp;&nbsp; 330940 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest through their investments in the Underlying Funds 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 and 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 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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.

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.

With exchange-traded futures, there is less counterparty credit risk to the Funds 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, a 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 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 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.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic Retirement Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 216456 | &nbsp;&nbsp;&nbsp; $2024473 | &nbsp;&nbsp;&nbsp; 253147 | &nbsp;&nbsp;&nbsp; $2439962 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 380952 | &nbsp;&nbsp;&nbsp; 3606001 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 530224 | &nbsp;&nbsp;&nbsp; 5124707 |
| Shares redeemed | &nbsp;&nbsp; (484764) | &nbsp;&nbsp;&nbsp; (4568737) | &nbsp;&nbsp;&nbsp; (781202) | &nbsp;&nbsp;&nbsp; (7532600) |
|  | &nbsp;&nbsp; (268307) | &nbsp;&nbsp;&nbsp; $(2544255) | &nbsp;&nbsp;&nbsp; 383121 | &nbsp;&nbsp;&nbsp; $3638070 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 1718130 | &nbsp;&nbsp;&nbsp; $12865899 | &nbsp;&nbsp;&nbsp; 3278228 | &nbsp;&nbsp;&nbsp; $25643474 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1877447 | &nbsp;&nbsp;&nbsp; 14308988 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2367219 | &nbsp;&nbsp;&nbsp; 18406485 |
| Shares redeemed | &nbsp;&nbsp; (2086101) | &nbsp;&nbsp;&nbsp; (15629585) | &nbsp;&nbsp;&nbsp; (5556771) | &nbsp;&nbsp;&nbsp; (43538609) |
|  | &nbsp;&nbsp; (367970) | &nbsp;&nbsp;&nbsp; $(2763679) | &nbsp;&nbsp;&nbsp; 1966123 | &nbsp;&nbsp;&nbsp; $14820338 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11946 | &nbsp;&nbsp;&nbsp; $108911 | &nbsp;&nbsp;&nbsp; 17155 | &nbsp;&nbsp;&nbsp; $161595 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18643 | &nbsp;&nbsp;&nbsp; 170626 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141277 | &nbsp;&nbsp;&nbsp; 1326434 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (38085) | &nbsp;&nbsp;&nbsp; (342543) | &nbsp;&nbsp;&nbsp; (33805) | &nbsp;&nbsp;&nbsp; (315440) |
|  | &nbsp;&nbsp; (26139) | &nbsp;&nbsp;&nbsp; $(233632) | &nbsp;&nbsp;&nbsp; 143270 | &nbsp;&nbsp;&nbsp; $1343215 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6277992 | &nbsp;&nbsp;&nbsp; $58738428 | &nbsp;&nbsp;&nbsp; 15675438 | &nbsp;&nbsp;&nbsp; $150595110 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1697424 | &nbsp;&nbsp;&nbsp; 15943070 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9216741 | &nbsp;&nbsp;&nbsp; 88633909 |
| Shares redeemed | &nbsp;&nbsp; (4062666) | &nbsp;&nbsp;&nbsp; (37936796) | &nbsp;&nbsp;&nbsp; (5698038) | &nbsp;&nbsp;&nbsp; (54767518) |
|  | &nbsp;&nbsp; 2215327 | &nbsp;&nbsp;&nbsp; $20801641 | &nbsp;&nbsp;&nbsp; 20891565 | &nbsp;&nbsp;&nbsp; $200404571 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic Retirement Fund (continued) |  |  |  |  |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200672 | &nbsp;&nbsp;&nbsp; $1848556 | &nbsp;&nbsp;&nbsp; 121394 | &nbsp;&nbsp;&nbsp; $1145032 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 85030 | &nbsp;&nbsp;&nbsp; 786222 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 679938 | &nbsp;&nbsp;&nbsp; 6444383 |
| Shares redeemed | &nbsp;&nbsp; (136167) | &nbsp;&nbsp;&nbsp; (1240528) | &nbsp;&nbsp;&nbsp; (106880) | &nbsp;&nbsp;&nbsp; (1017489) |
