# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001193125-25-154909
**Filing Date:** 2025-7
**Character Count:** 1076527
**Document Hash:** 0fa44a087d108de557ac94987a78246d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154909.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154909

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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:** 251100495

**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 ESG Index Retirement Fund (Series ID: S000069122)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220929 | Class K       |  |
| C000220930 | Institutional |  |
| C000220931 | Investor A    |  |

### BlackRock LifePath ESG Index 2065 Fund (Series ID: S000069123)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220932 | Investor A    |  |
| C000220933 | Class K       |  |
| C000220934 | Institutional |  |

### BlackRock LifePath ESG Index 2030 Fund (Series ID: S000069125)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220938 | Institutional |  |
| C000220939 | Investor A    |  |
| C000220940 | Class K       |  |

### BlackRock LifePath ESG Index 2035 Fund (Series ID: S000069126)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220941 | Institutional |  |
| C000220942 | Investor A    |  |
| C000220943 | Class K       |  |

### BlackRock LifePath ESG Index 2040 Fund (Series ID: S000069127)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220944 | Institutional |  |
| C000220945 | Class K       |  |
| C000220946 | Investor A    |  |

### BlackRock LifePath ESG Index 2045 Fund (Series ID: S000069128)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220947 | Investor A    |  |
| C000220948 | Institutional |  |
| C000220949 | Class K       |  |

### BlackRock LifePath ESG Index 2050 Fund (Series ID: S000069129)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220950 | Investor A    |  |
| C000220951 | Institutional |  |
| C000220952 | Class K       |  |

### BlackRock LifePath ESG Index 2055 Fund (Series ID: S000069130)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220953 | Investor A    |  |
| C000220954 | Class K       |  |
| C000220955 | Institutional |  |

### BlackRock LifePath ESG Index 2060 Fund (Series ID: S000069131)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000220956 | Institutional |  |
| C000220957 | Class K       |  |
| C000220958 | Investor A    |  |

### BlackRock Diversified Fixed Income Fund (Series ID: S000079204)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000240134 | BlackRock Diversified Fixed Income Fund |  |
| C000244506 | Institutional Shares                    |  |
| C000244507 | Class K Shares                          |  |

### BlackRock LifePath ESG Index 2070 Fund (Series ID: S000086332)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000251817 | Institutional |  |
| C000251818 | Investor A    |  |
| C000251819 | 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 Diversified Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds III, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

10/31/2025

Date of reporting period:

4/30/2025

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](g941243images_4988.jpg)

### BlackRock Diversified Fixed Income Fund

### Institutional Shares \| BDVIX

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

------

This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 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) 537-4942.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $12 | 0.24%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 2.35% | 7.45% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | 2.75 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1141919099 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4032 |
| Portfolio Turnover Rate | &nbsp;&nbsp;273% |

---

The Fund commenced operations on January 18, 2023.

Performance shown prior to the Institutional Shares inception date of September 19, 2023 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Institutional Shares fees.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 36.2% |
| Corporate Bonds | 25.4% |
| U.S. Treasury Obligations | 19.5% |
| Non-Agency Mortgage-Backed Securities | 10.9% |
| Asset-Backed Securities | 5.4% |
| Foreign Agency Obligations | 1.7% |
| Municipal Bonds | 0.4% |
| Common Stocks | 0.3% |
| Investment Companies | 0.1% |
| Floating Rate Loan Interests | 0.1% |
| Other<sup>\*</sup> | — %(b) |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 60.0% |
| AA/Aa | 2.5% |
| A | 9.1% |
| BBB/Baa | 18.5% |
| BB/Ba | 2.3% |
| B | 0.8% |
| CCC/Caa | 0.4% |
| CC | 0.1% |
| C | 0.2% |
| D | — %(b) |
| N/R | 6.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g941243images_4987.jpg)

BlackRock Diversified Fixed Income Fund

Institutional Shares \| BDVIX

Semi-Annual Shareholder Report — April 30, 2025

BDVIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock Diversified Fixed Income Fund

### Class K Shares \| BDVFX

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

------

This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 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) 537-4942.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $7 | 0.14%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 2.29% | 7.48% | 2.86% |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | 2.75 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1141919099 |
| Number of Portfolio Holdings | &nbsp;&nbsp;4032 |
| Portfolio Turnover Rate | &nbsp;&nbsp;273% |

---

The Fund commenced operations on January 18, 2023.

On the close of business on September 18, 2023, all of the issued and outstanding shares of the Fund were redesignated as Class K Shares.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 36.2% |
| Corporate Bonds | 25.4% |
| U.S. Treasury Obligations | 19.5% |
| Non-Agency Mortgage-Backed Securities | 10.9% |
| Asset-Backed Securities | 5.4% |
| Foreign Agency Obligations | 1.7% |
| Municipal Bonds | 0.4% |
| Common Stocks | 0.3% |
| Investment Companies | 0.1% |
| Floating Rate Loan Interests | 0.1% |
| Other<sup>\*</sup> | — %(b) |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 60.0% |
| AA/Aa | 2.5% |
| A | 9.1% |
| BBB/Baa | 18.5% |
| BB/Ba | 2.3% |
| B | 0.8% |
| CCC/Caa | 0.4% |
| CC | 0.1% |
| C | 0.2% |
| D | — %(b) |
| N/R | 6.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g941243images_4987.jpg)

BlackRock Diversified Fixed Income Fund

Class K Shares \| BDVFX

Semi-Annual Shareholder Report — April 30, 2025

BDVFX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

### Institutional Shares \| LENIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $5(a) 0.10%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 1.18% | 9.43% | 5.53% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2030 Fund Custom Benchmark | 1.25 | 9.78 | 5.70 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6312186 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 52.7% |
| Fixed-Income Funds | 47.1% |
| Money Market Funds | 16.1% |
| Liabilities in Excess of Other Assets | (15.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 39.9% |
| iShares ESG Aware MSCI USA ETF | 29.7% |
| iShares ESG Aware MSCI EAFE ETF | 9.4% |
| iShares TIPS Bond ETF | 7.2% |
| iShares ESG Aware MSCI EM ETF | 4.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 3.4% |
| iShares Developed Real Estate Index Fund, Class K | 2.4% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| iShares MSCI Canada ETF | 1.2% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.7% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

Institutional Shares \| LENIX

Semi-Annual Shareholder Report — April 30, 2025

LENIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

### Investor A Shares \| LENAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $17(a) 0.35%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 0.95% | 9.11% | 5.25% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2030 Fund Custom Benchmark | 1.25 | 9.78 | 5.70 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6312186 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 52.7% |
| Fixed-Income Funds | 47.1% |
| Money Market Funds | 16.1% |
| Liabilities in Excess of Other Assets | (15.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 39.9% |
| iShares ESG Aware MSCI USA ETF | 29.7% |
| iShares ESG Aware MSCI EAFE ETF | 9.4% |
| iShares TIPS Bond ETF | 7.2% |
| iShares ESG Aware MSCI EM ETF | 4.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 3.4% |
| iShares Developed Real Estate Index Fund, Class K | 2.4% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| iShares MSCI Canada ETF | 1.2% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.7% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

Investor A Shares \| LENAX

Semi-Annual Shareholder Report — April 30, 2025

LENAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

### Class K Shares \| LENKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $2(a) 0.05%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 1.21% | 9.46% | 5.58% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2030 Fund Custom Benchmark | 1.25 | 9.78 | 5.70 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6312186 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 52.7% |
| Fixed-Income Funds | 47.1% |
| Money Market Funds | 16.1% |
| Liabilities in Excess of Other Assets | (15.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 39.9% |
| iShares ESG Aware MSCI USA ETF | 29.7% |
| iShares ESG Aware MSCI EAFE ETF | 9.4% |
| iShares TIPS Bond ETF | 7.2% |
| iShares ESG Aware MSCI EM ETF | 4.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 3.4% |
| iShares Developed Real Estate Index Fund, Class K | 2.4% |
| iShares MSCI EAFE Small-Cap ETF | 1.6% |
| iShares MSCI Canada ETF | 1.2% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.7% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2030 Fund

Class K Shares \| LENKX

Semi-Annual Shareholder Report — April 30, 2025

LENKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

### Institutional Shares \| LEJIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $4(a) 0.09%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 0.98% | 10.29% | 6.85% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2035 Fund Custom Benchmark | 0.95 | 10.14 | 6.94 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5520624 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 64.7% |
| Fixed-Income Funds | 35.2% |
| Money Market Funds | 13.0% |
| Liabilities in Excess of Other Assets | (12.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 36.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 29.0% |
| iShares ESG Aware MSCI EAFE ETF | 11.6% |
| iShares TIPS Bond ETF | 6.2% |
| iShares ESG Aware MSCI EM ETF | 5.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.1% |
| iShares Developed Real Estate Index Fund, Class K | 3.1% |
| iShares MSCI EAFE Small-Cap ETF | 1.9% |
| iShares MSCI Canada ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.9% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

Institutional Shares \| LEJIX

Semi-Annual Shareholder Report — April 30, 2025

LEJIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

### Investor A Shares \| LEJAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $17(a) 0.34%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 0.79% | 9.91% | 6.57% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2035 Fund Custom Benchmark | 0.95 | 10.14 | 6.94 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5520624 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 64.7% |
| Fixed-Income Funds | 35.2% |
| Money Market Funds | 13.0% |
| Liabilities in Excess of Other Assets | (12.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 36.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 29.0% |
| iShares ESG Aware MSCI EAFE ETF | 11.6% |
| iShares TIPS Bond ETF | 6.2% |
| iShares ESG Aware MSCI EM ETF | 5.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.1% |
| iShares Developed Real Estate Index Fund, Class K | 3.1% |
| iShares MSCI EAFE Small-Cap ETF | 1.9% |
| iShares MSCI Canada ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.9% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

Investor A Shares \| LEJAX

Semi-Annual Shareholder Report — April 30, 2025

LEJAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

### Class K Shares \| LEJKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $2(a) 0.04%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.91% | 10.31% | 6.89% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2035 Fund Custom Benchmark | 0.95 | 10.14 | 6.94 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5520624 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 64.7% |
| Fixed-Income Funds | 35.2% |
| Money Market Funds | 13.0% |
| Liabilities in Excess of Other Assets | (12.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 36.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 29.0% |
| iShares ESG Aware MSCI EAFE ETF | 11.6% |
| iShares TIPS Bond ETF | 6.2% |
| iShares ESG Aware MSCI EM ETF | 5.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.1% |
| iShares Developed Real Estate Index Fund, Class K | 3.1% |
| iShares MSCI EAFE Small-Cap ETF | 1.9% |
| iShares MSCI Canada ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.9% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2035 Fund

Class K Shares \| LEJKX

Semi-Annual Shareholder Report — April 30, 2025

LEJKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

### Institutional Shares \| LEKIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $4(a) 0.08%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 0.55% | 10.12% | 8.13% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2040 Fund Custom Benchmark | 0.66 | 10.48 | 8.07 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12124890 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 76.0% |
| Fixed-Income Funds | 23.8% |
| Money Market Funds | 4.5% |
| Liabilities in Excess of Other Assets | (4.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 42.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 19.0% |
| iShares ESG Aware MSCI EAFE ETF | 13.7% |
| iShares ESG Aware MSCI EM ETF | 6.3% |
| iShares TIPS Bond ETF | 4.8% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.7% |
| iShares Developed Real Estate Index Fund, Class K | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares MSCI Canada ETF | 1.8% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

Institutional Shares \| LEKIX

Semi-Annual Shareholder Report — April 30, 2025

LEKIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

### Investor A Shares \| LEKAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $16(a) 0.33%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *Since Fund<br>Inception* |
| Investor A Shares | 0.46% | 9.86% | 7.86% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2040 Fund Custom Benchmark | 0.66 | 10.48 | 8.07 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12124890 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Equity Funds | 76.0% |
| Fixed-Income Funds | 23.8% |
| Money Market Funds | 4.5% |
| Liabilities in Excess of Other Assets | (4.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| iShares ESG Aware MSCI USA ETF | 42.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 19.0% |
| iShares ESG Aware MSCI EAFE ETF | 13.7% |
| iShares ESG Aware MSCI EM ETF | 6.3% |
| iShares TIPS Bond ETF | 4.8% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.7% |
| iShares Developed Real Estate Index Fund, Class K | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares MSCI Canada ETF | 1.8% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

Investor A Shares \| LEKAX

Semi-Annual Shareholder Report — April 30, 2025

LEKAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

### Class K Shares \| LEKKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.03%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.62% | 10.19% | 8.18% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2040 Fund Custom Benchmark | 0.66 | 10.48 | 8.07 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12124890 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 76.0% |
| Fixed-Income Funds | 23.8% |
| Money Market Funds | 4.5% |
| Liabilities in Excess of Other Assets | (4.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 42.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 19.0% |
| iShares ESG Aware MSCI EAFE ETF | 13.7% |
| iShares ESG Aware MSCI EM ETF | 6.3% |
| iShares TIPS Bond ETF | 4.8% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4.7% |
| iShares Developed Real Estate Index Fund, Class K | 3.7% |
| iShares MSCI EAFE Small-Cap ETF | 2.3% |
| iShares MSCI Canada ETF | 1.8% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2040 Fund

Class K Shares \| LEKKX

Semi-Annual Shareholder Report — April 30, 2025

LEKKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

### Institutional Shares \| LEHIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.07%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 0.45% | 11.07% | 8.98% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2045 Fund Custom Benchmark | 0.38 | 10.79 | 9.02 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9357955 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.6% |
| Fixed-Income Funds | 13.2% |
| Money Market Funds | 3.6% |
| Liabilities in Excess of Other Assets | (3.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 48.2% |
| iShares ESG Aware MSCI EAFE ETF | 15.7% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 10.0% |
| iShares ESG Aware MSCI EM ETF | 7.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.4% |
| iShares Developed Real Estate Index Fund, Class K | 4.2% |
| iShares TIPS Bond ETF | 3.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.6% |
| iShares MSCI Canada ETF | 2.0% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

Institutional Shares \| LEHIX

Semi-Annual Shareholder Report — April 30, 2025

LEHIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

### Investor A Shares \| LEHAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $16(a) 0.32%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 0.39% | 10.79% | 8.72% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2045 Fund Custom Benchmark | 0.38 | 10.79 | 9.02 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9357955 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.6% |
| Fixed-Income Funds | 13.2% |
| Money Market Funds | 3.6% |
| Liabilities in Excess of Other Assets | (3.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 48.2% |
| iShares ESG Aware MSCI EAFE ETF | 15.7% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 10.0% |
| iShares ESG Aware MSCI EM ETF | 7.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.4% |
| iShares Developed Real Estate Index Fund, Class K | 4.2% |
| iShares TIPS Bond ETF | 3.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.6% |
| iShares MSCI Canada ETF | 2.0% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

Investor A Shares \| LEHAX

Semi-Annual Shareholder Report — April 30, 2025

LEHAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

### Class K Shares \| LEHKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.02%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.44% | 11.05% | 9.03% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2045 Fund Custom Benchmark | 0.38 | 10.79 | 9.02 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9357955 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 86.6% |
| Fixed-Income Funds | 13.2% |
| Money Market Funds | 3.6% |
| Liabilities in Excess of Other Assets | (3.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 48.2% |
| iShares ESG Aware MSCI EAFE ETF | 15.7% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 10.0% |
| iShares ESG Aware MSCI EM ETF | 7.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.4% |
| iShares Developed Real Estate Index Fund, Class K | 4.2% |
| iShares TIPS Bond ETF | 3.2% |
| iShares MSCI EAFE Small-Cap ETF | 2.6% |
| iShares MSCI Canada ETF | 2.0% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2045 Fund

Class K Shares \| LEHKX

Semi-Annual Shareholder Report — April 30, 2025

LEHKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

### Institutional Shares \| LEGIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.06%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 0.16% | 11.06% | 9.47% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2050 Fund Custom Benchmark | 0.19 | 10.98 | 9.58 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9384305 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 94.5% |
| Fixed-Income Funds | 5.3% |
| Money Market Funds | 1.7% |
| Liabilities in Excess of Other Assets | (1.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 52.6% |
| iShares ESG Aware MSCI EAFE ETF | 17.3% |
| iShares ESG Aware MSCI EM ETF | 8.0% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.9% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 3.8% |
| iShares MSCI EAFE Small-Cap ETF | 2.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares TIPS Bond ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.3% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

Institutional Shares \| LEGIX

Semi-Annual Shareholder Report — April 30, 2025

LEGIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

### Investor A Shares \| LEBAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $15(a) 0.31%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | (0.04)% | 10.79% | 9.19% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2050 Fund Custom Benchmark | 0.19 | 10.98 | 9.58 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9384305 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 94.5% |
| Fixed-Income Funds | 5.3% |
| Money Market Funds | 1.7% |
| Liabilities in Excess of Other Assets | (1.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 52.6% |
| iShares ESG Aware MSCI EAFE ETF | 17.3% |
| iShares ESG Aware MSCI EM ETF | 8.0% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.9% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 3.8% |
| iShares MSCI EAFE Small-Cap ETF | 2.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares TIPS Bond ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.3% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

Investor A Shares \| LEBAX

Semi-Annual Shareholder Report — April 30, 2025

LEBAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

### Class K Shares \| LEPKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.01%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.15% | 11.13% | 9.52% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2050 Fund Custom Benchmark | 0.19 | 10.98 | 9.58 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9384305 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 94.5% |
| Fixed-Income Funds | 5.3% |
| Money Market Funds | 1.7% |
| Liabilities in Excess of Other Assets | (1.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 52.6% |
| iShares ESG Aware MSCI EAFE ETF | 17.3% |
| iShares ESG Aware MSCI EM ETF | 8.0% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5.9% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 3.8% |
| iShares MSCI EAFE Small-Cap ETF | 2.9% |
| iShares MSCI Canada ETF | 2.2% |
| iShares TIPS Bond ETF | 1.5% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.3% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2050 Fund

Class K Shares \| LEPKX

Semi-Annual Shareholder Report — April 30, 2025

LEPKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

### Institutional Shares \| LEEIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.06%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 0.03% | 11.20% | 9.65% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2055 Fund Custom Benchmark | 0.09 | 11.04 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6566948 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.3% |
| Money Market Funds | 6.0% |
| Fixed-Income Funds | 1.6% |
| Liabilities in Excess of Other Assets | (5.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 54.8% |
| iShares ESG Aware MSCI EAFE ETF | 18.1% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.1% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.2% |
| iShares TIPS Bond ETF | 0.4% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

Institutional Shares \| LEEIX

Semi-Annual Shareholder Report — April 30, 2025

LEEIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

### Investor A Shares \| LEVAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $15(a) 0.31%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | (0.11)% | 10.89% | 9.37% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2055 Fund Custom Benchmark | 0.09 | 11.04 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6566948 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.3% |
| Money Market Funds | 6.0% |
| Fixed-Income Funds | 1.6% |
| Liabilities in Excess of Other Assets | (5.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 54.8% |
| iShares ESG Aware MSCI EAFE ETF | 18.1% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.1% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.2% |
| iShares TIPS Bond ETF | 0.4% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

Investor A Shares \| LEVAX

Semi-Annual Shareholder Report — April 30, 2025

LEVAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

### Class K Shares \| LEVKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.01%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.11% | 11.28% | 9.70% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2055 Fund Custom Benchmark | 0.09 | 11.04 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6566948 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.3% |
| Money Market Funds | 6.0% |
| Fixed-Income Funds | 1.6% |
| Liabilities in Excess of Other Assets | (5.9) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 54.8% |
| iShares ESG Aware MSCI EAFE ETF | 18.1% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.1% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.2% |
| iShares TIPS Bond ETF | 0.4% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2055 Fund

Class K Shares \| LEVKX

Semi-Annual Shareholder Report — April 30, 2025

LEVKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

### Institutional Shares \| LEZIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.06%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | (0.08)% | 11.10% | 9.61% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2060 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6797347 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.8% |
| Money Market Funds | 7.5% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (7.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.0% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 0.9% |
| iShares TIPS Bond ETF | 0.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

Institutional Shares \| LEZIX

Semi-Annual Shareholder Report — April 30, 2025

LEZIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

### Investor A Shares \| LEZAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $15(a) 0.31%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | (0.18)% | 10.86% | 9.35% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2060 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6797347 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.8% |
| Money Market Funds | 7.5% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (7.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.0% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 0.9% |
| iShares TIPS Bond ETF | 0.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

Investor A Shares \| LEZAX

Semi-Annual Shareholder Report — April 30, 2025

LEZAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

### Class K Shares \| LEZKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.01%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | (0.03)% | 11.14% | 9.68% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2060 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6797347 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.8% |
| Money Market Funds | 7.5% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (7.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.0% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.3% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 0.9% |
| iShares TIPS Bond ETF | 0.2% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2060 Fund

Class K Shares \| LEZKX

Semi-Annual Shareholder Report — April 30, 2025

LEZKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

### Institutional Shares \| LEWIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.06%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | (0.01)% | 11.20% | 9.68% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2065 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4505292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.9% |
| Money Market Funds | 4.1% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (4.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.1% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.4% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.0% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

Institutional Shares \| LEWIX

Semi-Annual Shareholder Report — April 30, 2025

LEWIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

### Investor A Shares \| LEWAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $15(a) 0.31%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | (0.15)% | 10.90% | 9.41% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2065 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4505292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.9% |
| Money Market Funds | 4.1% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (4.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.1% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.4% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.0% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

Investor A Shares \| LEWAX

Semi-Annual Shareholder Report — April 30, 2025

LEWAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

### Class K Shares \| LEWKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.01%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 0.05% | 11.18% | 9.74% |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| LifePath<sup>®</sup> ESG Index 2065 Fund Custom Benchmark | 0.08 | 11.05 | 9.75 |
| MSCI USA Extended ESG Focus Index | (2.31) | 11.27 | 11.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4505292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.9% |
| Money Market Funds | 4.1% |
| Fixed-Income Funds | 1.0% |
| Liabilities in Excess of Other Assets | (4.0) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.1% |
| iShares ESG Aware MSCI EAFE ETF | 18.2% |
| iShares ESG Aware MSCI EM ETF | 8.4% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.3% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.3% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.0% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2065 Fund

Class K Shares \| LEWKX

Semi-Annual Shareholder Report — April 30, 2025

LEWKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

### Institutional Shares \| LEYIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $3(a) 0.06%<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>

Fund performance

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *6-Month<br> Total<br> Returns* | *Since Fund<br> Inception* |
| Institutional Shares | (0.01)% | (2.11)% |
| MSCI USA Index | (1.62) | (1.86) |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | (0.30) |
| LifePath<sup>®</sup> ESG Index 2070 Fund Custom Benchmark | 0.08 | (1.75) |
| MSCI USA Extended ESG Focus Index | (2.31) | (2.90) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1923756 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 100.0% |
| Money Market Funds | 3.6% |
| Fixed-Income Funds | 1.1% |
| Liabilities in Excess of Other Assets | (4.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.6% |
| iShares ESG Aware MSCI EAFE ETF | 18.4% |
| iShares ESG Aware MSCI EM ETF | 8.5% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.4% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.4% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

Institutional Shares \| LEYIX

Semi-Annual Shareholder Report — April 30, 2025

LEYIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

### Investor A Shares \| LEYAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $15(a) 0.31%<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>

Fund performance

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *6-Month<br> Total<br> Returns* | *Since Fund<br> Inception* |
| Investor A Shares | (0.18)% | (2.27)% |
| MSCI USA Index | (1.62) | (1.86) |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | (0.30) |
| LifePath<sup>®</sup> ESG Index 2070 Fund Custom Benchmark | 0.08 | (1.75) |
| MSCI USA Extended ESG Focus Index | (2.31) | (2.90) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1923756 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 100.0% |
| Money Market Funds | 3.6% |
| Fixed-Income Funds | 1.1% |
| Liabilities in Excess of Other Assets | (4.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.6% |
| iShares ESG Aware MSCI EAFE ETF | 18.4% |
| iShares ESG Aware MSCI EM ETF | 8.5% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.4% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.4% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

Investor A Shares \| LEYAX

Semi-Annual Shareholder Report — April 30, 2025

LEYAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

### Class K Shares \| LEYKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund (the "Fund") for the period of November 1, 2024 to April 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 | $1(a) 0.01%<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>

Fund performance

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *6-Month<br> Total<br> Returns* | *Since Fund<br> Inception* |
| Class K Shares | 0.01% | (2.09)% |
| MSCI USA Index | (1.62) | (1.86) |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | (0.30) |
| LifePath<sup>®</sup> ESG Index 2070 Fund Custom Benchmark | 0.08 | (1.75) |
| MSCI USA Extended ESG Focus Index | (2.31) | (2.90) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1923756 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 100.0% |
| Money Market Funds | 3.6% |
| Fixed-Income Funds | 1.1% |
| Liabilities in Excess of Other Assets | (4.7) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware MSCI USA ETF | 55.6% |
| iShares ESG Aware MSCI EAFE ETF | 18.4% |
| iShares ESG Aware MSCI EM ETF | 8.5% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6.2% |
| iShares Developed Real Estate Index Fund, Class K | 4.4% |
| iShares MSCI EAFE Small-Cap ETF | 3.0% |
| iShares MSCI Canada ETF | 2.4% |
| iShares MSCI Emerging Markets Small-Cap ETF | 1.4% |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1.1% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index 2070 Fund

Class K Shares \| LEYKX

Semi-Annual Shareholder Report — April 30, 2025

LEYKX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

### Institutional Shares \| LERIX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund (the "Fund") for the period of November 1, 2024 to April 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 | $6(a) 0.12%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 1.51% | 9.24% | 3.39% |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| LifePath<sup>®</sup> ESG Index Retirement Fund Custom Benchmark | 1.55 | 9.26 | 3.50 |
| Bloomberg MSCI U.S. Aggregate ESG Focus Index | 2.57 | 8.01 | (1.11) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7158463 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 39.9% |
| Money Market Funds | 25.0% |
| Liabilities in Excess of Other Assets | (24.8) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 51.9% |
| iShares ESG Aware MSCI USA ETF | 22.5% |
| iShares TIPS Bond ETF | 8.0% |
| iShares ESG Aware MSCI EAFE ETF | 6.8% |
| iShares ESG Aware MSCI EM ETF | 3.2% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 2.6% |
| iShares Developed Real Estate Index Fund, Class K | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| iShares MSCI Canada ETF | 0.9% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.5% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

Institutional Shares \| LERIX

Semi-Annual Shareholder Report — April 30, 2025

LERIX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

### Investor A Shares \| LERAX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund (the "Fund") for the period of November 1, 2024 to April 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 | $18(a) 0.37%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 1.35% | 9.03% | 3.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| LifePath<sup>®</sup> ESG Index Retirement Fund Custom Benchmark | 1.55 | 9.26 | 3.50 |
| Bloomberg MSCI U.S. Aggregate ESG Focus Index | 2.57 | 8.01 | (1.11) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7158463 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 39.9% |
| Money Market Funds | 25.0% |
| Liabilities in Excess of Other Assets | (24.8) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 51.9% |
| iShares ESG Aware MSCI USA ETF | 22.5% |
| iShares TIPS Bond ETF | 8.0% |
| iShares ESG Aware MSCI EAFE ETF | 6.8% |
| iShares ESG Aware MSCI EM ETF | 3.2% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 2.6% |
| iShares Developed Real Estate Index Fund, Class K | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| iShares MSCI Canada ETF | 0.9% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.5% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

Investor A Shares \| LERAX

Semi-Annual Shareholder Report — April 30, 2025

LERAX-04/25-SAR

![TSR - BLK Retail Logo](g941243images_4988.jpg)

### BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

### Class K Shares \| LERKX

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

------

This semi-annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund (the "Fund") for the period of November 1, 2024 to April 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 | $4(a) 0.07%<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>

Fund performance

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *6-Month<br> Total<br> Returns* | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 1.52% | 9.29% | 3.44% |
| Bloomberg U.S. Aggregate Bond Index | 2.57 | 8.02 | (1.11) |
| MSCI USA Index | (1.62) | 12.25 | 12.53 |
| LifePath<sup>®</sup> ESG Index Retirement Fund Custom Benchmark | 1.55 | 9.26 | 3.50 |
| Bloomberg MSCI U.S. Aggregate ESG Focus Index | 2.57 | 8.01 | (1.11) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7158463 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The Fund commenced operations on August 18, 2020.

The Fund compares its performance to that of a customized weighted index (the "Custom Reference Benchmark") comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 39.9% |
| Money Market Funds | 25.0% |
| Liabilities in Excess of Other Assets | (24.8) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| iShares ESG Aware U.S. Aggregate Bond ETF | 51.9% |
| iShares ESG Aware MSCI USA ETF | 22.5% |
| iShares TIPS Bond ETF | 8.0% |
| iShares ESG Aware MSCI EAFE ETF | 6.8% |
| iShares ESG Aware MSCI EM ETF | 3.2% |
| iShares ESG Aware MSCI USA Small-Cap ETF | 2.6% |
| iShares Developed Real Estate Index Fund, Class K | 2.2% |
| iShares MSCI EAFE Small-Cap ETF | 1.2% |
| iShares MSCI Canada ETF | 0.9% |
| iShares MSCI Emerging Markets Small-Cap ETF | 0.5% |

---

<sup><sup>(a)</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**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©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](g941243images_4987.jpg)

BlackRock LifePath<sup>®</sup> ESG Index Retirement Fund

Class K Shares \| LERKX

Semi-Annual Shareholder Report — April 30, 2025

LERKX-04/25-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.

------

![](g941243img63d1be041.jpg)

April 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 Diversified Fixed Income 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_8c9d833a-233d-4690-85d9-2ee3e44f898f_RskDeriv-Footer-FundBookName-812_1)  | 3 |
| [Schedule of Investments](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_SOI-Footer-FundBookName-812_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_FS-Footer-FundBookName-812_1)  | 66 |
| [Statement of Operations](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_FS-Footer-FundBookName-812_3)  | 68 |
| [Statements of Changes in Net Assets](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_FS-Footer-FundBookName-812_4)  | 69 |
| [Financial Highlights](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_FIHI-Footer-FundBookName-812_1)  | 70 |
| [Notes to Financial Statements](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_NTF-Footer-FundBookName-812_1)  | 72 |
| [Additional Information](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_ADDInfo-Footer-FundBookName-812_1)  | 84 |
| [Disclosure of Investment Sub-Advisory Agreement](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_IAAS-Footer-FundBookName-812_1)  | 86 |
| [Glossary of Terms Used in these Financial Statements](#xx_8c9d833a-233d-4690-85d9-2ee3e44f898f_Terms-Footer-FundBookName-812_1)  | 87 |

---

------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**BlackRock Diversified Fixed Income Fund**

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| 1988 CLO Ltd., Series 2024-5A, Class A1, (3-mo. <br> CME Term SOFR + 1.54%), 5.80%, 07/15/37<sup>(a)(b)</sup><br>| USD | 250 | $250280 |
| 610 Funding CLO Ltd., Series 2016-2RA, <br> Class A1R3, (3-mo. CME Term SOFR + 1.35%), <br> 5.62%, 01/20/34<sup>(a)(b)</sup><br>|  | 1000 | 997134 |
| ACE Securities Corp. Home Equity Loan Trust, <br> Series 2005-AG1, Class M2, (1 mo. Term SOFR + <br> 0.80%), 5.13%, 08/25/35<sup>(a)</sup><br>|  | 202 | 163817 |
| ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%, <br> 04/25/31<sup>(b)</sup><br>|  | 253 | 255795 |
| Affirm Asset Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-Z1, Class A, 4.55%, 06/15/27 |  | 26 | 25901 |
| Series 2023-B, Class D, 8.78%, 09/15/28 |  | 1000 | 1010041 |
| Series 2023-X1, Class C, 8.25%, 11/15/28 |  | 235 | 236369 |
| Series 2023-X1, Class D, 9.55%, 11/15/28 |  | 300 | 300544 |
| Series 2024-A, Class A, 5.61%, 02/15/29 |  | 100 | 100415 |
| Series 2024-A, Class B, 5.93%, 02/15/29 |  | 510 | 512145 |
| Series 2024-B, Class C, 5.06%, 09/15/29 |  | 2250 | 2240059 |
| Series 2024-X1, Class D, 7.29%, 05/15/29 |  | 100 | 100909 |
| Series 2024-X2, Class C, 5.62%, 12/17/29 |  | 700 | 702382 |
| Series 2024-X2, Class D, 6.08%, 12/17/29 |  | 525 | 524841 |
| Affirm Master Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1A, Class A, 4.99%, 02/15/33 |  | 361 | 362829 |
| Series 2025-1A, Class B, 5.13%, 02/15/33 |  | 1000 | 1003703 |
| Series 2025-1A, Class C, 5.28%, 02/15/33 |  | 640 | 641282 |
| AGL CLO Ltd., Series 2024-32A, Class A1, (3-mo. <br> CME Term SOFR + 1.38%), 5.65%, 07/21/37<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| AGL Core CLO Ltd., Series 2019-2A, Class A1R, <br> (3-mo. CME Term SOFR + 1.46%), 5.73%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 250 | 250249 |
| Ajax Mortgage Loan Trust, Series 2023-B, Class A, <br> 4.25%, 10/25/62<sup>(b)</sup><br>|  | 102 | 99454 |
| AMSR Trust, Series 2020-SFR4, Class G2, 4.87%, <br> 11/17/37<sup>(b)</sup><br>|  | 150 | 147412 |
| Anchorage Capital CLO Ltd., Series 2015-6A, <br> Class BR3, (3-mo. CME Term SOFR + 2.10%), <br> 6.37%, 04/22/34<sup>(a)(b)</sup><br>|  | 250 | 249925 |
| ARES Loan Funding IV Ltd., Series 2023-ALF4A, <br> Class D, (3-mo. CME Term SOFR + 4.68%), <br> 8.94%, 10/15/36<sup>(a)(b)</sup><br>|  | 250 | 250858 |
| Argent Mortgage Loan Trust, Series 2005-W1, <br> Class A2, (1 mo. Term SOFR + 0.59%), 4.92%, <br> 05/25/35<sup>(a)</sup><br>|  | 153 | 121703 |
| Asset-Backed Securities Corp. Home Equity Loan <br> Trust, Series 2004-HE9, Class M1, (1 mo. Term <br> SOFR + 1.09%), 5.42%, 12/25/34<sup>(a)</sup><br>|  | 157 | 143806 |
| Bain Capital Credit CLO Ltd., Series 2024-2A, <br> Class A1, (3-mo. CME Term SOFR + 1.52%), <br> 5.78%, 07/15/37<sup>(a)(b)</sup><br>|  | 480 | 480491 |
| Ballyrock CLO 15 Ltd., Series 2021-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.33%), 5.59%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 420 | 419762 |
| Barclays Mortgage Trust, Series 2021-NPL1, Class A, <br> 5.00%, 11/25/51<sup>(b)</sup><br>|  | 70 | 69711 |
| Bear Stearns Asset-Backed Securities I Trust, <br> Series 2006-HE7, Class 1A2, (1 mo. Term SOFR + <br> 0.45%), 4.78%, 09/25/36<sup>(a)</sup><br>|  | 72 | 69558 |
| Bear Stearns Asset-Backed Securities Trust, <br> Series 2005-2, Class M5, (1 mo. Term SOFR + <br> 5.36%), 6.55%, 06/25/35<sup>(a)</sup><br>|  | 210 | 209682 |
| Bear Stearns Structured Products Trust, Series 2007-<br> EMX1, Class M1, (1 mo. Term SOFR + 2.11%), <br> 6.44%, 03/25/37<sup>(a)(b)</sup><br>|  | 66 | 64963 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Benefit Street Partners CLO IV Ltd., Series 2014-IVA, <br> Class AR4, (3-mo. CME Term SOFR + 1.35%), <br> 5.62%, 04/20/34<sup>(a)(b)</sup><br>| USD | 500 | $498581 |
| Benefit Street Partners CLO XX Ltd., Series 2020-<br> 20A, Class AR, (3-mo. CME Term SOFR + 1.43%), <br> 5.69%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | 249572 |
| Benefit Street Partners CLO XXIX Ltd., Series 2022-<br> 29A, Class AR, (3-mo. CME Term SOFR + 1.18%), <br> 5.46%, 01/25/38<sup>(a)(b)</sup><br>|  | 1100 | 1091771 |
| Benefit Street Partners CLO XXVII Ltd., Series 2022-<br> 27A, Class AR, (3-mo. CME Term SOFR + 1.37%), <br> 5.64%, 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Betony CLO 2 Ltd., Series 2018-1A, Class A1, (3-mo. <br> CME Term SOFR + 1.34%), 5.62%, 04/30/31<sup>(a)(b)</sup><br>|  | 91 | 91409 |
| Birch Grove CLO 3 Ltd., Series 2021-3A, Class BR, <br> (3-mo. CME Term SOFR + 1.60%), 5.87%, <br> 01/19/38<sup>(a)(b)</sup><br>|  | 550 | 542630 |
| Blue Bridge Funding LLC, Series 2023-1A, Class A, <br> 7.37%, 11/15/30<sup>(b)</sup><br>|  | 157 | 158494 |
| BlueMountain CLO Ltd., Series 2018-3A, Class BR, <br> (3-mo. CME Term SOFR + 1.85%), 6.13%, <br> 10/25/30<sup>(a)(b)</sup><br>|  | 250 | 249450 |
| BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, <br> Class A1AR, (3-mo. CME Term SOFR + 1.26%), <br> 5.53%, 10/20/30<sup>(a)(b)</sup><br>|  | 70 | 70310 |
| Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.05%, 07/15/27<sup>(b)</sup><br>|  | 100 | 100942 |
| Canyon CLO Ltd., Series 2023-2A, Class B, (3-mo. <br> CME Term SOFR + 2.05%), 6.31%, 05/15/37<sup>(a)(b)</sup><br>|  | 250 | 249650 |
| Carlyle Global Market Strategies CLO Ltd., <br> Series 2012-3A, Class A1A2, (3-mo. CME Term <br> SOFR + 1.44%), 5.68%, 01/14/32<sup>(a)(b)</sup><br>|  | 108 | 107606 |
| CARLYLE U.S. CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-3A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.40%), 5.67%, 10/21/37<br>|  | 250 | 249500 |
| Series 2017-3A, Class BR2, (3-mo. CME Term <br> SOFR + 1.78%), 6.05%, 10/21/37<br>|  | 250 | 249150 |
| CFMT LLC, Series 2023-HB11, Class M2, 4.00%, <br> 02/25/37<sup>(a)(b)</sup><br>|  | 100 | 95875 |
| CIFC Funding II Ltd., Series 2025-2A, Class A, (3-mo. <br> CME Term SOFR + 1.13%), 5.41%, 04/15/38<sup>(a)(b)</sup><br>|  | 250 | 248375 |
| CIFC Funding III Ltd., Series 2024-3A, Class A1, (3-<br> mo. CME Term SOFR + 1.48%), 5.75%, <br> 07/21/37<sup>(a)(b)</sup><br>|  | 250 | 250277 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-1A, Class ARR, (3-mo. CME Term <br> SOFR + 1.55%), 5.82%, 04/21/37<br>|  | 280 | 280310 |
| Series 2017-5A, Class AR, (3-mo. CME Term <br> SOFR + 1.41%), 5.69%, 07/17/37<br>|  | 250 | 250000 |
| Series 2018-3A, Class B, (3-mo. CME Term SOFR <br> + 1.86%), 6.13%, 07/18/31<br>|  | 400 | 400440 |
| Series 2019-6A, Class A1R, (3-mo. CME Term <br> SOFR + 1.45%), 5.71%, 07/16/37<br>|  | 250 | 250000 |
| Series 2021-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.42%), 5.70%, 07/25/37<br>|  | 250 | 250093 |
| Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 6.03%, 07/25/37<br>|  | 250 | 248375 |
| Series 2021-4A, Class AR, (3-mo. CME Term <br> SOFR + 1.36%), 5.64%, 07/23/37<br>|  | 250 | 249890 |
| Series 2023-3A, Class A, (3-mo. CME Term SOFR <br> + 1.60%), 5.87%, 01/20/37<br>|  | 250 | 250308 |
| Series 2023-3A, Class B, (3-mo. CME Term SOFR <br> + 2.30%), 6.57%, 01/20/37<br>|  | 300 | 301440 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CIT Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2007-1, Class 1M2, (1 mo. Term SOFR + <br> 2.74%), 7.07%, 10/25/37<br>| USD | 150 | $142740 |
| Series 2007-1, Class 2M2, (1 mo. Term SOFR + <br> 2.74%), 7.07%, 10/25/37<br>|  | 676 | 623439 |
| College Avenue Student Loans LLC, Series 2023-B, <br> Class A1A, 6.50%, 06/25/54<sup>(b)</sup><br>|  | 76 | 80281 |
| College Avenue Student Loans Trust, Series 2024-A, <br> Class A1B, (30-day Avg SOFR + 1.75%), 6.10%, <br> 06/25/54<sup>(a)(b)</sup><br>|  | 128 | 129983 |
| Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(b)</sup><br>|  | 100 | 98519 |
| Conseco Finance Corp., Series 1998-4, Class M1, <br> 6.83%, 04/01/30<sup>(a)</sup><br>|  | 89 | 90583 |
| Credit Suisse First Boston Mortgage Securities Corp., <br> Series 2004-CF2, Class 1B, 6.00%, 01/25/43<sup>(b)</sup><br>|  | 15 | 11562 |
| Credit-Based Asset Servicing and Securitization LLC, <br> Series 2006-MH1, Class B2, 6.75%, 10/25/36<sup>(b)</sup><br>|  | 372 | 300804 |
| CWABS Asset-Backed Certificates Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2006-11, Class 1AF4, 6.30%, 12/25/35 |  | 201 | 194359 |
| Series 2006-13, Class 1AF4, 3.95%, 01/25/37 |  | 59 | 58247 |
| Series 2006-14, Class M1, (1 mo. Term SOFR + <br> 0.55%), 4.88%, 02/25/37<br>|  | 21 | 17633 |
| CWABS Asset-Backed Notes Trust, Series 2007-<br> SEA2, Class 2A1, (1 mo. Term SOFR + 1.61%), <br> 5.94%, 06/25/47<sup>(a)(b)</sup><br>|  | 32 | 24889 |
| CWHEQ Revolving Home Equity Loan Trust, <br> Series 2006-I, Class 1A, (1 mo. Term SOFR + <br> 0.25%), 4.58%, 01/15/37<sup>(a)</sup><br>|  | 1 | 876 |
| Diameter Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.39%), 5.65%, 10/15/37<br>|  | 250 | 250009 |
| Series 2024-8A, Class A1A, (3-mo. CME Term <br> SOFR + 1.40%), 5.67%, 10/20/37<br>|  | 460 | 460071 |
| Dowson PLC<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-1, Class E, (1-day SONIA GBP <br> 3.95%), 8.42%, 08/20/31<br>| GBP | 110 | 145676 |
| Series 2024-1, Class F, (1-day SONIA GBP <br> 6.95%), 11.42%, 08/20/31<br>|  | 162 | 214580 |
| Drive Auto Receivables Trust, Series 2024-2, Class C, <br> 4.67%, 05/17/32<br>| USD | 450 | 449925 |
| Dryden CLO Ltd., Series 2022-104A, Class A1R, <br> (3-mo. CME Term SOFR + 1.29%), 5.61%, <br> 08/20/34<sup>(a)(b)</sup><br>|  | 250 | 249330 |
| Dryden Senior Loan Fund<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2015-41A, Class AR, (3-mo. CME Term <br> SOFR + 1.23%), 5.49%, 04/15/31<br>|  | 87 | 86779 |
| Series 2017-50A, Class B, (3-mo. CME Term <br> SOFR + 1.91%), 6.17%, 07/15/30<br>|  | 400 | 399760 |
| Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3-<br> mo. CME Term SOFR + 1.43%), 5.71%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.35%), 5.62%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Elmwood CLO III Ltd., Series 2019-3A, Class ERR, <br> (3-mo. CME Term SOFR + 5.95%), 10.22%, <br> 07/18/37<sup>(a)(b)</sup><br>|  | 250 | 234475 |
| Equity One Mortgage Pass-Through Trust, <br> Series 2003-3, Class M2, 5.46%, 12/25/33<sup>(a)</sup><br>|  | 288 | 245420 |
| Exeter Automobile Receivables Trust |  |  |  |
| Series 2022-2A, Class C, 3.85%, 07/17/28 |  | 147 | 147315 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Exeter Automobile Receivables Trust (continued) |  |  |  |
| Series 2022-5A, Class D, 7.40%, 02/15/29 | USD | 100 | $102105 |
| Series 2023-2A, Class D, 6.32%, 08/15/29 |  | 545 | 555771 |
| series 2023-3A, Class D, 6.68%, 04/16/29 |  | 400 | 408682 |
| Series 2023-4A, Class D, 6.95%, 12/17/29 |  | 350 | 359576 |
| First Franklin Mortgage Loan Trust, Series 2006-<br> FF13, Class A1, (1 mo. Term SOFR + 0.35%), <br> 4.68%, 10/25/36<sup>(a)</sup><br>|  | 28 | 18111 |
| FirstKey Homes Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-SFR1, Class E2, 5.00%, 05/19/39 |  | 590 | 581631 |
| Series 2022-SFR3, Class E2, 3.50%, 07/17/38 |  | 633 | 612838 |
| FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 144 | 144535 |
| Fort Greene Park CLO LLC, Series 2025-2A, <br> Class AR, (3-mo. CME Term SOFR + 0.95%), <br> 5.22%, 04/22/34<sup>(a)(b)</sup><br>|  | 480 | 475538 |
| Fortuna Consumer Loan ABS DAC, Series 2024-2, <br> Class E, (1-mo. EURIBOR + 4.10%), 6.30%, <br> 10/18/34<sup>(a)</sup><br>| EUR | 100 | 114692 |
| Galaxy XXVI CLO Ltd., Series 2018-26A, Class AR, <br> (3-mo. CME Term SOFR + 1.17%), 5.50%, <br> 11/22/31<sup>(a)(b)</sup><br>| USD | 125 | 125355 |
| Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1, <br> (3-mo. CME Term SOFR + 1.36%), 5.62%, <br> 07/15/31<sup>(a)(b)</sup><br>|  | 42 | 41557 |
| GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term <br> SOFR + 1.08%), 5.35%, 10/20/34<sup>(a)(b)</sup><br>|  | 250 | 248291 |
| Goldman Home Improvement Trust Issuer Trust, <br> Series 2022-GRN1, Class A, 4.50%, 06/25/52<sup>(b)</sup><br>|  | 82 | 81398 |
| Golub Capital Partners CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-41A, Class AR, (3-mo. CME Term <br> SOFR + 1.58%), 5.85%, 01/20/34<br>|  | 250 | 250054 |
| Series 2021-55A, Class A, (3-mo. CME Term <br> SOFR + 1.46%), 5.73%, 07/20/34<br>|  | 250 | 249672 |
| Series 2023-66A, Class A, (3-mo. CME Term <br> SOFR + 1.95%), 6.23%, 04/25/36<br>|  | 250 | 250149 |
| GoodLeap Home Improvement Solutions Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-1A, Class A, 5.35%, 10/20/46 |  | 318 | 319813 |
| Series 2025-1A, Class A, 5.38%, 02/20/49 |  | 268 | 270021 |
| Gracie Point International Funding LLC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2023-1A, Class A, (90-day Avg SOFR + <br> 1.95%), 6.37%, 09/01/26<br>|  | 140 | 139929 |
| Series 2023-2A, Class A, (90-day Avg SOFR + <br> 2.25%), 6.67%, 03/01/27<br>|  | 42 | 42046 |
| Series 2024-1A, Class A, (90-day Avg SOFR + <br> 1.70%), 6.12%, 03/01/28<br>|  | 110 | 109497 |
| GreenSky Home Improvement Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-2, Class A4, 5.15%, 10/27/59 |  | 81 | 81915 |
| Series 2024-2, Class B, 5.26%, 10/27/59 |  | 100 | 100155 |
| Series 2024-2, Class D, 6.43%, 10/27/59 |  | 323 | 326850 |
| GreenSky Home Improvement Trust, Series 2024-1, <br> Class A4, 5.67%, 06/25/59<sup>(b)</sup><br>|  | 350 | 354868 |
| GSAMP Trust, Series 2006-HE4, Class M1, (1 mo. <br> Term SOFR + 0.56%), 4.89%, 06/25/36<sup>(a)</sup><br>|  | 100 | 82656 |
| HIG RCP LLC, Series 2023-FL1, Class A, (1 mo. <br> Term SOFR + 2.27%), 6.60%, 09/19/38<sup>(a)(b)</sup><br>|  | 4 | 3728 |
| Huntington Bank Auto Credit-Linked Notes<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-1, Class B2, (30-day Avg SOFR + <br> 1.40%), 5.75%, 05/20/32<br>|  | 247 | 246653 |
| Series 2024-2, Class B2, (30-day Avg SOFR + <br> 1.35%), 5.70%, 10/20/32<br>|  | 280 | 279760 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| INCREF LLC, Series 2025-FL1, Class A, 10/19/42<sup>(d)</sup> | USD | 109 | $108727 |
| Invesco CLO Ltd., Series 2021-3A, Class B, (3-mo. <br> CME Term SOFR + 1.91%), 6.18%, 10/22/34<sup>(a)(b)</sup><br>|  | 250 | 249525 |
| Invesco Euro CLO VI DAC, Series 6A, Class D, (3-<br> mo. EURIBOR + 3.05%), 5.33%, 07/15/34<sup>(a)(b)</sup><br>| EUR | 250 | 272188 |
| LCM 36 Ltd., Series 36A, Class A1R, (3-mo. CME <br> Term SOFR + 1.07%), 5.33%, 01/15/34<sup>(a)(b)</sup><br>| USD | 250 | 248158 |
| Lendmark Funding Trust, Series 2022-1A, Class A, <br> 5.12%, 07/20/32<sup>(b)</sup><br>|  | 100 | 99948 |
| Long Beach Mortgage Loan Trust, Series 2006-2, <br> Class 1A, (1 mo. Term SOFR + 0.47%), 4.80%, <br> 03/25/46<sup>(a)</sup><br>|  | 113 | 86831 |
| Lyra Music Assets Delaware LP, Series 2024-2A, <br> Class A2, 5.76%, 12/22/64<sup>(b)</sup><br>|  | 150 | 147458 |
| Madison Park Funding LXII Ltd., Series 2022-62A, <br> Class AR, (3-mo. CME Term SOFR + 1.85%), <br> 6.13%, 07/17/36<sup>(a)(b)</sup><br>|  | 250 | 250534 |
| Madison Park Funding LXVII Ltd., Series 2024-67A, <br> Class B, (3-mo. CME Term SOFR + 2.05%), <br> 6.33%, 04/25/37<sup>(a)(b)</sup><br>|  | 250 | 250450 |
| Madison Park Funding XXXI Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-31A, Class B1R, (3-mo. CME Term <br> SOFR + 1.80%), 6.08%, 07/23/37<br>|  | 250 | 248800 |
| Series 2018-31A, Class CR, (3-mo. CME Term <br> SOFR + 2.25%), 6.53%, 07/23/37<br>|  | 250 | 249371 |
| Madison Park Funding XXXVIII Ltd., Series 2021-<br> 38A, Class A, (3-mo. CME Term SOFR + 1.38%), <br> 5.66%, 07/17/34<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Mariner Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-AA, Class A, 5.13%, 09/22/36 |  | 178 | 180639 |
| Series 2024-BA, Class A, 4.91%, 11/20/38 |  | 304 | 307119 |
| Mastr Asset Backed Securities Trust, Series 2007-<br> NCW, Class A1, (1 mo. Term SOFR + 0.41%), <br> 4.74%, 05/25/37<sup>(a)(b)</sup><br>|  | 172 | 151286 |
| MFA Trust, Series 2024-NPL1, Class A1, 6.33%, <br> 09/25/54<br>|  | 104 | 104024 |
| MidOcean Credit CLO XII Ltd., Series 2023-12A, <br> Class A1R, (3-mo. CME Term SOFR + 1.34%), <br> 5.61%, 04/18/36<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Morgan Stanley Mortgage Loan Trust |  |  |  |
| Series 2006-12XS, Class A4, 6.51%, 10/25/36 |  | 28 | 6090 |
| Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47 |  | 299 | 103457 |
| Myers Park CLO Ltd., Series 2018-1A, Class A2, <br> (3-mo. CME Term SOFR + 1.66%), 5.93%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 290 | 290579 |
| Navient Private Education Refi Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2015-AA, Class B, 3.50%, 12/15/44 |  | 146 | 141498 |
| Series 2016-AA, Class B, 3.50%, 12/16/58<sup>(a)</sup> |  | 144 | 139242 |
| Series 2019-CA, Class A2, 3.13%, 02/15/68 |  | 16 | 15903 |
| Series 2020-CA, Class A2B, (1 mo. Term SOFR + <br> 1.71%), 6.04%, 11/15/68<sup>(a)</sup><br>|  | 378 | 380416 |
| Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 112 | 100404 |
| Series 2024-A, Class A, 5.66%, 10/15/72 |  | 144 | 146764 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-A, Class A1, (1 mo. Term SOFR + <br> 0.91%), 5.23%, 04/20/62<sup>(a)</sup><br>|  | 99 | 98518 |
| Series 2021-A, Class B1, 2.85%, 04/20/62 |  | 100 | 87615 |
| Series 2023-PL1A, Class A1A, (30-day Avg SOFR <br> + 2.25%), 6.60%, 11/25/53<sup>(a)</sup><br>|  | 60 | 60810 |
| Series 2025-AA, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.44%, 03/15/57<sup>(a)</sup><br>|  | 368 | 364471 |
| NetCredit Combined Receivables LLC<sup>(b)</sup> <br>|  |  |  |
| Series 2024-A, Class A, 7.43%, 10/21/30 |  | 354 | 356165 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| NetCredit Combined Receivables LLC<sup>(b)</sup> (continued) |  |  |  |
| Series 2024-A, Class B, 8.31%, 10/21/30 | USD | 500 | $515154 |
| Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-40A, Class A, (3-mo. CME Term <br> SOFR + 1.32%), 5.58%, 04/16/33<sup>(a)(b)</sup><br>|  | 468 | 467990 |
| NYMT Trust, Series 2024-RR1, Class A, 7.38%, <br> 05/25/64<sup>(b)</sup><br>|  | 141 | 139571 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2014-5A, Class A1R, (3-mo. CME Term <br> SOFR + 1.34%), 5.62%, 04/26/31<br>|  | 72 | 71825 |
| Series 2019-17A, Class AR2, (3-mo. CME Term <br> SOFR + 1.40%), 5.67%, 07/20/37<br>|  | 250 | 249625 |
| Series 2020-8RA, Class AR, (3-mo. CME Term <br> SOFR + 1.25%), 5.53%, 10/17/36<br>|  | 331 | 330338 |
| Series 2025-40A, Class A, (3-mo. CME Term <br> SOFR + 1.14%), 5.46%, 04/16/38<br>|  | 250 | 246453 |
| Octagon 57 Ltd., Series 2021-1A, Class B1, (3-mo. <br> CME Term SOFR + 1.91%), 6.17%, 10/15/34<sup>(a)(b)</sup><br>|  | 250 | 249200 |
| Octagon 66 Ltd., Series 2022-1A, Class A1R, (3-mo. <br> CME Term SOFR + 1.75%), 6.07%, 11/16/36<sup>(a)(b)</sup><br>|  | 250 | 250187 |
| Octagon Investment Partners 35 Ltd., Series 2018-<br> 1A, Class A1A, (3-mo. CME Term SOFR + 1.32%), <br> 5.59%, 01/20/31<sup>(a)(b)</sup><br>|  | 69 | 69086 |
| Octagon Investment Partners 37 Ltd., Series 2018-<br> 2A, Class B, (3-mo. CME Term SOFR + 2.01%), <br> 6.29%, 07/25/30<sup>(a)(b)</sup><br>|  | 250 | 248836 |
| Octagon Investment Partners 39 Ltd., Series 2018-<br> 3A, Class BR, (3-mo. CME Term SOFR + 1.80%), <br> 6.07%, 10/20/30<sup>(a)(b)</sup><br>|  | 250 | 249925 |
| Octagon Investment Partners XV Ltd., Series 2013-<br> 1A, Class A1RR, (3-mo. CME Term SOFR + <br> 1.23%), 5.50%, 07/19/30<sup>(a)(b)</sup><br>|  | 31 | 31458 |
| OHA Credit Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-3A, Class AR2, (3-mo. CME Term <br> SOFR + 1.32%), 5.59%, 01/20/38<br>|  | 250 | 250000 |
| Series 2020-7A, Class AR, (3-mo. CME Term <br> SOFR + 1.30%), 5.57%, 02/24/37<br>|  | 500 | 500000 |
| Series 2024-17A, Class A, (3-mo. CME Term <br> SOFR + 1.48%), 5.75%, 04/20/37<br>|  | 250 | 249750 |
| Series 2024-19A, Class B1, (3-mo. CME Term <br> SOFR + 1.70%), 5.97%, 07/20/37<br>|  | 250 | 248050 |
| OHA Credit Partners XI Ltd., Series 2015-11A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.46%), <br> 5.73%, 04/20/37<sup>(a)(b)</sup><br>|  | 500 | 500298 |
| OHA Credit Partners XVI, Series 2021-16A, Class AR, <br> (3-mo. CME Term SOFR + 1.35%), 5.62%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 500 | 499702 |
| OHA Loan Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2015-1A, Class AR3, (3-mo. CME Term <br> SOFR + 1.41%), 5.68%, 01/19/37<br>|  | 250 | 249638 |
| Series 2016-1A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.46%), 5.73%, 07/20/37<br>|  | 250 | 250207 |
| OnDeck Asset Securitization Trust IV LLC, <br> Series 2023-1A, Class A, 7.00%, 08/19/30<sup>(b)</sup><br>|  | 160 | 161993 |
| OneMain Financial Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2020-2A, Class A, 1.75%, 09/14/35 |  | 100 | 96991 |
| Series 2020-2A, Class B, 2.21%, 09/14/35 |  | 240 | 227341 |
| Series 2024-1A, Class A, 5.79%, 05/14/41 |  | 184 | 189763 |
| Option One Mortgage Loan Trust, Series 2007-FXD1, <br> Class 3A4, 5.86%, 01/25/37<br>|  | 10 | 9828 |
| Orchard Park CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.36%), 5.63%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 310 | 309903 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Origen Manufactured Housing Contract Trust, <br> Series 2007-B, Class A1, (1-mo. SOFR US + <br> 1.31%), 6.16%, 10/15/37<sup>(a)(b)</sup><br>| USD | 37 | $36508 |
| Owl Rock CLO XVIII LLC, Series 2024-18A, Class A, <br> (3-mo. CME Term SOFR + 1.70%), 5.98%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 250 | 249529 |
| OZLM XVIII Ltd., Series 2018-18A, Class A, (3-mo. <br> CME Term SOFR + 1.28%), 5.54%, 04/15/31<sup>(a)(b)</sup><br>|  | 57 | 57148 |
| Palmer Square CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.41%), 5.73%, 11/14/34<br>|  | 250 | 249687 |
| Series 2024-2A, Class B, (3-mo. CME Term SOFR <br> + 1.65%), 5.92%, 07/20/37<br>|  | 300 | 297600 |
| Palmer Square Loan Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-1A, Class A1, (3-mo. CME Term <br> SOFR + 1.05%), 5.31%, 04/15/30<br>|  | 66 | 65674 |
| Series 2022-3A, Class A2R, (3-mo. CME Term <br> SOFR + 1.60%), 5.86%, 04/15/31<br>|  | 250 | 250334 |
| PFS Financing Corp., Series 2022-D, Class B, 4.90%, <br> 08/15/27<sup>(b)</sup><br>|  | 241 | 240845 |
| PRET LLC<sup>(b)</sup> <br>|  |  |  |
| Series 2024-NPL4, Class A1, 7.00%, 07/25/54 |  | 653 | 653578 |
| Series 2024-NPL5, Class A1, 5.96%, 09/25/54 |  | 103 | 102694 |
| Series 2024-RN2, Class A1, 7.12%, 04/25/54 |  | 95 | 95806 |
| Progress Residential Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-SFR3, Class F, 6.60%, 04/17/39 |  | 136 | 135930 |
| Series 2023-SFR1, Class E1, 6.15%, 03/17/40 |  | 690 | 696033 |
| Rad CLO Ltd., Series 2020-7A, Class B1R, (3-mo. <br> CME Term SOFR + 1.90%), 6.18%, 04/17/36<sup>(a)(b)</sup><br>|  | 250 | 249725 |
| RCO VII Mortgage LLC, Series 2024-1, Class A1, <br> 7.02%, 01/25/29<sup>(b)</sup><br>|  | 73 | 73407 |
| Redwood Funding Trust, Series 2023-1, Class A, <br> 7.50%, 07/25/59<sup>(b)</sup><br>|  | 75 | 74637 |
| Regatta XI Funding Ltd., Series 2018-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.40%), 5.68%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 250 | 250019 |
| Regatta XVIII Funding Ltd., Series 2021-1A, <br> Class A1R, (3-mo. CME Term SOFR + 1.16%), <br> 5.42%, 04/15/38<sup>(a)(b)</sup><br>|  | 250 | 248750 |
| Regatta XXVII Funding Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.53%), <br> 5.81%, 04/26/37<sup>(a)(b)</sup><br>|  | 250 | 250248 |
| Regional Management Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-1, Class A, 1.68%, 03/17/31 |  | 11 | 11156 |
| Series 2021-2, Class A, 1.90%, 08/15/33 |  | 120 | 113669 |
| Series 2021-2, Class B, 2.35%, 08/15/33 |  | 300 | 276016 |
| Series 2022-1, Class A, 3.07%, 03/15/32 |  | 158 | 156079 |
| Republic Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-A, Class B, 6.47%, 08/20/32 |  | 100 | 102375 |
| Series 2024-B, Class A, 5.42%, 11/20/37 |  | 200 | 202411 |
| Series 2024-B, Class B, 5.86%, 11/20/37 |  | 100 | 101142 |
| Residential Mortgage Loan Trust, Series 2020-1, <br> Class B1, 3.95%, 01/26/60<sup>(a)(b)</sup><br>|  | 450 | 428340 |
| RR Ltd., Series 2020-8A, Class A1R, (3-mo. CME <br> Term SOFR + 1.35%), 5.61%, 07/15/37<sup>(a)(b)</sup><br>|  | 1250 | 1247343 |
| Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, <br> Class A1, (3-mo. CME Term SOFR + 1.39%), <br> 5.70%, 01/30/38<sup>(a)(b)</sup><br>|  | 1110 | 1103649 |
| Santander Drive Auto Receivables Trust |  |  |  |
| Series 2022-3, Class B, 4.13%, 08/16/27 |  | 67 | 67154 |
| Series 2022-4, Class B, 4.42%, 11/15/27 |  | 147 | 146449 |
| Series 2022-6, Class B, 4.72%, 06/15/27 |  | 27 | 27234 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Santander Drive Auto Receivables Trust (continued) |  |  |  |
| Series 2022-7, Class B, 5.95%, 01/17/28 | USD | 623 | $625333 |
| Series 2024-1, Class C, 5.45%, 03/15/30 |  | 240 | 242549 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, <br> 6.39%, 11/20/35<sup>(b)</sup><br>|  | 82 | 83694 |
| Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, <br> 07/25/49<sup>(b)</sup><br>|  | 405 | 401316 |
| Silver Point CLO Ltd., Series 2024-4A, Class A1, <br> (3-mo. CME Term SOFR + 1.63%), 5.89%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 250 | 250362 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2017-A, Class A2B, (1 mo. Term SOFR + <br> 1.01%), 5.34%, 09/15/34<sup>(a)</sup><br>|  | 30 | 29599 |
| Series 2018-B, Class A2B, (1 mo. Term SOFR + <br> 0.83%), 5.16%, 01/15/37<sup>(a)</sup><br>|  | 111 | 111072 |
| Series 2019-B, Class B, 3.56%, 06/15/43 |  | 800 | 765654 |
| Series 2021-A, Class A2A1, (1 mo. Term SOFR + <br> 0.84%), 5.17%, 01/15/53<sup>(a)</sup><br>|  | 320 | 316950 |
| Series 2021-A, Class B, 2.31%, 01/15/53 |  | 466 | 450477 |
| Series 2024-A, Class A1B, (30-day Avg SOFR + <br> 1.45%), 5.79%, 03/15/56<sup>(a)</sup><br>|  | 267 | 267648 |
| Series 2024-A, Class B, 5.88%, 03/15/56 |  | 154 | 157979 |
| Series 2024-C, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.45%, 06/17/52<sup>(a)</sup><br>|  | 89 | 88181 |
| SoFi Consumer Loan Program Trust, Series 2025-1, <br> Class A, 4.80%, 02/27/34<sup>(b)</sup><br>|  | 651 | 652180 |
| SoFi Personal Loan Term, Series 2024-1A, Class A, <br> 6.06%, 02/12/31<sup>(b)</sup><br>|  | 75 | 75494 |
| SoFi Professional Loan Program LLC<sup>(b)</sup> <br>|  |  |  |
| Series 2017-D, Class BFX, 3.61%, 09/25/40 |  | 321 | 308629 |
| Series 2017-E, Class C, 4.16%, 11/26/40 |  | 500 | 482543 |
| Soundview Home Loan Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2005-OPT3, Class M4, (1 mo. Term SOFR <br> + 1.13%), 5.46%, 11/25/35<br>|  | 25 | 19375 |
| Series 2007-NS1, Class M1, (1 mo. Term SOFR + <br> 0.64%), 4.97%, 01/25/37<br>|  | 19 | 17881 |
| Subway Funding LLC, Series 2024-1A, Class A2II, <br> 6.27%, 07/30/54<sup>(b)</sup><br>|  | 85 | 85995 |
| Symphony CLO Ltd., Series 2023-38A, Class B1, <br> (3-mo. CME Term SOFR + 2.25%), 6.53%, <br> 04/24/36<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. <br> CME Term SOFR + 1.38%), 5.64%, 01/15/34<sup>(a)(b)</sup><br>|  | 250 | 249348 |
| TICP CLO XI Ltd., Series 2018-11A, Class AR, (3-mo. <br> CME Term SOFR + 1.53%), 5.81%, 04/25/37<sup>(a)(b)</sup><br>|  | 250 | 250240 |
| Trestles CLO Ltd., Series 2017-1A, Class A1RR, (3-<br> mo. CME Term SOFR + 1.46%), 5.74%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 250 | 249875 |
| Trimaran CAVU Ltd., Series 2024-1A, Class A, (3-mo. <br> CME Term SOFR + 1.38%), 5.64%, 01/25/38<sup>(a)(b)</sup><br>|  | 250 | 250000 |
| Verdelite Static CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.13%), 5.40%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 210 | 209427 |
| Voya CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2014-1A, Class AAR2, (3-mo. CME Term <br> SOFR + 1.25%), 5.52%, 04/18/31<br>|  | 60 | 60320 |
| Series 2019-1A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.37%), 5.63%, 10/15/37<br>|  | 330 | 330000 |
| WaMu Asset-Backed Certificates WaMu Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2007-HE1, Class 2A3, (1 mo. Term SOFR + <br> 0.41%), 4.74%, 01/25/37<br>|  | 259 | 114329 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| WaMu Asset-Backed Certificates WaMu <br> Trust<sup>(a)</sup> (continued)<br>|  |  |  |
| Series 2007-HE2, Class 2A2, (1 mo. Term SOFR + <br> 0.30%), 4.63%, 04/25/37<br>| USD | 387 | $137996 |
| Series 2007-HE2, Class 2A3, (1 mo. Term SOFR + <br> 0.36%), 4.69%, 04/25/37<br>|  | 570 | 203678 |
| Series 2007-HE2, Class 2A4, (1 mo. Term SOFR + <br> 0.47%), 4.80%, 04/25/37<br>|  | 263 | 93946 |
| Washington Mutual Asset-Backed Certificates <br> WMABS Trust, Series 2007-HE2, Class 2A1, <br> (1 mo. Term SOFR + 0.31%), 4.64%, 02/25/37<sup>(a)</sup><br>|  | 494 | 150127 |
| Westlake Automobile Receivables Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-2A, Class D, 1.23%, 12/15/26 |  | 59 | 58317 |
| Series 2022-1A, Class D, 3.49%, 03/15/27 |  | 1000 | 994704 |
| Series 2022-2A, Class C, 4.85%, 09/15/27 |  | 609 | 608560 |
| Series 2023-1A, Class D, 6.79%, 11/15/28 |  | 570 | 584148 |
| Series 2023-2A, Class B, 6.14%, 03/15/28 |  | 100 | 100346 |
| Series 2023-2A, Class C, 6.29%, 03/15/28 |  | 300 | 302874 |
| Series 2023-2A, Class D, 7.01%, 11/15/28 |  | 900 | 922651 |
| Series 2023-3A, Class C, 6.02%, 09/15/28 |  | 305 | 309838 |
| Series 2023-3A, Class D, 6.47%, 03/15/29 |  | 180 | 184916 |
| Series 2023-4A, Class C, 6.64%, 11/15/28 |  | 550 | 564711 |
| Series 2024-1A, Class D, 6.02%, 10/15/29 |  | 680 | 691561 |
| Series 2024-2A, Class D, 5.91%, 04/15/30 |  | 1170 | 1189026 |
| Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, <br> (3-mo. CME Term SOFR + 1.32%), 5.60%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 250 | 249375 |
| Whitebox CLO II Ltd., Series 2020-2A, Class BR2, <br> (3-mo. CME Term SOFR + 1.75%), 6.03%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 400 | 393360 |
| Whitebox CLO III Ltd., Series 2021-3A, Class CR, <br> (3-mo. CME Term SOFR + 1.90%), 6.16%, <br> 10/15/35<sup>(a)(b)</sup><br>|  | 250 | 247229 |
| Wildwood Park CLO Ltd., Series 2024-1A, Class A, <br> (3-mo. CME Term SOFR + 1.36%), 5.63%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 250 | 249926 |
| **Total Asset-Backed Securities — 6.0%** <br>**(Cost: $67,455,227)** | **Total Asset-Backed Securities — 6.0%** <br>**(Cost: $67,455,227)** | **Total Asset-Backed Securities — 6.0%** <br>**(Cost: $67,455,227)** | 68130579 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |  |
| Boeing Co.<sup>(e)</sup> | 235 | 43061 |
| Howmet Aerospace, Inc.<sup>(f)</sup> | 285 | 39495 |
| Lockheed Martin Corp. | 74 | 35354 |
| TransDigm Group, Inc. | 26 | 36740 |
|  |  | 154650 |
| **Banks — 0.1%** | **Banks — 0.1%** |  |
| Bank of America Corp. | 874 | 34855 |
| Citigroup, Inc. | 517 | 35352 |
| Flagstar Financial, Inc. | 25843 | 302622 |
| JPMorgan Chase & Co. | 1456 | 356167 |
| Wells Fargo & Co. | 522 | 37067 |
|  |  | 766063 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |  |
| AbbVie, Inc. | 160 | 31216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Broadline Retail**<sup>(e)</sup> **— 0.0%** | **Broadline Retail**<sup>(e)</sup> **— 0.0%** |  |
| Amazon.com, Inc. | 179 | $33011 |
| MercadoLibre, Inc. | 17 | 39625 |
| Rakuten Group, Inc. | 7900 | 46581 |
|  |  | 119217 |
| **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| Trane Technologies PLC<sup>(f)</sup> | 103 | 39481 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| S&P Global, Inc. | 72 | 36004 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |  |
| CommScope Holding Co., Inc.<sup>(e)</sup> | 9052 | 33854 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |  |
| Capital One Financial Corp.<sup>(f)</sup> | 212 | 38215 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |  |
| Costco Wholesale Corp. | 38 | 37791 |
| Walmart, Inc. | 397 | 38608 |
|  |  | 76399 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |  |
| Lumen Technologies, Inc.<sup>(e)</sup> | 10797 | 38221 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| GE Vernova, Inc. | 151 | 55994 |
| Vertiv Holdings Co., Class A | 447 | 38165 |
|  |  | 94159 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |  |
| Flowco Holdings, Inc., Class A<sup>(e)</sup> | 5616 | 108501 |
| Solaris Energy Infrastructure, Inc., Class A | 7827 | 165463 |
|  |  | 273964 |
| **Entertainment**<sup>(e)</sup> **— 0.0%** | **Entertainment**<sup>(e)</sup> **— 0.0%** |  |
| Live Nation Entertainment, Inc. | 284 | 37616 |
| Netflix, Inc. | 40 | 45269 |
| Take-Two Interactive Software, Inc. | 173 | 40364 |
| Warner Bros Discovery, Inc., Class A | 3488 | 30241 |
|  |  | 153490 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Mastercard, Inc., Class A | 64 | 35076 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Union Pacific Corp. | 141 | 30408 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
| Boston Scientific Corp.<sup>(e)</sup> | 371 | 38165 |
| Intuitive Surgical, Inc.<sup>(e)</sup> | 73 | 37653 |
| Masimo Corp.<sup>(e)(f)</sup> | 210 | 33802 |
| Stryker Corp. | 93 | 34774 |
|  |  | 144394 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| McKesson Corp. | 53 | 37778 |
| **Hotels, Restaurants & Leisure**<sup>(e)</sup> **— 0.1%** | **Hotels, Restaurants & Leisure**<sup>(e)</sup> **— 0.1%** |  |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 1918 | 51901 |
| Genius Sports Ltd. | 20641 | 222716 |
|  |  | 274617 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| Landsea Homes Corp.<sup>(e)</sup> | 4564 | 27840 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |  |
| Vistra Corp. | 662 | 85815 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| Marsh & McLennan Cos., Inc. | 147 | $33144 |
| Progressive Corp. | 125 | 35218 |
|  |  | 68362 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
| Alphabet, Inc., Class C | 208 | 33465 |
| Meta Platforms, Inc., Class A | 58 | 31842 |
|  |  | 65307 |
| **IT Services — 0.0%** | **IT Services — 0.0%** |  |
| Snowflake, Inc., Class A<sup>(e)</sup> | 237 | 37799 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |
| Thermo Fisher Scientific, Inc. | 66 | 28314 |
| **Machinery — 0.0%** | **Machinery — 0.0%** |  |