|  | &nbsp;&nbsp; 64505 | &nbsp;&nbsp;&nbsp; $608028 | &nbsp;&nbsp;&nbsp; 779482 | &nbsp;&nbsp;&nbsp; $7358148 |
|  | &nbsp;&nbsp; 1617416 | &nbsp;&nbsp;&nbsp; $15868103 | &nbsp;&nbsp;&nbsp; 24163561 | &nbsp;&nbsp;&nbsp; $227564342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2030 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 345168 | &nbsp;&nbsp;&nbsp; $4642144 | &nbsp;&nbsp;&nbsp; 766851 | &nbsp;&nbsp;&nbsp; $10511189 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 232139 | &nbsp;&nbsp;&nbsp; 3143679 |
| Shares redeemed | &nbsp;&nbsp; (256140) | &nbsp;&nbsp;&nbsp; (3492529) | &nbsp;&nbsp;&nbsp; (962077) | &nbsp;&nbsp;&nbsp; (13108926) |
|  | &nbsp;&nbsp; 89028 | &nbsp;&nbsp;&nbsp; $1149615 | &nbsp;&nbsp;&nbsp; 36913 | &nbsp;&nbsp;&nbsp; $545942 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 1132876 | &nbsp;&nbsp;&nbsp; $14442076 | &nbsp;&nbsp;&nbsp; 1863050 | &nbsp;&nbsp;&nbsp; $24094629 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 720967 | &nbsp;&nbsp;&nbsp; 9127006 |
| Shares redeemed | &nbsp;&nbsp; (1522734) | &nbsp;&nbsp;&nbsp; (19310102) | &nbsp;&nbsp;&nbsp; (3019523) | &nbsp;&nbsp;&nbsp; (39275075) |
|  | &nbsp;&nbsp; (389858) | &nbsp;&nbsp;&nbsp; $(4868026) | &nbsp;&nbsp;&nbsp; (435506) | &nbsp;&nbsp;&nbsp; $(6053440) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10375 | &nbsp;&nbsp;&nbsp; $137083 | &nbsp;&nbsp;&nbsp; 17152 | &nbsp;&nbsp;&nbsp; $227630 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9419 | &nbsp;&nbsp;&nbsp; 122832 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (11360) | &nbsp;&nbsp;&nbsp; (147737) | &nbsp;&nbsp;&nbsp; (28052) | &nbsp;&nbsp;&nbsp; (367832) |
|  | (985) | &nbsp;&nbsp;&nbsp; $(10654) | &nbsp;&nbsp;&nbsp; (1481) | &nbsp;&nbsp;&nbsp; $(17370) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6339713 | &nbsp;&nbsp;&nbsp; $85486870 | &nbsp;&nbsp;&nbsp; 10842850 | &nbsp;&nbsp;&nbsp; $148191169 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1037941 | &nbsp;&nbsp;&nbsp; 14022851 |
| Shares redeemed | &nbsp;&nbsp; (1972831) | &nbsp;&nbsp;&nbsp; (26792596) | &nbsp;&nbsp;&nbsp; (3391690) | &nbsp;&nbsp;&nbsp; (46931392) |
|  | &nbsp;&nbsp; 4366882 | &nbsp;&nbsp;&nbsp; $58694274 | &nbsp;&nbsp;&nbsp; 8489101 | &nbsp;&nbsp;&nbsp; $115282628 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 174457 | &nbsp;&nbsp;&nbsp; $2294286 | &nbsp;&nbsp;&nbsp; 200618 | &nbsp;&nbsp;&nbsp; $2694649 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43462 | &nbsp;&nbsp;&nbsp; 575143 |
| Shares redeemed | &nbsp;&nbsp; (99547) | &nbsp;&nbsp;&nbsp; (1324399) | &nbsp;&nbsp;&nbsp; (102127) | &nbsp;&nbsp;&nbsp; (1383792) |
|  | &nbsp;&nbsp; 74910 | &nbsp;&nbsp;&nbsp; $969887 | &nbsp;&nbsp;&nbsp; 141953 | &nbsp;&nbsp;&nbsp; $1886000 |
|  | &nbsp;&nbsp; 4139977 | &nbsp;&nbsp;&nbsp; $55935096 | &nbsp;&nbsp;&nbsp; 8230980 | &nbsp;&nbsp;&nbsp; $111643760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2035 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 178698 | &nbsp;&nbsp;&nbsp; $2786836 | &nbsp;&nbsp;&nbsp; 256823 | &nbsp;&nbsp;&nbsp; $4175635 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47314 | &nbsp;&nbsp;&nbsp; 746993 |
| Shares redeemed | &nbsp;&nbsp; (123186) | &nbsp;&nbsp;&nbsp; (1980389) | &nbsp;&nbsp;&nbsp; (544829) | &nbsp;&nbsp;&nbsp; (8469960) |
|  | &nbsp;&nbsp; 55512 | &nbsp;&nbsp;&nbsp; $806447 | &nbsp;&nbsp;&nbsp; (240692) | &nbsp;&nbsp;&nbsp; $(3547332) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 453569 | &nbsp;&nbsp;&nbsp; $7172068 | &nbsp;&nbsp;&nbsp; 369040 | &nbsp;&nbsp;&nbsp; $5869945 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 142176 | &nbsp;&nbsp;&nbsp; 2228182 |
| Shares redeemed | &nbsp;&nbsp; (109110) | &nbsp;&nbsp;&nbsp; (1720961) | &nbsp;&nbsp;&nbsp; (473623) | &nbsp;&nbsp;&nbsp; (7567155) |
|  | &nbsp;&nbsp; 344459 | &nbsp;&nbsp;&nbsp; $5451107 | &nbsp;&nbsp;&nbsp; 37593 | &nbsp;&nbsp;&nbsp; $530972 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2035 Fund (continued) |  |  |  |  |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4753 | &nbsp;&nbsp;&nbsp; $73452 | &nbsp;&nbsp;&nbsp; 52422 | &nbsp;&nbsp;&nbsp; $840572 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15403 | &nbsp;&nbsp;&nbsp; 235790 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (54297) | &nbsp;&nbsp;&nbsp; (840190) | &nbsp;&nbsp;&nbsp; (17408) | &nbsp;&nbsp;&nbsp; (268995) |
|  | &nbsp;&nbsp; (49544) | &nbsp;&nbsp;&nbsp; $(766738) | &nbsp;&nbsp;&nbsp; 50417 | &nbsp;&nbsp;&nbsp; $807367 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4839213 | &nbsp;&nbsp;&nbsp; $77671693 | &nbsp;&nbsp;&nbsp; 9329920 | &nbsp;&nbsp;&nbsp; $151327046 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1003665 | &nbsp;&nbsp;&nbsp; 16145032 |
| Shares redeemed | &nbsp;&nbsp; (1047505) | &nbsp;&nbsp;&nbsp; (16814456) | &nbsp;&nbsp;&nbsp; (2254120) | &nbsp;&nbsp;&nbsp; (36906881) |
|  | &nbsp;&nbsp; 3791708 | &nbsp;&nbsp;&nbsp; $60857237 | &nbsp;&nbsp;&nbsp; 8079465 | &nbsp;&nbsp;&nbsp; $130565197 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 118778 | &nbsp;&nbsp;&nbsp; $1829234 | &nbsp;&nbsp;&nbsp; 148051 | &nbsp;&nbsp;&nbsp; $2340647 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33220 | &nbsp;&nbsp;&nbsp; 518839 |
| Shares redeemed | &nbsp;&nbsp; (112269) | &nbsp;&nbsp;&nbsp; (1736829) | &nbsp;&nbsp;&nbsp; (67189) | &nbsp;&nbsp;&nbsp; (1059749) |
|  | &nbsp;&nbsp; 6509 | &nbsp;&nbsp;&nbsp; $92405 | &nbsp;&nbsp;&nbsp; 114082 | &nbsp;&nbsp;&nbsp; $1799737 |
|  | &nbsp;&nbsp; 4148644 | &nbsp;&nbsp;&nbsp; $66440458 | &nbsp;&nbsp;&nbsp; 8040865 | &nbsp;&nbsp;&nbsp; $130155941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2040 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 201485 | &nbsp;&nbsp;&nbsp; $3505991 | &nbsp;&nbsp;&nbsp; 406200 | &nbsp;&nbsp;&nbsp; $7309150 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 285328 | &nbsp;&nbsp;&nbsp; 4966348 |
| Shares redeemed | &nbsp;&nbsp; (209062) | &nbsp;&nbsp;&nbsp; (3599703) | &nbsp;&nbsp;&nbsp; (745260) | &nbsp;&nbsp;&nbsp; (13155173) |
|  | &nbsp;&nbsp; (7577) | &nbsp;&nbsp;&nbsp; $(93712) | &nbsp;&nbsp;&nbsp; (53732) | &nbsp;&nbsp;&nbsp; $(879675) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 1095647 | &nbsp;&nbsp;&nbsp; $15938810 | &nbsp;&nbsp;&nbsp; 1953108 | &nbsp;&nbsp;&nbsp; $29912234 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1102757 | &nbsp;&nbsp;&nbsp; 16205128 |
| Shares redeemed | &nbsp;&nbsp; (1154383) | &nbsp;&nbsp;&nbsp; (16782077) | &nbsp;&nbsp;&nbsp; (2858390) | &nbsp;&nbsp;&nbsp; (43753585) |
|  | &nbsp;&nbsp; (58736) | &nbsp;&nbsp;&nbsp; $(843267) | &nbsp;&nbsp;&nbsp; 197475 | &nbsp;&nbsp;&nbsp; $2363777 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10123 | &nbsp;&nbsp;&nbsp; $169939 | &nbsp;&nbsp;&nbsp; 17162 | &nbsp;&nbsp;&nbsp; $290166 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15026 | &nbsp;&nbsp;&nbsp; 251932 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (12111) | &nbsp;&nbsp;&nbsp; (203100) | &nbsp;&nbsp;&nbsp; (36339) | &nbsp;&nbsp;&nbsp; (627353) |
|  | &nbsp;&nbsp; (1988) | &nbsp;&nbsp;&nbsp; $(33161) | &nbsp;&nbsp;&nbsp; (4151) | &nbsp;&nbsp;&nbsp; $(85255) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3588815 | &nbsp;&nbsp;&nbsp; $62666100 | &nbsp;&nbsp;&nbsp; 7680867 | &nbsp;&nbsp;&nbsp; $137000584 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1127522 | &nbsp;&nbsp;&nbsp; 19814929 |
| Shares redeemed | &nbsp;&nbsp; (773083) | &nbsp;&nbsp;&nbsp; (13559019) | &nbsp;&nbsp;&nbsp; (1793619) | &nbsp;&nbsp;&nbsp; (32192544) |