| Ingersoll Rand, Inc. | 418 | 31530 |
| **Media — 0.0%** | **Media — 0.0%** |  |
| AMC Networks, Inc., Class A<sup>(e)</sup> | 4080 | 26112 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Algoma Steel Group, Inc. | 8320 | 42557 |
| U.S. Steel Corp. | 2800 | 122388 |
|  |  | 164945 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |  |
| Blackstone Mortgage Trust, Inc., Class A<sup>(f)</sup> | 13606 | 259194 |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |  |
| Kinder Morgan, Inc.<sup>(f)</sup> | 1792 | 47129 |
| New Fortress Energy, Inc., (Acquired 12/24/24, Cost: <br> $—)<sup>(e)(g)</sup><br>| 1746 | 9481 |
| Venture Global, Inc., Class A<sup>(f)</sup> | 261 | 2190 |
| Viper Energy, Inc., Class A<sup>(f)</sup> | 713 | 28755 |
|  |  | 87555 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |  |
| Eli Lilly & Co. | 42 | 37756 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** |  |
| Amentum Holdings, Inc.<sup>(e)(f)</sup> | 4005 | 87389 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |  |
| Invitation Homes, Inc. | 3137 | 107254 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Lam Research Corp. | 472 | 33828 |
| Micron Technology, Inc. | 400 | 30780 |
| NVIDIA Corp. | 325 | 35399 |
|  |  | 100007 |
| **Software — 0.0%** | **Software — 0.0%** |  |
| ANSYS, Inc.<sup>(e)(f)</sup> | 109 | 35085 |
| Autodesk, Inc.<sup>(e)</sup> | 141 | 38669 |
| Intuit, Inc. | 59 | 37021 |
| IREN Ltd.<sup>(e)(f)</sup> | 3797 | 23200 |
| Microsoft Corp. | 91 | 35969 |
| Samsara, Inc., Class A<sup>(e)</sup> | 1023 | 40572 |
| ServiceNow, Inc.<sup>(e)</sup> | 45 | 42975 |
|  |  | 253491 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |  |
| Home Depot, Inc. | 93 | 33526 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| T-Mobile U.S., Inc. | 130 | $32104 |
| **Total Common Stocks — 0.4%** <br>**(Cost: $3,949,778)** | **Total Common Stocks — 0.4%** <br>**(Cost: $3,949,778)** | 3911506 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Interpublic Group of Cos., Inc. |  |  |  |
| 4.75%, 03/30/30 | USD | 50 | 50086 |
| 3.38%, 03/01/41 |  | 5 | 3609 |
|  |  |  | 53695 |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. |  |  |  |
| 5.71%, 05/01/40 |  | 75 | 72807 |
| 5.81%, 05/01/50 |  | 130 | 121851 |
| 5.93%, 05/01/60 |  | 100 | 92234 |
| 7.01%, 05/01/64 |  | 49 | 52383 |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>|  | 200 | 190465 |
| General Dynamics Corp. |  |  |  |
| 2.25%, 06/01/31<sup>(f)</sup> |  | 230 | 202560 |
| 08/15/35<sup>(d)</sup> |  | 75 | 75248 |
| General Electric Co., 6.75%, 03/15/32 |  | 25 | 27992 |
| L3Harris Technologies, Inc. |  |  |  |
| 4.40%, 06/15/28 |  | 65 | 64901 |
| 1.80%, 01/15/31 |  | 75 | 63963 |
| 5.25%, 06/01/31 |  | 127 | 130007 |
| Lockheed Martin Corp. |  |  |  |
| 4.07%, 12/15/42 |  | 150 | 124167 |
| 4.09%, 09/15/52 |  | 100 | 77449 |
| Northrop Grumman Corp. |  |  |  |
| 4.90%, 06/01/34 |  | 806 | 799738 |
| 5.15%, 05/01/40 |  | 50 | 48115 |
| 4.03%, 10/15/47 |  | 45 | 35264 |
| 5.20%, 06/01/54 |  | 107 | 98539 |
| RTX Corp. |  |  |  |
| 6.70%, 08/01/28 |  | 74 | 78970 |
| 4.13%, 11/16/28 |  | 70 | 69440 |
| 4.50%, 06/01/42 |  | 220 | 191094 |
| 4.63%, 11/16/48 |  | 50 | 42259 |
|  |  |  | 2659446 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<sup>(b)</sup><br>|  | 192 | 191614 |
| Lear Corp., 3.80%, 09/15/27 |  | 35 | 34101 |
| Phinia, Inc., 6.63%, 10/15/32<sup>(b)</sup> |  | 118 | 115786 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 49 | 46810 |
|  |  |  | 388311 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| American Honda Finance Corp. |  |  |  |
| 1.20%, 07/08/25 |  | 75 | 74515 |
| 3.50%, 02/15/28 |  | 50 | 48951 |
| 4.90%, 03/13/29<sup>(f)</sup> |  | 180 | 182644 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(b)</sup><br>|  | 175 | 150358 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Carvana Co.<sup>(b)(h)</sup> <br>|  |  |  |
| (13.00% PIK), 9.00%, 06/01/30<sup>(f)</sup> | USD | 119 | $125256 |
| (9.00% PIK), 9.00%, 12/01/28 |  | 168 | 172978 |
| Ford Motor Credit Co. LLC |  |  |  |
| 3.82%, 11/02/27 |  | 200 | 189374 |
| 7.20%, 06/10/30 |  | 200 | 205910 |
| General Motors Co., 6.60%, 04/01/36 |  | 50 | 51349 |
| General Motors Financial Co., Inc. |  |  |  |
| 5.40%, 04/06/26 |  | 5 | 5010 |
| 2.35%, 02/26/27 |  | 467 | 445885 |
| 5.80%, 01/07/29 |  | 155 | 158197 |
| 5.65%, 01/17/29 |  | 300 | 303886 |
| 3.60%, 06/21/30 |  | 150 | 138005 |
| 5.75%, 02/08/31 |  | 55 | 55521 |
| 6.10%, 01/07/34 |  | 129 | 129629 |
| Honda Motor Co. Ltd., 2.53%, 03/10/27<sup>(f)</sup> |  | 50 | 48458 |
| Toyota Motor Credit Corp. |  |  |  |
| 3.65%, 08/18/25 |  | 95 | 94796 |
| 5.25%, 09/11/28 |  | 75 | 77347 |
| 3.38%, 04/01/30 |  | 75 | 71442 |
| 5.35%, 01/09/35<sup>(f)</sup> |  | 650 | 665849 |
|  |  |  | 3395360 |
| **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
| Associated Banc-Corp., (1-day SOFR + 3.03%), <br> 6.46%, 08/29/30<sup>(a)</sup><br>|  | 24 | 24130 |
| Banco Santander SA, 5.59%, 08/08/28 |  | 800 | 825042 |
| Bank of America Corp. |  |  |  |
| 3.88%, 08/01/25 |  | 100 | 99825 |
| 4.88%, 04/01/44 |  | 27 | 24560 |
| (1-day SOFR + 0.96%), 1.73%, 07/22/27<sup>(a)</sup> |  | 110 | 106348 |
| (1-day SOFR + 1.00%), 5.16%, 01/24/31<sup>(a)</sup> |  | 580 | 590809 |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28<sup>(a)</sup> |  | 70 | 67726 |
| (1-day SOFR + 1.15%), 1.32%, 06/19/26<sup>(a)</sup> |  | 400 | 398127 |
| (1-day SOFR + 1.31%), 5.51%, 01/24/36<sup>(a)</sup> |  | 895 | 907178 |
| (1-day SOFR + 1.33%), 2.97%, 02/04/33<sup>(a)</sup> |  | 1078 | 947720 |
| (1-day SOFR + 1.53%), 1.90%, 07/23/31<sup>(a)</sup> |  | 330 | 286179 |
| (1-day SOFR + 1.58%), 3.31%, 04/22/42<sup>(a)</sup> |  | 125 | 94095 |
| (1-day SOFR + 1.65%), 5.47%, 01/23/35<sup>(a)</sup> |  | 275 | 278936 |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33<sup>(a)</sup> |  | 254 | 246085 |
| (1-day SOFR + 1.88%), 2.83%, 10/24/51<sup>(a)</sup> |  | 271 | 165286 |
| (1-day SOFR + 1.91%), 5.29%, 04/25/34<sup>(a)</sup> |  | 180 | 180489 |
| (1-day SOFR + 1.93%), 2.68%, 06/19/41<sup>(a)</sup> |  | 340 | 240947 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28<sup>(a)</sup> |  | 100 | 104094 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28<sup>(a)</sup> |  | 235 | 237520 |
| (1-day SOFR + 2.15%), 2.59%, 04/29/31<sup>(a)</sup> |  | 590 | 533095 |
| (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<sup>(a)</sup><br>|  | 656 | 593803 |
| (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<sup>(a)</sup><br>|  | 713 | 693475 |
| (3-mo. CME Term SOFR + 1.33%), 3.97%, <br> 03/05/29<sup>(a)</sup><br>|  | 95 | 93664 |
| (3-mo. CME Term SOFR + 1.44%), 3.19%, <br> 07/23/30<sup>(a)</sup><br>|  | 135 | 127363 |
| (3-mo. CME Term SOFR + 1.58%), 4.08%, <br> 04/23/40<sup>(a)</sup><br>|  | 65 | 55872 |
| (3-mo. CME Term SOFR + 1.77%), 3.71%, <br> 04/24/28<sup>(a)</sup><br>|  | 240 | 236553 |
| (3-mo. CME Term SOFR + 1.78%), 4.33%, <br> 03/15/50<sup>(a)</sup><br>|  | 191 | 154734 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<sup>(a)</sup><br>|  | 315 | 242996 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of America Corp. (continued) |  |  |  |
| Series L, 4.18%, 11/25/27 | USD | 80 | $79578 |
| Series N, (1-day SOFR + 1.65%), 3.48%, <br> 03/13/52<sup>(a)</sup><br>|  | 50 | 34940 |
| Bank of Montreal |  |  |  |
| 5.92%, 09/25/25 |  | 170 | 170882 |
| 5.72%, 09/25/28 |  | 40 | 41632 |
| Series f2f, (1-day SOFR + 0.88%), 4.57%, <br> 09/10/27<sup>(a)</sup><br>|  | 160 | 160136 |
| Bank of New York Mellon Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 0.84%), 4.89%, 07/21/28 |  | 25 | 25301 |
| (1-day SOFR + 1.03%), 4.95%, 04/26/27 |  | 5 | 5028 |
| (1-day SOFR Index + 1.80%), 5.80%, 10/25/28 |  | 175 | 181370 |
| (3-mo. CME Term SOFR + 1.33%), 3.44%, <br> 02/07/28<br>|  | 125 | 123383 |
| Bank of Nova Scotia |  |  |  |
| 4.50%, 12/16/25 |  | 150 | 149610 |
| 1.35%, 06/24/26 |  | 300 | 290151 |
| 5.25%, 06/12/28 |  | 50 | 51407 |
| (5-year CMT + 2.05%), 4.59%, 05/04/37<sup>(a)</sup> |  | 75 | 69254 |
| Barclays PLC |  |  |  |
| 5.20%, 05/12/26 |  | 350 | 350609 |
| (1-day SOFR + 2.21%), 5.83%, 05/09/27<sup>(a)</sup> |  | 250 | 252603 |
| Canadian Imperial Bank of Commerce, 5.26%, <br> 04/08/29<br>|  | 150 | 153941 |
| Citigroup, Inc. |  |  |  |
| 6.00%, 10/31/33 |  | 50 | 51791 |
| 8.13%, 07/15/39 |  | 220 | 272127 |
| (1-day SOFR + 0.87%), 4.79%, 03/04/29<sup>(a)</sup> |  | 254 | 255253 |
| (1-day SOFR + 1.18%), 2.52%, 11/03/32<sup>(a)</sup> |  | 7 | 6033 |
| (1-day SOFR + 1.28%), 3.07%, 02/24/28<sup>(a)</sup> |  | 75 | 73158 |
| (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(a)</sup> |  | 113 | 99270 |
| (1-day SOFR + 1.36%), 5.17%, 02/13/30<sup>(a)</sup> |  | 179 | 181632 |
| (1-day SOFR + 1.45%), 5.45%, 06/11/35<sup>(a)</sup> |  | 558 | 559932 |
| (1-day SOFR + 1.75%), 5.61%, 03/04/56<sup>(a)</sup> |  | 102 | 97468 |
| (1-day SOFR + 1.83%), 6.02%, 01/24/36<sup>(a)</sup> |  | 231 | 231636 |
| (1-day SOFR + 1.94%), 3.79%, 03/17/33<sup>(a)</sup> |  | 562 | 516575 |
| (1-day SOFR + 2.09%), 4.91%, 05/24/33<sup>(a)</sup> |  | 120 | 117915 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(a)</sup> |  | 859 | 769107 |
| (1-day SOFR + 2.66%), 6.17%, 05/25/34<sup>(a)</sup> |  | 20 | 20471 |
| (1-day SOFR + 3.91%), 4.41%, 03/31/31<sup>(a)</sup> |  | 895 | 878699 |
| (3-mo. CME Term SOFR + 1.41%), 3.52%, <br> 10/27/28<sup>(a)</sup><br>|  | 25 | 24385 |
| (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<sup>(a)</sup><br>|  | 45 | 44165 |
| (3-mo. CME Term SOFR + 2.10%), 4.28%, <br> 04/24/48<sup>(a)</sup><br>|  | 100 | 80057 |
| Citizens Financial Group, Inc., (1-day SOFR + <br> 2.01%), 5.84%, 01/23/30<sup>(a)</sup><br>|  | 100 | 102365 |
| Cooperatieve Rabobank UA, 4.80%, 01/09/29 |  | 250 | 254045 |
| Fifth Third Bancorp |  |  |  |
| 3.95%, 03/14/28 |  | 75 | 74028 |
| (1-day SOFR + 2.34%), 6.34%, 07/27/29<sup>(a)</sup> |  | 30 | 31459 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 44 | 48412 |
| Goldman Sachs Group, Inc. |  |  |  |
| 2.60%, 02/07/30 |  | 180 | 164402 |
| 6.75%, 10/01/37 |  | 300 | 322338 |
| 6.25%, 02/01/41 |  | 200 | 208713 |
| 5.15%, 05/22/45 |  | 50 | 44346 |
| (1-day SOFR + 0.79%), 1.09%, 12/09/26<sup>(a)</sup> |  | 350 | 342562 |
| (1-day SOFR + 0.82%), 1.54%, 09/10/27<sup>(a)</sup> |  | 30 | 28806 |
| (1-day SOFR + 0.91%), 1.95%, 10/21/27<sup>(a)</sup> |  | 828 | 797564 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. (continued) |  |  |  |
| (1-day SOFR + 1.09%), 1.99%, 01/27/32<sup>(a)</sup> | USD | 821 | $699760 |
| (1-day SOFR + 1.14%), 4.69%, 10/23/30<sup>(a)</sup> |  | 155 | 154621 |
| (1-day SOFR + 1.21%), 5.05%, 07/23/30<sup>(a)</sup> |  | 65 | 65774 |
| (1-day SOFR + 1.26%), 2.65%, 10/21/32<sup>(a)</sup> |  | 730 | 633469 |
| (1-day SOFR + 1.27%), 5.73%, 04/25/30<sup>(a)</sup> |  | 65 | 67376 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(a)</sup> |  | 787 | 691816 |
| (1-day SOFR + 1.32%), 4.94%, 04/23/28<sup>(a)</sup> |  | 1361 | 1373402 |
| (1-day SOFR + 1.41%), 3.10%, 02/24/33<sup>(a)</sup> |  | 75 | 66141 |
| (1-day SOFR + 1.42%), 5.02%, 10/23/35<sup>(a)</sup> |  | 980 | 949585 |
| (1-day SOFR + 1.55%), 5.33%, 07/23/35<sup>(a)</sup> |  | 680 | 675806 |
| (1-day SOFR + 1.58%), 5.22%, 04/23/31<sup>(a)</sup> |  | 604 | 615143 |
| (1-day SOFR + 1.70%), 5.73%, 01/28/56<sup>(a)</sup> |  | 14 | 13635 |
| HSBC Holdings PLC |  |  |  |
| 6.50%, 09/15/37 |  | 300 | 311132 |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30<sup>(a)</sup> |  | 500 | 507579 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36<sup>(a)</sup> |  | 395 | 392515 |
| (1-day SOFR + 1.57%), 5.89%, 08/14/27<sup>(a)</sup> |  | 200 | 203144 |
| (1-day SOFR + 1.90%), 5.87%, 11/18/35<sup>(a)(f)</sup> |  | 468 | 462587 |
| (1-day SOFR + 1.93%), 2.10%, 06/04/26<sup>(a)</sup> |  | 500 | 498662 |
| (1-day SOFR + 2.65%), 6.33%, 03/09/44<sup>(a)</sup> |  | 200 | 209883 |
| (1-day SOFR + 2.98%), 6.55%, 06/20/34<sup>(a)</sup> |  | 200 | 208983 |
| (1-day SOFR + 3.35%), 7.39%, 11/03/28<sup>(a)</sup> |  | 200 | 212608 |
| Huntington Bancshares, Inc., (1-day SOFR + 2.02%), <br> 6.21%, 08/21/29<sup>(a)</sup><br>|  | 100 | 103983 |
| ING Groep NV<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.56%), 6.08%, 09/11/27 |  | 725 | 739640 |
| (1-day SOFR + 2.09%), 6.11%, 09/11/34 |  | 200 | 210499 |
| Inter-American Development Bank, 4.50%, 05/15/26 |  | 1190 | 1197422 |
| JPMorgan Chase & Co. |  |  |  |
| 6.40%, 05/15/38 |  | 25 | 27439 |
| 4.95%, 06/01/45 |  | 105 | 95474 |
| (1-day SOFR + 0.80%), 1.05%, 11/19/26<sup>(a)</sup> |  | 330 | 323558 |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29<sup>(a)</sup> |  | 550 | 557784 |
| (1-day SOFR + 0.86%), 4.51%, 10/22/28<sup>(a)</sup> |  | 2217 | 2223265 |
| (1-day SOFR + 0.93%), 4.98%, 07/22/28<sup>(a)</sup> |  | 752 | 760768 |
| (1-day SOFR + 1.01%), 5.14%, 01/24/31<sup>(a)</sup> |  | 95 | 97017 |
| (1-day SOFR + 1.04%), 4.60%, 10/22/30<sup>(a)</sup> |  | 764 | 763483 |
| (1-day SOFR + 1.07%), 1.95%, 02/04/32<sup>(a)</sup> |  | 396 | 339993 |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30<sup>(a)</sup> |  | 1874 | 1901097 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33<sup>(a)</sup> |  | 734 | 650630 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35<sup>(a)</sup> |  | 275 | 268587 |
| (1-day SOFR + 1.44%), 5.10%, 04/22/31<sup>(a)</sup> |  | 794 | 808383 |
| (1-day SOFR + 1.46%), 5.29%, 07/22/35<sup>(a)</sup> |  | 23 | 23037 |
| (1-day SOFR + 1.80%), 4.59%, 04/26/33<sup>(a)</sup> |  | 130 | 127034 |
| (1-day SOFR + 1.81%), 6.25%, 10/23/34<sup>(a)</sup> |  | 500 | 537010 |
| (1-day SOFR + 1.85%), 5.35%, 06/01/34<sup>(a)</sup> |  | 267 | 271140 |
| (1-day SOFR + 1.89%), 2.18%, 06/01/28<sup>(a)</sup> |  | 95 | 90906 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28<sup>(a)</sup> |  | 125 | 126348 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33<sup>(a)</sup> |  | 575 | 572031 |
| (1-day SOFR + 2.44%), 3.11%, 04/22/51<sup>(a)</sup> |  | 220 | 145310 |
| (1-day SOFR + 2.58%), 5.72%, 09/14/33<sup>(a)</sup> |  | 200 | 206307 |
| (3-mo. CME Term SOFR + 1.60%), 3.78%, <br> 02/01/28<sup>(a)</sup><br>|  | 100 | 98868 |
| KeyBank NA/Cleveland OH, 5.00%, 01/26/33 |  | 463 | 445861 |
| KeyCorp., (1-day SOFR Index + 2.42%), 6.40%, <br> 03/06/35<sup>(a)</sup><br>|  | 50 | 52376 |
| Lloyds Banking Group PLC<sup>(a)</sup> <br>|  |  |  |
| (1-year CMT + 0.85%), 1.63%, 05/11/27 |  | 200 | 193815 |
| (3-mo. SOFR US + 1.47%), 3.57%, 11/07/28 |  | 200 | 194822 |
| M&T Bank Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 2.26%), 6.08%, 03/13/32 |  | 330 | 343378 |
| (1-day SOFR + 2.80%), 7.41%, 10/30/29 |  | 1235 | 1328541 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| (1-year CMT + 0.83%), 2.34%, 01/19/28 | USD | 200 | $192833 |
| (1-year CMT + 1.38%), 5.42%, 02/22/29 |  | 250 | 256409 |
| Mizuho Financial Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| (1-year CMT + 0.90%), 2.65%, 05/22/26 |  | 200 | 199749 |
| (1-year CMT + 1.90%), 5.75%, 07/06/34 |  | 400 | 412294 |
| (1-year CMT + 2.05%), 5.41%, 09/13/28 |  | 200 | 204148 |
| Morgan Stanley |  |  |  |
| 4.35%, 09/08/26 |  | 25 | 24957 |
| 3.59%, 07/22/28<sup>(a)</sup> |  | 25 | 24469 |
| 4.38%, 01/22/47 |  | 45 | 37470 |
| (1-day SOFR + 0.88%), 1.59%, 05/04/27<sup>(a)</sup> |  | 195 | 189331 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(a)</sup> |  | 144 | 121452 |
| (1-day SOFR + 1.11%), 5.23%, 01/15/31<sup>(a)</sup> |  | 295 | 300779 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(a)</sup> |  | 429 | 391853 |
| (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(a)(f)</sup> |  | 347 | 295878 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(a)</sup> |  | 247 | 213257 |
| (1-day SOFR + 1.22%), 5.04%, 07/19/30<sup>(a)</sup> |  | 219 | 221701 |
| (1-day SOFR + 1.26%), 5.66%, 04/18/30<sup>(a)</sup> |  | 1566 | 1619756 |
| (1-day SOFR + 1.29%), 2.94%, 01/21/33<sup>(a)</sup> |  | 691 | 606958 |
| (1-day SOFR + 1.30%), 5.05%, 01/28/27<sup>(a)</sup> |  | 100 | 100379 |
| (1-day SOFR + 1.38%), 4.99%, 04/12/29<sup>(a)</sup> |  | 1262 | 1279215 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(a)</sup> |  | 329 | 333746 |
| (1-day SOFR + 1.51%), 5.19%, 04/17/31<sup>(a)</sup> |  | 1210 | 1231936 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(a)</sup> |  | 155 | 160044 |
| (1-day SOFR + 1.59%), 5.16%, 04/20/29<sup>(a)</sup> |  | 85 | 86537 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(a)</sup> |  | 45 | 45457 |
| (1-day SOFR + 1.83%), 6.41%, 11/01/29<sup>(a)</sup> |  | 146 | 154558 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(a)</sup> |  | 119 | 119000 |
| (1-day SOFR + 2.24%), 6.30%, 10/18/28<sup>(a)</sup> |  | 424 | 441524 |
| (1-day SOFR + 2.56%), 6.34%, 10/18/33<sup>(a)</sup> |  | 171 | 183111 |
| (3-mo. CME Term SOFR + 1.40%), 3.77%, <br> 01/24/29<sup>(a)</sup><br>|  | 167 | 163983 |
| (5-year CMT + 2.43%), 5.95%, 01/19/38<sup>(a)</sup> |  | 245 | 246985 |
| Morgan Stanley Bank NA, Series BKNT, (1-day SOFR <br> + 1.08%), 4.95%, 01/14/28<sup>(a)</sup><br>|  | 319 | 321578 |
| NatWest Group PLC, (3-mo. SOFR US + 2.01%), <br> 4.89%, 05/18/29<sup>(a)</sup><br>|  | 225 | 226302 |
| PNC Financial Services Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.26%), 4.81%, 10/21/32 |  | 635 | 629493 |
| (1-day SOFR + 1.32%), 5.81%, 06/12/26 |  | 355 | 355331 |
| Regions Financial Corp., 2.25%, 05/18/25 |  | 75 | 74956 |
| Royal Bank of Canada |  |  |  |
| 3.63%, 05/04/27 |  | 200 | 198151 |
| 4.95%, 02/01/29 |  | 125 | 127582 |
| 5.00%, 02/01/33 |  | 25 | 25116 |
| (1-day SOFR Index + 0.86%), 4.52%, 10/18/28<sup>(a)</sup> |  | 225 | 225458 |
| Santander Holdings USA, Inc.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 2.33%), 5.81%, 09/09/26 |  | 50 | 50150 |
| (1-day SOFR + 2.50%), 6.17%, 01/09/30 |  | 100 | 102965 |
| Santander U.K. Group Holdings PLC<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 2.60%), 6.53%, 01/10/29 |  | 200 | 208362 |
| (1-day SOFR + 2.75%), 6.83%, 11/21/26 |  | 200 | 202017 |
| (3-mo. SOFR US + 1.66%), 3.82%, 11/03/28 |  | 200 | 195143 |
| State Street Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.00%), 2.62%, 02/07/33 |  | 75 | 65085 |
| (3-mo. CME Term SOFR + 1.29%), 4.14%, <br> 12/03/29<br>|  | 125 | 124011 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| 1.47%, 07/08/25 |  | 600 | 596572 |
| 2.17%, 01/14/27 |  | 200 | 192965 |
| Toronto-Dominion Bank, 5.10%, 01/09/26 |  | 130 | 130520 |
| Truist Bank, Series BKNT, 2.25%, 03/11/30 |  | 540 | 475638 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Truist Financial Corp. |  |  |  |
| 3.70%, 06/05/25 | USD | 125 | $124863 |
| 1.20%, 08/05/25 |  | 200 | 198188 |
| (1-day SOFR + 2.05%), 6.05%, 06/08/27<sup>(a)</sup> |  | 250 | 254096 |
| U.S. Bancorp<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36 |  | 675 | 677175 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35 |  | 75 | 76422 |
| (1-day SOFR + 2.02%), 5.78%, 06/12/29 |  | 115 | 118961 |
| UBS Group AG, (1-day SOFR + 1.73%), 3.09%, <br> 05/14/32<sup>(a)(b)</sup><br>|  | 200 | 179069 |
| Wells Fargo & Co. |  |  |  |
| 4.40%, 06/14/46 |  | 75 | 59456 |
| (1-day SOFR + 1.07%), 5.71%, 04/22/28<sup>(a)</sup> |  | 906 | 926100 |
| (1-day SOFR + 1.11%), 5.24%, 01/24/31<sup>(a)</sup> |  | 660 | 673687 |
| (1-day SOFR + 1.50%), 5.15%, 04/23/31<sup>(a)</sup> |  | 177 | 179746 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33<sup>(a)</sup> |  | 242 | 217286 |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35<sup>(a)</sup> |  | 80 | 80616 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28<sup>(a)</sup> |  | 100 | 100627 |
| (1-day SOFR + 1.99%), 5.56%, 07/25/34<sup>(a)</sup> |  | 275 | 278752 |
| (1-day SOFR + 2.02%), 5.39%, 04/24/34<sup>(a)</sup> |  | 225 | 225919 |
| (1-day SOFR + 2.06%), 6.49%, 10/23/34<sup>(a)</sup> |  | 425 | 457062 |
| (1-day SOFR + 2.10%), 4.90%, 07/25/33<sup>(a)</sup> |  | 182 | 178805 |
| (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(a)</sup> |  | 374 | 309661 |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41<sup>(a)</sup> |  | 160 | 117689 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<sup>(a)</sup><br>|  | 535 | 484814 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<sup>(a)</sup><br>|  | 50 | 46329 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<sup>(a)</sup><br>|  | 380 | 374745 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(a)</sup><br>|  | 400 | 351875 |
| Westpac Banking Corp., (5-year USD ICE Swap + <br> 2.24%), 4.32%, 11/23/31<sup>(a)</sup><br>|  | 265 | 262946 |
|  |  |  | 63576670 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc.<br>|  |  |  |
| 4.70%, 02/01/36 |  | 15 | 14501 |
| 4.90%, 02/01/46 |  | 72 | 65642 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |  |
| 5.00%, 06/15/34 |  | 250 | 252098 |
| 5.55%, 01/23/49 |  | 30 | 29686 |
| 5.80%, 01/23/59 |  | 20 | 20241 |
| Coca-Cola Co. |  |  |  |
| 1.65%, 06/01/30 |  | 75 | 66218 |
| 2.25%, 01/05/32 |  | 60 | 52782 |
| 5.30%, 05/13/54 |  | 280 | 270481 |
| 2.75%, 06/01/60 |  | 100 | 58404 |
| 5.40%, 05/13/64 |  | 200 | 193967 |
| Constellation Brands, Inc. |  |  |  |
| 3.70%, 12/06/26 |  | 100 | 98829 |
| 2.88%, 05/01/30 |  | 125 | 114610 |
| 4.75%, 05/09/32<sup>(f)</sup> |  | 105 | 102874 |
| Diageo Capital PLC, 5.88%, 09/30/36 |  | 150 | 159718 |
| Keurig Dr. Pepper, Inc. |  |  |  |
| 3.40%, 11/15/25 |  | 35 | 34806 |
| 4.50%, 11/15/45 |  | 20 | 16593 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| PepsiCo, Inc. |  |  |  |
| 4.80%, 07/17/34 | USD | 75 | $75014 |
| 3.88%, 03/19/60 |  | 375 | 279346 |
|  |  |  | 1905810 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Amgen, Inc. |  |  |  |
| 5.51%, 03/02/26 |  | 160 | 160035 |
| 4.20%, 03/01/33 |  | 85 | 80487 |
| 4.66%, 06/15/51 |  | 20 | 16765 |
| 3.00%, 01/15/52 |  | 38 | 23708 |
| 5.65%, 03/02/53 |  | 265 | 254348 |
| 4.40%, 02/22/62 |  | 315 | 239603 |
| 5.75%, 03/02/63 |  | 65 | 61814 |
| Biogen, Inc., 4.05%, 09/15/25 |  | 75 | 74748 |
| Gilead Sciences, Inc. |  |  |  |
| 2.60%, 10/01/40 |  | 80 | 56578 |
| 5.65%, 12/01/41 |  | 100 | 99939 |
| Regeneron Pharmaceuticals, Inc. |  |  |  |
| 1.75%, 09/15/30 |  | 1170 | 1000287 |
| 2.80%, 09/15/50 |  | 250 | 143191 |
| Royalty Pharma PLC, 2.20%, 09/02/30 |  | 200 | 173518 |
|  |  |  | 2385021 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| Carrier Global Corp., 2.70%, 02/15/31 |  | 20 | 17982 |
| CRH America Finance, Inc., 5.50%, 01/09/35 |  | 950 | 964425 |
| Eagle Materials, Inc., 2.50%, 07/01/31 |  | 295 | 257480 |
| Johnson Controls International PLC/Tyco Fire & <br> Security Finance SCA, 1.75%, 09/15/30<br>|  | 75 | 64809 |
| Martin Marietta Materials, Inc. |  |  |  |
| 5.15%, 12/01/34 |  | 355 | 353069 |
| 4.25%, 12/15/47 |  | 75 | 59263 |
| Trane Technologies Financing Ltd., 5.25%, 03/03/33 |  | 150 | 153158 |
| Vulcan Materials Co., 4.50%, 06/15/47 |  | 75 | 62346 |
|  |  |  | 1932532 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Home Depot, Inc. |  |  |  |
| 2.50%, 04/15/27 |  | 300 | 291684 |
| 4.50%, 09/15/32 |  | 80 | 79592 |
| 4.95%, 06/25/34 |  | 150 | 150831 |
| 5.88%, 12/16/36 |  | 195 | 207656 |
| 4.95%, 09/15/52 |  | 40 | 36026 |
| 5.40%, 06/25/64 |  | 26 | 24679 |
| Lowe's Cos., Inc. |  |  |  |
| 3.38%, 09/15/25 |  | 60 | 59721 |
| 3.35%, 04/01/27 |  | 300 | 294701 |
| 5.00%, 04/15/33 |  | 225 | 224254 |
| 5.63%, 04/15/53 |  | 115 | 107706 |
| 5.80%, 09/15/62 |  | 40 | 37722 |
| Patrick Industries, Inc., 6.38%, 11/01/32<sup>(b)</sup> |  | 115 | 111645 |
|  |  |  | 1626217 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Ameriprise Financial, Inc. |  |  |  |
| 5.70%, 12/15/28 |  | 350 | 366528 |
| 5.15%, 05/15/33 |  | 410 | 414982 |
| Ares Capital Corp. |  |  |  |
| 2.15%, 07/15/26 |  | 200 | 192873 |
| 2.88%, 06/15/28 |  | 135 | 125334 |
| Ares Management Corp., 6.38%, 11/10/28 |  | 1640 | 1733923 |
| Blackstone Private Credit Fund, 3.25%, 03/15/27 |  | 75 | 72240 |
| Blackstone Secured Lending Fund, 2.85%, 09/30/28 |  | 75 | 68551 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Blue Owl Capital Corp., 5.95%, 03/15/29 | USD | 679 | $673892 |
| Blue Owl Credit Income Corp., 7.75%, 01/15/29 |  | 75 | 78806 |
| Blue Owl Finance LLC, 3.13%, 06/10/31 |  | 670 | 585186 |
| Charles Schwab Corp. |  |  |  |
| 0.90%, 03/11/26 |  | 20 | 19419 |
| 5.88%, 08/24/26 |  | 300 | 305826 |
| 2.45%, 03/03/27 |  | 5 | 4849 |
| 3.20%, 01/25/28 |  | 3 | 2926 |
| 1.65%, 03/11/31 |  | 2 | 1692 |
| 2.30%, 05/13/31 |  | 9 | 7925 |
| 1.95%, 12/01/31 |  | 74 | 62155 |
| 2.90%, 03/03/32<sup>(f)</sup> |  | 3 | 2644 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(a)</sup> |  | 180 | 191066 |
| (1-day SOFR + 2.01%), 6.14%, 08/24/34<sup>(a)</sup> |  | 110 | 116880 |
| (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(a)</sup> |  | 66 | 68446 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(a)</sup> |  | 61 | 63736 |
| FS KKR Capital Corp. |  |  |  |
| 2.63%, 01/15/27 |  | 110 | 104163 |
| 3.25%, 07/15/27 |  | 150 | 142430 |
| 3.13%, 10/12/28 |  | 220 | 198595 |
| 6.88%, 08/15/29<sup>(f)</sup> |  | 380 | 384814 |
| 6.13%, 01/15/30 |  | 560 | 550381 |
| Invesco Finance PLC, 3.75%, 01/15/26 |  | 125 | 124201 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 110 | 110518 |
| Jefferies Financial Group, Inc. |  |  |  |
| 4.85%, 01/15/27 |  | 20 | 20106 |
| 5.88%, 07/21/28 |  | 30 | 30788 |
| Lazard Group LLC, 4.50%, 09/19/28 |  | 100 | 98835 |
| LPL Holdings, Inc., 5.65%, 03/15/35 |  | 655 | 647689 |
| Nomura Holdings, Inc., 5.10%, 07/03/25 |  | 200 | 200091 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(b)</sup> |  | 186 | 193632 |
| VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 70 | 71851 |
| Voya Financial, Inc. |  |  |  |
| 3.65%, 06/15/26 |  | 100 | 99040 |
| 5.00%, 09/20/34<sup>(f)</sup> |  | 520 | 497298 |
|  |  |  | 8634311 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Air Products and Chemicals, Inc., 4.85%, 02/08/34 |  | 150 | 149505 |
| CVR Partners LP/CVR Nitrogen Finance Corp., <br> 6.13%, 06/15/28<sup>(b)(f)</sup><br>|  | 104 | 100513 |
| DuPont de Nemours, Inc., 5.42%, 11/15/48 |  | 20 | 19527 |
| Eastman Chemical Co. |  |  |  |
| 5.75%, 03/08/33 |  | 50 | 51139 |
| 5.63%, 02/20/34<sup>(f)</sup> |  | 370 | 368680 |
| Ecolab, Inc., 2.13%, 02/01/32 |  | 90 | 76753 |
| EIDP, Inc., 4.50%, 05/15/26 |  | 35 | 35065 |
| LYB International Finance III LLC |  |  |  |
| 5.63%, 05/15/33 |  | 125 | 125373 |
| 4.20%, 05/01/50 |  | 60 | 42884 |
| 3.80%, 10/01/60 |  | 100 | 62293 |
| PPG Industries, Inc., 1.20%, 03/15/26 |  | 50 | 48585 |
| RPM International, Inc., 2.95%, 01/15/32 |  | 470 | 407402 |
| Sherwin-Williams Co. |  |  |  |
| 3.45%, 06/01/27 |  | 150 | 147425 |
| 2.95%, 08/15/29 |  | 35 | 32751 |
| 4.50%, 06/01/47 |  | 225 | 186436 |
|  |  |  | 1854331 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp., 9.75%, 07/15/27<sup>(b)</sup><br>| USD | 48 | $48170 |
| Block, Inc. |  |  |  |
| 3.50%, 06/01/31 |  | 417 | 372199 |
| 6.50%, 05/15/32<sup>(b)</sup> |  | 19 | 19385 |
| California Institute of Technology |  |  |  |
| 4.32%, 08/01/45 |  | 100 | 85555 |
| 4.70%, 11/01/2111 |  | 35 | 28397 |
| 3.65%, 09/01/2119 |  | 50 | 31203 |
| Case Western Reserve University, Series 2022-C, <br> 5.41%, 06/01/2122<br>|  | 95 | 86299 |
| Cornell University, 4.84%, 06/15/34 |  | 75 | 74293 |
| Emory University, Series 2020, 2.14%, 09/01/30 |  | 35 | 31198 |
| Equifax, Inc., 3.10%, 05/15/30 |  | 150 | 138532 |
| Fortress Transportation and Infrastructure Investors <br> LLC, 7.00%, 06/15/32<sup>(b)</sup><br>|  | 96 | 97277 |
| GATX Corp., 4.00%, 06/30/30 |  | 100 | 96336 |
| GEO Group, Inc. |  |  |  |
| 8.63%, 04/15/29 |  | 217 | 228121 |
| 10.25%, 04/15/31 |  | 180 | 196676 |
| Global Payments, Inc. |  |  |  |
| 4.80%, 04/01/26 |  | 50 | 49971 |
| 5.30%, 08/15/29 |  | 125 | 125968 |
| 5.40%, 08/15/32 |  | 40 | 39773 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)(f)</sup> |  | 50 | 48632 |
| Massachusetts Institute of Technology, 3.96%, <br> 07/01/38<br>|  | 50 | 45502 |
| PayPal Holdings, Inc., 2.30%, 06/01/30 |  | 75 | 67877 |
| President and Fellows of Harvard College |  |  |  |
| 4.61%, 02/15/35 |  | 50 | 49240 |
| 2.52%, 10/15/50<sup>(f)</sup> |  | 150 | 89789 |
| Quanta Services, Inc. |  |  |  |
| 2.90%, 10/01/30 |  | 1260 | 1140558 |
| 2.35%, 01/15/32 |  | 220 | 185119 |
| 5.25%, 08/09/34 |  | 90 | 88788 |
| 3.05%, 10/01/41 |  | 50 | 34640 |
| RELX Capital, Inc., 5.25%, 03/27/35 |  | 85 | 85820 |
| S&P Global, Inc. |  |  |  |
| 2.45%, 03/01/27 |  | 200 | 194311 |
| 5.25%, 09/15/33 |  | 55 | 56333 |
| 2.30%, 08/15/60 |  | 230 | 116736 |
| 3.90%, 03/01/62 |  | 10 | 7365 |
| Trustees of the University of Pennsylvania, 3.61%, <br> 02/15/2119<br>|  | 350 | 222435 |
| University of Notre Dame du Lac, Series 2017, <br> 3.39%, 02/15/48<br>|  | 150 | 109412 |
| University of Southern California, 4.98%, 10/01/53<sup>(f)</sup> |  | 10 | 9225 |
| Verisk Analytics, Inc. |  |  |  |
| 4.13%, 03/15/29 |  | 530 | 522456 |
| 5.75%, 04/01/33 |  | 50 | 51768 |
| 5.25%, 06/05/34 |  | 620 | 624253 |
| 5.50%, 06/15/45 |  | 40 | 38340 |
| 3.63%, 05/15/50 |  | 35 | 24428 |
|  |  |  | 5562380 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| CommScope LLC, 8.25%, 03/01/27<sup>(b)(f)</sup> |  | 125 | 113860 |
| Juniper Networks, Inc., 5.95%, 03/15/41 |  | 20 | 19712 |
| Motorola Solutions, Inc. |  |  |  |
| 4.60%, 02/23/28 |  | 90 | 90531 |
| 2.30%, 11/15/30 |  | 400 | 352405 |
| 2.75%, 05/24/31 |  | 650 | 577332 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| Motorola Solutions, Inc. (continued) |  |  |  |
| 5.60%, 06/01/32 | USD | 440 | $455062 |
| 5.40%, 04/15/34 |  | 565 | 570875 |
|  |  |  | 2179777 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Brundage-Bone Concrete Pumping Holdings, Inc., <br> 7.50%, 02/01/32<sup>(b)(f)</sup><br>|  | 92 | 89777 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(c)</sup><br>|  | 400 | 390624 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(b)</sup> |  | 127 | 137004 |
| Weekley Homes LLC/Weekley Finance Corp., 4.88%, <br> 09/15/28<sup>(b)</sup><br>|  | 49 | 45829 |
|  |  |  | 663234 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. |  |  |  |
| 3.13%, 05/20/26 |  | 50 | 49394 |
| (1-day SOFR + 1.00%), 5.10%, 02/16/28<sup>(a)</sup> |  | 665 | 673429 |
| (1-day SOFR + 1.33%), 6.34%, 10/30/26<sup>(a)</sup> |  | 300 | 302676 |
| (1-day SOFR + 1.76%), 4.42%, 08/03/33<sup>(a)</sup> |  | 50 | 48340 |
| (1-day SOFR + 1.84%), 5.04%, 05/01/34<sup>(a)</sup> |  | 220 | 219460 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(a)</sup> |  | 150 | 151073 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(a)</sup> |  | 215 | 217009 |
| Capital One Financial Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30 |  | 610 | 619897 |
| (1-day SOFR + 2.04%), 6.18%, 01/30/36 |  | 290 | 286388 |
| (1-day SOFR + 2.37%), 5.27%, 05/10/33 |  | 50 | 49142 |
| (1-day SOFR + 2.44%), 7.15%, 10/29/27 |  | 25 | 25869 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29 |  | 44 | 45848 |
| Discover Financial Services, (1-day SOFR Index + <br> 3.37%), 7.96%, 11/02/34<sup>(a)</sup><br>|  | 410 | 470303 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(b)</sup> |  | 35 | 36641 |
| goeasy Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 12/01/28 |  | 138 | 144478 |
| 7.63%, 07/01/29<sup>(f)</sup> |  | 70 | 70559 |
| 7.38%, 10/01/30 |  | 75 | 73704 |
| 6.88%, 05/15/30 |  | 95 | 92652 |
| Mastercard, Inc. |  |  |  |
| 2.95%, 11/21/26 |  | 25 | 24624 |
| 3.35%, 03/26/30 |  | 640 | 615399 |
| 4.95%, 03/15/32 |  | 160 | 163455 |
| 4.55%, 01/15/35 |  | 220 | 214898 |
| 3.85%, 03/26/50 |  | 100 | 78074 |
| 2.95%, 03/15/51 |  | 460 | 300665 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 65 | 65189 |
| 7.13%, 11/15/31<sup>(f)</sup> |  | 5 | 5021 |
| SLM Corp., 6.50%, 01/31/30 |  | 80 | 82583 |
| Synchrony Financial |  |  |  |
| 3.95%, 12/01/27 |  | 37 | 36018 |
| 5.15%, 03/19/29 |  | 248 | 245219 |
| 2.88%, 10/28/31 |  | 852 | 721889 |
| 7.25%, 02/02/33<sup>(f)</sup> |  | 1019 | 1039110 |
| (1-day SOFR + 1.68%), 5.45%, 03/06/31<sup>(a)(f)</sup> |  | 632 | 630256 |
| (1-day SOFR Index + 2.13%), 5.94%, 08/02/30<sup>(a)(f)</sup> |  | 716 | 725144 |
| Visa, Inc. |  |  |  |
| 1.10%, 02/15/31 |  | 40 | 33939 |
| 4.30%, 12/14/45 |  | 170 | 146043 |
| 3.65%, 09/15/47 |  | 35 | 26781 |
|  |  |  | 8731169 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Dollar General Corp., 5.20%, 07/05/28 | USD | 100 | $101609 |
| Target Corp. |  |  |  |
| 2.35%, 02/15/30 |  | 75 | 68656 |
| 4.50%, 09/15/34 |  | 75 | 72060 |
| 4.80%, 01/15/53 |  | 35 | 30657 |
| Walgreens Boots Alliance, Inc., 8.13%, 08/15/29 |  | 152 | 158148 |
| Walmart, Inc. |  |  |  |
| 4.90%, 04/28/35 |  | 1140 | 1154764 |
| 4.50%, 09/09/52 |  | 110 | 95671 |
| 4.50%, 04/15/53 |  | 25 | 21788 |
|  |  |  | 1703353 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, <br> 09/01/29<sup>(b)(f)</sup><br>|  | 200 | 174082 |
| Berry Global, Inc. |  |  |  |
| 1.57%, 01/15/26 |  | 25 | 24376 |
| 5.65%, 01/15/34 |  | 4 | 4030 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(b)</sup><br>|  | 46 | 47395 |
| Mauser Packaging Solutions Holding Co., 7.88%, <br> 04/15/27<sup>(b)</sup><br>|  | 46 | 46121 |
| Packaging Corp. of America |  |  |  |
| 3.00%, 12/15/29 |  | 75 | 70030 |
| 5.70%, 12/01/33 |  | 200 | 206005 |
| 4.05%, 12/15/49 |  | 420 | 313267 |
| WRKCo, Inc., 3.00%, 06/15/33 |  | 80 | 68334 |
|  |  |  | 953640 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| WW Grainger, Inc., 4.45%, 09/15/34 |  | 505 | 489865 |
| **Diversified Consumer Services**<sup>(i)</sup> **— 0.0%** | **Diversified Consumer Services**<sup>(i)</sup> **— 0.0%** | **Diversified Consumer Services**<sup>(i)</sup> **— 0.0%** | **Diversified Consumer Services**<sup>(i)</sup> **— 0.0%** |
| Andiron, Series B, 7.32%, 01/21/30 |  | 29 | 28384 |
| Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<br>|  | 498 | 502980 |
|  |  |  | 531364 |
| **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** |
| American Tower Corp. |  |  |  |
| 1.50%, 01/31/28 |  | 20 | 18469 |