|  | &nbsp;&nbsp; 2815732 | &nbsp;&nbsp;&nbsp; $49107081 | &nbsp;&nbsp;&nbsp; 7014770 | &nbsp;&nbsp;&nbsp; $124622969 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 236110 | &nbsp;&nbsp;&nbsp; $3975079 | &nbsp;&nbsp;&nbsp; 210087 | &nbsp;&nbsp;&nbsp; $3693849 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55505 | &nbsp;&nbsp;&nbsp; 943168 |
| Shares redeemed | &nbsp;&nbsp; (70179) | &nbsp;&nbsp;&nbsp; (1169857) | &nbsp;&nbsp;&nbsp; (67113) | &nbsp;&nbsp;&nbsp; (1168209) |
|  | &nbsp;&nbsp; 165931 | &nbsp;&nbsp;&nbsp; $2805222 | &nbsp;&nbsp;&nbsp; 198479 | &nbsp;&nbsp;&nbsp; $3468808 |
|  | &nbsp;&nbsp; 2913362 | &nbsp;&nbsp;&nbsp; $50942163 | &nbsp;&nbsp;&nbsp; 7352841 | &nbsp;&nbsp;&nbsp; $129490624 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2045 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 80074 | &nbsp;&nbsp;&nbsp; $1423145 | &nbsp;&nbsp;&nbsp; 142894 | &nbsp;&nbsp;&nbsp; $2609597 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32371 | &nbsp;&nbsp;&nbsp; 582214 |
| Shares redeemed | &nbsp;&nbsp; (43241) | &nbsp;&nbsp;&nbsp; (782708) | &nbsp;&nbsp;&nbsp; (380228) | &nbsp;&nbsp;&nbsp; (6746312) |
|  | &nbsp;&nbsp; 36833 | &nbsp;&nbsp;&nbsp; $640437 | &nbsp;&nbsp;&nbsp; (204963) | &nbsp;&nbsp;&nbsp; $(3554501) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 510044 | &nbsp;&nbsp;&nbsp; $9028850 | &nbsp;&nbsp;&nbsp; 600196 | &nbsp;&nbsp;&nbsp; $10984071 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152114 | &nbsp;&nbsp;&nbsp; 2717251 |
| Shares redeemed | &nbsp;&nbsp; (245720) | &nbsp;&nbsp;&nbsp; (4349334) | &nbsp;&nbsp;&nbsp; (490574) | &nbsp;&nbsp;&nbsp; (8889869) |
|  | &nbsp;&nbsp; 264324 | &nbsp;&nbsp;&nbsp; $4679516 | &nbsp;&nbsp;&nbsp; 261736 | &nbsp;&nbsp;&nbsp; $4811453 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4589 | &nbsp;&nbsp;&nbsp; $79895 | &nbsp;&nbsp;&nbsp; 19605 | &nbsp;&nbsp;&nbsp; $351034 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7597 | &nbsp;&nbsp;&nbsp; 132144 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (6510) | &nbsp;&nbsp;&nbsp; (108273) | &nbsp;&nbsp;&nbsp; (19520) | &nbsp;&nbsp;&nbsp; (356169) |
|  | &nbsp;&nbsp; (1921) | &nbsp;&nbsp;&nbsp; $(28378) | &nbsp;&nbsp;&nbsp; 7682 | &nbsp;&nbsp;&nbsp; $127009 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3401467 | &nbsp;&nbsp;&nbsp; $61887114 | &nbsp;&nbsp;&nbsp; 5892906 | &nbsp;&nbsp;&nbsp; $108018744 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 907991 | &nbsp;&nbsp;&nbsp; 16597701 |
| Shares redeemed | &nbsp;&nbsp; (642096) | &nbsp;&nbsp;&nbsp; (11705496) | &nbsp;&nbsp;&nbsp; (1459092) | &nbsp;&nbsp;&nbsp; (27166016) |
|  | &nbsp;&nbsp; 2759371 | &nbsp;&nbsp;&nbsp; $50181618 | &nbsp;&nbsp;&nbsp; 5341805 | &nbsp;&nbsp;&nbsp; $97450429 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 117620 | &nbsp;&nbsp;&nbsp; $2050131 | &nbsp;&nbsp;&nbsp; 144555 | &nbsp;&nbsp;&nbsp; $2615030 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47719 | &nbsp;&nbsp;&nbsp; 846680 |
| Shares redeemed | &nbsp;&nbsp; (102133) | &nbsp;&nbsp;&nbsp; (1769710) | &nbsp;&nbsp;&nbsp; (83727) | &nbsp;&nbsp;&nbsp; (1495930) |
|  | &nbsp;&nbsp; 15487 | &nbsp;&nbsp;&nbsp; $280421 | &nbsp;&nbsp;&nbsp; 108547 | &nbsp;&nbsp;&nbsp; $1965780 |
|  | &nbsp;&nbsp; 3074094 | &nbsp;&nbsp;&nbsp; $55753614 | &nbsp;&nbsp;&nbsp; 5514807 | &nbsp;&nbsp;&nbsp; $100800170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2050 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 96126 | &nbsp;&nbsp;&nbsp; $2197221 | &nbsp;&nbsp;&nbsp; 164322 | &nbsp;&nbsp;&nbsp; $3889907 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 92271 | &nbsp;&nbsp;&nbsp; 2123666 |
| Shares redeemed | &nbsp;&nbsp; (111435) | &nbsp;&nbsp;&nbsp; (2555400) | &nbsp;&nbsp;&nbsp; (330741) | &nbsp;&nbsp;&nbsp; (7589978) |
|  | &nbsp;&nbsp; (15309) | &nbsp;&nbsp;&nbsp; $(358179) | &nbsp;&nbsp;&nbsp; (74148) | &nbsp;&nbsp;&nbsp; $(1576405) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 711400 | &nbsp;&nbsp;&nbsp; $15974977 | &nbsp;&nbsp;&nbsp; 1125659 | &nbsp;&nbsp;&nbsp; $26369436 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 421432 | &nbsp;&nbsp;&nbsp; 9620072 |
| Shares redeemed | &nbsp;&nbsp; (668012) | &nbsp;&nbsp;&nbsp; (14990963) | &nbsp;&nbsp;&nbsp; (1072653) | &nbsp;&nbsp;&nbsp; (24995423) |
|  | &nbsp;&nbsp; 43388 | &nbsp;&nbsp;&nbsp; $984014 | &nbsp;&nbsp;&nbsp; 474438 | &nbsp;&nbsp;&nbsp; $10994085 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 17256 | &nbsp;&nbsp;&nbsp; $380113 | &nbsp;&nbsp;&nbsp; 17277 | &nbsp;&nbsp;&nbsp; $395086 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9217 | &nbsp;&nbsp;&nbsp; 204604 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (28240) | &nbsp;&nbsp;&nbsp; (630258) | &nbsp;&nbsp;&nbsp; (21738) | &nbsp;&nbsp;&nbsp; (493042) |
|  | &nbsp;&nbsp; (10984) | &nbsp;&nbsp;&nbsp; $(250145) | &nbsp;&nbsp;&nbsp; 4756 | &nbsp;&nbsp;&nbsp; $106648 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2659026 | &nbsp;&nbsp;&nbsp; $60825554 | &nbsp;&nbsp;&nbsp; 4616200 | &nbsp;&nbsp;&nbsp; $108486498 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 722026 | &nbsp;&nbsp;&nbsp; 16721620 |
| Shares redeemed | &nbsp;&nbsp; (550376) | &nbsp;&nbsp;&nbsp; (12611889) | &nbsp;&nbsp;&nbsp; (1014477) | &nbsp;&nbsp;&nbsp; (23969540) |
|  | &nbsp;&nbsp; 2108650 | &nbsp;&nbsp;&nbsp; $48213665 | &nbsp;&nbsp;&nbsp; 4323749 | &nbsp;&nbsp;&nbsp; $101238578 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2050 Fund (continued) |  |  |  |  |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 111616 | &nbsp;&nbsp;&nbsp; $2457634 | &nbsp;&nbsp;&nbsp; 146433 | &nbsp;&nbsp;&nbsp; $3378848 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37464 | &nbsp;&nbsp;&nbsp; 846943 |
| Shares redeemed | &nbsp;&nbsp; (34463) | &nbsp;&nbsp;&nbsp; (756716) | &nbsp;&nbsp;&nbsp; (21997) | &nbsp;&nbsp;&nbsp; (506881) |
|  | &nbsp;&nbsp; 77153 | &nbsp;&nbsp;&nbsp; $1700918 | &nbsp;&nbsp;&nbsp; 161900 | &nbsp;&nbsp;&nbsp; $3718910 |
|  | &nbsp;&nbsp; 2202898 | &nbsp;&nbsp;&nbsp; $50290273 | &nbsp;&nbsp;&nbsp; 4890695 | &nbsp;&nbsp;&nbsp; $114481816 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2055 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 61629 | &nbsp;&nbsp;&nbsp; $1187222 | &nbsp;&nbsp;&nbsp; 146736 | &nbsp;&nbsp;&nbsp; $2858825 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29528 | &nbsp;&nbsp;&nbsp; 576032 |
| Shares redeemed | &nbsp;&nbsp; (34404) | &nbsp;&nbsp;&nbsp; (656013) | &nbsp;&nbsp;&nbsp; (314905) | &nbsp;&nbsp;&nbsp; (5897581) |
|  | &nbsp;&nbsp; 27225 | &nbsp;&nbsp;&nbsp; $531209 | &nbsp;&nbsp;&nbsp; (138641) | &nbsp;&nbsp;&nbsp; $(2462724) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 491983 | &nbsp;&nbsp;&nbsp; $9474468 | &nbsp;&nbsp;&nbsp; 517736 | &nbsp;&nbsp;&nbsp; $10132434 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 105457 | &nbsp;&nbsp;&nbsp; 2037263 |
| Shares redeemed | &nbsp;&nbsp; (179488) | &nbsp;&nbsp;&nbsp; (3465164) | &nbsp;&nbsp;&nbsp; (329744) | &nbsp;&nbsp;&nbsp; (6421557) |
|  | &nbsp;&nbsp; 312495 | &nbsp;&nbsp;&nbsp; $6009304 | &nbsp;&nbsp;&nbsp; 293449 | &nbsp;&nbsp;&nbsp; $5748140 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9470 | &nbsp;&nbsp;&nbsp; $175970 | &nbsp;&nbsp;&nbsp; 12858 | &nbsp;&nbsp;&nbsp; $243063 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5121 | &nbsp;&nbsp;&nbsp; 96322 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (10269) | &nbsp;&nbsp;&nbsp; (192952) | &nbsp;&nbsp;&nbsp; (13106) | &nbsp;&nbsp;&nbsp; (243542) |