| 5.80%, 11/15/28 |  | 140 | 145796 |
| 3.80%, 08/15/29 |  | 80 | 77337 |
| 2.90%, 01/15/30 |  | 150 | 138924 |
| 5.00%, 01/31/30 |  | 35 | 35556 |
| 2.10%, 06/15/30 |  | 395 | 347970 |
| 1.88%, 10/15/30 |  | 67 | 57656 |
| 2.70%, 04/15/31 |  | 54 | 48013 |
| 4.05%, 03/15/32 |  | 5 | 4742 |
| 5.45%, 02/15/34 |  | 530 | 538372 |
| 5.40%, 01/31/35<sup>(f)</sup> |  | 40 | 40457 |
| 2.95%, 01/15/51 |  | 100 | 62168 |
| Brixmor Operating Partnership LP, 4.05%, 07/01/30 |  | 20 | 19201 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 |  | 15 | 15567 |
| Brookfield Finance, Inc. |  |  |  |
| 4.35%, 04/15/30 |  | 125 | 122020 |
| 5.68%, 01/15/35 |  | 400 | 404020 |
| Crown Castle, Inc. |  |  |  |
| 1.05%, 07/15/26 |  | 65 | 62217 |
| 4.30%, 02/15/29 |  | 25 | 24574 |
| 5.60%, 06/01/29 |  | 254 | 260948 |
| 3.10%, 11/15/29 |  | 100 | 92954 |
| 3.30%, 07/01/30 |  | 125 | 115647 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Crown Castle, Inc. (continued) |  |  |  |
| 2.10%, 04/01/31 | USD | 170 | $144480 |
| 2.50%, 07/15/31 |  | 86 | 74105 |
| 2.90%, 04/01/41 |  | 50 | 35115 |
| Digital Realty Trust LP, 5.55%, 01/15/28 |  | 50 | 51372 |
| Equinix, Inc. |  |  |  |
| 1.25%, 07/15/25 |  | 100 | 99263 |
| 1.55%, 03/15/28 |  | 50 | 46170 |
| 2.50%, 05/15/31 |  | 206 | 180374 |
| 3.90%, 04/15/32 |  | 523 | 489521 |
| 3.40%, 02/15/52 |  | 141 | 92305 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| 5.75%, 06/01/28 |  | 889 | 903044 |
| 5.30%, 01/15/29 |  | 236 | 235770 |
| 3.25%, 01/15/32 |  | 690 | 594524 |
| 5.63%, 09/15/34 |  | 290 | 283516 |
| 6.25%, 09/15/54 |  | 398 | 375340 |
| Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 |  | 20 | 19934 |
| Kimco Realty OP LLC, 2.80%, 10/01/26 |  | 20 | 19532 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer, 4.88%, <br> 05/15/29<sup>(b)</sup><br>|  | 50 | 46808 |
| Prologis LP |  |  |  |
| 4.63%, 01/15/33 |  | 40 | 39321 |
| 5.25%, 06/15/53 |  | 40 | 37071 |
| Regency Centers LP |  |  |  |
| 3.60%, 02/01/27 |  | 20 | 19765 |
| 3.70%, 06/15/30 |  | 100 | 96213 |
| Rithm Capital Corp., 8.00%, 04/01/29<sup>(b)</sup> |  | 149 | 148757 |
| Service Properties Trust |  |  |  |
| 5.50%, 12/15/27 |  | 50 | 47631 |
| 8.38%, 06/15/29<sup>(f)</sup> |  | 144 | 140819 |
| 8.88%, 06/15/32<sup>(f)</sup> |  | 148 | 143000 |
| Sun Communities Operating LP, 2.70%, 07/15/31 |  | 390 | 340804 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| 10.50%, 02/15/28 |  | 138 | 146526 |
| 6.50%, 02/15/29 |  | 80 | 73186 |
| VICI Properties LP |  |  |  |
| 4.75%, 04/01/28 |  | 65 | 64998 |
| 4.95%, 02/15/30 |  | 600 | 595766 |
| 5.13%, 11/15/31 |  | 612 | 605438 |
| 5.13%, 05/15/32 |  | 1308 | 1280089 |
| 6.13%, 04/01/54 |  | 80 | 76637 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 12/01/26 |  | 862 | 853031 |
| 4.50%, 01/15/28 |  | 158 | 155486 |
| 4.63%, 12/01/29 |  | 469 | 455519 |
| 4.13%, 08/15/30 |  | 314 | 296209 |
| XHR LP, 4.88%, 06/01/29<sup>(b)</sup> |  | 50 | 46998 |
|  |  |  | 11987045 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc. |  |  |  |
| 1.70%, 03/25/26 |  | 730 | 711986 |
| 1.65%, 02/01/28<sup>(f)</sup> |  | 260 | 242677 |
| 3.10%, 02/01/43 |  | 125 | 88182 |
| 4.35%, 06/15/45 |  | 45 | 36376 |
| 5.45%, 03/01/47 |  | 172 | 159428 |
| 4.50%, 03/09/48 |  | 56 | 45673 |
| 3.50%, 09/15/53 |  | 589 | 394233 |
| 3.80%, 12/01/57 |  | 275 | 189299 |
| 3.65%, 09/15/59 |  | 1019 | 673996 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| AT&T, Inc. (continued) |  |  |  |
| 3.50%, 02/01/61 | USD | 50 | $31808 |
| British Telecommunications PLC, 9.63%, 12/15/30 |  | 120 | 146860 |
| Cisco Systems, Inc. |  |  |  |
| 4.85%, 02/26/29 |  | 150 | 153823 |
| 4.95%, 02/24/32 |  | 190 | 193849 |
| 5.30%, 02/26/54 |  | 205 | 195633 |
| Deutsche Telekom International Finance BV, 9.25%, <br> 06/01/32<br>|  | 20 | 24764 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 140 | 138555 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 205 | 205860 |
| 5.88%, 11/01/29 |  | 140 | 139570 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 07/01/28 |  | 259 | 222756 |
| 10.50%, 04/15/29<sup>(f)</sup> |  | 263 | 291203 |
| 10.00%, 10/15/32 |  | 45 | 45017 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(b)(f)</sup> |  | 208 | 207480 |
| SoftBank Group Corp., 7.00%, 07/08/31<sup>(c)</sup> |  | 450 | 457171 |
| Sprint Capital Corp., 8.75%, 03/15/32 |  | 570 | 684163 |
| TELUS Corp., 2.80%, 02/16/27 |  | 75 | 72911 |
| Verizon Communications, Inc. |  |  |  |
| 5.05%, 05/09/33 |  | 100 | 100828 |
| 4.40%, 11/01/34 |  | 385 | 363239 |
| 5.25%, 04/02/35 |  | 535 | 537747 |
| 5.85%, 09/15/35 |  | 297 | 310242 |
| 4.75%, 11/01/41 |  | 45 | 39919 |
| 4.86%, 08/21/46 |  | 45 | 39624 |
| 3.55%, 03/22/51 |  | 610 | 430520 |
|  |  |  | 7575392 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| AEP Texas, Inc. |  |  |  |
| 4.70%, 05/15/32 |  | 105 | 101899 |
| 5.40%, 06/01/33 |  | 35 | 34990 |
| 5.70%, 05/15/34 |  | 24 | 24146 |
| 3.45%, 05/15/51 |  | 198 | 130320 |
| 5.25%, 05/15/52 |  | 120 | 104510 |
| Series G, 4.15%, 05/01/49 |  | 36 | 26816 |
| AEP Transmission Co. LLC |  |  |  |
| 5.15%, 04/01/34 |  | 40 | 39915 |
| 3.75%, 12/01/47 |  | 48 | 35531 |
| 3.15%, 09/15/49 |  | 139 | 91476 |
| 5.40%, 03/15/53 |  | 100 | 93949 |
| Series M, 3.65%, 04/01/50 |  | 41 | 29713 |
| Series N, 2.75%, 08/15/51 |  | 41 | 24401 |
| Alabama Power Co. |  |  |  |
| 5.85%, 11/15/33 |  | 80 | 85016 |
| 4.30%, 01/02/46 |  | 29 | 24013 |
| 3.13%, 07/15/51 |  | 59 | 38499 |
| Ameren Corp., 5.70%, 12/01/26 |  | 110 | 111919 |
| Ameren Illinois Co. |  |  |  |
| 4.95%, 06/01/33 |  | 135 | 134953 |
| 5.90%, 12/01/52 |  | 20 | 20457 |
| American Electric Power Co., Inc., 5.63%, 03/01/33 |  | 50 | 51235 |
| Appalachian Power Co., Series BB, 4.50%, 08/01/32 |  | 30 | 28769 |
| Arizona Public Service Co. |  |  |  |
| 2.20%, 12/15/31 |  | 45 | 38067 |
| 5.55%, 08/01/33 |  | 170 | 171898 |
| Baltimore Gas and Electric Co. |  |  |  |
| 2.25%, 06/15/31 |  | 25 | 21995 |
| 3.75%, 08/15/47 |  | 49 | 36469 |
| 5.40%, 06/01/53 |  | 150 | 139857 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Berkshire Hathaway Energy Co. |  |  |  |
| 1.65%, 05/15/31 | USD | 75 | $63284 |
| 6.13%, 04/01/36 |  | 75 | 79073 |
| 5.15%, 11/15/43 |  | 45 | 41925 |
| 4.45%, 01/15/49 |  | 125 | 100803 |
| 4.60%, 05/01/53 |  | 230 | 187815 |
| Black Hills Corp., 6.00%, 01/15/35 |  | 80 | 82624 |
| CenterPoint Energy Houston Electric LLC |  |  |  |
| 5.20%, 10/01/28 |  | 10 | 10309 |
| 5.15%, 03/01/34 |  | 50 | 50244 |
| 4.50%, 04/01/44 |  | 20 | 17205 |
| Series AJ, 4.85%, 10/01/52 |  | 40 | 35249 |
| CenterPoint Energy, Inc., 1.45%, 06/01/26 |  | 50 | 48373 |
| Commonwealth Edison Co., 5.65%, 06/01/54 |  | 135 | 131367 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 |  | 130 | 132958 |
| Consolidated Edison Co. of New York, Inc. |  |  |  |
| 6.15%, 11/15/52<sup>(f)</sup> |  | 170 | 176244 |
| 5.70%, 05/15/54 |  | 60 | 58917 |
| Series 2006-A, 5.85%, 03/15/36 |  | 100 | 104908 |
| Constellation Energy Generation LLC |  |  |  |
| 5.80%, 03/01/33 |  | 15 | 15541 |
| 6.50%, 10/01/53 |  | 25 | 25867 |
| Consumers Energy Co. |  |  |  |
| 4.90%, 02/15/29 |  | 25 | 25488 |
| 4.60%, 05/30/29 |  | 40 | 40437 |
| 4.70%, 01/15/30 |  | 40 | 40566 |
| 4.63%, 05/15/33 |  | 85 | 83086 |
| 05/15/35<sup>(d)</sup> |  | 90 | 90254 |
| 4.35%, 04/15/49 |  | 25 | 20674 |
| 2.50%, 05/01/60 |  | 30 | 16133 |
| Continuum Green Energy India Pvt./Co-Issuers, <br> 7.50%, 06/26/33<sup>(c)</sup><br>|  | 391 | 391506 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(c)</sup> |  | 450 | 448875 |
| Dominion Energy, Inc. |  |  |  |
| Series A, 4.35%, 08/15/32 |  | 50 | 47140 |
| Series B, 5.95%, 06/15/35 |  | 100 | 103471 |
| Series F, 5.25%, 08/01/33 |  | 50 | 49647 |
| DTE Electric Co. |  |  |  |
| 5.20%, 04/01/33 |  | 80 | 81143 |
| 5.20%, 03/01/34 |  | 75 | 75899 |
| Series B, 3.65%, 03/01/52 |  | 20 | 14392 |
| DTE Energy Co., 4.88%, 06/01/28 |  | 125 | 126220 |
| Duke Energy Carolinas LLC |  |  |  |
| 4.95%, 01/15/33 |  | 20 | 20116 |
| 3.70%, 12/01/47 |  | 504 | 370702 |
| 3.20%, 08/15/49 |  | 338 | 224519 |
| 3.45%, 04/15/51 |  | 62 | 42987 |
| 3.55%, 03/15/52 |  | 45 | 31468 |
| 5.35%, 01/15/53 |  | 53 | 49788 |
| 5.40%, 01/15/54 |  | 150 | 142957 |
| Duke Energy Corp. |  |  |  |
| 4.85%, 01/05/29<sup>(f)</sup> |  | 135 | 136824 |
| 3.95%, 08/15/47 |  | 86 | 62972 |
| 5.00%, 08/15/52<sup>(f)</sup> |  | 80 | 68392 |
| 6.10%, 09/15/53<sup>(f)</sup> |  | 200 | 199367 |
| 5.80%, 06/15/54 |  | 473 | 453274 |
| Duke Energy Florida LLC |  |  |  |
| 3.00%, 12/15/51 |  | 299 | 187434 |
| 5.95%, 11/15/52 |  | 45 | 45526 |
| Duke Energy Indiana LLC, 5.40%, 04/01/53 |  | 10 | 9329 |
| Duke Energy Progress LLC |  |  |  |
| 3.40%, 04/01/32 |  | 320 | 292199 |
| 5.25%, 03/15/33 |  | 50 | 50986 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Progress LLC (continued) |  |  |  |
| 5.05%, 03/15/35<sup>(f)</sup> | USD | 216 | $215326 |
| 2.90%, 08/15/51 |  | 50 | 30808 |
| 5.35%, 03/15/53 |  | 408 | 380661 |
| 5.55%, 03/15/55 |  | 120 | 115919 |
| Edison International |  |  |  |
| 5.75%, 06/15/27<sup>(f)</sup> |  | 196 | 197244 |
| 4.13%, 03/15/28 |  | 20 | 19313 |
| Entergy Arkansas LLC, 5.75%, 06/01/54 |  | 30 | 29464 |
| Entergy Corp., 2.80%, 06/15/30 |  | 20 | 18202 |
| Entergy Louisiana LLC, 4.20%, 09/01/48 |  | 250 | 196794 |
| Entergy Mississippi LLC |  |  |  |
| 5.00%, 09/01/33 |  | 150 | 148939 |
| 5.85%, 06/01/54 |  | 25 | 24902 |
| Entergy Texas, Inc. |  |  |  |
| 1.75%, 03/15/31 |  | 50 | 42725 |
| 5.80%, 09/01/53 |  | 100 | 98106 |
| Evergy Kansas Central, Inc. |  |  |  |
| 5.90%, 11/15/33 |  | 20 | 21063 |
| 5.70%, 03/15/53 |  | 40 | 38877 |
| Evergy Metro, Inc., 5.40%, 04/01/34 |  | 30 | 30523 |
| Eversource Energy |  |  |  |
| 4.75%, 05/15/26 |  | 150 | 150147 |
| 5.13%, 05/15/33 |  | 50 | 49281 |
| 5.50%, 01/01/34 |  | 225 | 225025 |
| Exelon Corp. |  |  |  |
| 3.35%, 03/15/32 |  | 110 | 99619 |
| 5.60%, 03/15/53<sup>(f)</sup> |  | 40 | 37500 |
| FirstEnergy Corp. |  |  |  |
| 2.65%, 03/01/30 |  | 31 | 28111 |
| Series B, 3.90%, 07/15/27 |  | 554 | 547597 |
| Series C, 4.85%, 07/15/47 |  | 79 | 65766 |
| Series C, 3.40%, 03/01/50 |  | 926 | 609612 |
| FirstEnergy Transmission LLC |  |  |  |
| 5.00%, 01/15/35 |  | 545 | 537211 |
| 5.45%, 07/15/44<sup>(b)</sup> |  | 185 | 176463 |
| 4.55%, 04/01/49<sup>(b)</sup> |  | 501 | 419165 |
| Florida Power & Light Co. |  |  |  |
| 5.05%, 04/01/28 |  | 30 | 30782 |
| 5.10%, 04/01/33 |  | 110 | 111450 |
| 5.95%, 02/01/38 |  | 75 | 79693 |
| 5.96%, 04/01/39 |  | 25 | 26487 |
| 4.05%, 10/01/44 |  | 60 | 49034 |
| 3.99%, 03/01/49 |  | 103 | 80504 |
| 3.15%, 10/01/49 |  | 100 | 67037 |
| 2.88%, 12/04/51 |  | 225 | 141444 |
| 5.30%, 04/01/53 |  | 190 | 181040 |
| 5.80%, 03/15/65 |  | 139 | 139910 |
| Georgia Power Co. |  |  |  |
| 4.85%, 03/15/31 |  | 40 | 40650 |
| 4.70%, 05/15/32 |  | 158 | 156977 |
| 4.95%, 05/17/33 |  | 199 | 198494 |
| 5.13%, 05/15/52<sup>(f)</sup> |  | 257 | 235511 |
| Series 2010-C, 4.75%, 09/01/40 |  | 50 | 45630 |
| Series B, 3.70%, 01/30/50<sup>(f)</sup> |  | 37 | 27176 |
| Idaho Power Co., 5.80%, 04/01/54 |  | 25 | 24574 |
| India Clean Energy Holdings, 4.50%, 04/18/27<sup>(c)</sup> |  | 400 | 373800 |
| Indiana Michigan Power Co., 5.63%, 04/01/53 |  | 20 | 19257 |
| Interstate Power and Light Co., 4.10%, 09/26/28 |  | 50 | 49481 |
| JSW Hydro Energy Ltd., 4.13%, 05/18/31<sup>(c)</sup> |  | 221 | 194977 |
| Kentucky Utilities Co., 3.30%, 06/01/50 |  | 25 | 16708 |
| MidAmerican Energy Co. |  |  |  |
| 4.25%, 07/15/49 |  | 23 | 18466 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| MidAmerican Energy Co. (continued) |  |  |  |
| 5.85%, 09/15/54 | USD | 30 | $30330 |
| 5.30%, 02/01/55 |  | 45 | 41952 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(c)</sup> |  | 300 | 279300 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 381 | 364428 |
| National Grid PLC, 5.42%, 01/11/34 |  | 40 | 40461 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| 5.60%, 11/13/26 |  | 40 | 40766 |
| 5.05%, 09/15/28 |  | 70 | 71604 |
| 5.15%, 06/15/29 |  | 85 | 87312 |
| Nevada Power Co. |  |  |  |
| 6.00%, 03/15/54 |  | 15 | 15185 |
| Series CC, 3.70%, 05/01/29 |  | 35 | 34276 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 4.95%, 01/29/26 |  | 135 | 135285 |
| 2.25%, 06/01/30 |  | 25 | 22258 |
| 5.05%, 02/28/33 |  | 150 | 149188 |
| 5.55%, 03/15/54 |  | 65 | 60766 |
| Northern States Power Co. |  |  |  |
| 5.10%, 05/15/53 |  | 120 | 109356 |
| 5.40%, 03/15/54 |  | 50 | 47478 |
| 5.65%, 06/15/54 |  | 35 | 34642 |
| NSTAR Electric Co., 4.95%, 09/15/52 |  | 50 | 44516 |
| Oglethorpe Power Corp. |  |  |  |
| 5.05%, 10/01/48 |  | 10 | 8724 |
| 6.20%, 12/01/53 |  | 75 | 75141 |
| Ohio Power Co. |  |  |  |
| 5.65%, 06/01/34 |  | 240 | 243276 |
| 4.00%, 06/01/49 |  | 64 | 47559 |
| Series P, 2.60%, 04/01/30 |  | 195 | 177508 |
| Series Q, 1.63%, 01/15/31 |  | 47 | 39448 |
| Series R, 2.90%, 10/01/51 |  | 130 | 78215 |
| Oklahoma Gas and Electric Co. |  |  |  |
| 5.40%, 01/15/33 |  | 75 | 76520 |
| 5.60%, 04/01/53 |  | 40 | 38479 |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 2.75%, 05/15/30 |  | 70 | 64504 |
| 5.65%, 11/15/33 |  | 50 | 51951 |
| 5.30%, 06/01/42 |  | 105 | 99972 |
| Pacific Gas and Electric Co. |  |  |  |
| 3.15%, 01/01/26 |  | 55 | 54314 |
| 2.95%, 03/01/26 |  | 65 | 63933 |
| 3.30%, 03/15/27 |  | 150 | 146426 |
| 6.10%, 01/15/29 |  | 50 | 51672 |
| 3.25%, 06/01/31 |  | 100 | 89180 |
| 6.15%, 01/15/33 |  | 149 | 151950 |
| 6.40%, 06/15/33 |  | 135 | 139587 |
| 6.95%, 03/15/34 |  | 443 | 475075 |
| 5.80%, 05/15/34 |  | 186 | 185657 |
| 5.70%, 03/01/35 |  | 155 | 152857 |
| 4.50%, 07/01/40 |  | 145 | 120219 |
| 3.75%, 08/15/42 |  | 33 | 23583 |
| 4.75%, 02/15/44 |  | 100 | 80938 |
| 4.95%, 07/01/50 |  | 320 | 257769 |
| 3.50%, 08/01/50 |  | 115 | 73545 |
| 5.25%, 03/01/52 |  | 241 | 200481 |
| 6.75%, 01/15/53 |  | 538 | 541594 |
| 6.70%, 04/01/53 |  | 323 | 326594 |
| 5.90%, 10/01/54 |  | 141 | 129044 |
| 6.15%, 03/01/55 |  | 142 | 133080 |
| PacifiCorp. |  |  |  |
| 5.10%, 02/15/29 |  | 225 | 229488 |
| 5.30%, 02/15/31 |  | 60 | 61623 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| PacifiCorp. (continued) |  |  |  |
| 5.35%, 12/01/53 | USD | 20 | $17841 |
| 5.50%, 05/15/54 |  | 30 | 27144 |
| PECO Energy Co. |  |  |  |
| 2.85%, 09/15/51 |  | 213 | 130616 |
| 4.60%, 05/15/52 |  | 54 | 45462 |
| 4.38%, 08/15/52 |  | 40 | 32738 |
| PG&E Corp., 5.25%, 07/01/30<sup>(f)</sup> |  | 1193 | 1149433 |
| Potomac Electric Power Co., 5.20%, 03/15/34 |  | 140 | 141304 |
| PPL Electric Utilities Corp. |  |  |  |
| 4.85%, 02/15/34 |  | 105 | 104118 |
| 5.25%, 05/15/53 |  | 40 | 37766 |
| Public Service Co. of Colorado |  |  |  |
| 1.88%, 06/15/31 |  | 75 | 63653 |
| 5.25%, 04/01/53 |  | 20 | 18080 |
| 5.75%, 05/15/54 |  | 65 | 63210 |
| Series 39, 4.50%, 06/01/52 |  | 60 | 48752 |
| Public Service Co. of Oklahoma, 5.25%, 01/15/33 |  | 50 | 50063 |
| Public Service Electric and Gas Co. |  |  |  |
| 4.65%, 03/15/33 |  | 80 | 79208 |
| 5.20%, 08/01/33 |  | 50 | 50960 |
| 5.20%, 03/01/34 |  | 65 | 66378 |
| 3.95%, 05/01/42 |  | 60 | 49202 |
| 5.45%, 08/01/53 |  | 100 | 96845 |
| Public Service Enterprise Group, Inc., 2.45%, <br> 11/15/31<br>|  | 100 | 86942 |
| Puget Sound Energy, Inc. |  |  |  |
| 4.22%, 06/15/48 |  | 100 | 79310 |
| 5.45%, 06/01/53 |  | 10 | 9441 |
| 5.69%, 06/15/54 |  | 30 | 29034 |
| San Diego Gas & Electric Co. |  |  |  |
| 5.35%, 04/01/53 |  | 90 | 82914 |
| Series VVV, 1.70%, 10/01/30 |  | 100 | 85770 |
| Sempra, 4.00%, 02/01/48 |  | 100 | 72176 |
| Sierra Pacific Power Co., 5.90%, 03/15/54 |  | 30 | 29747 |
| Southern California Edison Co. |  |  |  |
| 5.30%, 03/01/28 |  | 602 | 610312 |
| 2.25%, 06/01/30 |  | 204 | 178627 |
| 5.45%, 06/01/31 |  | 165 | 166863 |
| 5.63%, 02/01/36 |  | 34 | 33353 |
| 5.50%, 03/15/40 |  | 35 | 32471 |
| 3.45%, 02/01/52 |  | 80 | 50781 |
| 5.70%, 03/01/53 |  | 150 | 134179 |
| 5.88%, 12/01/53<sup>(f)</sup> |  | 20 | 18442 |
| 5.75%, 04/15/54 |  | 20 | 18030 |
| Series 2005-B, 5.55%, 01/15/36<sup>(f)</sup> |  | 40 | 38941 |
| Series 2006-E, 5.55%, 01/15/37 |  | 33 | 31813 |
| Southern Co. |  |  |  |
| 3.25%, 07/01/26 |  | 250 | 246686 |
| 4.85%, 06/15/28 |  | 95 | 96579 |
| 5.70%, 10/15/32 |  | 159 | 165228 |
| 5.20%, 06/15/33 |  | 30 | 30188 |
| 5.70%, 03/15/34 |  | 70 | 72371 |
| 4.85%, 03/15/35<sup>(f)</sup> |  | 301 | 291689 |
| 4.25%, 07/01/36 |  | 21 | 19025 |
| Series 2021-A, (5-year CMT + 2.92%), 3.75%, <br> 09/15/51<sup>(a)</sup><br>|  | 100 | 96820 |
| Series B, (5-year CMT + 3.73%), 4.00%, <br> 01/15/51<sup>(a)</sup><br>|  | 60 | 59120 |
| Southwestern Electric Power Co. |  |  |  |
| 5.30%, 04/01/33 |  | 10 | 9955 |
| Series M, 4.10%, 09/15/28 |  | 95 | 93358 |
| Series N, 1.65%, 03/15/26 |  | 50 | 48753 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| System Energy Resources, Inc., 5.30%, 12/15/34 | USD | 540 | $533372 |
| Tampa Electric Co. |  |  |  |
| 4.90%, 03/01/29 |  | 25 | 25408 |
| 5.15%, 03/01/35 |  | 530 | 527906 |
| Tucson Electric Power Co., 5.50%, 04/15/53 |  | 10 | 9414 |
| Union Electric Co. |  |  |  |
| 5.20%, 04/01/34 |  | 50 | 50480 |
| 5.45%, 03/15/53 |  | 110 | 104587 |
| 5.13%, 03/15/55 |  | 195 | 176065 |
| Virginia Electric and Power Co. |  |  |  |
| 6.35%, 11/30/37 |  | 50 | 53539 |
| 2.45%, 12/15/50 |  | 226 | 124391 |
| 5.45%, 04/01/53 |  | 100 | 93415 |
| 5.70%, 08/15/53 |  | 95 | 92591 |
| 5.65%, 03/15/55 |  | 80 | 76675 |
| Series A, 3.80%, 04/01/28<sup>(f)</sup> |  | 200 | 197803 |
| Series B, 3.75%, 05/15/27 |  | 100 | 99241 |
| Series D, 4.65%, 08/15/43 |  | 125 | 108058 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| 5.05%, 12/30/26 |  | 115 | 115496 |
| 6.88%, 04/15/32 |  | 45 | 46610 |
| 6.95%, 10/15/33 |  | 86 | 92346 |
| 6.00%, 04/15/34 |  | 562 | 566977 |
| 5.70%, 12/30/34 |  | 1035 | 1030142 |
| WEC Energy Group, Inc., 5.60%, 09/12/26 |  | 21 | 21286 |
| Wisconsin Power and Light Co., 3.95%, 09/01/32 |  | 135 | 125790 |
| Xcel Energy, Inc. |  |  |  |
| 4.60%, 06/01/32 |  | 55 | 52976 |
| 5.50%, 03/15/34 |  | 100 | 100210 |
|  |  |  | 29926213 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| Regal Rexnord Corp., 6.40%, 04/15/33 |  | 50 | 50950 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Amphenol Corp., 2.20%, 09/15/31 |  | 120 | 104251 |
| Arrow Electronics, Inc., 3.88%, 01/12/28 |  | 95 | 93005 |
| Avnet, Inc., 6.25%, 03/15/28 |  | 45 | 46578 |
| CDW LLC/CDW Finance Corp. |  |  |  |
| 3.25%, 02/15/29 |  | 670 | 624075 |
| 3.57%, 12/01/31 |  | 370 | 333080 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 15 | 15617 |
| Emerson Electric Co. |  |  |  |
| 2.00%, 12/21/28 |  | 50 | 46365 |
| 5.00%, 03/15/35<sup>(f)</sup> |  | 345 | 350048 |
| Fortive Corp., 3.15%, 06/15/26 |  | 25 | 24570 |
| Honeywell International, Inc. |  |  |  |
| 4.88%, 09/01/29 |  | 25 | 25532 |
| 4.50%, 01/15/34 |  | 370 | 357529 |
| 5.00%, 03/01/35 |  | 100 | 99590 |
| Jabil, Inc., 4.25%, 05/15/27<sup>(f)</sup> |  | 100 | 99584 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 |  | 185 | 179853 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 178 | 191506 |
| TD SYNNEX Corp., 1.75%, 08/09/26 |  | 175 | 167448 |
|  |  |  | 2758631 |
| **Energy Equipment & Services**<sup>(b)</sup> **— 0.0%** | **Energy Equipment & Services**<sup>(b)</sup> **— 0.0%** | **Energy Equipment & Services**<sup>(b)</sup> **— 0.0%** | **Energy Equipment & Services**<sup>(b)</sup> **— 0.0%** |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/29 |  | 64 | 64781 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<br>|  | 97 | 97940 |
|  |  |  | 162721 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> | USD | 125 | $127015 |
| Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp., 5.63%, 09/01/29<sup>(b)</sup><br>|  | 71 | 41535 |
| Warnermedia Holdings, Inc. |  |  |  |
| 3.76%, 03/15/27 |  | 2591 | 2521425 |
| 4.28%, 03/15/32 |  | 25 | 21407 |
| 5.05%, 03/15/42 |  | 125 | 94220 |
| 5.14%, 03/15/52 |  | 290 | 198262 |
|  |  |  | 3003864 |
| **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** |
| Republic Services, Inc. |  |  |  |
| 2.30%, 03/01/30 |  | 50 | 45494 |
| 5.20%, 11/15/34 |  | 335 | 340853 |
| 3.05%, 03/01/50 |  | 380 | 252769 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 52 | 48588 |
| Waste Connections, Inc. |  |  |  |
| 2.60%, 02/01/30 |  | 150 | 137857 |
| 2.20%, 01/15/32 |  | 25 | 21286 |
| 3.20%, 06/01/32 |  | 85 | 76459 |
| Waste Management, Inc. |  |  |  |
| 4.95%, 07/03/31 |  | 535 | 547675 |
| 4.88%, 02/15/34 |  | 50 | 50220 |
|  |  |  | 1521201 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |  |  |
| 2.45%, 10/29/26 |  | 240 | 232123 |
| 3.30%, 01/30/32 |  | 150 | 132536 |
| 4.95%, 09/10/34 |  | 900 | 862519 |
| Air Lease Corp. |  |  |  |
| 3.63%, 12/01/27 |  | 50 | 49031 |
| 4.63%, 10/01/28 |  | 100 | 99944 |
| Ally Financial, Inc. |  |  |  |
| 8.00%, 11/01/31 |  | 200 | 221480 |
| (1-day SOFR + 2.82%), 6.85%, 01/03/30<sup>(a)</sup> |  | 75 | 77843 |
| (1-day SOFR + 3.26%), 6.99%, 06/13/29<sup>(a)</sup> |  | 20 | 20775 |
| (5-year CMT + 2.45%), 6.65%, 01/17/40<sup>(a)</sup> |  | 140 | 133319 |
| AT&T Reign II Multi-Property Lease-Backed Pass-<br> Through Trust, 6.09%, 12/15/44<sup>(b)</sup><br>|  | 415 | 415846 |
| Burford Capital Global Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/15/30 |  | 15 | 14970 |
| 9.25%, 07/01/31 |  | 130 | 136961 |
| Coinbase Global, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.38%, 10/01/28 |  | 180 | 165670 |
| 3.63%, 10/01/31<sup>(f)</sup> |  | 58 | 50335 |
| Credit Acceptance Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 12/15/28 |  | 109 | 115192 |
| 6.63%, 03/15/30 |  | 70 | 68685 |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/32<sup>(b)</sup> |  | 30 | 29341 |
| Intercontinental Exchange, Inc. |  |  |  |
| 3.75%, 09/21/28 |  | 20 | 19649 |
| 4.95%, 06/15/52 |  | 75 | 66487 |
| Nasdaq, Inc. |  |  |  |
| 5.65%, 06/28/25 |  | 20 | 20024 |
| 5.35%, 06/28/28 |  | 18 | 18501 |
| Nationstar Mortgage Holdings, Inc., 6.50%, <br> 08/01/29<sup>(b)</sup><br>|  | 80 | 81311 |
| ORIX Corp., 5.20%, 09/13/32 |  | 50 | 50613 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.13%, 11/15/30 | USD | 60 | $61016 |
| 6.88%, 02/15/33 |  | 95 | 94867 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 138 | 136464 |
|  |  |  | 3375502 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Archer-Daniels-Midland Co. |  |  |  |
| 2.50%, 08/11/26 |  | 50 | 48864 |
| 4.50%, 08/15/33 |  | 20 | 19348 |
| Bunge Ltd. Finance Corp., 2.75%, 05/14/31 |  | 25 | 22379 |
| General Mills, Inc., 4.95%, 03/29/33 |  | 25 | 24851 |
| Hershey Co., 2.30%, 08/15/26 |  | 35 | 34262 |
| J.M. Smucker Co. |  |  |  |
| 3.38%, 12/15/27 |  | 20 | 19582 |
| 4.25%, 03/15/35 |  | 150 | 138152 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS <br> Lux Co. SARL<br>|  |  |  |
| 2.50%, 01/15/27 |  | 75 | 72352 |
| 5.13%, 02/01/28 |  | 50 | 50531 |
| 5.75%, 04/01/33 |  | 116 | 118403 |
| Kraft Heinz Foods Co., 5.20%, 07/15/45 |  | 45 | 40787 |
| Kroger Co. |  |  |  |
| 5.00%, 09/15/34 |  | 140 | 137217 |
| 5.50%, 09/15/54 |  | 110 | 102895 |
| Pilgrim's Pride Corp. |  |  |  |
| 6.25%, 07/01/33 |  | 640 | 666567 |
| 6.88%, 05/15/34 |  | 200 | 216739 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/33 |  | 108 | 106786 |
| 6.25%, 10/15/34 |  | 73 | 72394 |
| Sysco Corp., 3.25%, 07/15/27 |  | 25 | 24437 |
| The Campbell's Co., 5.20%, 03/19/27 |  | 25 | 25401 |
| Tyson Foods, Inc., 5.10%, 09/28/48 |  | 50 | 44328 |
| U.S. Foods, Inc., 7.25%, 01/15/32<sup>(b)</sup> |  | 139 | 145409 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)(f)</sup> |  | 126 | 123712 |
|  |  |  | 2255396 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.38%, 06/01/28<sup>(b)</sup><br>|  | 161 | 160005 |
| Atmos Energy Corp. |  |  |  |
| 5.90%, 11/15/33 |  | 50 | 53166 |
| 4.13%, 10/15/44 |  | 30 | 24738 |
| 6.20%, 11/15/53 |  | 30 | 31869 |
| National Fuel Gas Co., 5.95%, 03/15/35 |  | 310 | 310782 |
| NiSource, Inc. |  |  |  |
| 5.40%, 06/30/33 |  | 10 | 10067 |
| 5.35%, 04/01/34 |  | 80 | 80528 |
| 5.00%, 06/15/52 |  | 45 | 39163 |
| Piedmont Natural Gas Co., Inc. |  |  |  |
| 3.50%, 06/01/29 |  | 50 | 48111 |
| 2.50%, 03/15/31 |  | 52 | 45914 |
| 5.40%, 06/15/33 |  | 100 | 101281 |
| Southern California Gas Co. |  |  |  |
| 6.35%, 11/15/52 |  | 15 | 15674 |
| 5.75%, 06/01/53 |  | 100 | 96452 |
| Southern Co. Gas Capital Corp. |  |  |  |
| 5.75%, 09/15/33 |  | 25 | 25787 |
| 4.95%, 09/15/34 |  | 30 | 29151 |
| 5.88%, 03/15/41 |  | 20 | 19989 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Southern Co. Gas Capital Corp. (continued) |  |  |  |
| Series 2020-A, 1.75%, 01/15/31 | USD | 60 | $51043 |
| Southwest Gas Corp. |  |  |  |
| 3.70%, 04/01/28 |  | 150 | 146630 |
| 4.05%, 03/15/32 |  | 125 | 117077 |
|  |  |  | 1407427 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC |  |  |  |
| 4.90%, 04/01/44 |  | 45 | 41273 |
| 4.45%, 01/15/53 |  | 50 | 41789 |
| 5.20%, 04/15/54 |  | 460 | 430444 |
| Canadian National Railway Co., 6.20%, 06/01/36 |  | 125 | 134708 |
| CSX Corp. |  |  |  |
| 6.22%, 04/30/40 |  | 175 | 186252 |
| 4.90%, 03/15/55<sup>(f)</sup> |  | 40 | 35592 |
| Norfolk Southern Corp. |  |  |  |
| 2.90%, 06/15/26 |  | 25 | 24616 |
| 4.84%, 10/01/41 |  | 150 | 136132 |
| 2.90%, 08/25/51 |  | 50 | 30883 |
| Union Pacific Corp. |  |  |  |
| 3.75%, 07/15/25 |  | 25 | 24972 |
| 2.40%, 02/05/30 |  | 185 | 169620 |
| 2.80%, 02/14/32 |  | 20 | 17885 |
| 4.50%, 01/20/33 |  | 75 | 73914 |
|  |  |  | 1348080 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Abbott Laboratories, 4.90%, 11/30/46 |  | 355 | 333055 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 147 | 152703 |
| Baxter International, Inc. |  |  |  |
| 2.60%, 08/15/26 |  | 50 | 48758 |
| 3.95%, 04/01/30 |  | 20 | 19282 |
| 2.54%, 02/01/32 |  | 50 | 42730 |
| Boston Scientific Corp., 2.65%, 06/01/30 |  | 25 | 22980 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 145 | 147929 |
| Revvity, Inc., 3.30%, 09/15/29 |  | 25 | 23564 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| 4.70%, 02/19/27 |  | 90 | 90358 |
| 5.35%, 12/01/28 |  | 80 | 82061 |
|  |  |  | 963420 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Adventist Health System, 5.43%, 03/01/32 |  | 50 | 50344 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 75 | 69075 |
| Allina Health System, Series 2019, 3.89%, 04/15/49 |  | 50 | 37946 |
| Banner Health, 2.34%, 01/01/30 |  | 50 | 45728 |
| Baylor Scott & White Holdings, 4.19%, 11/15/45 |  | 50 | 41484 |
| Centene Corp., 4.63%, 12/15/29 |  | 75 | 72300 |
| Cigna Group |  |  |  |
| 4.38%, 10/15/28 |  | 90 | 89846 |
| 4.90%, 12/15/48 |  | 145 | 124984 |
| CommonSpirit Health |  |  |  |
| 3.91%, 10/01/50 |  | 50 | 35892 |
| 6.46%, 11/01/52 |  | 35 | 36653 |
| Dignity Health, 4.50%, 11/01/42 |  | 50 | 41287 |
| Elevance Health, Inc. |  |  |  |
| 4.10%, 03/01/28 |  | 50 | 49714 |
| 4.65%, 01/15/43 |  | 125 | 108830 |
| 4.38%, 12/01/47 |  | 125 | 101449 |
| 3.13%, 05/15/50 |  | 89 | 57106 |
| 3.60%, 03/15/51 |  | 209 | 146078 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Hackensack Meridian Health, Inc., Series 2020, <br> 2.68%, 09/01/41<br>| USD | 50 | $34257 |
| HCA, Inc. |  |  |  |
| 5.45%, 04/01/31 |  | 537 | 547280 |
| 3.63%, 03/15/32 |  | 120 | 108846 |
| 5.60%, 04/01/34 |  | 230 | 231181 |
| 5.45%, 09/15/34 |  | 138 | 136930 |
| 5.75%, 03/01/35 |  | 203 | 204799 |
| 5.13%, 06/15/39 |  | 80 | 73778 |
| 5.50%, 06/15/47 |  | 115 | 104429 |
| 4.63%, 03/15/52 |  | 675 | 529019 |
| 5.90%, 06/01/53 |  | 101 | 95663 |
| 6.00%, 04/01/54 |  | 265 | 251966 |
| 6.20%, 03/01/55 |  | 380 | 372316 |
| 6.10%, 04/01/64 |  | 293 | 279923 |
| Humana, Inc. |  |  |  |
| 1.35%, 02/03/27 |  | 35 | 33109 |
| 4.88%, 04/01/30 |  | 50 | 49955 |
| IQVIA, Inc., 6.25%, 02/01/29 |  | 45 | 46759 |
| Kaiser Foundation Hospitals |  |  |  |
| 4.88%, 04/01/42 |  | 50 | 45907 |
| 4.15%, 05/01/47 |  | 50 | 40478 |
| Laboratory Corp. of America Holdings, 4.80%, <br> 10/01/34<br>|  | 580 | 558361 |
| Memorial Sloan-Kettering Cancer Center, <br> Series 2020, 2.96%, 01/01/50<br>|  | 50 | 32510 |
| Mount Nittany Medical Center Obligated Group, <br> Series 2022, 3.80%, 11/15/52<sup>(f)</sup><br>|  | 50 | 36420 |
| Nationwide Children's Hospital, Inc., 4.56%, 11/01/52 |  | 35 | 29697 |
| Northwell Healthcare, Inc., 3.81%, 11/01/49 |  | 85 | 61418 |
| Novant Health, Inc., 2.64%, 11/01/36 |  | 50 | 39276 |
| Providence St. Joseph Health Obligated Group, <br> Series A, 3.93%, 10/01/48<br>|  | 50 | 37565 |
| Quest Diagnostics, Inc. |  |  |  |
| 4.60%, 12/15/27 |  | 650 | 655498 |
| 4.63%, 12/15/29 |  | 800 | 803676 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(b)</sup> |  | 49 | 48655 |
| Sharp HealthCare, Series 20B, 2.68%, 08/01/50 |  | 100 | 60909 |
| Sutter Health, 5.55%, 08/15/53 |  | 100 | 96649 |
| UnitedHealth Group, Inc. |  |  |  |
| 4.25%, 03/15/43 |  | 120 | 99968 |
| 5.88%, 02/15/53 |  | 100 | 99481 |
| 5.63%, 07/15/54 |  | 230 | 221182 |
| Universal Health Services, Inc. |  |  |  |
| 4.63%, 10/15/29 |  | 50 | 48716 |
| 5.05%, 10/15/34 |  | 370 | 345575 |
|  |  |  | 7570867 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| 4.70%, 07/01/30 |  | 40 | 39500 |
| 4.00%, 02/01/50 |  | 200 | 143926 |
| Healthpeak OP LLC, 4.00%, 06/01/25 |  | 20 | 19988 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 5.00%, 10/15/27<sup>(f)</sup> |  | 88 | 77749 |
| 4.63%, 08/01/29<sup>(f)</sup> |  | 96 | 73121 |
| 8.50%, 02/15/32<sup>(b)</sup> |  | 35 | 35559 |
| Omega Healthcare Investors, Inc., 3.38%, 02/01/31 |  | 100 | 90576 |
| Ventas Realty LP |  |  |  |
| 4.13%, 01/15/26 |  | 20 | 19879 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| Ventas Realty LP (continued) |  |  |  |
| 5.00%, 01/15/35 | USD | 385 | $371757 |
| Welltower OP LLC, 3.85%, 06/15/32 |  | 20 | 18760 |
|  |  |  | 890815 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| Darden Restaurants, Inc. |  |  |  |
| 4.35%, 10/15/27 |  | 205 | 204838 |
| 4.55%, 10/15/29 |  | 205 | 203647 |
| 6.30%, 10/10/33 |  | 310 | 329183 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(b)</sup><br>|  | 200 | 199866 |
| Grupo Posadas SAB de CV, (5.00% Cash or 7.00% <br> PIK), 7.00%, 12/30/27<br>|  | 15 | 14081 |
| Hyatt Hotels Corp. |  |  |  |
| 5.75%, 01/30/27 |  | 200 | 203412 |
| 5.38%, 12/15/31 |  | 920 | 914474 |
| Las Vegas Sands Corp. |  |  |  |
| 6.00%, 08/15/29 |  | 75 | 75835 |
| 6.20%, 08/15/34 |  | 55 | 53893 |
| Marriott International, Inc. |  |  |  |
| 5.45%, 09/15/26 |  | 100 | 101064 |
| 5.55%, 10/15/28 |  | 250 | 258293 |
| 5.30%, 05/15/34 |  | 370 | 364642 |
| 5.35%, 03/15/35 |  | 500 | 491735 |
| Series HH, 2.85%, 04/15/31 |  | 355 | 317387 |
| McDonald's Corp. |  |  |  |
| 3.80%, 04/01/28 |  | 50 | 49571 |
| 3.63%, 09/01/49<sup>(f)</sup> |  | 300 | 215581 |
| 5.15%, 09/09/52 |  | 50 | 45547 |
| Melco Resorts Finance Ltd., 5.75%, 07/21/28<sup>(c)</sup> |  | 200 | 189000 |
| MGM China Holdings Ltd., 7.13%, 06/26/31<sup>(c)</sup> |  | 500 | 502969 |
| MGM Resorts International, 6.50%, 04/15/32<sup>(f)</sup> |  | 3 | 2956 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(b)</sup><br>|  | 50 | 47203 |
| Starbucks Corp., 4.80%, 02/15/33 |  | 275 | 271231 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(c)</sup> |  | 200 | 199300 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(c)</sup> |  | 200 | 190388 |
|  |  |  | 5446096 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Ashton Woods USA LLC/Ashton Woods Finance <br> Co.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 04/01/30 |  | 52 | 47670 |
| Series B, 6.63%, 01/15/28 |  | 96 | 95821 |
| Beazer Homes USA, Inc., 7.25%, 10/15/29 |  | 93 | 90280 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(b)</sup><br>|  | 51 | 45395 |
| D.R. Horton, Inc. |  |  |  |
| 5.00%, 10/15/34 |  | 188 | 182491 |
| 5.50%, 10/15/35<sup>(f)</sup> |  | 28 | 28029 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(b)</sup> |  | 49 | 47561 |
| Lennar Corp., 4.75%, 11/29/27 |  | 10 | 10036 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 45 | 45441 |
| 7.00%, 11/15/32 |  | 54 | 49815 |
| Mattamy Group Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/15/27 |  | 49 | 47597 |
| 4.63%, 03/01/30 |  | 51 | 46655 |
| MDC Holdings, Inc., 3.97%, 08/06/61<sup>(f)</sup> |  | 15 | 11274 |
| NVR, Inc., 3.00%, 05/15/30 |  | 1300 | 1196682 |
| PulteGroup, Inc., 5.50%, 03/01/26 |  | 50 | 50165 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> | USD | 44 | $44686 |
| Whirlpool Corp., 4.75%, 02/26/29 |  | 155 | 146916 |
|  |  |  | 2186514 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kimberly-Clark Corp., 2.88%, 02/07/50 |  | 15 | 9596 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> |  | 100 | 106174 |
| Continuum Energy Pte. Ltd., (12.85% Cash or 7.85% <br> PIK), 5.00%, 09/11/27<sup>(i)</sup><br>|  | 214 | 210952 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(b)</sup><br>|  | 199 | 196911 |
| Greenko Power II Ltd., 4.30%, 12/13/28<sup>(c)</sup> |  | 250 | 228531 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(c)</sup><br>|  | 200 | 192500 |
| India Green Power Holdings, 4.00%, 02/22/27<sup>(c)</sup> |  | 217 | 205818 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.45%, 06/15/29 |  | 98 | 95429 |
| 7.00%, 03/15/33 |  | 926 | 997696 |
| 6.25%, 11/01/34<sup>(f)</sup> |  | 427 | 426344 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> |  | 400 | 391500 |
| SCC Power PLC, (4.00% Cash and 4.00% PIK), <br> 8.00%, 12/31/28<sup>(b)(h)</sup><br>|  | 22 | 14004 |
|  |  |  | 3065859 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| 3M Co., 3.38%, 03/01/29 |  | 75 | 72292 |
| Carlisle Cos., Inc., 2.75%, 03/01/30 |  | 25 | 22867 |
| Eaton Corp., 4.00%, 11/02/32 |  | 20 | 19080 |
| Parker-Hannifin Corp., 4.10%, 03/01/47 |  | 75 | 59800 |
|  |  |  | 174039 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Aflac, Inc., 4.75%, 01/15/49 |  | 10 | 8493 |
| Alleghany Corp., 3.63%, 05/15/30 |  | 25 | 24209 |
| Allstate Corp. |  |  |  |
| 5.05%, 06/24/29 |  | 275 | 280835 |
| 5.25%, 03/30/33 |  | 100 | 101207 |
| 5.55%, 05/09/35 |  | 50 | 51363 |
| American International Group, Inc. |  |  |  |
| 5.13%, 03/27/33 |  | 40 | 39960 |
| 4.80%, 07/10/45 |  | 150 | 132447 |
| 4.38%, 06/30/50 |  | 29 | 23590 |
| Aon Corp./Aon Global Holdings PLC, 3.90%, <br> 02/28/52<br>|  | 25 | 18265 |
| Arthur J Gallagher & Co. |  |  |  |
| 3.50%, 05/20/51 |  | 80 | 54133 |
| 3.05%, 03/09/52 |  | 45 | 27618 |
| 5.75%, 07/15/54 |  | 250 | 240900 |
| Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>|  | 226 | 235802 |
| Athene Holding Ltd., 3.95%, 05/25/51 |  | 5 | 3443 |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(b)</sup><br>|  | 57 | 57997 |
| Berkshire Hathaway Finance Corp. |  |  |  |
| 1.85%, 03/12/30 |  | 80 | 72452 |
| 3.85%, 03/15/52 |  | 190 | 145266 |
| Brighthouse Financial, Inc., 3.85%, 12/22/51 |  | 30 | 18906 |
| Brown & Brown, Inc., 4.95%, 03/17/52 |  | 430 | 356819 |
| Corebridge Financial, Inc. |  |  |  |
| 3.90%, 04/05/32 |  | 20 | 18414 |
| 4.35%, 04/05/42 |  | 40 | 32639 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Enstar Group Ltd., 3.10%, 09/01/31 | USD | 1380 | $1200935 |
| Everest Reinsurance Holdings, Inc., 3.50%, <br> 10/15/50<sup>(f)</sup><br>|  | 400 | 264496 |
| Fairfax Financial Holdings Ltd. |  |  |  |
| 6.35%, 03/22/54 |  | 140 | 140271 |
| 6.10%, 03/15/55 |  | 172 | 164412 |
| Fidelity National Financial, Inc. |  |  |  |
| 2.45%, 03/15/31 |  | 310 | 264870 |
| 3.20%, 09/17/51 |  | 120 | 70727 |
| Lincoln National Corp. |  |  |  |
| 3.80%, 03/01/28 |  | 100 | 98010 |
| 3.40%, 01/15/31 |  | 20 | 18422 |
| Loews Corp., 3.75%, 04/01/26 |  | 75 | 74527 |
| Manulife Financial Corp. |  |  |  |
| 2.48%, 05/19/27 |  | 20 | 19358 |
| (5-year USD ICE Swap + 1.65%), 4.06%, <br> 02/24/32<sup>(a)</sup><br>|  | 75 | 73802 |
| Markel Group, Inc., 6.00%, 05/16/54 |  | 245 | 242696 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 4.38%, 03/15/29 |  | 100 | 100218 |
| 2.38%, 12/15/31<sup>(f)</sup> |  | 100 | 86490 |
| 4.90%, 03/15/49 |  | 490 | 437815 |
| 5.70%, 09/15/53 |  | 125 | 123939 |
| MetLife, Inc. |  |  |  |
| 5.38%, 07/15/33 |  | 25 | 25770 |
| 4.05%, 03/01/45 |  | 35 | 28113 |
| Old Republic International Corp., 3.88%, 08/26/26 |  | 75 | 74149 |
| Principal Financial Group, Inc. |  |  |  |
| 5.38%, 03/15/33 |  | 39 | 39719 |
| 5.50%, 03/15/53 |  | 110 | 105183 |
| Progressive Corp., 3.70%, 03/15/52 |  | 80 | 58867 |
| Prudential Financial, Inc. |  |  |  |
| 3.94%, 12/07/49 |  | 125 | 93717 |
| 3.70%, 03/13/51 |  | 170 | 123141 |
| Prudential Funding Asia PLC, 3.13%, 04/14/30 |  | 50 | 47000 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 |  | 505 | 515394 |
| Travelers Cos., Inc. |  |  |  |
| 4.60%, 08/01/43 |  | 25 | 22049 |
| 5.45%, 05/25/53 |  | 20 | 19600 |
| Unum Group |  |  |  |
| 4.50%, 12/15/49 |  | 50 | 38817 |
| 4.13%, 06/15/51 |  | 140 | 103371 |
| Willis North America, Inc. |  |  |  |
| 5.35%, 05/15/33 |  | 400 | 403311 |
| 5.90%, 03/05/54 |  | 650 | 629615 |
|  |  |  | 7653562 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Cogent Communications Group LLC, 7.00%, <br> 06/15/27<sup>(b)</sup><br>|  | 160 | 160783 |
| Cogent Communications Group, Inc./Cogent <br> Communications Finance, Inc., 7.00%, 06/15/27<sup>(b)</sup><br>|  | 70 | 70221 |
| Meta Platforms, Inc. |  |  |  |
| 4.45%, 08/15/52 |  | 20 | 16637 |
| 5.60%, 05/15/53 |  | 170 | 168670 |
| 5.40%, 08/15/54 |  | 75 | 72166 |
| 4.65%, 08/15/62 |  | 490 | 409509 |
| 5.75%, 05/15/63 |  | 250 | 249941 |
| Netflix, Inc. |  |  |  |
| 5.88%, 11/15/28 |  | 75 | 79110 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Netflix, Inc. (continued) |  |  |  |
| 5.40%, 08/15/54 | USD | 60 | $58215 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 186 | 185765 |
|  |  |  | 1471017 |
| **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** |
| Alphabet, Inc. |  |  |  |
| 4.50%, 05/15/35 |  | 1415 | 1396271 |
| 1.90%, 08/15/40 |  | 60 | 40158 |
| 2.25%, 08/15/60 |  | 35 | 19073 |
| 5.30%, 05/15/65 |  | 110 | 108677 |
| Amazon.com, Inc. |  |  |  |
| 3.60%, 04/13/32 |  | 120 | 113823 |
| 4.05%, 08/22/47 |  | 25 | 20588 |
| Booking Holdings, Inc., 3.55%, 03/15/28 |  | 20 | 19695 |
| eBay, Inc., 2.70%, 03/11/30 |  | 190 | 173763 |
| Expedia Group, Inc., 4.63%, 08/01/27 |  | 60 | 60077 |
| Match Group Holdings II LLC, 5.63%, 02/15/29<sup>(b)</sup> |  | 83 | 80987 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/27<sup>(b)</sup> |  | 175 | 187025 |
| 9.75%, 04/15/29<sup>(c)</sup> |  | 400 | 421924 |
| 9.75%, 04/15/29<sup>(b)</sup> |  | 212 | 223620 |
| Uber Technologies, Inc., 5.35%, 09/15/54 |  | 65 | 59532 |
| VeriSign, Inc. |  |  |  |
| 2.70%, 06/15/31 |  | 1140 | 1007208 |
| 5.25%, 06/01/32 |  | 155 | 156267 |
| Wayfair LLC<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 10/31/29<sup>(f)</sup> |  | 57 | 52064 |
| 7.75%, 09/15/30 |  | 235 | 214397 |
|  |  |  | 4355149 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 |  | 130 | 125298 |
| Broadridge Financial Solutions, Inc. |  |  |  |
| 2.90%, 12/01/29 |  | 20 | 18583 |
| 2.60%, 05/01/31 |  | 450 | 395069 |
| CGI, Inc., 1.45%, 09/14/26 |  | 25 | 23972 |
| Fidelity National Information Services, Inc. |  |  |  |
| 1.15%, 03/01/26 |  | 35 | 33988 |
| 1.65%, 03/01/28 |  | 25 | 23120 |
| Fiserv, Inc. |  |  |  |
| 5.45%, 03/02/28 |  | 80 | 81907 |
| 5.38%, 08/21/28 |  | 100 | 102617 |
| 5.60%, 03/02/33 |  | 665 | 677284 |
| 5.63%, 08/21/33 |  | 770 | 784314 |
| 5.45%, 03/15/34 |  | 25 | 25091 |
| 4.40%, 07/01/49 |  | 60 | 47118 |
| Gartner, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 07/01/28 |  | 454 | 447500 |
| 3.63%, 06/15/29 |  | 839 | 786867 |
| IBM International Capital Pte. Ltd., 5.30%, 02/05/54 |  | 100 | 91946 |
| International Business Machines Corp. |  |  |  |
| 2.20%, 02/09/27 |  | 815 | 786430 |
| 5.88%, 11/29/32 |  | 40 | 42718 |
| 4.25%, 05/15/49 |  | 235 | 186619 |
| 5.10%, 02/06/53 |  | 430 | 387411 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 |  | 25 | 24113 |
|  |  |  | 5091965 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(b)</sup> |  | 147 | 148618 |
| Hasbro, Inc. |  |  |  |
| 3.50%, 09/15/27 |  | 20 | 19479 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Hasbro, Inc. (continued) |  |  |  |
| 3.90%, 11/19/29 | USD | 50 | $47546 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 68 | 65110 |
| 11.25%, 12/15/27 |  | 55 | 55275 |
|  |  |  | 336028 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Caterpillar, Inc., 3.25%, 09/19/49 |  | 92 | 63814 |
| CNH Industrial Capital LLC |  |  |  |
| 4.55%, 04/10/28 |  | 20 | 19963 |
| 5.50%, 01/12/29 |  | 50 | 51387 |
| IDEX Corp. |  |  |  |
| 3.00%, 05/01/30 |  | 430 | 393678 |
| 2.63%, 06/15/31 |  | 665 | 578714 |
| John Deere Capital Corp. |  |  |  |
| 4.75%, 01/20/28 |  | 60 | 61137 |
| 2.00%, 06/17/31 |  | 145 | 126547 |
| 5.05%, 06/12/34 |  | 75 | 75589 |
| nVent Finance SARL, 5.65%, 05/15/33 |  | 320 | 316931 |
| Otis Worldwide Corp., 2.57%, 02/15/30 |  | 60 | 54807 |
| Stanley Black & Decker, Inc. |  |  |  |
| 4.25%, 11/15/28 |  | 100 | 98529 |
| 2.30%, 03/15/30 |  | 65 | 56598 |
| Westinghouse Air Brake Technologies Corp. |  |  |  |
| 4.70%, 09/15/28 |  | 210 | 210641 |
| 5.61%, 03/11/34 |  | 380 | 390339 |
| Xylem, Inc., 3.25%, 11/01/26 |  | 50 | 49207 |
|  |  |  | 2547881 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| AMC Networks, Inc. |  |  |  |
| 10.25%, 01/15/29<sup>(b)(f)</sup> |  | 56 | 57536 |
| 4.25%, 02/15/29<sup>(f)</sup> |  | 60 | 44176 |
| 4.25%, 02/15/29<sup>(b)(j)</sup> |  | 46 | 38214 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 09/01/29<sup>(f)</sup> |  | 201 | 202801 |
| 7.38%, 03/01/31 |  | 194 | 199810 |
| 4.75%, 02/01/32<sup>(f)</sup> |  | 6 | 5430 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 6.48%, 10/23/45 |  | 315 | 293405 |
| 3.70%, 04/01/51<sup>(f)</sup> |  | 333 | 205196 |
| 3.90%, 06/01/52 |  | 342 | 216614 |
| 3.85%, 04/01/61 |  | 646 | 382338 |
| 3.95%, 06/30/62 |  | 152 | 90768 |
| 5.50%, 04/01/63 |  | 110 | 86400 |
| Comcast Corp. |  |  |  |
| 4.15%, 10/15/28 |  | 300 | 299234 |
| 4.65%, 02/15/33 |  | 105 | 103145 |
| 3.75%, 04/01/40<sup>(f)</sup> |  | 110 | 90206 |
| 2.45%, 08/15/52 |  | 75 | 40515 |
| 2.94%, 11/01/56 |  | 195 | 113196 |
| 4.95%, 10/15/58 |  | 225 | 190044 |
| 2.99%, 11/01/63 |  | 161 | 90419 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 08/15/27 |  | 109 | 105346 |
| 10.00%, 02/15/31 |  | 513 | 485809 |
| Discovery Communications LLC, 4.90%, 03/11/26 |  | 34 | 33972 |
| FactSet Research Systems, Inc. |  |  |  |
| 2.90%, 03/01/27 |  | 320 | 309231 |
| 3.45%, 03/01/32 |  | 407 | 363636 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Fox Corp., 6.50%, 10/13/33 | USD | 280 | $297849 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(b)(f)</sup> |  | 83 | 78158 |
| Paramount Global |  |  |  |
| 3.70%, 10/04/26 |  | 211 | 206251 |
| 2.90%, 01/15/27 |  | 200 | 194294 |
| 3.38%, 02/15/28 |  | 54 | 52232 |
| 4.20%, 05/19/32 |  | 90 | 80525 |
| 5.85%, 09/01/43 |  | 254 | 215315 |
| 4.60%, 01/15/45 |  | 24 | 17413 |
| Sinclair Television Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 03/01/30 |  | 218 | 156960 |
| 4.38%, 12/31/32 |  | 122 | 73816 |
| 8.13%, 02/15/33 |  | 65 | 64341 |
| TEGNA, Inc., 4.63%, 03/15/28 |  | 146 | 139499 |
| Time Warner Cable LLC, 4.50%, 09/15/42 |  | 135 | 101101 |
|  |  |  | 5725195 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| Anglo American Capital PLC<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 04/01/30 |  | 200 | 204442 |
| 4.75%, 03/16/52 |  | 200 | 162312 |
| ArcelorMittal SA, 6.80%, 11/29/32 |  | 50 | 53834 |
| BHP Billiton Finance USA Ltd. |  |  |  |
| 4.75%, 02/28/28 |  | 235 | 239001 |
| 5.00%, 02/21/30 |  | 590 | 602073 |
| 5.25%, 09/08/30 |  | 250 | 258007 |
| 4.90%, 02/28/33 |  | 75 | 74346 |
| 5.25%, 09/08/33 |  | 50 | 50564 |
| 5.00%, 09/30/43 |  | 75 | 69560 |
| Cleveland-Cliffs, Inc., 7.38%, 05/01/33<sup>(b)(f)</sup> |  | 165 | 155111 |
| First Quantum Minerals Ltd., 8.00%, 03/01/33<sup>(b)</sup> |  | 200 | 198250 |
| Freeport-McMoRan, Inc., 5.45%, 03/15/43 |  | 50 | 46228 |
| Glencore Funding LLC<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 10/06/30 |  | 158 | 168300 |
| 2.85%, 04/27/31 |  | 270 | 240082 |
| Kinross Gold Corp., 4.50%, 07/15/27 |  | 20 | 19965 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 10/01/28 |  | 45 | 42557 |
| 8.50%, 05/01/30<sup>(f)</sup> |  | 11 | 9992 |
| Novelis Corp., 6.88%, 01/30/30<sup>(b)</sup> |  | 55 | 55792 |
| Nucor Corp., 3.13%, 04/01/32<sup>(f)</sup> |  | 70 | 62801 |
| Precision Castparts Corp., 3.25%, 06/15/25 |  | 35 | 34932 |
| Reliance, Inc. |  |  |  |
| 1.30%, 08/15/25 |  | 200 | 197944 |
| 2.15%, 08/15/30 |  | 790 | 694234 |
| Rio Tinto Finance USA PLC |  |  |  |
| 5.25%, 03/14/35 |  | 545 | 547050 |
| 4.75%, 03/22/42 |  | 150 | 134594 |
| Samarco Mineracao SA<sup>(h)</sup> <br>|  |  |  |
| (9.00% PIK), 9.50%, 06/30/31<sup>(c)</sup> |  | 46 | 42766 |
| (9.00% PIK), 9.50%, 06/30/31<sup>(b)(f)</sup> |  | 19 | 18247 |
| Southern Copper Corp. |  |  |  |
| 5.25%, 11/08/42 |  | 350 | 317317 |
| 5.88%, 04/23/45 |  | 520 | 497900 |
| Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 140 | 90335 |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | 125 | 114834 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(b)</sup> |  | 35 | 35340 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 4 | 3848 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Vedanta Resources Finance II PLC, 10.88%, <br> 09/17/29<sup>(b)</sup><br>| USD | 200 | $193210 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 3 | 2825 |
|  |  |  | 5638593 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.0%** |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29<sup>(f)</sup> |  | 25 | 25966 |
| Starwood Property Trust, Inc. |  |  |  |
| 3.63%, 07/15/26 |  | 171 | 166922 |
| 7.25%, 04/01/29 |  | 48 | 49777 |
| 6.50%, 10/15/30<sup>(f)</sup> |  | 60 | 60539 |
|  |  |  | 303204 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Boston Properties LP, 2.45%, 10/01/33 |  | 25 | 19564 |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| Antero Resources Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 02/01/29 |  | 281 | 287116 |
| 5.38%, 03/01/30 |  | 899 | 869919 |
| APA Corp., 4.75%, 04/15/43<sup>(b)</sup> |  | 43 | 32490 |
| Boardwalk Pipelines LP |  |  |  |
| 5.95%, 06/01/26 |  | 50 | 50648 |
| 4.80%, 05/03/29 |  | 25 | 25036 |
| BP Capital Markets America, Inc. |  |  |  |
| 5.23%, 11/17/34 |  | 100 | 99919 |
| 3.06%, 06/17/41 |  | 80 | 57614 |
| California Resources Corp., 8.25%, 06/15/29<sup>(b)</sup> |  | 238 | 226911 |
| Calumet Specialty Products Partners LP/Calumet <br> Finance Corp., 9.75%, 07/15/28<sup>(b)(f)</sup><br>|  | 127 | 113242 |
| Cameron LNG LLC<sup>(b)</sup> <br>|  |  |  |
| 3.30%, 01/15/35 |  | 569 | 477872 |
| 3.40%, 01/15/38 |  | 35 | 29250 |
| Canadian Natural Resources Ltd. |  |  |  |
| 6.25%, 03/15/38 |  | 200 | 201475 |
| 4.95%, 06/01/47 |  | 30 | 24554 |
| Cheniere Corpus Christi Holdings LLC |  |  |  |
| 5.13%, 06/30/27 |  | 251 | 253790 |
| 3.70%, 11/15/29 |  | 130 | 124247 |
| 2.74%, 12/31/39 |  | 606 | 478560 |
| Cheniere Energy Partners LP |  |  |  |
| 4.00%, 03/01/31 |  | 990 | 925387 |
| 3.25%, 01/31/32 |  | 95 | 83405 |
| 5.95%, 06/30/33 |  | 136 | 138827 |
| 5.75%, 08/15/34 |  | 242 | 242674 |
| Cheniere Energy, Inc. |  |  |  |
| 4.63%, 10/15/28 |  | 10 | 9905 |
| 5.65%, 04/15/34 |  | 1803 | 1795722 |
| Chevron Corp. |  |  |  |
| 3.33%, 11/17/25 |  | 50 | 49763 |
| 2.95%, 05/16/26 |  | 25 | 24682 |
| Chevron USA, Inc. |  |  |  |
| 4.98%, 04/15/35 |  | 1500 | 1501890 |
| 2.34%, 08/12/50 |  | 40 | 22367 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)(f)</sup> |  | 85 | 82738 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 10/15/26 |  | 48 | 46607 |
| 8.38%, 07/01/28 |  | 46 | 45192 |
| 8.63%, 11/01/30 |  | 11 | 10602 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 173 | 172902 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(b)(f)</sup> |  | 99 | 94366 |
| ConocoPhillips, 5.90%, 05/15/38 |  | 50 | 51771 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| ConocoPhillips Co., 3.80%, 03/15/52 | USD | 5 | $3559 |
| Continental Resources, Inc., 4.90%, 06/01/44<sup>(f)</sup> |  | 5 | 3861 |
| Coterra Energy, Inc. |  |  |  |
| 3.90%, 05/15/27 |  | 25 | 24627 |
| 5.60%, 03/15/34 |  | 300 | 295378 |
| 5.40%, 02/15/35 |  | 115 | 111126 |
| Crescent Energy Finance LLC, 7.38%, 01/15/33<sup>(b)</sup> |  | 11 | 9735 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(b)(f)</sup> |  | 75 | 68917 |
| DCP Midstream Operating LP, 5.13%, 05/15/29 |  | 25 | 25202 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 8.63%, 03/15/29<sup>(b)</sup><br>|  | 222 | 227897 |
| Devon Energy Corp. |  |  |  |
| 5.20%, 09/15/34 |  | 140 | 131266 |
| 5.60%, 07/15/41 |  | 125 | 109835 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 197 | 188334 |
| Diamondback Energy, Inc. |  |  |  |
| 3.25%, 12/01/26 |  | 1127 | 1107706 |
| 3.50%, 12/01/29 |  | 1577 | 1497451 |
| 3.13%, 03/24/31 |  | 887 | 801861 |
| 6.25%, 03/15/33 |  | 260 | 271453 |
| 4.40%, 03/24/51<sup>(f)</sup> |  | 104 | 77345 |
| 4.25%, 03/15/52 |  | 111 | 81306 |
| 5.75%, 04/18/54 |  | 123 | 109907 |
| 5.90%, 04/18/64 |  | 320 | 283746 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 8 | 8005 |
| Enbridge, Inc. |  |  |  |
| 4.25%, 12/01/26 |  | 215 | 214217 |
| 5.50%, 12/01/46 |  | 20 | 18525 |
| Energy Transfer LP |  |  |  |
| 5.50%, 06/01/27 |  | 475 | 482300 |
| 4.95%, 05/15/28 |  | 156 | 157322 |
| 5.20%, 04/01/30 |  | 235 | 237287 |
| 3.75%, 05/15/30 |  | 150 | 141731 |
| 7.38%, 02/01/31<sup>(b)</sup> |  | 613 | 641582 |
| 5.60%, 09/01/34 |  | 370 | 366695 |
| 7.50%, 07/01/38 |  | 30 | 33348 |
| 6.05%, 06/01/41 |  | 20 | 19201 |
| 5.40%, 10/01/47 |  | 290 | 249680 |
| 5.95%, 05/15/54 |  | 541 | 491827 |
| 6.05%, 09/01/54 |  | 203 | 185421 |
| Enterprise Products Operating LLC, 6.45%, 09/01/40 |  | 200 | 215931 |
| EOG Resources, Inc., 5.65%, 12/01/54 |  | 70 | 66380 |
| EQM Midstream Partners LP, 6.50%, 07/01/27<sup>(b)</sup> |  | 275 | 279614 |
| EQT Corp. |  |  |  |
| 3.13%, 05/15/26<sup>(b)</sup> |  | 253 | 248093 |
| 7.50%, 06/01/27<sup>(b)</sup> |  | 231 | 234522 |
| 6.50%, 07/01/27<sup>(b)</sup> |  | 210 | 213524 |
| 3.90%, 10/01/27 |  | 27 | 26486 |
| 5.70%, 04/01/28 |  | 553 | 567766 |
| 4.50%, 01/15/29<sup>(b)(f)</sup> |  | 416 | 403518 |
| 5.00%, 01/15/29 |  | 421 | 421131 |
| 6.38%, 04/01/29<sup>(b)</sup> |  | 699 | 715238 |
| 7.00%, 02/01/30 |  | 862 | 919283 |
| 7.50%, 06/01/30<sup>(b)</sup> |  | 741 | 796778 |
| 4.75%, 01/15/31<sup>(b)</sup> |  | 1806 | 1744153 |
| 3.63%, 05/15/31<sup>(b)</sup> |  | 1165 | 1066877 |
| 5.75%, 02/01/34<sup>(f)</sup> |  | 837 | 836783 |
| Equinor ASA |  |  |  |
| 1.75%, 01/22/26 |  | 200 | 196302 |
| 3.70%, 04/06/50 |  | 55 | 40443 |
| Excelerate Energy LP, 05/15/30<sup>(b)(d)</sup> |  | 49 | 49776 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Expand Energy Corp. |  |  |  |
| 5.38%, 02/01/29 | USD | 452 | $449956 |
| 5.88%, 02/01/29<sup>(b)</sup> |  | 99 | 98624 |
| 6.75%, 04/15/29<sup>(b)</sup> |  | 382 | 384776 |
| 5.38%, 03/15/30 |  | 241 | 239254 |
| 4.75%, 02/01/32 |  | 555 | 520713 |
| 5.70%, 01/15/35 |  | 1235 | 1218342 |
| Exxon Mobil Corp., 3.45%, 04/15/51 |  | 125 | 87420 |
| Genesis Energy LP/Genesis Energy Finance Corp., <br> 8.00%, 05/15/33<br>|  | 45 | 43646 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(b)(f)</sup><br>|  | 154 | 156775 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(b)</sup> |  | 15 | 11738 |
| Greenfire Resources Ltd., 12.00%, 10/01/28<sup>(b)</sup> |  | 91 | 95676 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 121 | 119244 |
| Hess Corp. |  |  |  |
| 7.30%, 08/15/31 |  | 30 | 33730 |
| 5.60%, 02/15/41 |  | 185 | 182383 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(b)</sup> |  | 200 | 200191 |
| Kinder Morgan Energy Partners LP |  |  |  |
| 7.30%, 08/15/33 |  | 200 | 218851 |
| 6.95%, 01/15/38 |  | 100 | 108076 |
| 7.50%, 11/15/40 |  | 50 | 56213 |
| Kinder Morgan, Inc. |  |  |  |
| 7.80%, 08/01/31 |  | 195 | 221091 |
| 06/01/35<sup>(d)</sup> |  | 50 | 50624 |
| 5.95%, 08/01/54 |  | 420 | 397027 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & <br> Gas Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 169 | 163630 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(c)</sup> |  | 200 | 196000 |
| MPLX LP |  |  |  |
| 4.25%, 12/01/27 |  | 25 | 24852 |
| 4.00%, 03/15/28 |  | 200 | 197160 |
| 5.00%, 03/01/33 |  | 190 | 183553 |
| 5.20%, 12/01/47 |  | 35 | 29629 |
| 4.70%, 04/15/48 |  | 450 | 352089 |
| NAK Naftogaz Ukraine via Kondor Finance PLC, <br> (7.13% PIK), 7.13%, 07/19/26<sup>(c)(h)</sup><br>| EUR | 116 | 111808 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(b)</sup> | USD | 108 | 74116 |
| NGPL PipeCo LLC, 3.25%, 07/15/31<sup>(b)</sup> |  | 591 | 522031 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 143 | 136246 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 186 | 183628 |
| Occidental Petroleum Corp. |  |  |  |
| 6.63%, 09/01/30 |  | 125 | 129286 |
| 4.20%, 03/15/48 |  | 220 | 146253 |
| ONEOK, Inc. |  |  |  |
| 5.85%, 01/15/26 |  | 190 | 190941 |
| 4.85%, 07/15/26 |  | 50 | 49965 |
| 5.55%, 11/01/26 |  | 200 | 202444 |
| 4.55%, 07/15/28 |  | 40 | 39988 |
| 5.65%, 11/01/28 |  | 300 | 309298 |
| 3.40%, 09/01/29 |  | 100 | 94437 |
| 4.40%, 10/15/29 |  | 75 | 73834 |
| 6.35%, 01/15/31 |  | 300 | 317139 |
| 6.10%, 11/15/32 |  | 100 | 103848 |
| 6.05%, 09/01/33 |  | 200 | 205187 |
| 4.85%, 02/01/49 |  | 30 | 23711 |
| 7.15%, 01/15/51 |  | 130 | 136335 |
| Ovintiv, Inc., 7.10%, 07/15/53 |  | 50 | 48643 |
| Patterson-UTI Energy, Inc., 5.15%, 11/15/29 |  | 35 | 33835 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 93 | 76508 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 01/15/26 | USD | 4 | $3977 |
| 8.00%, 04/15/27 |  | 46 | 46808 |
| Petroleos de Venezuela SA<sup>(c)</sup> <br>|  |  |  |
| 6.00%, 11/15/26 |  | 27 | 3124 |
| 9.75%, 05/17/35 |  | 17 | 2092 |
| 9.75%, 05/17/35<sup>(e)(k)</sup> |  | 9 | 1197 |
| Petroleos Mexicanos |  |  |  |
| 3.63%, 11/24/25<sup>(c)</sup> | EUR | 100 | 112152 |
| 7.50%, 03/31/26 | USD | 409 | 400820 |
| 6.50%, 03/13/27 |  | 64 | 62426 |
| 8.75%, 06/02/29 |  | 10 | 9814 |
| 5.95%, 01/28/31 |  | 10 | 8264 |
| 7.69%, 01/23/50 |  | 52 | 37960 |
| Phillips 66 Co. |  |  |  |
| 4.95%, 12/01/27 |  | 100 | 101310 |
| 3.15%, 12/15/29 |  | 50 | 46800 |
| 5.65%, 06/15/54 |  | 60 | 52896 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 |  | 460 | 460310 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |  |
| 3.55%, 12/15/29<sup>(f)</sup> |  | 150 | 141908 |
| 5.70%, 09/15/34 |  | 70 | 69231 |
| 4.90%, 02/15/45 |  | 45 | 36758 |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(c)</sup> |  | 200 | 198562 |
| Sabine Pass Liquefaction LLC |  |  |  |
| 5.88%, 06/30/26 |  | 241 | 243092 |
| 5.00%, 03/15/27 |  | 528 | 531691 |
| 4.20%, 03/15/28 |  | 65 | 64540 |
| 4.50%, 05/15/30 |  | 675 | 665718 |
| 5.90%, 09/15/37 |  | 311 | 315608 |
| Seadrill Finance Ltd., 8.38%, 08/01/30<sup>(b)</sup> |  | 125 | 117056 |
| Shell Finance U.S., Inc., 4.00%, 05/10/46 |  | 75 | 59262 |
| Shell International Finance BV |  |  |  |
| 6.38%, 12/15/38 |  | 175 | 192101 |
| 3.00%, 11/26/51 |  | 140 | 88367 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 46 | 47273 |
| SM Energy Co., 6.75%, 08/01/29<sup>(b)</sup> |  | 5 | 4668 |
| South Bow USA Infrastructure Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 4.91%, 09/01/27 |  | 115 | 115595 |
| 5.58%, 10/01/34 |  | 50 | 48345 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/29<sup>(b)</sup> |  | 65 | 64034 |
| Talos Production, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| 9.00%, 02/01/29 |  | 212 | 203232 |
| 9.38%, 02/01/31 |  | 204 | 191806 |
| Targa Resources Corp. |  |  |  |
| 5.20%, 07/01/27 |  | 195 | 197554 |
| 6.15%, 03/01/29 |  | 74 | 77143 |
| 4.20%, 02/01/33 |  | 323 | 294966 |
| 6.50%, 03/30/34 |  | 150 | 157597 |
| 5.50%, 02/15/35 |  | 377 | 368227 |
| 4.95%, 04/15/52 |  | 265 | 213401 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |  |
| 5.00%, 01/15/28 |  | 154 | 153928 |
| 4.88%, 02/01/31 |  | 780 | 758600 |
| TotalEnergies Capital International SA, 3.13%, <br> 05/29/50<br>|  | 275 | 178774 |
| TotalEnergies Capital SA, 5.49%, 04/05/54<sup>(f)</sup> |  | 320 | 302301 |
| TransCanada PipeLines Ltd., 7.63%, 01/15/39 |  | 75 | 86080 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 41 | 40334 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(b)</sup> |  | 47 | 37894 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> | USD | 143 | $133989 |
| Valero Energy Corp., 7.50%, 04/15/32 |  | 25 | 27987 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 06/01/28 |  | 25 | 24827 |
| 7.00%, 01/15/30 |  | 11 | 10362 |
| 8.38%, 06/01/31<sup>(f)</sup> |  | 20 | 19286 |
| 9.88%, 02/01/32<sup>(f)</sup> |  | 46 | 46707 |
| Vermilion Energy, Inc., 7.25%, 02/15/33<sup>(b)</sup> |  | 245 | 205540 |
| Viper Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 11/01/27 |  | 1305 | 1298164 |
| 7.38%, 11/01/31 |  | 293 | 304172 |
| Vista Energy Argentina SAU, 7.63%, 12/10/35<sup>(b)(f)</sup> |  | 32 | 30538 |
| Western Midstream Operating LP, 5.25%, 02/01/50 |  | 170 | 135887 |
| Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(b)</sup><br>|  | 48 | 43920 |
| Williams Cos., Inc., 5.80%, 11/15/43 |  | 35 | 33714 |
| YPF SA, 9.50%, 01/17/31<sup>(b)</sup> |  | 19 | 19656 |
|  |  |  | 45572783 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)(f)</sup> |  | 73 | 67425 |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)</sup> |  | 72 | 73382 |
| Azul Secured Finance LLP, 11.93%, 08/28/28 |  | 213 | 126515 |
| Delta Air Lines, Inc., 7.38%, 01/15/26 |  | 25 | 25306 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)(f)</sup><br>|  | 259 | 238572 |
| JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 11/15/33<br>|  | 31 | 26562 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual <br> Property Assets Ltd., 6.50%, 06/20/27<sup>(b)</sup><br>|  | 104 | 104478 |
| Southwest Airlines Co., 5.13%, 06/15/27 |  | 75 | 75204 |
| United Airlines Pass-Through Trust, Series 2019-1, <br> Class AA, 4.15%, 02/25/33<br>|  | 26 | 24633 |
|  |  |  | 762077 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Colgate-Palmolive Co., 3.70%, 08/01/47 |  | 60 | 46462 |
| Estee Lauder Cos., Inc., 2.38%, 12/01/29 |  | 25 | 22797 |
| Kenvue, Inc., 5.05%, 03/22/53 |  | 175 | 162451 |
| Procter & Gamble Co., 3.60%, 03/25/50 |  | 25 | 18808 |
|  |  |  | 250518 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| AbbVie, Inc. |  |  |  |
| 4.05%, 11/21/39 |  | 155 | 134277 |
| 4.25%, 11/21/49 |  | 225 | 182478 |
| 5.40%, 03/15/54 |  | 320 | 306610 |
| 5.50%, 03/15/64 |  | 85 | 81681 |
| Astrazeneca Finance LLC, 1.75%, 05/28/28 |  | 150 | 139912 |
| AstraZeneca PLC, 6.45%, 09/15/37 |  | 145 | 161748 |
| Becton Dickinson & Co., 3.79%, 05/20/50 |  | 20 | 14754 |
| Bristol-Myers Squibb Co. |  |  |  |
| 3.25%, 08/01/42 |  | 80 | 58711 |
| 4.25%, 10/26/49 |  | 200 | 160133 |
| Cardinal Health, Inc. |  |  |  |
| 3.75%, 09/15/25 |  | 50 | 49857 |
| 5.45%, 02/15/34 |  | 133 | 134366 |
| 5.35%, 11/15/34 |  | 430 | 431606 |
| 5.75%, 11/15/54 |  | 100 | 95768 |
| Cencora, Inc. |  |  |  |
| 4.85%, 12/15/29 |  | 610 | 616981 |
| 2.70%, 03/15/31 |  | 350 | 313164 |
| 5.13%, 02/15/34 |  | 275 | 275574 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Cencora, Inc. (continued) |  |  |  |
| 5.15%, 02/15/35 | USD | 90 | $90157 |
| CVS Health Corp. |  |  |  |
| 2.70%, 08/21/40 |  | 91 | 61751 |
| 5.13%, 07/20/45 |  | 400 | 346875 |
| 5.05%, 03/25/48 |  | 125 | 106236 |
| Eli Lilly & Co. |  |  |  |
| 4.90%, 02/12/32<sup>(f)</sup> |  | 580 | 595229 |
| 4.88%, 02/27/53 |  | 45 | 40802 |
| 4.95%, 02/27/63 |  | 70 | 62879 |
| GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38 |  | 50 | 55041 |
| Johnson & Johnson |  |  |  |
| 3.63%, 03/03/37 |  | 25 | 22207 |
| 5.95%, 08/15/37 |  | 50 | 54971 |
| 3.40%, 01/15/38 |  | 125 | 106878 |
| 2.45%, 09/01/60 |  | 45 | 24689 |
| McKesson Corp., 0.90%, 12/03/25 |  | 610 | 597839 |
| Merck & Co., Inc. |  |  |  |
| 1.70%, 06/10/27 |  | 500 | 478017 |
| 1.90%, 12/10/28<sup>(f)</sup> |  | 220 | 204563 |
| 4.15%, 05/18/43 |  | 80 | 67514 |
| 5.00%, 05/17/53<sup>(f)</sup> |  | 60 | 54512 |
| 2.90%, 12/10/61 |  | 50 | 28725 |
| 5.15%, 05/17/63 |  | 270 | 245999 |
| Mylan, Inc., 4.55%, 04/15/28 |  | 25 | 24452 |
| Novartis Capital Corp. |  |  |  |
| 3.10%, 05/17/27 |  | 25 | 24640 |
| 2.75%, 08/14/50<sup>(f)</sup> |  | 25 | 15824 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 7.88%, 05/15/34<sup>(b)</sup><br>|  | 200 | 184204 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |  |
| 5.30%, 05/19/53 |  | 195 | 180573 |
| 5.34%, 05/19/63 |  | 85 | 77135 |
| Pfizer, Inc. |  |  |  |
| 4.00%, 12/15/36<sup>(f)</sup> |  | 35 | 31662 |
| 7.20%, 03/15/39 |  | 125 | 146101 |
| 2.70%, 05/28/50 |  | 98 | 59514 |
| Viatris, Inc., 2.30%, 06/22/27 |  | 20 | 18847 |
| Zoetis, Inc. |  |  |  |
| 3.90%, 08/20/28 |  | 325 | 321889 |
| 5.60%, 11/16/32 |  | 65 | 68082 |
|  |  |  | 7555427 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| CBRE Services, Inc. |  |  |  |
| 2.50%, 04/01/31 |  | 50 | 43730 |
| 5.95%, 08/15/34 |  | 290 | 299562 |
| Five Point Operating Co. LP/Five Point Capital Corp., <br> 10.50%, 01/15/28<sup>(b)(l)</sup><br>|  | 47 | 47564 |
| Howard Hughes Corp., 5.38%, 08/01/28<sup>(b)</sup> |  | 48 | 46247 |
|  |  |  | 437103 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| ERP Operating LP, 4.65%, 09/15/34<sup>(f)</sup> |  | 190 | 182505 |
| Invitation Homes Operating Partnership LP, 5.50%, <br> 08/15/33<br>|  | 40 | 40006 |
| Mid-America Apartments LP, 3.60%, 06/01/27 |  | 25 | 24673 |
| NNN REIT, Inc., 5.60%, 10/15/33 |  | 100 | 101256 |
| Realty Income Corp. |  |  |  |
| 3.00%, 01/15/27 |  | 20 | 19561 |
| 3.40%, 01/15/28 |  | 100 | 97552 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** | **Residential REITs (continued)** |
| Realty Income Corp. (continued) |  |  |  |
| 4.75%, 02/15/29 | USD | 300 | $302960 |
| 1.80%, 03/15/33 |  | 40 | 31471 |
|  |  |  | 799984 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Simon Property Group LP |  |  |  |
| 1.38%, 01/15/27 |  | 120 | 114225 |
| 4.75%, 09/26/34<sup>(f)</sup> |  | 70 | 66927 |
| 6.75%, 02/01/40 |  | 100 | 111282 |
| 4.75%, 03/15/42 |  | 400 | 352720 |
| 4.25%, 11/30/46 |  | 400 | 320130 |
| 3.25%, 09/13/49<sup>(f)</sup> |  | 40 | 26379 |
| 5.85%, 03/08/53 |  | 280 | 274366 |
|  |  |  | 1266029 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| Analog Devices, Inc. |  |  |  |
| 2.10%, 10/01/31 |  | 20 | 17290 |
| 2.80%, 10/01/41 |  | 60 | 43233 |
| 2.95%, 10/01/51 |  | 35 | 22298 |
| Ap Grange Holdings LLC, (Acquired 07/21/24, Cost: <br> $258,522), 6.50%, 03/20/45<sup>(g)(i)</sup><br>|  | 258 | 250120 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.50%, 01/15/28<br>|  | 150 | 146781 |
| Broadcom, Inc. |  |  |  |
| 3.15%, 11/15/25 |  | 75 | 74415 |
| 4.00%, 04/15/29<sup>(b)</sup> |  | 20 | 19585 |
| 2.45%, 02/15/31<sup>(b)</sup> |  | 181 | 159928 |
| 5.20%, 04/15/32 |  | 566 | 575091 |
| 3.42%, 04/15/33<sup>(b)</sup> |  | 719 | 641207 |
| 4.80%, 10/15/34 |  | 634 | 617184 |
| 3.14%, 11/15/35<sup>(b)</sup> |  | 132 | 109370 |
| 3.19%, 11/15/36<sup>(b)</sup> |  | 195 | 159132 |
| 4.93%, 05/15/37<sup>(b)</sup> |  | 231 | 221239 |
| 4.55%, 02/15/32 |  | 25 | 24502 |
| Foundry JV Holdco LLC<sup>(b)</sup> <br>|  |  |  |
| 5.90%, 01/25/33 |  | 405 | 413053 |
| 6.10%, 01/25/36 |  | 207 | 210902 |
| Intel Corp. |  |  |  |
| 5.20%, 02/10/33 |  | 330 | 324268 |
| 5.70%, 02/10/53 |  | 100 | 89071 |
| KLA Corp., 4.95%, 07/15/52 |  | 150 | 134583 |
| Marvell Technology, Inc. |  |  |  |
| 5.75%, 02/15/29 |  | 50 | 51744 |
| 5.95%, 09/15/33 |  | 180 | 186269 |
| Microchip Technology, Inc. |  |  |  |
| 4.25%, 09/01/25 |  | 25 | 24961 |
| 5.05%, 03/15/29 |  | 25 | 25040 |
| Micron Technology, Inc., 5.33%, 02/06/29 |  | 125 | 126687 |
| NVIDIA Corp. |  |  |  |
| 3.50%, 04/01/40 |  | 40 | 33177 |
| 3.50%, 04/01/50 |  | 100 | 73960 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |
| 3.15%, 05/01/27 |  | 50 | 48611 |
| 2.50%, 05/11/31 |  | 63 | 54237 |
| 2.65%, 02/15/32<sup>(f)</sup> |  | 353 | 296993 |
| 5.00%, 01/15/33 |  | 50 | 48219 |
| QUALCOMM, Inc. |  |  |  |
| 3.45%, 05/20/25 |  | 100 | 99936 |
| 3.25%, 05/20/27 |  | 50 | 49216 |
| Texas Instruments, Inc. |  |  |  |
| 4.60%, 02/08/29 |  | 120 | 121883 |
| 1.75%, 05/04/30 |  | 260 | 230031 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Texas Instruments, Inc. (continued) |  |  |  |
| 4.90%, 03/14/33 | USD | 200 | $202563 |
| 4.15%, 05/15/48 |  | 50 | 40678 |
| 5.15%, 02/08/54 |  | 140 | 130152 |
| 5.05%, 05/18/63 |  | 25 | 22364 |
|  |  |  | 6119973 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| AppLovin Corp. |  |  |  |
| 5.13%, 12/01/29 |  | 640 | 645256 |
| 5.38%, 12/01/31 |  | 1408 | 1420883 |
| 5.95%, 12/01/54 |  | 517 | 493702 |
| Cloud Software Group, Inc., 9.00%, 09/30/29<sup>(b)</sup> |  | 46 | 46342 |
| Concentrix Corp., 6.60%, 08/02/28 |  | 20 | 20925 |
| Electronic Arts, Inc., 2.95%, 02/15/51<sup>(f)</sup> |  | 25 | 15562 |
| Intuit, Inc. |  |  |  |
| 5.20%, 09/15/33 |  | 500 | 514000 |
| 5.50%, 09/15/53 |  | 100 | 97749 |
| Microsoft Corp. |  |  |  |
| 2.53%, 06/01/50 |  | 175 | 108412 |
| 2.92%, 03/17/52 |  | 100 | 66367 |
| 3.95%, 08/08/56 |  | 200 | 158525 |
| 2.68%, 06/01/60 |  | 260 | 153490 |
| Oracle Corp. |  |  |  |
| 5.80%, 11/10/25 |  | 85 | 85573 |
| 2.95%, 04/01/30<sup>(f)</sup> |  | 40 | 36976 |
| 4.65%, 05/06/30 |  | 185 | 185438 |
| 2.88%, 03/25/31 |  | 215 | 193442 |
| 4.90%, 02/06/33 |  | 70 | 68814 |
| 5.50%, 08/03/35 |  | 1115 | 1119592 |
| 3.60%, 04/01/40 |  | 160 | 124710 |
| 3.65%, 03/25/41 |  | 590 | 450925 |
| 4.50%, 07/08/44 |  | 65 | 53451 |
| 4.00%, 07/15/46 |  | 32 | 24022 |
| 3.60%, 04/01/50 |  | 335 | 227863 |
| 3.95%, 03/25/51 |  | 6 | 4332 |
| 5.55%, 02/06/53 |  | 137 | 125477 |
| 5.38%, 09/27/54 |  | 80 | 70905 |
| 6.00%, 08/03/55 |  | 428 | 416320 |
| 3.85%, 04/01/60 |  | 385 | 257631 |
| 4.10%, 03/25/61 |  | 430 | 301282 |
| 6.13%, 08/03/65 |  | 1752 | 1709122 |
| Roper Technologies, Inc. |  |  |  |
| 1.00%, 09/15/25 |  | 50 | 49322 |
| 4.50%, 10/15/29<sup>(f)</sup> |  | 380 | 378360 |
| VMware LLC |  |  |  |
| 4.65%, 05/15/27 |  | 80 | 80123 |
| 4.70%, 05/15/30 |  | 75 | 74319 |
|  |  |  | 9779212 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| CubeSmart LP, 2.25%, 12/15/28 |  | 75 | 68912 |
| Extra Space Storage LP |  |  |  |
| 5.50%, 07/01/30 |  | 100 | 102855 |
| 2.35%, 03/15/32 |  | 100 | 83140 |
| Iron Mountain, Inc., 7.00%, 02/15/29<sup>(b)</sup> |  | 49 | 50328 |
| Public Storage Operating Co., 5.10%, 08/01/33 |  | 50 | 50784 |
|  |  |  | 356019 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| AutoZone, Inc. |  |  |  |
| 5.05%, 07/15/26 |  | 125 | 125807 |
| 6.55%, 11/01/33 |  | 175 | 190072 |
| 5.40%, 07/15/34 |  | 345 | 348619 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(b)</sup> | USD | 72 | $73665 |
| Foot Locker, Inc., 4.00%, 10/01/29<sup>(b)(f)</sup> |  | 116 | 94010 |
| O'Reilly Automotive, Inc., 4.20%, 04/01/30 |  | 100 | 98120 |
| Ross Stores, Inc., 0.88%, 04/15/26 |  | 50 | 48268 |
|  |  |  | 978561 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc. |  |  |  |
| 2.38%, 02/08/41 |  | 105 | 72725 |
| 3.85%, 05/04/43 |  | 50 | 41453 |
| 4.65%, 02/23/46 |  | 225 | 204558 |
| 4.85%, 05/10/53 |  | 40 | 37676 |
| 4.10%, 08/08/62 |  | 180 | 142479 |
| Dell International LLC/EMC Corp. |  |  |  |
| 6.10%, 07/15/27 |  | 65 | 67091 |
| 6.20%, 07/15/30 |  | 100 | 105927 |
| 5.75%, 02/01/33 |  | 20 | 20680 |
| HP, Inc., 3.00%, 06/17/27 |  | 75 | 72643 |
| NetApp, Inc. |  |  |  |
| 1.88%, 06/22/25 |  | 50 | 49786 |
| 5.70%, 03/17/35 |  | 725 | 728301 |
|  |  |  | 1543319 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| NIKE, Inc., 2.85%, 03/27/30 |  | 100 | 93572 |
| VF Corp., 6.45%, 11/01/37 |  | 147 | 122744 |