|  | (799) | &nbsp;&nbsp;&nbsp; $(16982) | &nbsp;&nbsp;&nbsp; 4873 | &nbsp;&nbsp;&nbsp; $95843 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2580895 | &nbsp;&nbsp;&nbsp; $50945161 | &nbsp;&nbsp;&nbsp; 4673127 | &nbsp;&nbsp;&nbsp; $92207985 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 618391 | &nbsp;&nbsp;&nbsp; 12310177 |
| Shares redeemed | &nbsp;&nbsp; (658086) | &nbsp;&nbsp;&nbsp; (13024015) | &nbsp;&nbsp;&nbsp; (880536) | &nbsp;&nbsp;&nbsp; (17489327) |
|  | &nbsp;&nbsp; 1922809 | &nbsp;&nbsp;&nbsp; $37921146 | &nbsp;&nbsp;&nbsp; 4410982 | &nbsp;&nbsp;&nbsp; $87028835 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 92411 | &nbsp;&nbsp;&nbsp; $1719685 | &nbsp;&nbsp;&nbsp; 114411 | &nbsp;&nbsp;&nbsp; $2197525 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24057 | &nbsp;&nbsp;&nbsp; 462086 |
| Shares redeemed | &nbsp;&nbsp; (34773) | &nbsp;&nbsp;&nbsp; (632624) | &nbsp;&nbsp;&nbsp; (31836) | &nbsp;&nbsp;&nbsp; (616258) |
|  | &nbsp;&nbsp; 57638 | &nbsp;&nbsp;&nbsp; $1087061 | &nbsp;&nbsp;&nbsp; 106632 | &nbsp;&nbsp;&nbsp; $2043353 |
|  | &nbsp;&nbsp; 2319368 | &nbsp;&nbsp;&nbsp; $45531738 | &nbsp;&nbsp;&nbsp; 4677295 | &nbsp;&nbsp;&nbsp; $92453447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2060 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 120316 | &nbsp;&nbsp;&nbsp; $1738203 | &nbsp;&nbsp;&nbsp; 177770 | &nbsp;&nbsp;&nbsp; $2601138 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21985 | &nbsp;&nbsp;&nbsp; 324924 |
| Shares redeemed | &nbsp;&nbsp; (25355) | &nbsp;&nbsp;&nbsp; (369860) | &nbsp;&nbsp;&nbsp; (112978) | &nbsp;&nbsp;&nbsp; (1645248) |
|  | &nbsp;&nbsp; 94961 | &nbsp;&nbsp;&nbsp; $1368343 | &nbsp;&nbsp;&nbsp; 86777 | &nbsp;&nbsp;&nbsp; $1280814 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 295526 | &nbsp;&nbsp;&nbsp; $4298815 | &nbsp;&nbsp;&nbsp; 263707 | &nbsp;&nbsp;&nbsp; $3834137 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22906 | &nbsp;&nbsp;&nbsp; 336978 |
| Shares redeemed | &nbsp;&nbsp; (103679) | &nbsp;&nbsp;&nbsp; (1517068) | &nbsp;&nbsp;&nbsp; (56122) | &nbsp;&nbsp;&nbsp; (820849) |
|  | &nbsp;&nbsp; 191847 | &nbsp;&nbsp;&nbsp; $2781747 | &nbsp;&nbsp;&nbsp; 230491 | &nbsp;&nbsp;&nbsp; $3350266 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2060 Fund (continued) |  |  |  |  |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; $6036 | &nbsp;&nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp; $28544 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 5766 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (2202) | &nbsp;&nbsp;&nbsp; (33062) | &nbsp;&nbsp;&nbsp; (6455) | &nbsp;&nbsp;&nbsp; (94341) |
|  | &nbsp;&nbsp; (1790) | &nbsp;&nbsp;&nbsp; $(27026) | &nbsp;&nbsp;&nbsp; (4009) | &nbsp;&nbsp;&nbsp; $(60031) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2229591 | &nbsp;&nbsp;&nbsp; $32794965 | &nbsp;&nbsp;&nbsp; 3627062 | &nbsp;&nbsp;&nbsp; $52723667 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 278690 | &nbsp;&nbsp;&nbsp; 4130989 |
| Shares redeemed | &nbsp;&nbsp; (326585) | &nbsp;&nbsp;&nbsp; (4819880) | &nbsp;&nbsp;&nbsp; (863859) | &nbsp;&nbsp;&nbsp; (12579605) |
|  | &nbsp;&nbsp; 1903006 | &nbsp;&nbsp;&nbsp; $27975085 | &nbsp;&nbsp;&nbsp; 3041893 | &nbsp;&nbsp;&nbsp; $44275051 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 158507 | &nbsp;&nbsp;&nbsp; $2278131 | &nbsp;&nbsp;&nbsp; 102422 | &nbsp;&nbsp;&nbsp; $1484521 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12171 | &nbsp;&nbsp;&nbsp; 178880 |
| Shares redeemed | &nbsp;&nbsp; (12816) | &nbsp;&nbsp;&nbsp; (180060) | &nbsp;&nbsp;&nbsp; (53553) | &nbsp;&nbsp;&nbsp; (813228) |