| William Carter Co., 5.63%, 03/15/27<sup>(b)</sup> |  | 108 | 105146 |
|  |  |  | 321462 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. |  |  |  |
| 4.80%, 02/14/29 |  | 500 | 503035 |
| 3.40%, 05/06/30 |  | 150 | 141057 |
| 2.45%, 02/04/32 |  | 400 | 339140 |
| 3.40%, 02/04/41 |  | 1124 | 808829 |
| 4.25%, 08/09/42 |  | 101 | 79943 |
| 4.50%, 05/02/43 |  | 23 | 18576 |
| 3.88%, 09/16/46 |  | 241 | 172591 |
| 5.95%, 02/14/49<sup>(f)</sup> |  | 1080 | 1047126 |
| 4.45%, 05/06/50 |  | 219 | 167925 |
| 3.70%, 02/04/51 |  | 290 | 195377 |
| 4.00%, 02/04/61<sup>(f)</sup> |  | 450 | 306351 |
| BAT Capital Corp. |  |  |  |
| 3.46%, 09/06/29 |  | 150 | 142927 |
| 5.83%, 02/20/31 |  | 100 | 104107 |
| 2.73%, 03/25/31 |  | 25 | 22237 |
| 6.00%, 02/20/34<sup>(f)</sup> |  | 550 | 574777 |
| 3.73%, 09/25/40 |  | 456 | 349008 |
| 7.08%, 08/02/43 |  | 411 | 440766 |
| 5.65%, 03/16/52 |  | 162 | 145855 |
| 7.08%, 08/02/53 |  | 1621 | 1761409 |
| BAT International Finance PLC, 1.67%, 03/25/26 |  | 200 | 194638 |
| Philip Morris International, Inc. |  |  |  |
| 4.88%, 02/15/28<sup>(f)</sup> |  | 590 | 600655 |
| 5.63%, 11/17/29 |  | 215 | 225333 |
| 1.75%, 11/01/30 |  | 50 | 43246 |
| 5.75%, 11/17/32 |  | 345 | 361934 |
| 5.38%, 02/15/33 |  | 720 | 737289 |
| 5.63%, 09/07/33 |  | 90 | 93367 |
| 5.25%, 02/13/34 |  | 75 | 75760 |
| 6.38%, 05/16/38 |  | 75 | 81556 |
| 4.25%, 11/10/44<sup>(f)</sup> |  | 380 | 315150 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| Reynolds American, Inc., 5.85%, 08/15/45 | USD | 110 | $103053 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(b)(f)</sup> |  | 105 | 109112 |
|  |  |  | 10262129 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| FedEx Corp. |  |  |  |
| 3.40%, 02/15/28 |  | 20 | 19295 |
| 2.40%, 05/15/31 |  | 80 | 69972 |
| United Parcel Service, Inc., 5.30%, 04/01/50 |  | 25 | 23352 |
|  |  |  | 112619 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Capital Corp. |  |  |  |
| 2.30%, 06/01/31 |  | 35 | 30545 |
| 4.45%, 06/01/32 |  | 90 | 87653 |
| 4.20%, 09/01/48 |  | 20 | 16004 |
| 5.45%, 03/01/54 |  | 30 | 28565 |
| Essential Utilities, Inc., 5.38%, 01/15/34 |  | 195 | 195703 |
|  |  |  | 358470 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| Rogers Communications, Inc., 3.20%, 03/15/27 |  | 65 | 63560 |
| Sprint LLC, 7.63%, 03/01/26 |  | 20 | 20262 |
| T-Mobile USA, Inc. |  |  |  |
| 4.80%, 07/15/28 |  | 100 | 101027 |
| 3.88%, 04/15/30 |  | 1254 | 1209993 |
| 2.55%, 02/15/31 |  | 40 | 35494 |
| 5.13%, 05/15/32 |  | 215 | 217380 |
| 5.20%, 01/15/33 |  | 248 | 249387 |
| 5.15%, 04/15/34 |  | 35 | 35022 |
| 5.30%, 05/15/35 |  | 785 | 788145 |
| 5.75%, 01/15/54 |  | 270 | 260639 |
| 5.50%, 01/15/55 |  | 75 | 69894 |
| 5.25%, 06/15/55 |  | 270 | 241586 |
| 3.60%, 11/15/60 |  | 230 | 150452 |
| 5.80%, 09/15/62 |  | 455 | 438521 |
| Vodafone Group PLC, 6.25%, 11/30/32 |  | 300 | 323234 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(b)</sup> |  | 125 | 132927 |
|  |  |  | 4337523 |
| **Total Corporate Bonds — 27.9%** <br>**(Cost: $316,815,783)** | **Total Corporate Bonds — 27.9%** <br>**(Cost: $316,815,783)** | **Total Corporate Bonds — 27.9%** <br>**(Cost: $316,815,783)** | 318861480 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>|  | 258 | 222811 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 08/31/30<br>|  | 115 | 113304 |
|  |  |  | 336115 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Directv Financing LLC, 2025 Term Loan B, <br> 02/15/31<sup>(m)</sup><br>|  | 103 | 95051 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |
| CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 12/30/27<br>| USD | 259 | $257405 |
| **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $719,655)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $719,655)** | **Total Floating Rate Loan Interests — 0.1%** <br>**(Cost: $719,655)** | 688571 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |  |
| Argentine Republic Government International Bond |  |  |  |
| 1.00%, 07/09/29 |  | 5 | 4337 |
| 0.75%, 07/09/30<sup>(l)</sup> |  | 16 | 12145 |
| 4.75%, 07/09/35<sup>(l)</sup> |  | 15 | 9672 |
| 3.50%, 07/09/41<sup>(l)</sup> |  | 7 | 4443 |
|  |  |  | 30597 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |  |
| Kingdom of Belgium Government Bond, Series 98, <br> 3.30%, 06/22/54<sup>(b)(c)</sup><br>| EUR | 1011 | 1047814 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |  |
| Brazil Notas do Tesouro Nacional |  |  |  |
| 10.00%, 01/01/29 | BRL | 2 | 318144 |
| 10.00%, 01/01/35 |  | 5 | 739308 |
|  |  |  | 1057452 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bond, 5.00%, <br> 03/05/37<sup>(c)</sup><br>| USD | 6 | 5796 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| Province of Alberta Canada, 1.30%, 07/22/30<sup>(f)</sup> |  | 10 | 8733 |
| Province of Ontario Canada |  |  |  |
| 3.10%, 05/19/27<sup>(f)</sup> |  | 15 | 14796 |
| 2.13%, 01/21/32 |  | 35 | 30735 |
| Province of Quebec Canada |  |  |  |
| 0.60%, 07/23/25 |  | 25 | 24777 |
| 2.50%, 04/20/26 |  | 10 | 9855 |
| 1.90%, 04/21/31 |  | 10 | 8858 |
| 4.50%, 09/08/33 |  | 15 | 14980 |
| Series PD, 7.50%, 09/15/29 |  | 10 | 11418 |
|  |  |  | 124152 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bond |  |  |  |
| 3.50%, 01/25/50 |  | 200 | 140400 |
| 4.00%, 01/31/52 |  | 200 | 150650 |
|  |  |  | 291050 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Colombian TES |  |  |  |
| Series B, 5.75%, 11/03/27 | COP | 196600 | 42513 |
| Series B, 6.00%, 04/28/28 |  | 535300 | 113617 |
| Series B, 7.75%, 09/18/30 |  | 532400 | 109301 |
|  |  |  | 265431 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |  |
| Czech Republic Government Bond |  |  |  |
| 0.95%, 05/15/30<sup>(c)</sup> | CZK | 2770 | 110703 |
| Series 105, 2.75%, 07/23/29 |  | 3540 | 155997 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Czech Republic (continued)** | **Czech Republic (continued)** | **Czech Republic (continued)** |  |
| Czech Republic Government Bond (continued) |  |  |  |
| Series 150, 5.00%, 09/30/30 | CZK | 670 | $32417 |
| Series 49, 4.20%, 12/04/36<sup>(c)</sup> |  | 1930 | 87649 |
|  |  |  | 386766 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |  |
| Dominican Republic International Bond, 5.95%, <br> 01/25/27<sup>(c)</sup><br>| USD | 100 | 100312 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |  |
| Ecuador Government International Bond<sup>(c)(l)</sup> <br>|  |  |  |
| 5.50%, 07/31/35 |  | 14 | 8400 |
| 5.00%, 07/31/40 |  | 19 | 10019 |
|  |  |  | 18419 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Government Bond |  |  |  |
| Series 3Y, 24.46%, 10/01/27 | EGP | 491 | 9866 |
| Series 3Y, 21.38%, 02/04/28 |  | 900 | 17282 |
|  |  |  | 27148 |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |  |
| Bundesrepublik Deutschland Bundesanleihe, 2.50%, <br> 08/15/54<sup>(c)</sup><br>| EUR | 846 | 885292 |
| **Ghana — 0.0%** | **Ghana — 0.0%** | **Ghana — 0.0%** |  |
| Ghana Government International Bond, 5.00%, <br> 07/03/35<sup>(b)(l)</sup><br>| USD | 21 | 14131 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Hungary Government International Bond<sup>(c)</sup> <br>|  |  |  |
| Series 10Y, 5.38%, 09/12/33 | EUR | 85 | 100472 |
| Series 6Y, 4.00%, 07/25/29 |  | 16 | 18489 |
|  |  |  | 118961 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Indonesia Government International Bond |  |  |  |
| 2.85%, 02/14/30 | USD | 1120 | 1033760 |
| 4.65%, 09/20/32 |  | 450 | 438188 |
| Indonesia Treasury Bond, Series 103, 6.75%, <br> 07/15/35<br>| IDR | 836000 | 49894 |
|  |  |  | 1521842 |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |  |
| Israel Government International Bond, Series 30Y, <br> 5.75%, 03/12/54<br>| USD | 204 | 183600 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Ivory Coast Government International Bond, 6.63%, <br> 03/22/48<sup>(c)</sup><br>| EUR | 100 | 83973 |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |  |
| Japan Government Thirty Year Bond |  |  |  |
| 2.40%, 03/20/55 | JPY | 63800 | 423749 |
| Series 85, 2.30%, 12/20/54 |  | 193800 | 1259402 |
|  |  |  | 1683151 |
| **Lebanon — 0.0%** | **Lebanon — 0.0%** | **Lebanon — 0.0%** |  |
| Lebanon Government International Bond<sup>(c)</sup> <br>|  |  |  |
| 6.65%, 11/03/28 | USD | 41 | 6908 |
| Series 10Y, 6.85%, 03/23/27 |  | 16 | 2696 |
|  |  |  | 9604 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |  |
| Mexican Bonos |  |  |  |
| Series M, 8.50%, 03/01/29 | MXN | 8 | 39029 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |  |
| Mexican Bonos (continued) |  |  |  |
| Series M, 8.50%, 05/31/29 | MXN | 11 | $55669 |
| Series M, 7.75%, 11/13/42 |  | 4 | 16646 |
| Series M, 8.00%, 11/07/47 |  | 6 | 25379 |
| Mexico Government International Bond |  |  |  |
| 2.66%, 05/24/31 | USD | 1190 | 1010012 |
| 3.50%, 02/12/34 |  | 405 | 854613 |
| 6.35%, 02/09/35 |  | 1057 | 1049072 |
| 6.88%, 05/13/37 |  | 800 | 810400 |
| 4.50%, 01/31/50<sup>(f)</sup> |  | 430 | 299065 |
| 6.34%, 05/04/53 |  | 200 | 263400 |
|  |  |  | 4423285 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International Bond |  |  |  |
| 3.88%, 03/17/28 |  | 580 | 554190 |
| 3.30%, 01/19/33 |  | 200 | 156600 |
| 4.50%, 04/01/56 |  | 270 | 165780 |
|  |  |  | 876570 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peruvian Government International Bond |  |  |  |
| 7.30%, 08/12/33<sup>(c)</sup> | PEN | 203 | 58536 |
| 3.55%, 03/10/51 | USD | 190 | 324600 |
|  |  |  | 383136 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippines Government International Bond |  |  |  |
| 3.00%, 02/01/28 |  | 910 | 877012 |
| 3.20%, 07/06/46 |  | 200 | 279876 |
|  |  |  | 1156888 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |  |
| Republic of Poland Government Bond |  |  |  |
| 2.00%, 08/25/36 | PLN | 75 | 17831 |
| Series 0130, 5.00%, 01/25/30 |  | 292 | 78422 |
| Series 0429, 5.75%, 04/25/29 |  | 727 | 199910 |
| Series 0729, 4.75%, 07/25/29 |  | 364 | 96642 |
| Series 1029, 2.75%, 10/25/29 |  | 274 | 67241 |
| Republic of Poland Government International Bond |  |  |  |
| 4.88%, 10/04/33 | USD | 2 | 1978 |
| 5.50%, 04/04/53 |  | 7 | 6563 |
|  |  |  | 468587 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |  |
| Romanian Government International Bond |  |  |  |
| 5.25%, 11/25/27<sup>(b)</sup> |  | 2 | 1985 |
| 2.13%, 03/07/28<sup>(c)</sup> | EUR | 18 | 19467 |
| 6.63%, 09/27/29<sup>(c)</sup> |  | 21 | 25268 |
| 2.12%, 07/16/31<sup>(c)</sup> |  | 3 | 2766 |
| 5.88%, 07/11/32<sup>(b)</sup> |  | 3 | 3347 |
| 6.25%, 09/10/34<sup>(b)</sup> |  | 4 | 4433 |
|  |  |  | 57266 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Republic of South Africa Government Bond |  |  |  |
| Series 2030, 8.00%, 01/31/30 | ZAR | 5244 | 273223 |
| Series R213, 7.00%, 02/28/31 |  | 2351 | 113532 |
|  |  |  | 386755 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Export-Import Bank of Korea, 5.13%, 09/18/33 | USD | 300 | 306753 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |  |
| Sri Lanka Government International Bond, 4.00%, <br> 04/15/28<sup>(c)</sup><br>| USD | 20 | $18212 |
| **Supranational — 0.3%** | **Supranational — 0.3%** | **Supranational — 0.3%** |  |
| European Union<sup>(c)</sup> <br>|  |  |  |
| 2.50%, 10/04/52 | EUR | 350 | 314622 |
| 3.00%, 03/04/53 |  | 3304 | 3286852 |
|  |  |  | 3601474 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| Turkiye Government Bond |  |  |  |
| Series 10Y, 26.20%, 10/05/33 | TRY | 898 | 19586 |
| Series 5Y, 30.00%, 09/12/29 |  | 480 | 10723 |
|  |  |  | 30309 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |  |
| Ukraine Government International Bond |  |  |  |
| 1.75%, 02/01/29<sup>(b)(l)</sup> | USD | 20 | 12045 |
| 1.75%, 02/01/36<sup>(c)(l)</sup> |  | 11 | 5464 |
| 7.75%, 08/01/41<sup>(a)(c)(e)(k)</sup> |  | 10 | 7000 |
|  |  |  | 24509 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| United Kingdom Gilt, 4.38%, 07/31/54<sup>(c)</sup> | GBP | 1292 | 1504884 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | USD | 6 | 5406 |
| Uruguay Government International Bond |  |  |  |
| 4.38%, 10/27/27 |  | 500 | 501000 |
| 5.75%, 10/28/34 |  | 4 | 4431 |
| 5.10%, 06/18/50 |  | 253 | 232288 |
|  |  |  | 743125 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |  |
| Venezuela Government International Bond, 11.95%, <br> 08/05/31<sup>(c)(e)(k)</sup><br>|  | 30 | 4966 |
| **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $21,804,130)** | **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $21,804,130)** | **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $21,804,130)** | 21842210 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.0%** | **Equity Funds — 0.0%** |  |
| Financial Select Sector SPDR Fund | 5000 | 243800 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** |  |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(f)(n)</sup> | 26898 | 1138324 |
| **Total Investment Companies — 0.1%** <br>**(Cost: $1,410,911)** | **Total Investment Companies — 0.1%** <br>**(Cost: $1,410,911)** | 1382124 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |  |
| Bay Area Toll Authority, RB, BAB |  |  |  |
| Series F-2, 6.26%, 04/01/49 | USD | 100 | 105478 |
| Series S-1, 7.04%, 04/01/50 |  | 190 | 218885 |
| Los Angeles Community College District, GO, BAB, <br> 6.60%, 08/01/42<br>|  | 145 | 159629 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** | **California (continued)** |  |
| Los Angeles Department of Water & Power, RB, BAB, <br> 6.60%, 07/01/50<br>| USD | 100 | $105601 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series N, 3.26%, 05/15/60<br>|  | 50 | 31250 |
| State of California, GO, BAB |  |  |  |
| 7.55%, 04/01/39 |  | 250 | 301809 |
| 7.35%, 11/01/39 |  | 100 | 116655 |
| State of California, Refunding GO, 4.60%, 04/01/28<sup>(o)</sup> |  | 370 | 376181 |
| University of California, RB, Series AD, 4.86%, <br> 05/15/2112<br>|  | 270 | 223631 |
|  |  |  | 1639119 |
| **Connecticut — 0.0%** | **Connecticut — 0.0%** | **Connecticut — 0.0%** |  |
| State of Connecticut, GO, Series A, 5.85%, 03/15/32 |  | 50 | 53693 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |  |
| Municipal Electric Authority of Georgia, Refunding RB, <br> BAB, 6.64%, 04/01/57<br>|  | 49 | 53276 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| Chicago Transit Authority Sales & Transfer Tax <br> Receipts Revenue, RB, Series B, 6.90%, 12/01/40<br>|  | 47 | 52116 |
| State of Illinois, GO, 5.10%, 06/01/33<sup>(f)</sup> |  | 621 | 620912 |
|  |  |  | 673028 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| Louisiana Local Government Environmental Facilities <br> & Community Development Authority, RB, <br> Class A-2, 4.15%, 02/01/33<br>|  | 230 | 227773 |
| **Massachusetts**<sup>(f)</sup> **— 0.0%** | **Massachusetts**<sup>(f)</sup> **— 0.0%** | **Massachusetts**<sup>(f)</sup> **— 0.0%** |  |
| Commonwealth of Massachusetts, GOL, Series H, <br> 2.90%, 09/01/49<br>|  | 50 | 33974 |
| Massachusetts School Building Authority, Refunding <br> RB, Series C, 2.95%, 05/15/43<br>|  | 50 | 37494 |
|  |  |  | 71468 |
| **Michigan — 0.0%** | **Michigan — 0.0%** | **Michigan — 0.0%** |  |
| University of Michigan, RB, Series B, 2.56%, <br> 04/01/50<br>|  | 100 | 61600 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** | **New Jersey — 0.0%** |  |
| New Jersey Turnpike Authority, RB, BAB, Series F, <br> 7.41%, 01/01/40<br>|  | 224 | 269582 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |
| City of New York, GO, Series B-1, Sustainability <br> Bonds, 5.83%, 10/01/53<br>|  | 15 | 15422 |
| City of New York, GO, BAB, Series F-1, 6.27%, <br> 12/01/37<br>|  | 75 | 81017 |
| Empire State Development Corp., RB, BAB, 5.77%, <br> 03/15/39<br>|  | 40 | 41220 |
| Metropolitan Transportation Authority, RB, BAB, <br> 6.67%, 11/15/39<br>|  | 130 | 140197 |
| New York City Municipal Water Finance Authority, RB, <br> 5.95%, 06/15/42<br>|  | 50 | 51758 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, 5.88%, 06/15/44<br>|  | 60 | 61297 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 60 | 62379 |
| Port Authority of New York & New Jersey, RB |  |  |  |
| Series 165, 5.65%, 11/01/40 |  | 50 | 52503 |
| Series 168, 4.93%, 10/01/51 |  | 110 | 101719 |
|  |  |  | 607512 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |  |
| American Municipal Power, Inc., RB, Series B, 8.08%, <br> 02/15/50<br>| USD | 150 | $188194 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
| Commonwealth Financing Authority, RB, Series A, <br> 3.86%, 06/01/38<br>|  | 50 | 45509 |
| Pennsylvania State University, Refunding RB, <br> Series D, 2.79%, 09/01/43<br>|  | 50 | 36859 |
|  |  |  | 82368 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
| Board of Regents of the University of Texas System, <br> RB, BAB, Series C, 4.79%, 08/15/46<br>|  | 50 | 47322 |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41<br>|  | 50 | 50823 |
| Dallas Fort Worth International Airport, Refunding RB, <br> 2.84%, 11/01/46<br>|  | 50 | 35824 |
| Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 200 | 205653 |
| State of Texas, GO, BAB, 5.52%, 04/01/39 |  | 115 | 117754 |
|  |  |  | 457376 |
| **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,330,878)** | **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,330,878)** | **Total Municipal Bonds — 0.4%** <br>**(Cost: $4,330,878)** | 4384989 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 8.7%** | **Collateralized Mortgage Obligations — 8.7%** | **Collateralized Mortgage Obligations — 8.7%** | **Collateralized Mortgage Obligations — 8.7%** |
| A&D Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2023-NQM5, Class A1, 7.05%, 11/25/68 |  | 119 | 120422 |
| Series 2024-NQM5, Class A1, 5.70%, 11/25/69 |  | 94 | 94333 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br> 10/25/64<sup>(b)</sup><br>|  | 179 | 178932 |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-C, Class A, 5.12%, 01/25/61 |  | 34 | 34479 |
| Series 2023-C, Class A1, 3.50%, 05/25/63 |  | 203 | 192162 |
| Alternative Loan Trust |  |  |  |
| Series 2005-29CB, 5.50%, 07/25/35 |  | 6 | 3752 |
| Series 2005-31, Class 1A1, (1 mo. Term SOFR + <br> 0.67%), 5.00%, 08/25/35<sup>(a)</sup><br>|  | 422 | 391740 |
| Series 2005-55CW, Class 2A3, (1 mo. Term SOFR <br> + 0.46%), 4.78%, 11/25/35<sup>(a)</sup><br>|  | 12 | 8613 |
| Series 2005-59, Class 1A1, (1 mo. Term SOFR + <br> 0.77%), 5.09%, 11/20/35<sup>(a)</sup><br>|  | 9 | 8763 |
| Series 2006-11CB, Class 2A1, 6.25%, 05/25/36 |  | 903 | 460556 |
| Series 2006-OA17, Class 1A1D, (1 mo. Term <br> SOFR + 0.40%), 4.72%, 12/20/46<sup>(a)</sup><br>|  | 311 | 268683 |
| Series 2006-OA2, Class A5, (1 mo. Term SOFR + <br> 0.57%), 4.89%, 05/20/46<sup>(a)</sup><br>|  | 196 | 169067 |
| Series 2006-OC10, Class 2A3, (1 mo. Term SOFR <br> + 0.57%), 4.90%, 11/25/36<sup>(a)</sup><br>|  | 351 | 292943 |
| Series 2006-OC7, Class 2A3, (1 mo. Term SOFR + <br> 0.61%), 4.94%, 07/25/46<sup>(a)</sup><br>|  | 371 | 314640 |
| Series 2007-19, Class 1A34, 6.00%, 08/25/37 |  | 285 | 132292 |
| American Home Mortgage Investment Trust, <br> Series 2006-2, Class 2A2, (1 mo. Term SOFR + <br> 1.74%), 6.06%, 05/25/36<sup>(a)</sup><br>|  | 2206 | 183180 |
| Angel Oak Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2023-1, Class A1, 4.75%, 09/26/67 |  | 327 | 323719 |
| Series 2023-7, Class A1, 4.80%, 11/25/67 |  | 159 | 157246 |
| Series 2024-1, Class A1, 5.21%, 08/25/68 |  | 42 | 41861 |
| Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 46 | 46019 |
| Series 2024-11, Class A1, 5.70%, 08/25/69 |  | 72 | 72774 |
| Series 2025-1, Class A1, 5.69%, 01/25/70 |  | 934 | 937462 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Angel Oak Mortgage Trust<sup>(b)</sup> (continued) |  |  |  |
| Series 2025-2, Class A1, 5.64%, 02/25/70 | USD | 175 | $175651 |
| AOMT, Series 2024-6, Class A3, 4.65%, 11/25/67<sup>(b)</sup> |  | 289 | 283323 |
| Banc of America Alternative Loan Trust |  |  |  |
| Series 2003-8, Class 1CB1, 5.50%, 10/25/33 |  | 53 | 53404 |
| Series 2006-7, Class A4, 6.50%, 10/25/36 |  | 25 | 6752 |
| Banc of America Funding Trust |  |  |  |
| Series 2007-1, Class 1A6, 5.75%, 01/25/37 |  | 8 | 6637 |
| Series 2007-3, Class TA8, (1 mo. Term SOFR + <br> 0.29%), 4.62%, 04/25/37<sup>(a)</sup><br>|  | 209 | 173711 |
| Barclays Mortgage Loan Trust, Series 2025-NQM1, <br> Class A1, 5.66%, 01/25/65<sup>(b)</sup><br>|  | 1065 | 1073048 |
| Bear Stearns Asset Backed Securities I Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2006-AC2, Class 1A1, (1 mo. Term SOFR + <br> 0.46%), 4.79%, 03/25/36<br>|  | 46 | 11859 |
| Series 2006-IM1, Class A3, (1 mo. Term SOFR + <br> 0.67%), 5.00%, 04/25/36<br>|  | 198 | 181911 |
| Braccan Mortgage Funding, Series 2024-1, Class X, <br> (1-day SONIA GBP 4.34%), 8.82%, 02/15/67<sup>(a)(c)</sup><br>| GBP | 136 | 181381 |
| BRAVO Residential Funding Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-NQM1, Class B1, 3.17%, 02/25/49<sup>(a)</sup> | USD | 265 | 213099 |
| Series 2024-NQM4, Class A3, 4.35%, 01/25/60 |  | 295 | 284768 |
| Series 2025-NQM2, Class A1, 5.68%, 11/25/64 |  | 213 | 213610 |
| Chase Mortgage Finance Trust |  |  |  |
| Series 2006-S2, Class 1A16, 6.25%, 10/25/36 |  | 400 | 147948 |
| Series 2007-A1, Class 3A1, 5.98%, 02/25/37<sup>(a)</sup> |  | 115 | 111627 |
| Series 2007-S5, Class 1A10, 6.00%, 07/25/37 |  | 524 | 228671 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| Series 2006-17, Class A6, 6.00%, 12/25/36 |  | 5 | 2386 |
| Series 2007-11, Class A1, 6.00%, 08/25/37 |  | 531 | 225359 |
| Series 2007-3, Class A17, 6.00%, 04/25/37 |  | 159 | 74563 |
| Series 2007-4, Class 1A47, 6.00%, 05/25/37 |  | 272 | 117788 |
| Series 2007-8, Class 1A12, 5.88%, 01/25/38 |  | 140 | 57231 |
| Series 2007-8, Class 1A24, 6.00%, 01/25/38 |  | 90 | 37294 |
| Series 2007-9, Class A1, 5.75%, 07/25/37 |  | 18 | 8599 |
| CIM Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2025-I1, Class A1, 5.66%, 10/25/69 |  | 511 | 516069 |
| Series 2025-I1, Class M1, 6.44%, 10/25/69<sup>(a)</sup> |  | 540 | 546262 |
| Citigroup Mortgage Loan Trust, Series 2007-6, <br> Class 2A1, (1 mo. Term SOFR + 0.61%), 4.94%, <br> 05/25/37<sup>(a)</sup><br>|  | 25 | 22809 |
| COLT Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-5, Class B1, 4.68%, 03/25/67<sup>(a)</sup> |  | 100 | 92329 |
| Series 2022-8, Class B1, 6.50%, 08/25/67<sup>(a)</sup> |  | 483 | 480649 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 93 | 93474 |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-SBT1, Class 1B1, (30-day Avg SOFR <br> + 6.86%), 11.22%, 02/25/40<br>|  | 1900 | 2011388 |
| Series 2020-SBT1, Class 1M2, (30-day Avg SOFR <br> + 3.76%), 8.12%, 02/25/40<br>|  | 1325 | 1375195 |
| Series 2020-SBT1, Class 2M2, (30-day Avg SOFR <br> + 3.76%), 8.12%, 02/25/40<br>|  | 2550 | 2645625 |
| Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 7.45%, 10/25/41<br>|  | 2550 | 2590647 |
| Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 7.10%, 12/25/41<br>|  | 2250 | 2277427 |
| Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.50%, 12/25/41<br>|  | 2690 | 2740437 |
| Series 2022-R01, Class 1M2, (30-day Avg SOFR + <br> 1.90%), 6.25%, 12/25/41<br>|  | 350 | 351527 |
| Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.85%, 01/25/42<br>|  | 1825 | 1895719 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.35%, 01/25/42<br>| USD | 2335 | $2381700 |
| Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.60%, 03/25/42<br>|  | 1650 | 1777875 |
| Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.60%, 03/25/42<br>|  | 1900 | 2011625 |
| Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.85%, 04/25/42<br>|  | 1500 | 1566324 |
| Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.35%, 04/25/42<br>|  | 1500 | 1533750 |
| Series 2023-R02, Class 1B1, (30-day Avg SOFR + <br> 5.55%), 9.90%, 01/25/43<br>|  | 520 | 563886 |
| Series 2024-R01, Class 1B1, (30-day Avg SOFR + <br> 2.70%), 7.05%, 01/25/44<br>|  | 1950 | 1974375 |
| Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.85%, 02/25/44<br>|  | 1000 | 1002498 |
| Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 6.05%, 07/25/44<br>|  | 1960 | 1951450 |
| Series 2024-R06, Class 1B1, (30-day Avg SOFR + <br> 2.05%), 6.40%, 09/25/44<br>|  | 1500 | 1478445 |
| Series 2025-R02, Class 1M2, (30-day Avg SOFR + <br> 1.60%), 5.95%, 02/25/45<br>|  | 1750 | 1741250 |
| Credit Suisse First Boston Mortgage Securities Corp., <br> Series 2005-11, Class 1A1, 6.50%, 12/25/35<br>|  | 84 | 37166 |
| Credit Suisse Mortgage Trust, Series 2022-NQM4, <br> Class A2, 4.82%, 06/25/67<sup>(b)</sup><br>|  | 126 | 125412 |
| Cross Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-H7, Class A1, 5.59%, 11/25/69 |  | 143 | 143219 |
| Series 2025-H1, Class M1, 6.48%, 02/25/70 |  | 144 | 144545 |
| CSMC<sup>(b)</sup> <br>|  |  |  |
| Series 2015-6R, Class 5A2, (1 mo. Term SOFR + <br> 0.29%), 3.84%, 03/27/36<sup>(a)</sup><br>|  | 21 | 16471 |
| Series 2019-NQM1, Class A3, 4.06%, 10/25/59 |  | 38 | 37557 |
| CSMC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-NQM6, Class PT, 8.62%, 12/25/67 |  | 158 | 157856 |
| Series 2022-NQM5, Class M1, 5.17%, 05/25/67 |  | 1000 | 914048 |
| Deephaven Residential Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-1, Class B1, 3.10%, 05/25/65<sup>(a)</sup> |  | 400 | 355564 |
| Series 2022-2, Class M1, 4.31%, 03/25/67<sup>(a)</sup> |  | 100 | 87929 |
| Series 2024-1, Class A1, 5.74%, 07/25/69 |  | 89 | 88832 |
| EFMT, Series 2025-INV1, Class A1, 5.63%, <br> 03/25/70<sup>(b)</sup><br>|  | 197 | 197510 |
| Ellington Financial Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| 5.93%, 09/25/67<sup>(a)</sup> |  | 100 | 78776 |
| Series 2024-NQM1, Class A1A, 5.71%, 11/25/69 |  | 158 | 158406 |
| Fannie Mae Connecticut Avenue Securities<sup>(a)</sup> <br>|  |  |  |
| Series 2015-C04, Class 1M2, (30-day Avg SOFR + <br> 5.81%), 10.17%, 04/25/28<br>|  | 187 | 190613 |
| Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.65%, 11/25/41<sup>(b)</sup><br>|  | 1005 | 1022588 |
| Series 2021-R02, Class 2M1, (30-day Avg SOFR + <br> 0.90%), 5.25%, 11/25/41<sup>(b)</sup><br>|  | 30 | 30470 |
| Series 2021-R02, Class 2M2, (30-day Avg SOFR + <br> 2.00%), 6.35%, 11/25/41<sup>(b)</sup><br>|  | 2150 | 2151355 |
| FIGRE Trust, Series 2024-SL1, Class A1, 5.75%, <br> 07/25/53<sup>(a)(b)</sup><br>|  | 129 | 130125 |
| First Horizon Alternative Mortgage Securities Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2005-AA12, Class 2A1, 4.97%, 02/25/36 |  | 8 | 4733 |
| Series 2006-AA7, Class A1, 5.04%, 01/25/37 |  | 504 | 394245 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 8.35%, 11/25/50<br>| USD | 1350 | $1483224 |
| Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 7.00%, 01/25/51<br>|  | 2300 | 2386250 |
| Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 08/25/33<br>|  | 2255 | 2475611 |
| Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.85%, 10/25/33<br>|  | 800 | 880752 |
| Series 2021-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 7.40%, 01/25/34<br>|  | 2130 | 2263551 |
| Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 10/25/41<br>|  | 2100 | 2151917 |
| Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 8.00%, 11/25/41<br>|  | 2394 | 2459835 |
| Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 7.35%, 08/25/33<br>|  | 2023 | 2159203 |
| Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.50%, 12/25/33<br>|  | 795 | 857606 |
| Series 2021-HQA3, Class B1, (30-day Avg SOFR + <br> 3.35%), 7.70%, 09/25/41<br>|  | 2110 | 2146271 |
| Series 2021-HQA3, Class M2, (30-day Avg SOFR <br> + 2.10%), 6.45%, 09/25/41<br>|  | 1500 | 1503750 |
| Series 2021-HQA4, Class M2, (30-day Avg SOFR <br> + 2.35%), 6.70%, 12/25/41<br>|  | 1750 | 1759853 |
| Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.75%, 01/25/42<br>|  | 750 | 765885 |
| Series 2022-DNA1, Class M2, (30-day Avg SOFR <br> + 2.50%), 6.85%, 01/25/42<br>|  | 1900 | 1926125 |
| Series 2022-DNA2, Class M2, (30-day Avg SOFR <br> + 3.75%), 8.10%, 02/25/42<br>|  | 2004 | 2078295 |
| Series 2022-DNA3, Class M2, (30-day Avg SOFR <br> + 4.35%), 8.70%, 04/25/42<br>|  | 2375 | 2495919 |
| Series 2022-DNA4, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.60%, 05/25/42<br>|  | 1000 | 1067500 |
| Series 2022-DNA5, Class M2, (30-day Avg SOFR <br> + 6.75%), 11.10%, 06/25/42<br>|  | 1000 | 1098750 |
| Series 2022-DNA7, Class M2, (30-day Avg SOFR <br> + 7.00%), 11.35%, 03/25/52<br>|  | 1500 | 1675785 |
| Series 2022-HQA1, Class M2, (30-day Avg SOFR <br> + 5.25%), 9.60%, 03/25/42<br>|  | 2225 | 2357628 |
| Series 2023-HQA1, Class M1B, (30-day Avg SOFR <br> + 3.50%), 7.85%, 05/25/43<br>|  | 590 | 618987 |
| Gaea Mortgage Loan Trust, Series 2025-A, Class A, <br> 6.75%, 02/25/30<sup>(a)(b)</sup><br>|  | 97 | 94864 |
| GCAT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-NQM3, Class B1, 3.47%, 05/25/66 |  | 100 | 72185 |
| Series 2023-NQM3, Class A1, 4.25%, 05/25/67 |  | 143 | 135086 |
| GS Mortgage-Backed Securities Trust, Series 2022-<br> NQM1, Class A4, 4.00%, 05/25/62<sup>(a)(b)</sup><br>|  | 69 | 62608 |
| GSMPS Mortgage Loan Trust, Series 2005-RP2, <br> Class 1AF, (1 mo. Term SOFR + 0.46%), 4.79%, <br> 03/25/35<sup>(a)(b)</sup><br>|  | 137 | 126796 |
| Homes Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 96 | 95821 |
| Series 2025-NQM1, Class B1, 7.27%, 01/25/70<sup>(a)</sup> |  | 392 | 389509 |
| Series 2025-NQM1, Class M1, 6.52%, 01/25/70<sup>(a)</sup> |  | 200 | 201216 |
| Homeward Opportunities Fund I Trust, Series 2020-2, <br> Class B1, 5.45%, 05/25/65<sup>(a)(b)</sup><br>|  | 570 | 578704 |
| Homeward Opportunities Fund Trust, Series 2022-1, <br> Class A1, 5.08%, 07/25/67<sup>(b)</sup><br>|  | 78 | 77795 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Impac CMB Trust, Series 2007-A, Class A, (1 mo. <br> Term SOFR + 0.61%), 4.94%, 05/25/37<sup>(a)(b)</sup><br>| USD | 56 | $53165 |
| Impac Secured Assets Trust, Series 2006-3, <br> Class A1, (1 mo. Term SOFR + 0.45%), 4.78%, <br> 11/25/36<sup>(a)</sup><br>|  | 19 | 16838 |
| JP Morgan Alternative Loan Trust, Series 2006-A1, <br> Class 2A1, 5.07%, 03/25/36<sup>(a)</sup><br>|  | 713 | 526429 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-VIS2, Class B1, 7.73%, 11/25/64 |  | 25 | 25029 |
| Series 2025-VIS1, Class M1, 6.41%, 08/25/55 |  | 150 | 150197 |
| MASTR Reperforming Loan Trust, Series 2005-1, <br> Class 1A3, 7.00%, 08/25/34<sup>(b)</sup><br>|  | 338 | 236440 |
| MFA Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-NQM1, Class M1, 4.26%, 12/25/66<sup>(a)</sup> |  | 100 | 85361 |
| Series 2024-RTL1, Class A1, 7.09%, 02/25/29 |  | 100 | 100470 |
| Mill City Mortgage Loan Trust, Series 2023-NQM1, <br> Class A1, 6.05%, 10/25/67<sup>(b)</sup><br>|  | 117 | 117106 |
| Morgan Stanley Resecuritization Trust, Series 2015-<br> R2, Class 1B, (12-mo. MTA + 0.71%), 4.18%, <br> 12/27/46<sup>(a)(b)</sup><br>|  | 318 | 279492 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2023-NQM1, Class B1, 7.42%, 09/25/68 |  | 536 | 533440 |
| Series 2025-NQM1, Class A1, 5.74%, 11/25/69 |  | 166 | 166645 |
| New Residential Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2025-NQM1, Class A1, 5.64%, 01/25/65 |  | 530 | 532504 |
| Series 2025-NQM1, Class B1, 6.92%, 01/25/65<sup>(a)</sup> |  | 500 | 498387 |
| Series 2025-NQM1, Class M1, 6.47%, 01/25/65<sup>(a)</sup> |  | 289 | 291666 |
| NMLT Trust, Series 2021-INV1, Class B1, 3.61%, <br> 05/25/56<sup>(a)(b)</sup><br>|  | 541 | 389860 |
| OBX Trust, Series 2025-NQM3, Class A1, 5.65%, <br> 12/01/64<sup>(b)</sup><br>|  | 131 | 131631 |
| PRKCM Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-AFC1, Class A1A, 4.10%, 04/25/57<sup>(a)</sup> |  | 79 | 77650 |
| Series 2023-AFC1, Class A1, 6.60%, 02/25/58 |  | 90 | 89939 |
| Series 2025-NQM1, Class A1, 5.80%, 11/25/69 |  | 615 | 619990 |
| Series 2025-NQM1, Class M1A, 6.65%, <br> 11/25/69<sup>(a)</sup><br>|  | 113 | 115562 |
| RALI Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2005-QA6, Class NB21, 4.97%, 05/25/35 |  | 921 | 426856 |
| Series 2005-QO2, Class A1, (12-mo. MTA + <br> 1.36%), 5.93%, 09/25/45<br>|  | 413 | 346941 |
| Series 2007-QH3, Class A1, (1 mo. Term SOFR + <br> 0.43%), 4.76%, 04/25/37<br>|  | 143 | 134887 |
| Series 2007-QO2, Class A1, (1 mo. Term SOFR + <br> 0.26%), 4.59%, 02/25/47<br>|  | 374 | 110048 |
| RCKT Mortgage Trust, Series 2024-CES8, <br> Class A1A, 5.49%, 11/25/44<sup>(b)</sup><br>|  | 93 | 93621 |
| Reperforming Loan REMIC Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2005-R1, Class 1AF1, (1 mo. Term SOFR + <br> 0.47%), 4.80%, 03/25/35<br>|  | 25 | 23989 |
| Series 2005-R1, Class 1AF2, (1 mo. Term SOFR + <br> 0.47%), 4.80%, 03/25/35<br>|  | 152 | 145769 |
| Series 2005-R2, Class 1AF1, (1 mo. Term SOFR + <br> 0.45%), 4.78%, 06/25/35<br>|  | 14 | 13139 |
| Residential Asset Securitization Trust |  |  |  |
| Series 2006-A14C, Class 1A2, 6.25%, 12/25/36 |  | 342 | 237192 |
| Series 2007-A9, Class A1, (1 mo. Term SOFR + <br> 0.66%), 4.99%, 09/25/37<sup>(a)</sup><br>|  | 1090 | 302098 |
| RFMSI Series, Series 2006-SA4, Class 2A1, 5.66%, <br> 11/25/36<sup>(a)</sup><br>|  | 4 | 3263 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| RFMSI Trust, Series 2007-SA4, Class 3A1, 5.85%, <br> 10/25/37<sup>(a)</sup><br>| USD | 227 | $136083 |
| Saluda Grade Alternative Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-RTL4, Class A1, 7.50%, 02/25/30 |  | 140 | 140201 |
| Series 2024-RTL5, Class A1, 7.76%, 04/25/30 |  | 100 | 100382 |
| Sequoia Mortgage Trust, Series 2017-CH2, Class B3, <br> 4.47%, 12/25/47<sup>(a)(b)</sup><br>|  | 131 | 128977 |
| SG Residential Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-3, Class B1, 4.08%, 09/25/59 |  | 257 | 245109 |
| Series 2022-2, Class B1, 5.30%, 08/25/62 |  | 50 | 48756 |
| Series 2022-2, Class M1, 5.30%, 08/25/62 |  | 205 | 202241 |
| TRK Trust, Series 2021-INV2, Class B1, 4.10%, <br> 11/25/56<sup>(a)(b)</sup><br>|  | 125 | 99568 |
| Verus Securitization Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-3, Class B1, 3.20%, 06/25/66 |  | 214 | 150678 |
| Series 2023-3, Class B1, 4.07%, 02/25/67 |  | 100 | 77164 |
| Series 2023-INV1, Class M1, 7.50%, 02/25/68 |  | 120 | 120819 |
| Visio Trust, Series 2022-1, Class B1, 6.01%, <br> 08/25/57<sup>(a)(b)</sup><br>|  | 100 | 84325 |
| Wachovia Mortgage Loan Trust, Series 2006-AMN1, <br> Class A2, (1 mo. Term SOFR + 0.41%), 1.76%, <br> 08/25/36<sup>(a)</sup><br>|  | 994 | 323055 |
| WaMu Mortgage Pass-Through Certificates Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2006-AR8, Class 1A4, 4.84%, 08/25/46 |  | 61 | 54581 |
| Series 2007-HY3, Class 4A1, 5.19%, 03/25/37 |  | 10 | 9129 |
| Series 2007-HY4, Class 1A1, 3.77%, 04/25/37 |  | 367 | 322693 |
| Series 2007-OA5, Class 1A, (12-mo. MTA + <br> 0.75%), 5.32%, 06/25/47<br>|  | 84 | 68185 |
| Washington Mutual Mortgage Pass-Through <br> Certificates Trust<br>|  |  |  |
| Series 2005-9, Class 5A1, 5.50%, 11/25/35 |  | 150 | 120162 |
| Series 2005-AR1, Class A1A, (1 mo. Term SOFR + <br> 0.63%), 4.96%, 12/25/35<sup>(a)</sup><br>|  | 158 | 135492 |
| Series 2006-6, Class 3CB1, 7.00%, 08/25/36 |  | 332 | 132367 |
| Series 2006-8, Class A4, 4.11%, 10/25/36 |  | 82 | 27460 |
| Series 2007-5, Class A6, 6.00%, 06/25/37 |  | 154 | 139912 |
| Series 2007-OA2, Class 2A, (12-mo. MTA + <br> 0.70%), 5.27%, 01/25/47<sup>(a)</sup><br>|  | 194 | 160388 |
| Series 2007-OA3, Class 5A, (12-mo. MTA + <br> 1.25%), 5.82%, 04/25/47<sup>(a)</sup><br>|  | 84 | 70542 |
| Series 2007-OC2, Class A3, (1 mo. Term SOFR + <br> 0.73%), 5.06%, 06/25/37<sup>(a)</sup><br>|  | 12 | 11173 |
|  |  |  | 98826740 |
| **Commercial Mortgage-Backed Securities — 3.3%** | **Commercial Mortgage-Backed Securities — 3.3%** | **Commercial Mortgage-Backed Securities — 3.3%** | **Commercial Mortgage-Backed Securities — 3.3%** |
| 280 Park Avenue Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-280P, Class B, (1 mo. Term SOFR + <br> 1.38%), 5.68%, 09/15/34<br>|  | 283 | 270619 |
| Series 2017-280P, Class E, (1 mo. Term SOFR + <br> 2.42%), 6.72%, 09/15/34<br>|  | 138 | 130171 |
| 3650R 2021-PF1 Commercial Mortgage Trust, <br> Series 2022-PF2, Class A5, 5.47%, 11/15/55<sup>(a)</sup><br>|  | 300 | 305030 |
| ACREC LLC, Series 2023-FL2, Class A, (1 mo. Term <br> SOFR + 2.23%), 6.55%, 02/19/38<sup>(a)(b)</sup><br>|  | 145 | 144896 |
| AREIT Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-CRE9, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.01%, 05/17/41<br>|  | 370 | 369118 |
| Series 2025-CRE10, Class A, (1 mo. Term SOFR + <br> 1.39%), 5.72%, 12/17/29<br>|  | 795 | 787014 |
| Ares Commercial Mortgage Trust, Series 2024-IND, <br> Class A, (1 mo. Term SOFR + 1.69%), 6.01%, <br> 07/15/41<sup>(a)(b)</sup><br>|  | 370 | 370000 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Atrium Hotel Portfolio Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-ATRM, Class A, 5.59%, 11/10/29 | USD | 160 | $160783 |
| Series 2024-ATRM, Class E, 9.52%, 11/10/29 |  | 32 | 32139 |
| BAHA Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-MAR, Class A, 6.17%, 12/10/41 |  | 560 | 578109 |
| Series 2024-MAR, Class B, 7.07%, 12/10/41 |  | 20 | 20442 |
| Series 2024-MAR, Class C, 7.77%, 12/10/41 |  | 789 | 808595 |
| BAMLL Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-BHP, Class A, (1 mo. Term SOFR + <br> 2.35%), 6.67%, 08/15/39<br>|  | 120 | 120038 |
| Series 2025-ASHF, Class A, (1 mo. Term SOFR + <br> 1.85%), 6.17%, 02/15/42<br>|  | 802 | 784223 |
| Series 2025-ASHF, Class E, (1 mo. Term SOFR + <br> 5.25%), 9.57%, 02/15/42<br>|  | 163 | 159224 |
| Bank |  |  |  |
| Series 2019-BN19, Class A3, 3.18%, 08/15/61 |  | 250 | 233036 |
| Series 2019-BN20, Class A3, 3.01%, 09/15/62 |  | 250 | 230875 |
| Series 2021-BN37, Class A4, 2.37%, 11/15/64 |  | 350 | 302294 |
| Series 2022-BNK41, Class A4, 3.92%, 04/15/65<sup>(a)</sup> |  | 150 | 139934 |
| Series 2024-5YR6, Class A3, 6.23%, 05/15/57 |  | 10 | 10545 |
| BBCMS Mortgage Trust |  |  |  |
| Series 2023-C22, Class A5, 6.80%, 11/15/56<sup>(a)</sup> |  | 530 | 593974 |
| Series 2025-5C34, Class A3, 05/15/58<sup>(d)</sup> |  | 41 | 42584 |
| BDS LLC, Series 2024-FL13, Class A, (1 mo. Term <br> SOFR + 1.58%), 5.90%, 09/19/39<sup>(a)(b)</sup><br>|  | 100 | 99810 |
| BFLD Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-UNIV, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.81%, 11/15/41<br>|  | 70 | 69978 |
| Series 2024-UNIV, Class E, (1 mo. Term SOFR + <br> 3.64%), 7.96%, 11/15/41<br>|  | 47 | 46574 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, <br> (1 mo. Term SOFR + 1.89%), 6.21%, 07/15/41<sup>(a)(b)</sup><br>|  | 173 | 172784 |
| BHMS, Series 2018-ATLS, Class A, (1 mo. Term <br> SOFR + 1.55%), 5.87%, 07/15/35<sup>(a)(b)</sup><br>|  | 100 | 99936 |
| BLP Commercial Mortgage Trust, Series 2024-IND2, <br> Class A, (1 mo. Term SOFR + 1.34%), 5.66%, <br> 03/15/41<sup>(a)(b)</sup><br>|  | 366 | 365332 |
| BMO Mortgage Trust, Series 2023-C5, Class XA, <br> 0.94%, 06/15/56<sup>(a)</sup><br>|  | 346 | 16517 |
| BMP<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-MF23, Class D, (1 mo. Term SOFR + <br> 2.39%), 6.71%, 06/15/41<br>|  | 220 | 218350 |
| Series 2024-MF23, Class E, (1 mo. Term SOFR + <br> 3.39%), 7.71%, 06/15/41<br>|  | 39 | 38535 |
| BPR Trust, Series 2024-PMDW, Class A, 5.36%, <br> 11/05/41<sup>(a)(b)</sup><br>|  | 10 | 10117 |
| BWAY Trust, Series 2025-1535, Class A, 6.31%, <br> 05/05/42<sup>(a)(b)</sup><br>|  | 23 | 23516 |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-VIV5, Class A, 2.84%, 03/09/44 |  | 240 | 215450 |
| Series 2022-CSMO, Class B, (1 mo. Term SOFR + <br> 3.14%), 7.46%, 06/15/27<br>|  | 588 | 589303 |
| Series 2022-LP2, Class A, (1 mo. Term SOFR + <br> 1.01%), 5.33%, 02/15/39<br>|  | 90 | 90183 |
| Series 2023-VLT3, Class A, (1 mo. Term SOFR + <br> 1.94%), 6.26%, 11/15/28<br>|  | 200 | 199759 |
| Series 2023-XL3, Class A, (1 mo. Term SOFR + <br> 1.76%), 6.08%, 12/09/40<br>|  | 276 | 276552 |
| Series 2023-XL3, Class D, (1 mo. Term SOFR + <br> 3.59%), 7.91%, 12/09/40<br>|  | 238 | 238505 |
| Series 2024-AIR2, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.81%, 10/15/41<br>|  | 144 | 143877 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2024-AIRC, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.01%, 08/15/39<br>| USD | 285 | $285392 |
| Series 2024-BRBK, Class A, (1 mo. Term SOFR + <br> 2.88%), 7.20%, 10/15/41<br>|  | 187 | 186064 |
| Series 2024-BRBK, Class B, (1 mo. Term SOFR + <br> 3.93%), 8.25%, 10/15/41<br>|  | 43 | 42569 |
| Series 2024-BRBK, Class D, (1 mo. Term SOFR + <br> 5.97%), 10.29%, 10/15/41<br>|  | 573 | 561525 |
| Series 2024-GPA3, Class B, (1 mo. Term SOFR + <br> 1.64%), 5.96%, 12/15/39<br>|  | 94 | 92951 |
| Series 2024-KING, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.86%, 05/15/34<br>|  | 99 | 98639 |
| Series 2024-MDHS, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.96%, 05/15/41<br>|  | 247 | 246810 |
| Series 2024-MF, Class A, (1 mo. Term SOFR + <br> 1.44%), 5.76%, 02/15/39<br>|  | 253 | 253161 |
| Series 2024-MF, Class E, (1 mo. Term SOFR + <br> 3.74%), 8.06%, 02/15/39<br>|  | 89 | 88121 |
| Series 2024-PURE, Class A, 4.67%, 11/15/41 | CAD | 27 | 19683 |
| Series 2024-XL4, Class D, (1 mo. Term SOFR + <br> 3.14%), 7.46%, 02/15/39<br>| USD | 165 | 165087 |
| Series 2024-XL4, Class E, (1 mo. Term SOFR + <br> 4.19%), 8.51%, 02/15/39<br>|  | 107 | 103896 |
| BX Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2019-OC11, Class A, 3.20%, 12/09/41 |  | 37 | 34328 |
| Series 2021-ARIA, Class A, (1 mo. Term SOFR + <br> 1.01%), 5.34%, 10/15/36<sup>(a)</sup><br>|  | 45 | 44663 |
| Series 2021-LBA, Class AV, (1 mo. Term SOFR + <br> 0.91%), 5.24%, 02/15/36<sup>(a)</sup><br>|  | 198 | 195973 |
| Series 2021-VIEW, Class F, (1 mo. Term SOFR + <br> 4.04%), 8.37%, 06/15/36<sup>(a)</sup><br>|  | 21 | 19781 |
| Series 2022-IND, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.81%, 04/15/37<sup>(a)</sup><br>|  | 87 | 87413 |
| Series 2022-LBA6, Class A, (1 mo. Term SOFR + <br> 1.00%), 5.32%, 01/15/39<sup>(a)</sup><br>|  | 450 | 447750 |
| Series 2023-DELC, Class A, (1 mo. Term SOFR + <br> 2.69%), 7.01%, 05/15/38<sup>(a)</sup><br>|  | 371 | 371927 |
| Series 2023-DELC, Class D, (1 mo. Term SOFR + <br> 4.39%), 8.71%, 05/15/38<sup>(a)</sup><br>|  | 262 | 263310 |
| Series 2024-CNYN, Class A, (1 mo. Term SOFR + <br> 1.44%), 5.76%, 04/15/41<sup>(a)</sup><br>|  | 87 | 87010 |
| Series 2024-CNYN, Class D, (1 mo. Term SOFR + <br> 2.69%), 7.01%, 04/15/41<sup>(a)</sup><br>|  | 85 | 83894 |
| Series 2024-CNYN, Class E, (1 mo. Term SOFR + <br> 3.69%), 8.01%, 04/15/41<sup>(a)</sup><br>|  | 85 | 83316 |
| Series 2024-PALM, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.86%, 06/15/37<sup>(a)</sup><br>|  | 503 | 501374 |
| Series 2024-PAT, Class A, (1 mo. Term SOFR + <br> 2.09%), 6.41%, 03/15/41<sup>(a)</sup><br>|  | 60 | 60159 |
| Series 2024-PAT, Class C, (1 mo. Term SOFR + <br> 4.44%), 8.76%, 03/15/41<sup>(a)</sup><br>|  | 122 | 120358 |
| Series 2024-PAT, Class D, (1 mo. Term SOFR + <br> 5.39%), 9.71%, 03/15/41<sup>(a)</sup><br>|  | 56 | 54977 |
| Series 2024-VLT4, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.81%, 07/15/29<sup>(a)</sup><br>|  | 284 | 281869 |
| Series 2024-VLT4, Class E, (1 mo. Term SOFR + <br> 2.89%), 7.21%, 07/15/29<sup>(a)</sup><br>|  | 60 | 57598 |
| Series 2024-VLT4, Class F, (1 mo. Term SOFR + <br> 3.94%), 8.26%, 07/15/29<sup>(a)</sup><br>|  | 150 | 143615 |
| Series 2025-ROIC, Class E, (1 mo. Term SOFR + <br> 2.94%), 7.26%, 03/15/30<sup>(a)</sup><br>|  | 263 | 252490 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BX Trust<sup>(b)</sup> (continued) |  |  |  |
| Series 2025-VLT6, Class A, (1 mo. Term SOFR + <br> 1.44%), 5.77%, 03/15/42<sup>(a)</sup><br>| USD | 136 | $134640 |
| Cali, Series 2024-SUN, Class A, (1 mo. Term SOFR + <br> 1.89%), 6.19%, 07/15/41<sup>(a)(b)</sup><br>|  | 140 | 140000 |
| CAMB Commercial Mortgage Trust, Series 2019-<br> LIFE, Class A, (1 mo. Term SOFR + 1.37%), <br> 5.69%, 12/15/37<sup>(a)(b)</sup><br>|  | 100 | 99875 |
| CENT Trust, Series 2023-CITY, Class A, (1 mo. Term <br> SOFR + 2.62%), 6.94%, 09/15/38<sup>(a)(b)</sup><br>|  | 474 | 473704 |
| CFCRE Commercial Mortgage Trust, Series 2016-C4, <br> Class AM, 3.69%, 05/10/58<br>|  | 560 | 550691 |
| CFK Trust, Series 2020-MF2, Class B, 2.79%, <br> 03/15/39<sup>(b)</sup><br>|  | 330 | 300647 |
| CFSP Mortgage Trust, Series 2024-AHP1, Class A, <br> 6.50%, 04/15/37<br>|  | 199 | 192019 |
| Commercial Mortgage Trust |  |  |  |
| Series 2015-CR25, Class A4, 3.76%, 08/10/48 |  | 460 | 458312 |
| Series 2024-WCL1, Class A, (1 mo. Term SOFR + <br> 1.84%), 6.16%, 06/15/41<sup>(a)(b)</sup><br>|  | 170 | 169467 |
| Series 2024-WCL1, Class B, (1 mo. Term SOFR + <br> 2.59%), 6.91%, 06/15/41<sup>(a)(b)</sup><br>|  | 50 | 49344 |
| Series 2024-WCL1, Class E, (1 mo. Term SOFR + <br> 4.49%), 8.81%, 06/15/41<sup>(a)(b)</sup><br>|  | 66 | 64813 |
| CONE Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-DFW1, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.96%, 08/15/41<br>|  | 70 | 69650 |
| Series 2024-DFW1, Class E, (1 mo. Term SOFR + <br> 3.89%), 8.21%, 08/15/41<br>|  | 200 | 197008 |
| CSMC, Series 2020-NET, Class B, 2.82%, <br> 08/15/37<sup>(b)</sup><br>|  | 570 | 560997 |
| CSTL Commercial Mortgage Trust, Series 2024-<br> GATE, Class A, 4.92%, 11/10/41<sup>(a)(b)</sup><br>|  | 170 | 169124 |
| DBGS, Series 2024-SBL, Class A, (1 mo. Term SOFR <br> + 1.88%), 6.20%, 08/15/34<sup>(a)(b)</sup><br>|  | 260 | 258862 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, <br> 6.14%, 06/10/37<sup>(a)(b)</sup><br>|  | 100 | 101062 |
| DC Trust, Series 2024-HLTN, Class A, 5.93%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 10 | 10089 |
| DK Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-SPBX, Class A, (1 mo. Term SOFR + <br> 1.50%), 5.82%, 03/15/34<br>|  | 72 | 71910 |
| Series 2024-SPBX, Class E, (1 mo. Term SOFR + <br> 4.00%), 8.32%, 03/15/34<br>|  | 204 | 203182 |
| ELM Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-ELM, Class A10, 5.99%, 06/10/39 |  | 75 | 76044 |
| Series 2024-ELM, Class A15, 5.99%, 06/10/39 |  | 75 | 75431 |
| Series 2024-ELM, Class E10, 8.05%, 06/10/39 |  | 95 | 95514 |
| Series 2024-ELM, Class XP10, 0.24%, 06/10/39 |  | 1000 | 2495 |
| Series 2024-ELM, Class XP15, 1.61%, 06/10/39 |  | 1005 | 16643 |
| EQT Trust, Series 2024-EXTR, Class A, 5.33%, <br> 07/05/41<sup>(a)(b)</sup><br>|  | 350 | 357475 |
| Extended Stay America Trust, Series 2021-ESH, <br> Class F, (1 mo. Term SOFR + 3.81%), 8.14%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 620 | 611940 |
| Fashion Show Mall LLC, Series 2024-SHOW, <br> Class A, 5.27%, 10/10/41<sup>(a)(b)</sup><br>|  | 17 | 17162 |
| Fontainebleau Miami Beach Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-FBLU, Class A, (1 mo. Term SOFR + <br> 1.45%), 5.77%, 12/15/39<br>|  | 700 | 694312 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Fontainebleau Miami Beach Mortgage <br> Trust<sup>(a)(b)</sup> (continued)<br>|  |  |  |
| Series 2024-FBLU, Class G, (1 mo. Term SOFR + <br> 5.65%), 9.97%, 12/15/39<br>| USD | 100 | $99209 |
| FS Rialto Issuer LLC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-FL9, Class A, (1 mo. Term SOFR + <br> 1.63%), 5.95%, 10/19/39<br>|  | 100 | 99807 |
| Series 2025-FL10, Class A, (1 mo. Term SOFR + <br> 1.39%), 5.71%, 08/19/42<br>|  | 780 | 770964 |
| Great Wolf Trust, Series 2024-WOLF, Class A, (1 mo. <br> Term SOFR + 1.54%), 5.86%, 03/15/39<sup>(a)(b)</sup><br>|  | 100 | 99781 |
| GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-ECI, Class A, (1 mo. Term SOFR + <br> 2.19%), 6.52%, 08/15/39<br>|  | 570 | 569822 |
| Series 2023-FUN, Class B, (1 mo. Term SOFR + <br> 2.79%), 7.11%, 03/15/28<br>|  | 510 | 510797 |
| Series 2023-SHIP, Class C, 5.69%, 09/10/38 |  | 530 | 528565 |
| Series 2023-SHIP, Class E, 7.68%, 09/10/38 |  | 132 | 132916 |
| Series 2024-RVR, Class E, 7.72%, 08/10/41 |  | 37 | 36889 |
| GS Mortgage Securities Trust |  |  |  |
| Series 2015-GC32, Class C, 4.56%, 07/10/48<sup>(a)</sup> |  | 56 | 54601 |
| Series 2017-GS8, Class A4, 3.47%, 11/10/50 |  | 300 | 291091 |
| Series 2019-GSA1, Class AS, 3.34%, 11/10/52 |  | 190 | 177378 |
| Series 2025-800D, Class A, (1 mo. Term SOFR + <br> 2.65%), 6.97%, 11/25/41<sup>(a)(b)</sup><br>|  | 210 | 209198 |
| GWT, Series 2024-WLF2, Class A, (1 mo. Term <br> SOFR + 1.69%), 6.01%, 05/15/41<sup>(a)(b)</sup><br>|  | 197 | 196938 |
| HIH Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-2061, Class A, (1 mo. Term SOFR + <br> 1.84%), 6.16%, 10/15/41<br>|  | 70 | 69825 |
| Series 2024-2061, Class D, (1 mo. Term SOFR + <br> 3.64%), 7.96%, 10/15/41<br>|  | 30 | 29587 |
| HILT Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-ORL, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.86%, 05/15/37<br>|  | 100 | 99562 |
| Series 2024-ORL, Class D, (1 mo. Term SOFR + <br> 3.19%), 7.51%, 05/15/37<br>|  | 100 | 98125 |
| HLTN Commercial Mortgage Trust, Series 2024-<br> DPLO, Class A, (1 mo. Term SOFR + 1.64%), <br> 5.96%, 06/15/41<sup>(a)(b)</sup><br>|  | 37 | 36769 |
| Hono Lulu Mortgage Trust, Series 2021-LULU, <br> Class A, (1 mo. Term SOFR + 1.26%), 5.59%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 100 | 98750 |
| Houston Galleria Mall Trust, Series 2025-HGLR, <br> Class A, 5.64%, 02/05/45<sup>(a)(b)</sup><br>|  | 158 | 160746 |
| HTL Commercial Mortgage Trust, Series 2024-T53, <br> Class E, 10.60%, 05/10/39<sup>(a)(b)</sup><br>|  | 100 | 102829 |
| INV Mortgage Trust, Series 2024-IND, Class A, (1 mo. <br> Term SOFR + 1.74%), 6.06%, 11/15/41<sup>(a)(b)</sup><br>|  | 100 | 99750 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust<br>|  |  |  |
| Series 2016-JP2, Class A4, 2.82%, 08/15/49 |  | 133 | 129884 |
| Series 2021-MHC, Class E, (1 mo. Term SOFR + <br> 2.81%), 7.14%, 04/15/38<sup>(a)(b)</sup><br>|  | 10 | 9931 |
| Series 2024-IGLG, Class A, 5.35%, 11/09/39<sup>(a)(b)</sup> |  | 160 | 161487 |
| Series 2024-IGLG, Class D, 6.70%, 11/09/39<sup>(a)(b)</sup> |  | 41 | 41071 |
| Series 2024-IGLG, Class E, 7.50%, 11/09/39<sup>(a)(b)</sup> |  | 137 | 137077 |
| Series 2024-IGLG, Class F, 8.49%, 11/09/39<sup>(a)(b)</sup> |  | 118 | 116831 |
| Series 2025-BHR5, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.02%, 03/15/40<sup>(a)(b)</sup><br>|  | 261 | 258390 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| JPMCC Commercial Mortgage Securities Trust, <br> Series 2019-COR5, Class A3, 3.12%, 06/13/52<br>| USD | 40 | $38251 |
| JW Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-MRCO, Class A, (1 mo. Term SOFR + <br> 1.62%), 5.94%, 06/15/39<br>|  | 119 | 118331 |
| Series 2024-MRCO, Class D, (1 mo. Term SOFR + <br> 3.19%), 7.51%, 06/15/39<br>|  | 88 | 86539 |
| JW Trust, Series 2024-BERY, Class A, (1 mo. Term <br> SOFR + 1.59%), 5.91%, 11/15/39<sup>(a)(b)</sup><br>|  | 600 | 597000 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, <br> Class A, (1 mo. Term SOFR + 1.54%), 5.86%, <br> 12/15/39<sup>(a)(b)</sup><br>|  | 100 | 99063 |
| Last Mile Logistics Pan Euro Finance DAC, <br> Series 1X, Class E, (3-mo. EURIBOR + 2.70%), <br> 5.26%, 08/17/33<sup>(a)(c)</sup><br>| EUR | 459 | 511940 |
| Last Mile Securities, Series 2021-1X, Class D, (3-mo. <br> EURIBOR + 2.35%), 4.91%, 08/17/31<sup>(a)(c)</sup><br>|  | 232 | 261409 |
| LBA Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-7IND, Class A, (1 mo. Term SOFR + <br> 1.44%), 5.76%, 10/15/41<br>| USD | 60 | 59963 |
| Series 2024-7IND, Class D, (1 mo. Term SOFR + <br> 2.64%), 6.96%, 10/15/41<br>|  | 17 | 16740 |
| Series 2024-BOLT, Class F, (1 mo. Term SOFR + <br> 4.44%), 8.76%, 06/15/39<br>|  | 16 | 15718 |
| Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2007-2A, Class M1, (1 mo. <br> Term SOFR + 0.51%), 4.84%, 06/25/37<sup>(a)(b)</sup><br>|  | 12 | 11568 |
| LoanCore, Series 2025-CRE8, Class A, (1 mo. Term <br> SOFR + 1.39%), 5.71%, 08/17/42<sup>(a)(b)</sup><br>|  | 427 | 422098 |
| MCR Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-HF1, Class A, (1 mo. Term SOFR + <br> 1.79%), 6.11%, 12/15/41<sup>(a)</sup><br>|  | 100 | 99875 |
| Series 2024-HTL, Class C, (1 mo. Term SOFR + <br> 3.11%), 7.43%, 02/15/37<sup>(a)</sup><br>|  | 81 | 80242 |
| Series 2024-TWA, Class A, 5.92%, 06/12/39 |  | 70 | 70737 |
| Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 37 | 37310 |
| Series 2024-TWA, Class XA, 0.92%, 06/12/39 |  | 332 | 4597 |
| MHC Commercial Mortgage Trust, Series 2021-MHC, <br> Class A, (1 mo. Term SOFR + 0.92%), 5.24%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 49 | 49296 |
| MHP Trust, Series 2021-STOR, Class G, (1 mo. Term <br> SOFR + 2.86%), 7.19%, 07/15/38<sup>(a)(b)</sup><br>|  | 250 | 246562 |
| MIC Trust, Series 2023-MIC, Class A, 8.73%, <br> 12/05/38<sup>(a)(b)</sup><br>|  | 31 | 33703 |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2016-UB11, Class A4, 2.78%, 08/15/49 |  | 305 | 297180 |
| Series 2019-H6, Class D, 3.00%, 06/15/52<sup>(b)</sup> |  | 10 | 7831 |
| Series 2024-NSTB, Class A, 3.90%, 09/24/57<sup>(a)(b)</sup> |  | 69 | 66347 |
| MSWF Commercial Mortgage Trust, Series 2023-2, <br> Class XA, 1.14%, 12/15/56<sup>(a)</sup><br>|  | 1113 | 67056 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, <br> Class A, (1 mo. Term SOFR + 1.40%), 5.73%, <br> 03/15/39<sup>(a)(b)</sup><br>|  | 100 | 99875 |
| NY Commercial Mortgage Trust, Series 2025-299P, <br> Class B, 6.13%, 02/10/47<sup>(a)(b)</sup><br>|  | 271 | 274634 |
| NYC Trust, Series 2024-3ELV, Class A, (1 mo. Term <br> SOFR + 1.99%), 6.31%, 08/15/29<sup>(a)(b)</sup><br>|  | 172 | 172005 |
| One New York Plaza Trust, Series 2020-1NYP, <br> Class A, (1 mo. Term SOFR + 1.06%), 5.39%, <br> 01/15/36<sup>(a)(b)</sup><br>|  | 112 | 108080 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Open Trust, Series 2023-AIR, Class A, (1 mo. Term <br> SOFR + 3.09%), 7.41%, 11/15/40<sup>(a)(b)</sup><br>| USD | 177 | $176884 |
| ORL Trust, Series 2024-GLKS, Class A, (1 mo. Term <br> SOFR + 1.49%), 5.81%, 12/15/39<sup>(a)(b)</sup><br>|  | 100 | 99375 |
| PGA Trust, Series 2024-RSR2, Class A, (1 mo. Term <br> SOFR + 1.89%), 6.21%, 06/15/39<sup>(a)(b)</sup><br>|  | 38 | 37846 |
| PRKCM Trust, Series 2025-PRM5, Class D, 5.81%, <br> 03/10/33<sup>(a)(b)</sup><br>|  | 489 | 487896 |
| ROCK Trust, Series 2024-CNTR, Class E, 8.82%, <br> 11/13/41<sup>(b)</sup><br>|  | 100 | 104541 |
| SCG Commercial Mortgage Trust, Series 2025-DLFN, <br> Class E, (1 mo. Term SOFR + 2.95%), 7.27%, <br> 03/15/35<sup>(a)(b)</sup><br>|  | 109 | 100815 |
| SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term <br> SOFR + 2.44%), 6.74%, 04/15/42<sup>(a)(b)</sup><br>|  | 100 | 99875 |
| SELF Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-STRG, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.86%, 11/15/34<br>|  | 70 | 70136 |
| Series 2024-STRG, Class E, (1 mo. Term SOFR + <br> 4.19%), 8.51%, 11/15/34<br>|  | 100 | 99065 |
| SG Commercial Mortgage Securities Trust, <br> Series 2019-PREZ, Class E, 3.59%, 09/15/39<sup>(a)(b)</sup><br>|  | 26 | 21585 |
| SHR Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-LXRY, Class A, (1 mo. Term SOFR + <br> 1.95%), 6.27%, 10/15/41<br>|  | 191 | 190224 |
| Series 2024-LXRY, Class D, (1 mo. Term SOFR + <br> 3.60%), 7.92%, 10/15/41<br>|  | 100 | 98969 |
| SREIT Trust, Series 2021-MFP, Class A, (1 mo. Term <br> SOFR + 0.85%), 5.17%, 11/15/38<sup>(a)(b)</sup><br>|  | 126 | 125276 |
| Taurus DAC, Series 2025-UK2X, Class D, (1-day <br> SONIA GBP 3.20%), 7.67%, 02/18/35<sup>(a)(c)</sup><br>| GBP | 190 | 250250 |
| TTAN<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-MHC, Class A, (1 mo. Term SOFR + <br> 0.96%), 5.29%, 03/15/38<br>| USD | 591 | 590286 |
| Series 2021-MHC, Class F, (1 mo. Term SOFR + <br> 3.01%), 7.34%, 03/15/38<br>|  | 69 | 68695 |
| TYSN Mortgage Trust, Series 2023-CRNR, Class A, <br> 6.80%, 12/10/33<sup>(a)(b)</sup><br>|  | 376 | 396441 |
| UBS Commercial Mortgage Trust, Series 2017-C4, <br> Class AS, 3.84%, 10/15/50<sup>(a)</sup><br>|  | 580 | 553168 |
| UK Logistics, Series 2025-1X, Class D, (1-day SONIA <br> GBP 4.00%), 8.46%, 05/17/35<sup>(a)(c)</sup><br>| GBP | 190 | 252939 |
| VEGAS<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-GCS, Class C, 6.42%, 07/10/36 | USD | 140 | 137067 |
| Series 2024-GCS, Class D, 6.42%, 07/10/36 |  | 330 | 308747 |
| VEGAS Trust, Series 2024-TI, Class A, 5.52%, <br> 11/10/39<sup>(b)</sup><br>|  | 60 | 60812 |
| Velocity Commercial Capital Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-1, Class AFX, 2.61%, 02/25/50 |  | 481 | 433438 |
| Series 2022-3, Class A, 5.22%, 06/25/52 |  | 155 | 150540 |
| Series 2023-2, Class M1, 7.03%, 05/25/53 |  | 114 | 114155 |
| Series 2024-1, Class A, 6.55%, 01/25/54 |  | 95 | 95231 |
| Series 2024-5, Class A, 5.49%, 10/25/54 |  | 98 | 96976 |
| Series 2025-1, Class M2, 6.98%, 02/25/55 |  | 1248 | 1251973 |
| Series 2025-1, Class M3, 7.33%, 02/25/55 |  | 100 | 99980 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2017-C40, Class A4, 3.58%, 10/15/50 |  | 200 | 195045 |
| Series 2019-C49, Class D, 3.00%, 03/15/52<sup>(b)</sup> |  | 10 | 8386 |
| Series 2024-1CHI, Class A, 5.48%, 07/15/35<sup>(a)(b)</sup> |  | 154 | 154776 |
| Series 2024-BPRC, Class B, 6.22%, 07/15/43<sup>(b)</sup> |  | 176 | 181487 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| Wells Fargo Commercial Mortgage Trust (continued) |  |  |  |
| Series 2024-BPRC, Class C, 6.43%, 07/15/43<sup>(b)</sup> | USD | 112 | $112895 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(b)</sup> |  | 50 | 50297 |
| Series 2024-BPRC, Class X, 0.31%, 07/15/43<sup>(a)(b)</sup> |  | 1390 | 12880 |
| WEST Trust, Series 2025-ROSE, Class A, 5.45%, <br> 04/10/30<sup>(a)(b)</sup><br>|  | 56 | 56403 |
|  |  |  | 37794710 |
| **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** | **Interest Only Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.0%** |
| JP Morgan Alternative Loan Trust, Series 2014-5, <br> Class 5C, 0.00%, 05/27/36<sup>(b)</sup><br>|  | 1369 | 231928 |
| Residential Asset Securitization Trust, Series 2007-<br> A9, Class A2, (1 mo. Term SOFR + 6.34%), 2.01%, <br> 09/25/37<br>|  | 1090 | 126318 |
|  |  |  | 358246 |
| **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $137,250,627)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $137,250,627)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $137,250,627)** | 136979696 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.0%**<sup>(a)</sup> | **Capital Trusts — 0.0%**<sup>(a)</sup> | **Capital Trusts — 0.0%**<sup>(a)</sup> | **Capital Trusts — 0.0%**<sup>(a)</sup> |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |  |
| Edison International, Series B, 5.00%<sup>(f)(p)</sup> |  | 106 | 93773 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| Prudential Financial, Inc., 5.38%, 05/15/45 |  | 20 | 19985 |
|  |  |  | 113758 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.0%** | **Preferred Stocks — 0.0%** | **Preferred Stocks — 0.0%** |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |  |
| Boeing Co., 6.00% | 750 | 46035 |
|  |  | 46035 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $152,374)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $152,374)** | 159793 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.4%** |  |
| Freddie Mac REMICS |  |  |  |
| Series 5513, Class FD, (30-day Avg SOFR + <br> 1.35%), 5.70%, 01/25/55<br>| USD | 1483 | 1480657 |
| Series 5516, Class FC, (30-day Avg SOFR + <br> 1.40%), 5.75%, 03/25/55<br>|  | 3506 | 3502019 |
|  |  |  | 4982676 |
| **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** | **Commercial Mortgage-Backed Securities — 0.0%** |  |
| Fannie Mae-Aces, Series 2021-M4, Class A2, 1.51%, <br> 02/25/31<sup>(a)</sup><br>|  | 150 | 128970 |
| Freddie Mac, Series 2024-P015, Class A1, 4.45%, <br> 11/25/32<sup>(a)</sup><br>|  | 44 | 43153 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates, Series KJ48, Class A2, 5.03%, <br> 10/25/31<br>| USD | 33 | $33835 |
| Ginnie Mae |  |  |  |
| Series 2023-119, Class AD, 2.25%, 04/16/65 |  | 40 | 31994 |
| Series 2023-50, Class AC, 3.25%, 09/16/63<sup>(a)</sup> |  | 23 | 21314 |
|  |  |  | 259266 |
| **Mortgage-Backed Securities — 39.4%** | **Mortgage-Backed Securities — 39.4%** | **Mortgage-Backed Securities — 39.4%** |  |
| Fannie Mae Mortgage-Backed Securities, 5.81%, <br> 06/01/31<br>|  | 123 | 129744 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| 2.50%, 10/01/31 |  | 144 | 138429 |
| 3.50%, 04/01/48 |  | 60 | 55133 |
| Ginnie Mae Mortgage-Backed Securities<sup>(q)</sup> <br>|  |  |  |
| 4.00%, 11/20/40 - 05/20/55 |  | 4144 | 3861952 |
| 3.50%, 09/20/46 - 06/15/54 |  | 12392 | 11268205 |
| 4.50%, 02/20/49 - 05/20/55 |  | 5367 | 5146809 |
| 3.00%, 06/20/50 - 05/20/55 |  | 8236 | 7293670 |
| 2.00%, 01/20/51 - 05/15/54 |  | 13975 | 11400727 |
| 2.50%, 10/20/51 - 05/20/55 |  | 11812 | 10066818 |
| 5.50%, 02/20/53 - 05/15/54 |  | 5825 | 5822100 |
| 6.50%, 10/20/53 - 01/20/55 |  | 2292 | 2344384 |
| 5.00%, 05/15/54 |  | 6389 | 6266639 |
| 6.00%, 05/15/54 - 07/20/54 |  | 3723 | 3765318 |
| Uniform Mortgage-Backed Securities<sup>(q)</sup> <br>|  |  |  |
| 3.50%, 05/13/26 - 08/01/52 |  | 24907 | 22596444 |
| 3.00%, 07/01/31 - 08/01/52 |  | 29240 | 25659940 |
| 2.50%, 01/01/35 - 05/15/54 |  | 44995 | 37940814 |
| 2.00%, 05/01/36 - 05/13/55 |  | 78106 | 63640031 |
| 1.50%, 09/01/36 - 10/01/51 |  | 5251 | 4286227 |
| 4.00%, 05/15/39 - 02/01/53 |  | 17924 | 16802671 |
| 4.50%, 05/15/39 - 05/13/55 |  | 32650 | 31280161 |
| 5.50%, 09/01/48 - 05/15/55<sup>(d)</sup> |  | 55864 | 55784974 |
| 5.00%, 06/01/52 - 05/15/54 |  | 18906 | 18521098 |
| 6.00%, 10/01/52 - 05/15/55 |  | 81637 | 82846908 |
| 6.50%, 08/01/53 - 05/15/55 |  | 22057 | 22733546 |
|  |  |  | 449652742 |
| **Total U.S. Government Sponsored Agency Securities — 39.8%** <br>**(Cost: $452,430,459)** | **Total U.S. Government Sponsored Agency Securities — 39.8%** <br>**(Cost: $452,430,459)** | **Total U.S. Government Sponsored Agency Securities — 39.8%** <br>**(Cost: $452,430,459)** | 454894684 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| 4.50%, 08/15/39 |  | 2100 | 2107793 |
| 1.13%, 05/15/40 - 08/15/40 |  | 5102 | 3176643 |
| 4.25%, 11/15/40 |  | 1024 | 989840 |
| 1.88%, 02/15/41 - 11/15/51 |  | 5643 | 3578222 |
| 4.75%, 02/15/41 - 11/15/43 |  | 4927 | 5013164 |
| 4.38%, 05/15/41 - 08/15/43 |  | 4433 | 4280230 |
| 3.75%, 08/15/41 - 11/15/43 |  | 6010 | 5308726 |
| 3.13%, 11/15/41 - 05/15/48 |  | 10876 | 8481405 |
| 2.38%, 02/15/42 - 05/15/51 |  | 1446 | 974124 |
| 3.00%, 05/15/42 - 08/15/52 |  | 14388 | 10869056 |
| 4.00%, 11/15/42 - 11/15/52 |  | 7400 | 6665356 |
| 3.88%, 02/15/43 |  | 918 | 830771 |
| 3.63%, 08/15/43 - 02/15/53 |  | 1593 | 1347334 |
| 3.38%, 05/15/44 - 11/15/48 |  | 1900 | 1575567 |
| 4.13%, 08/15/44 - 08/15/53 |  | 10167 | 9254339 |
| 4.63%, 11/15/44 - 02/15/55 |  | 796 | 787965 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
| U.S. Treasury Bonds (continued) |  |  |  |
| 2.75%, 11/15/47 | USD | 686 | $492875 |
| 2.25%, 08/15/49 |  | 1239 | 784859 |
| 1.63%, 11/15/50 |  | 909 | 484309 |
| 2.00%, 08/15/51 |  | 419 | 244444 |
| 2.88%, 05/15/52 |  | 2623 | 1868896 |
| 3.79%, 05/15/53 |  | 497 | 411657 |
| U.S. Treasury Notes |  |  |  |
| 4.50%, 07/15/26 - 11/15/33 |  | 6352 | 6513733 |
| 0.63%, 07/31/26 - 08/15/30 |  | 2983 | 2799898 |
| 4.63%, 10/15/26 - 02/15/35 |  | 5582 | 5772910 |
| 4.38%, 12/15/26 - 01/31/32 |  | 8398 | 8571275 |
| 4.00%, 01/15/27 - 02/15/34<sup>(f)</sup> |  | 23357 | 23573043 |
| 4.13%, 02/15/27 - 11/15/32 |  | 8856 | 8988391 |
| 4.25%, 03/15/27 - 06/30/31 |  | 4369 | 4446513 |
| 0.50%, 04/30/27 - 08/31/27 |  | 7684 | 7197055 |
| 2.25%, 08/15/27 |  | 1504 | 1460114 |
| 3.38%, 09/15/27 |  | 37 | 36829 |
| 0.38%, 09/30/27 |  | 1103 | 1021568 |
| 3.88%, 11/30/27 - 08/15/34 |  | 8296 | 8314962 |
| 1.25%, 03/31/28 - 05/31/28 |  | 3484 | 3252477 |
| 3.63%, 03/31/28 - 09/30/31 |  | 9180 | 9146881 |
| 3.75%, 04/15/28 - 12/31/28 |  | 4168 | 4185430 |
| 2.88%, 08/15/28 - 05/15/32 |  | 23713 | 23069027 |
| 1.13%, 08/31/28 |  | 1596 | 1472185 |
| 4.88%, 10/31/28 - 10/31/30 |  | 37399 | 39299688 |
| 2.38%, 03/31/29 |  | 1427 | 1361136 |
| 2.13%, 04/15/29 |  | 1895 | 1956454 |
| 3.25%, 06/30/29 |  | 1009 | 992683 |
| 3.13%, 08/31/29 |  | 4693 | 4588789 |
| 1.63%, 10/15/29 |  | 5119 | 5203095 |
| 1.50%, 02/15/30 |  | 1102 | 995933 |
| 3.50%, 04/30/30 |  | 21 | 20972 |
| 2.75%, 08/15/32 |  | 1074 | 991814 |
| **Total U.S. Treasury Obligations — 21.4%** <br>**(Cost: $240,176,125)** | **Total U.S. Treasury Obligations — 21.4%** <br>**(Cost: $240,176,125)** | **Total U.S. Treasury Obligations — 21.4%** <br>**(Cost: $240,176,125)** | 244760430 |
| **Total Long-Term Investments — 110.0%** <br>**(Cost: $1,246,495,947)** | **Total Long-Term Investments — 110.0%** <br>**(Cost: $1,246,495,947)** | **Total Long-Term Investments — 110.0%** <br>**(Cost: $1,246,495,947)** | 1255996062 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Foreign Agency Obligations — 0.0%** | **Foreign Agency Obligations — 0.0%** | **Foreign Agency Obligations — 0.0%** |  |
| Egypt Treasury Bills<sup>(r)</sup> <br>|  |  |  |
| 26.37%, 11/18/25 | EGP | 900 | 15513 |
| 26.90%, 12/16/25 |  | 1400 | 23610 |
| Nigeria Treasury Bills, 0.00%, 12/11/25<sup>(r)</sup> | NGN | 79800 | 44043 |
|  |  |  | 83166 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 20.7%** | **Money Market Funds — 20.7%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(n)(s)(t)</sup><br>| 21275128 | $21283638 |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(n)(s)</sup><br>| 215079046 | 215079046 |
|  |  | 236362684 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |  |
| U.S. Treasury Notes, 4.63%, 03/15/26 | 3023 | 3040123 |
| **Total Short-Term Securities — 21.0%** <br>**(Cost: $239,468,850)** | **Total Short-Term Securities — 21.0%** <br>**(Cost: $239,468,850)** | 239485973 |
| **Options Purchased — 0.1%** <br>**(Cost: $932,512)** | **Options Purchased — 0.1%** <br>**(Cost: $932,512)** | 1011457 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 131.1%** <br>**(Cost: $1,486,897,309)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 131.1%** <br>**(Cost: $1,486,897,309)** | 1496493492 |
| **TBA Sale Commitments**<sup>(q)</sup> | **TBA Sale Commitments**<sup>(q)</sup> | **TBA Sale Commitments**<sup>(q)</sup> |
| **Mortgage-Backed Securities — (8.8)%** | **Mortgage-Backed Securities — (8.8)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 2.00%, 05/15/54 | (667)<br>| (543934)<br>|
| 2.50%, 05/20/55 | (548)<br>| (466785)<br>|
| 3.00%, 05/20/55 | (1317)<br>| (1165546)<br>|
| 3.50%, 03/20/52 | (3544)<br>| (3219468)<br>|
| 4.00%, 05/20/55 | (166)<br>| (154487)<br>|
| 4.50%, 05/20/55 | (658)<br>| (629777)<br>|
| 5.00%, 05/15/54 | (870)<br>| (853338)<br>|
| 5.50%, 05/15/54 | (184)<br>| (183902)<br>|
| 6.00%, 05/15/54 | (109)<br>| (110239)<br>|
| 6.50%, 05/15/54 | (115)<br>| (117556)<br>|
| Uniform Mortgage-Backed Securities |  |  |
| 2.00%, 05/15/39 - 05/13/55 | (4644)<br>| (3805906)<br>|
| 2.50%, 05/15/39 - 05/15/54 | (6161)<br>| (5152275)<br>|
| 3.00%, 03/25/37 - 02/25/52 | (1838)<br>| (1617199)<br>|
| 3.50%, 05/15/39 - 03/25/52 | (6165)<br>| (5572517)<br>|
| 4.00%, 05/15/39 - 06/25/52 | (1501)<br>| (1399873)<br>|
| 4.50%, 05/15/39 - 05/13/55 | (32939)<br>| (31494441)<br>|
| 5.00%, 05/15/54 | (844)<br>| (825631)<br>|
| 5.50%, 05/15/55 | (2929)<br>| (2922577)<br>|
| 6.00%, 06/15/54 - 05/15/55 | (24508)<br>| (24854586)<br>|
| 6.50%, 06/15/54 - 05/15/55 | (14757)<br>| (15183244)<br>|
| **Total TBA Sale Commitments — (8.8)%** <br>**(Proceeds: $(100002938))** | **Total TBA Sale Commitments — (8.8)%** <br>**(Proceeds: $(100002938))** | (100273281)<br>|
| **Options Written — (0.0)%** <br>**(Premiums Received: $(81665))** | **Options Written — (0.0)%** <br>**(Premiums Received: $(81665))** | (78883)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 122.3%** <br>**(Cost: $1,386,812,706)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 122.3%** <br>**(Cost: $1,386,812,706)** | 1396141328 |
| **Liabilities in Excess of Other Assets — (22.3)%** | **Liabilities in Excess of Other Assets — (22.3)%** | (254222229)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1141919099 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(d)</sup> When-issued security.