|  | &nbsp;&nbsp; 145691 | &nbsp;&nbsp;&nbsp; $2098071 | &nbsp;&nbsp;&nbsp; 61040 | &nbsp;&nbsp;&nbsp; $850173 |
|  | &nbsp;&nbsp; 2333715 | &nbsp;&nbsp;&nbsp; $34196220 | &nbsp;&nbsp;&nbsp; 3416192 | &nbsp;&nbsp;&nbsp; $49696273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2065 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39997 | &nbsp;&nbsp;&nbsp; $515806 | &nbsp;&nbsp;&nbsp; 47667 | &nbsp;&nbsp;&nbsp; $624996 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp; 60071 |
| Shares redeemed | &nbsp;&nbsp; (4225) | &nbsp;&nbsp;&nbsp; (56126) | &nbsp;&nbsp;&nbsp; (38198) | &nbsp;&nbsp;&nbsp; (479851) |
|  | &nbsp;&nbsp; 35772 | &nbsp;&nbsp;&nbsp; $459680 | &nbsp;&nbsp;&nbsp; 14004 | &nbsp;&nbsp;&nbsp; $205216 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 268088 | &nbsp;&nbsp;&nbsp; $3542394 | &nbsp;&nbsp;&nbsp; 439537 | &nbsp;&nbsp;&nbsp; $5835412 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39532 | &nbsp;&nbsp;&nbsp; 521255 |
| Shares redeemed | &nbsp;&nbsp; (52589) | &nbsp;&nbsp;&nbsp; (692257) | &nbsp;&nbsp;&nbsp; (48601) | &nbsp;&nbsp;&nbsp; (648868) |
|  | &nbsp;&nbsp; 215499 | &nbsp;&nbsp;&nbsp; $2850137 | &nbsp;&nbsp;&nbsp; 430468 | &nbsp;&nbsp;&nbsp; $5707799 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4939 | &nbsp;&nbsp;&nbsp; $65551 | &nbsp;&nbsp;&nbsp; 9995 | &nbsp;&nbsp;&nbsp; $126569 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp; 21430 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (8975) | &nbsp;&nbsp;&nbsp; (115385) | &nbsp;&nbsp;&nbsp; (10693) | &nbsp;&nbsp;&nbsp; (133988) |
|  | &nbsp;&nbsp; (4036) | &nbsp;&nbsp;&nbsp; $(49834) | &nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; $14011 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1325399 | &nbsp;&nbsp;&nbsp; $17514041 | &nbsp;&nbsp;&nbsp; 1164027 | &nbsp;&nbsp;&nbsp; $15458231 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 103126 | &nbsp;&nbsp;&nbsp; 1368158 |
| Shares redeemed | &nbsp;&nbsp; (135031) | &nbsp;&nbsp;&nbsp; (1768414) | &nbsp;&nbsp;&nbsp; (145464) | &nbsp;&nbsp;&nbsp; (1958353) |
|  | &nbsp;&nbsp; 1190368 | &nbsp;&nbsp;&nbsp; $15745627 | &nbsp;&nbsp;&nbsp; 1121689 | &nbsp;&nbsp;&nbsp; $14868036 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp; $11825 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; $16496 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 3528 |
| Shares redeemed | (40) | &nbsp;&nbsp;&nbsp;&nbsp;(529) | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;(90) |
|  | &nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp; $11296 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; $19934 |
|  | &nbsp;&nbsp; 1438465 | &nbsp;&nbsp;&nbsp; $19016906 | &nbsp;&nbsp;&nbsp; 1568599 | &nbsp;&nbsp;&nbsp; $20814996 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 | Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Dynamic 2070 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares redeemed | (97) | &nbsp;&nbsp;&nbsp; (1000) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; $2490 | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; $2490 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Investor C |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 958 | &nbsp;&nbsp;&nbsp; $9865 | &nbsp;&nbsp;&nbsp; 360010 | &nbsp;&nbsp;&nbsp; $3600100 |
| Shares redeemed | (10) | &nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; $9755 | &nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; $3600000 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
|  | &nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp; $12245 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $4000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

As of June 30, 2025, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

<u> *Fund Name* </u> <u> *Class K* </u> <u> *Class R* </u> <br> LifePath Dynamic 2045 Fund 2,003 — <br> LifePath Dynamic 2055 Fund 2,001 2,000

As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Investor A* | *Investor C* | *Class K* | *Class R* |
| LifePath Dynamic 2065 Fund | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 40000 |
| LifePath Dynamic 2070 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 10000 |

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***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds 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.

2025 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 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.

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

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

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.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Funds**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Funds III (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock LifePath Dynamic Retirement Fund ("LifePath Dynamic Retirement Fund"), BlackRock LifePath Dynamic 2030 Fund ("LifePath Dynamic 2030 Fund"), BlackRock LifePath Dynamic 2035 Fund ("LifePath Dynamic 2035 Fund"), BlackRock LifePath Dynamic 2040 Fund ("LifePath Dynamic 2040 Fund"), BlackRock LifePath Dynamic 2045 Fund ("LifePath Dynamic 2045 Fund"), BlackRock LifePath Dynamic 2050 Fund ("LifePath Dynamic 2050 Fund"), BlackRock LifePath Dynamic 2055 Fund ("LifePath Dynamic 2055 Fund"), BlackRock LifePath Dynamic 2060 Fund ("LifePath Dynamic 2060 Fund") and BlackRock LifePath Dynamic 2065 Fund ("LifePath Dynamic 2065 Fund") (each, a "Fund" and collectively, the "Funds") and BlackRock Fund Advisors (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements between the Manager and (a) BlackRock International Limited ("BIL") with respect to each Fund (the "BIL Sub-Advisory Agreement"); and (b) BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors") with respect to each Fund (the "BSL Sub-Advisory Agreement" and together with the BIL Sub-Advisory Agreement, the "Sub-Advisory Agreements"). The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to the Funds facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and is shareholders.

***B. The Investment Performance of the Funds*** 

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, each of LifePath Dynamic Retirement Fund, LifePath Dynamic 2035 Fund, LifePath Dynamic 2040 Fund, LifePath Dynamic 2045 Fund, LifePath Dynamic 2050 Fund, LifePath Dynamic 2055 Fund, LifePath Dynamic 2060 Fund and LifePath Dynamic 2065 Fund ranked in the first quartile against its Performance Peers.

The Board noted that for the one-, three- and five-year periods reported, LifePath Dynamic 2030 Fund ranked in the first, first and second quartiles, respectively, against its Performance Peers.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the varying fee structures for fund of funds can limit the value of management fee comparisons.

The Board also noted that LifePath Dynamic 2065 Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board also noted that each of LifePath Dynamic 2050 Fund's, LifePath Dynamic 2055 Fund's and Lifepath Dynamic 2060 Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked the second and first quartiles, respectively, relative to the Fund's Expense Peers.

The Board also noted that LifePath Dynamic Retirement Fund's contractual management fee rate ranked second out of four funds, and that the actual management fee rate and total expense ratio ranked third out of four funds and in the first quartile, respectively, relative to the Fund's Expense Peers.

The Board also noted that each of LifePath Dynamic 2040 Fund's and LifePath Dynamic 2045 Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Fund's Expense Peers.

The Board also noted that each LifePath Dynamic 2030 Fund's and LifePath Dynamic 2035 Fund's contractual management fee rate ranked in the second quartile and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Fund's Expense Peers.

Additionally, the Board noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate each Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of the Funds increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, (ii) the BIL Sub-Advisory Agreement between the Manager and BIL with respect to each Fund, and (iii) the BSL Sub-Advisory Agreement between the Manager and BSL with respect to each Fund, each for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| JPY | Japanese Yen |
| USD | United States Dollar |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

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Glossary of Terms Used in these Financial Statements

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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.

![](g113101img385a42172.jpg)

![](g113101imgda57a7291.jpg)

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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 – See Item 7

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

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

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](d113101dex99cert.htm)

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d113101dex99906cert.htm)

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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

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

---

Date: August 25, 2025

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.

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

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Date: August 25, 2025

---

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

---

Date: August 25, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds III certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds III, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**