<sup>(e)</sup> Non-income producing security.

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

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $259,601, representing less than 0.05% of its net assets as of period end, and an original cost of $258,522. 

<sup>(h)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(i)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(j)</sup> Convertible security.

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

<sup>(k)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(l)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(m)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. 

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

<sup>(o)</sup> U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. 

<sup>(p)</sup> Perpetual security with no stated maturity date.

<sup>(q)</sup> Represents or includes a TBA transaction.

<sup>(r)</sup> Zero-coupon bond.

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

<sup>(t)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $10501666 | $10785952 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(1798)<br>| $(2182)<br>| $21283638 | 21275128 | $32310 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 131729503 | 83349543 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 215079046 | 215079046 | 3592916 | &nbsp;&nbsp; — |
| iShares 0-5 Year High Yield Corporate Bond ETF |  | 1253560 | &nbsp;&nbsp; (92111)<br>| (1888)<br>| (21237)<br>| 1138324 | 26898 | 28514 | &nbsp;&nbsp; — |
|  |  |  |  | $(3686)<br>| $(23419)<br>| $237501008 |  | $3653740 | &nbsp;&nbsp; $— |

---

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

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

<sup>(b)</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. 

**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  |  |  |  |  |
| Euro BOBL | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; $136 | &nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>|
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7659 | &nbsp;&nbsp;&nbsp;&nbsp; 120060 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 39567 | &nbsp;&nbsp;&nbsp;&nbsp; 291405 |
| U.S. Long Bond | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17158 | &nbsp;&nbsp;&nbsp;&nbsp; 17127 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 18620 | &nbsp;&nbsp;&nbsp;&nbsp; 646619 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11482 | &nbsp;&nbsp;&nbsp;&nbsp; 55795 |
| Long Gilt | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; 06/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 63688 | &nbsp;&nbsp;&nbsp;&nbsp; 792661 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 160549 | &nbsp;&nbsp;&nbsp;&nbsp; 492777 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 90209 | &nbsp;&nbsp;&nbsp;&nbsp; 1438769 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3855201 |
| Short Contracts  |  |  |  |  |
| 30-Year Euro Buxl Bond | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; (29156)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| Short Contracts (continued) |  |  |  |  |
| Euro Bund | &nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; $36874 | &nbsp;&nbsp;&nbsp;&nbsp; $(745961)<br>|
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4566 | &nbsp;&nbsp;&nbsp;&nbsp; (15662)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12252 | &nbsp;&nbsp;&nbsp;&nbsp; (18038)<br>|
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28275 | &nbsp;&nbsp;&nbsp;&nbsp; (422161)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 20155 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; (39327)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp; (119264)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp; (1582)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8310 | &nbsp;&nbsp;&nbsp;&nbsp; (41114)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1412229)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2442972 |

---

**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>|
| KRW | 90520000 | USD | 62000 | Citibank N.A. | 05/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1679 |
| BRL | 136500 | USD | 24000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| BRL | 137952 | USD | 24000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 |
| BRL | 218781 | USD | 37000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| BRL | 217745 | USD | 37000 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| BRL | 890131 | USD | 154400 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| TRY | 938000 | USD | 23826 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| USD | 24113 | BRL | 136500 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| USD | 24370 | BRL | 137952 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| USD | 38648 | BRL | 218781 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| USD | 24945 | BRL | 141211 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| USD | 38465 | BRL | 217745 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| USD | 157245 | BRL | 890131 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| TRY | 257300 | USD | 6651 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| TRY | 358599 | USD | 9195 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| TRY | 1058715 | USD | 27263 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| TRY | 3617758 | USD | 92763 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| TRY | 393764 | USD | 10066 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| TRY | 433793 | USD | 11096 | UBS AG | 05/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| TRY | 977363 | USD | 25000 | UBS AG | 05/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| USD | 98400 | EUR | 86385 | Morgan Stanley & Co. International PLC | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 |
| USD | 38380 | ZAR | 703258 | UBS AG | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| USD | 55069 | ZAR | 1001759 | UBS AG | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| ZAR | 738844 | USD | 37306 | UBS AG | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2386 |
| EGP | 1242798 | USD | 23450 | Societe Generale | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 |
| TRY | 246960 | USD | 6000 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| TRY | 583000 | USD | 14649 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| TRY | 1757763 | USD | 42680 | State Street Bank and Trust Co. | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1805 |
| AUD | 26000 | USD | 16567 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| AUD | 58270 | USD | 37134 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| CAD | 120719 | USD | 87120 | Toronto-Dominion Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
| CNH | 1055594 | USD | 145000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| COP | 216809465 | GBP | 37480 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181 |
| GBP | 140520 | USD | 185904 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| IDR | 1230196000 | USD | 73000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1260 |
| IDR | 621896000 | USD | 37000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| INR | 4414471 | USD | 50720 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 |
| MXN | 730565 | USD | 37000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| MXN | 4642242 | USD | 231110 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4868 |
| MYR | 216358 | USD | 49150 | Royal Bank of Canada | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| NOK | 250071 | USD | 24000 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38 |
| NOK | 253730 | USD | 24000 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| PEN | 545485 | USD | 146000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2677 |
| USD | 116076 | EUR | 101843 | Toronto-Dominion Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |
| ZAR | 906324 | USD | 48000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 |
| TRY | 429366 | USD | 10441 | Barclays Bank PLC | 06/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
| BRL | 916987 | USD | 159900 | Goldman Sachs International | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 |
| AUD | 290000 | USD | 183618 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| AUD | 260000 | USD | 163822 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2807 |
| AUD | 50000 | USD | 30215 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| AUD | 230000 | USD | 139340 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8063 |
| AUD | 480000 | USD | 303327 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4295 |
| AUD | 470000 | USD | 284590 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16624 |
| AUD | 3820000 | USD | 2410668 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37495 |
| BRL | 370000 | USD | 63735 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| BRL | 355000 | USD | 60996 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 |
| BRL | 2840000 | USD | 481609 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13534 |
| BRL | 140000 | USD | 23427 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981 |
| BRL | 290000 | USD | 49421 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| BRL | 355000 | USD | 60939 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |
| BRL | 380000 | USD | 63076 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3176 |
| BRL | 400000 | USD | 66920 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2819 |
| BRL | 470000 | USD | 81618 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| BRL | 470000 | USD | 80742 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201 |
| BRL | 180000 | USD | 30290 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| BRL | 3718565 | USD | 626000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22317 |
| CAD | 190000 | USD | 133114 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5039 |
| CAD | 360000 | USD | 251420 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10346 |
| CAD | 460000 | USD | 326876 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7601 |
| CAD | 90000 | USD | 65009 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432 |
| CAD | 70000 | USD | 50707 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| CAD | 240000 | USD | 174045 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| CAD | 4441 | USD | 3096 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| CAD | 315559 | USD | 219995 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9456 |
| CAD | 370000 | USD | 259031 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10005 |
| CAD | 420000 | USD | 304605 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788 |
| CAD | 240000 | USD | 173088 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422 |
| CAD | 290000 | USD | 203795 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7072 |
| CAD | 280000 | USD | 203423 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| CAD | 60000 | USD | 41917 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1711 |
| CAD | 190000 | USD | 132302 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5852 |
| CAD | 380000 | USD | 275129 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| CHF | 110000 | USD | 125802 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8186 |
| CHF | 130000 | USD | 149062 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9286 |
| CHF | 140000 | USD | 161424 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9105 |
| CHF | 200000 | USD | 237662 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| CHF | 210000 | USD | 240618 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15176 |
| CHF | 60000 | USD | 68609 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475 |
| CHF | 170000 | USD | 194290 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12781 |
| CHF | 220000 | USD | 251936 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16038 |
| CHF | 100000 | USD | 116864 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4942 |
| CHF | 140000 | USD | 160011 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10519 |
| CHF | 130000 | USD | 149121 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9228 |
| CHF | 140000 | USD | 159849 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10681 |
| CHF | 170000 | USD | 203868 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3204 |
| CLP | 188000000 | USD | 197127 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356 |
| COP | 500000000 | USD | 114641 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942 |
| CZK | 1100000 | USD | 48006 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984 |
| CZK | 3600000 | USD | 163521 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| CZK | 1300000 | USD | 56421 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2658 |
| CZK | 3200000 | USD | 139136 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6289 |
| CZK | 1700000 | USD | 74367 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2890 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| EUR | 120000 | USD | 133119 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3190 |
| EUR | 280000 | USD | 305251 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12804 |
| EUR | 210000 | USD | 228212 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10329 |
| EUR | 200000 | USD | 219431 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7751 |
| EUR | 110000 | USD | 122459 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| EUR | 4385000 | USD | 4778356 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202611 |
| GBP | 220000 | USD | 283916 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9330 |
| GBP | 410000 | USD | 536929 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9576 |
| GBP | 40000 | USD | 53065 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| GBP | 140000 | USD | 181301 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| GBP | 200000 | USD | 258384 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8203 |
| GBP | 220000 | USD | 291158 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2089 |
| GBP | 340000 | USD | 436099 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17100 |
| GBP | 150000 | USD | 193943 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5997 |
| GBP | 10000 | USD | 12938 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| GBP | 120000 | USD | 158160 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1793 |
| GBP | 170000 | USD | 219951 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6649 |
| GBP | 130000 | USD | 169260 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4022 |
| GBP | 290000 | USD | 369288 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17264 |
| GBP | 50000 | USD | 64553 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| GBP | 110000 | USD | 145669 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955 |
| GBP | 110000 | USD | 144730 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| GBP | 660000 | USD | 849499 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30240 |
| GBP | 634000 | USD | 820045 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25038 |
| GBP | 70000 | USD | 90239 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3067 |
| GBP | 80000 | USD | 103611 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3024 |
| HUF | 11000000 | USD | 29494 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| HUF | 18000000 | USD | 50144 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| HUF | 38000000 | USD | 104880 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| HUF | 8000000 | USD | 22140 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| HUF | 49000000 | USD | 131602 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347 |
| HUF | 13000000 | USD | 36147 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| HUF | 18000000 | USD | 50046 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| HUF | 7000000 | USD | 18942 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622 |
| HUF | 120000000 | USD | 320321 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15065 |
| IDR | 870000000 | USD | 52273 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| IDR | 1040000000 | USD | 61672 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| IDR | 1850000000 | USD | 109685 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| IDR | 1980000000 | USD | 117255 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172 |
| IDR | 2010000000 | USD | 119773 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 |
| IDR | 2080000000 | USD | 122937 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2522 |
| IDR | 2440000000 | USD | 144768 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406 |
| IDR | 2090000000 | USD | 123625 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| INR | 1100000 | USD | 12691 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| INR | 2100000 | USD | 24427 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |
| INR | 3100000 | USD | 35574 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 |
| INR | 10800000 | USD | 123433 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3799 |
| INR | 17100000 | USD | 194495 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6956 |
| JPY | 40000000 | USD | 276277 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963 |
| JPY | 5000000 | USD | 34332 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823 |
| JPY | 10000000 | USD | 66842 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3468 |
| JPY | 8000000 | USD | 53813 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435 |
| JPY | 23000000 | USD | 157761 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952 |
| JPY | 6000000 | USD | 40163 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| JPY | 280000000 | USD | 1929343 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39343 |
| KRW | 505000000 | USD | 344472 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10983 |
| KRW | 65000000 | USD | 45669 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| KRW | 105000000 | USD | 72038 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1868 |
| KRW | 165000000 | USD | 113150 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| KRW | 190000000 | USD | 130509 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3227 |
| KRW | 465000000 | USD | 315888 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11412 |
| KRW | 100000000 | USD | 70172 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| KRW | 125000000 | USD | 87892 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92 |
| KRW | 135000000 | USD | 92783 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2240 |
| KRW | 170000000 | USD | 117887 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771 |
| KRW | 205000000 | USD | 143314 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 |
| KRW | 110000000 | USD | 75450 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976 |
| MXN | 700000 | USD | 34875 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| MXN | 1500000 | USD | 73655 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2383 |
| MXN | 1600000 | USD | 78429 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2679 |
| MXN | 2000000 | USD | 99162 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| MXN | 2500000 | USD | 126358 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| MXN | 600000 | USD | 28991 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| MXN | 1265000 | USD | 62365 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| MXN | 3100000 | USD | 157144 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| MXN | 1100000 | USD | 53543 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 |
| MXN | 1700000 | USD | 82377 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 |
| MXN | 2535000 | USD | 125137 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3368 |
| MXN | 3400000 | USD | 171931 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| MXN | 1700000 | USD | 83944 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2233 |
| MXN | 400000 | USD | 19515 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762 |
| MXN | 400000 | USD | 19510 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 767 |
| MXN | 2000000 | USD | 98488 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897 |
| NOK | 1900000 | USD | 174464 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8172 |
| NOK | 1000000 | USD | 96051 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| NOK | 500000 | USD | 45565 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| NOK | 400000 | USD | 37844 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 |
| NOK | 6000000 | USD | 561554 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15190 |
| NOK | 800000 | USD | 75689 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| NOK | 800000 | USD | 73071 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3828 |
| NOK | 4100000 | USD | 382087 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12022 |
| NZD | 160000 | USD | 89622 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5553 |
| NZD | 280000 | USD | 159202 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7355 |
| NZD | 70000 | USD | 40098 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| NZD | 190000 | USD | 110495 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2525 |
| NZD | 330000 | USD | 190484 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5815 |
| NZD | 60000 | USD | 34301 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| NZD | 200000 | USD | 111977 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6992 |
| NZD | 90000 | USD | 51829 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707 |
| NZD | 620000 | USD | 353377 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15427 |
| NZD | 370000 | USD | 214669 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5424 |
| PHP | 1400000 | USD | 24544 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| PHP | 1900000 | USD | 33222 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| PHP | 1400000 | USD | 24687 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 |
| PHP | 2100000 | USD | 36619 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991 |
| PHP | 3900000 | USD | 67890 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| PHP | 7200000 | USD | 126787 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| PHP | 10600000 | USD | 186880 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962 |
| PHP | 11000000 | USD | 191987 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5018 |
| PHP | 5500000 | USD | 95936 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567 |
| PHP | 2900000 | USD | 51888 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| PHP | 2900000 | USD | 50589 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| PLN | 300000 | USD | 76439 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834 |
| PLN | 150000 | USD | 38090 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| PLN | 150000 | USD | 38868 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769 |
| PLN | 200000 | USD | 51738 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| SEK | 800000 | USD | 80238 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2752 |
| SEK | 1300000 | USD | 131100 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3759 |
| SEK | 1300000 | USD | 129850 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5009 |
| SEK | 2700000 | USD | 268595 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11496 |
| SEK | 400000 | USD | 40041 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| SEK | 100000 | USD | 10095 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| SEK | 800000 | USD | 80355 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635 |
| SEK | 1100000 | USD | 109451 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| SEK | 2800000 | USD | 279460 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11004 |
| SEK | 1300000 | USD | 132979 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880 |
| SEK | 300000 | USD | 30850 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| SEK | 400000 | USD | 39919 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| SEK | 1100000 | USD | 109351 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4760 |
| SEK | 1400000 | USD | 140197 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| SEK | 1700000 | USD | 168580 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7774 |
| SGD | 70000 | USD | 52819 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| SGD | 140000 | USD | 107024 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 |
| SGD | 80000 | USD | 61252 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 |
| SGD | 140000 | USD | 107323 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| SGD | 730000 | USD | 550833 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9458 |
| THB | 4000000 | USD | 120004 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| THB | 4000000 | USD | 119951 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| THB | 600000 | USD | 18003 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| THB | 4600000 | USD | 136585 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| THB | 3500000 | USD | 105048 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| TWD | 10100000 | USD | 315771 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| TWD | 1000000 | USD | 31309 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| TWD | 1400000 | USD | 43699 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| TWD | 1800000 | USD | 55176 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| TWD | 3000000 | USD | 90717 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3620 |
| TWD | 3400000 | USD | 103956 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2959 |
| TWD | 14900000 | USD | 452695 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15845 |
| TWD | 3200000 | USD | 98075 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 |
| TWD | 1500000 | USD | 46703 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| TWD | 3600000 | USD | 109763 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3441 |
| TWD | 1100000 | USD | 33554 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| TWD | 9800000 | USD | 307178 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989 |
| USD | 83344 | AUD | 130000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| USD | 31504 | BRL | 180000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| USD | 329046 | CHF | 270000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| USD | 49270 | CHF | 40000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| USD | 36542 | CHF | 30000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | 49441 | CHF | 40000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 |
| USD | 122441 | CHF | 100000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 |
| USD | 235425 | CHF | 190000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3993 |
| USD | 61577 | CHF | 50000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674 |
| USD | 36840 | CLP | 34000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 |
| USD | 50944 | CLP | 48000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| USD | 62021 | CLP | 57000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| USD | 38066 | CLP | 35000000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| USD | 71870 | CLP | 67000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| USD | 149204 | CLP | 140000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| USD | 28522 | COP | 120000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| USD | 33119 | COP | 140000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
| USD | 75701 | COP | 320000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| USD | 95677 | COP | 400000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| USD | 21291 | COP | 90000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| USD | 27348 | CZK | 600000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| USD | 34285 | EUR | 30000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| USD | 307896 | EUR | 270000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| USD | 309073 | EUR | 270000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2377 |
| USD | 11385 | EUR | 10000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| USD | 170853 | EUR | 150000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| USD | 171295 | EUR | 150000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 |
| USD | 216706 | EUR | 190000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| USD | 125483 | EUR | 110000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| USD | 71956 | EUR | 63000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| USD | 119902 | IDR | 1980000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474 |
| USD | 44036 | IDR | 730000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| USD | 38633 | IDR | 640000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| USD | 66936 | JPY | 9426000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $661 |
| USD | 56462 | JPY | 8000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| USD | 84580 | JPY | 12000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| USD | 405909 | JPY | 56571000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8157 |
| USD | 28329 | KRW | 40000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| USD | 48263 | NOK | 500000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| USD | 281 | NZD | 471 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 77855 | NZD | 130000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| USD | 77240 | NZD | 129529 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| USD | 150315 | NZD | 250000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1604 |
| USD | 47760 | NZD | 80000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| USD | 66337 | PLN | 250000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| USD | 66207 | PLN | 250000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| USD | 79786 | PLN | 300000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| USD | 72767 | SEK | 700000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| USD | 125714 | SEK | 1200000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229 |
| USD | 93470 | SEK | 900000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| USD | 301639 | SEK | 2900000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 |
| USD | 94208 | SEK | 900000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 |
| USD | 87592 | ZAR | 1600000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872 |
| ZAR | 200000 | USD | 10550 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| ZAR | 200000 | USD | 10077 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| USD | 4898 | EUR | 4301 | Morgan Stanley & Co. International PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 110832 | CZK | 2434086 | Toronto-Dominion Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| USD | 274073 | CZK | 6017010 | Toronto-Dominion Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203058 |
| USD | 62927 | KRW | 90520000 | Citibank N.A. | 05/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (753)<br>|
| BRL | 111272 | USD | 19657 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| BRL | 144988 | USD | 25613 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| BRL | 212706 | USD | 37575 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>|
| BRL | 214785 | USD | 37943 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96)<br>|
| BRL | 141211 | USD | 25000 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>|
| BRL | 910631 | USD | 160866 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407)<br>|
| BRL | 145000 | USD | 25615 | Societe Generale | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| USD | 18500 | BRL | 111272 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1107)<br>|
| USD | 25000 | BRL | 144988 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (548)<br>|
| USD | 36000 | BRL | 212706 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1480)<br>|
| USD | 37000 | BRL | 214785 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (847)<br>|
| USD | 159900 | BRL | 910631 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559)<br>|
| USD | 25000 | BRL | 145000 | Societe Generale | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (550)<br>|
| USD | 16634 | TRY | 645947 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106)<br>|
| USD | 36474 | TRY | 1414640 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187)<br>|
| USD | 37807 | TRY | 1466260 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192)<br>|
| USD | 144598 | TRY | 5609608 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (779)<br>|
| EUR | 103040 | USD | 117313 | Toronto-Dominion Bank | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (521)<br>|
| USD | 24145 | EUR | 23115 | UBS AG | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2055)<br>|
| USD | 318592 | ZAR | 5944319 | UBS AG | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (747)<br>|
| USD | 247805 | COP | 1082258082 | Citibank N.A. | 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7913)<br>|
| USD | 72000 | TWD | 2319120 | Citibank N.A. | 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (552)<br>|
| AUD | 57000 | USD | 36545 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| CLP | 22713600 | USD | 24000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| CZK | 2666345 | USD | 121360 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (251)<br>|
| EUR | 6640 | USD | 7561 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| EUR | 32000 | USD | 36879 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>|
| EUR | 236970 | USD | 270280 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1456)<br>|
| JPY | 5261912 | USD | 37000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| PLN | 64150 | USD | 17000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
| PLN | 169562 | USD | 45000 | UBS AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171)<br>|
| THB | 2027518 | USD | 61000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205)<br>|
| THB | 458734 | USD | 13920 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165)<br>|
| USD | 36937 | AUD | 58000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| USD | 87120 | CAD | 120865 | State Street Bank and Trust Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(670)<br>|
| USD | 25000 | CLP | 24055000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (399)<br>|
| USD | 21903 | CLP | 21290154 | Societe Generale | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (577)<br>|
| USD | 93730 | COP | 407022525 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2267)<br>|
| USD | 88758 | GBP | 67000 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (541)<br>|
| USD | 35912 | GBP | 27000 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74)<br>|
| USD | 50475 | IDR | 838534684 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143)<br>|
| USD | 5000 | INR | 429510 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68)<br>|
| USD | 37000 | PEN | 136438 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187)<br>|
| USD | 109000 | PEN | 407279 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2007)<br>|
| USD | 61000 | SGD | 79981 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316)<br>|
| USD | 58760 | ZAR | 1108788 | State Street Bank and Trust Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (741)<br>|
| BRL | 142504 | USD | 25000 | Barclays Bank PLC | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75)<br>|
| USD | 37530 | MXN | 761085 | Morgan Stanley & Co. International PLC | 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1111)<br>|
| USD | 33886 | MXN | 719619 | State Street Bank and Trust Co. | 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2650)<br>|
| USD | 57258 | MXN | 1128168 | State Street Bank and Trust Co. | 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| CHF | 50000 | USD | 61021 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118)<br>|
| CLP | 58000000 | USD | 62012 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (777)<br>|
| CLP | 162000000 | USD | 172141 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1108)<br>|
| CLP | 19000000 | USD | 20435 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376)<br>|
| CLP | 1003000000 | USD | 1077556 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18629)<br>|
| CLP | 81000000 | USD | 86300 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (783)<br>|
| COP | 230000000 | USD | 54846 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757)<br>|
| COP | 2240000000 | USD | 531013 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4240)<br>|
| EUR | 233000 | USD | 264888 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221)<br>|
| EUR | 450000 | USD | 515309 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4149)<br>|
| GBP | 170000 | USD | 227567 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (968)<br>|
| GBP | 40000 | USD | 53468 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150)<br>|
| IDR | 450000000 | USD | 27283 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| IDR | 1570000000 | USD | 95650 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (952)<br>|
| IDR | 1660000000 | USD | 100348 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221)<br>|
| IDR | 17410000000 | USD | 1059260 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9141)<br>|
| JPY | 25000000 | USD | 179226 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3451)<br>|
| JPY | 18000000 | USD | 127421 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (862)<br>|
| JPY | 26000000 | USD | 183747 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (941)<br>|
| KRW | 95000000 | USD | 67022 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155)<br>|
| MXN | 3600000 | USD | 182558 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>|
| NOK | 1600000 | USD | 154587 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789)<br>|
| PLN | 150000 | USD | 39786 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149)<br>|
| PLN | 100000 | USD | 26825 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (401)<br>|
| PLN | 300000 | USD | 79582 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309)<br>|
| PLN | 900000 | USD | 238288 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469)<br>|
| PLN | 350000 | USD | 92887 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (401)<br>|
| SEK | 1400000 | USD | 145321 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88)<br>|
| THB | 1900000 | USD | 57095 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| THB | 1300000 | USD | 39244 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203)<br>|
| USD | 170037 | AUD | 270000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3001)<br>|
| USD | 62898 | AUD | 100000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1190)<br>|
| USD | 273445 | AUD | 430000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2133)<br>|
| USD | 62925 | AUD | 100000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1164)<br>|
| USD | 76334 | AUD | 120000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (572)<br>|
| USD | 242308 | AUD | 380000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1227)<br>|
| USD | 183501 | AUD | 290000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2355)<br>|
| USD | 234095 | AUD | 370000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3031)<br>|
| USD | 294798 | AUD | 460000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 108452 | AUD | 170000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498)<br>|
| USD | 127126 | AUD | 200000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1050)<br>|
| USD | 233390 | AUD | 370000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3736)<br>|
| USD | 52034 | BRL | 300000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269)<br>|
| USD | 134133 | BRL | 800000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5344)<br>|
| USD | 38078 | BRL | 220000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (278)<br>|
| USD | 25158 | BRL | 150000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (994)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| USD | 69956 | BRL | 430000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5012)<br>|
| USD | 86302 | BRL | 500000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (871)<br>|
| USD | 111864 | BRL | 660000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3204)<br>|
| USD | 90995 | BRL | 530000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1408)<br>|
| USD | 883758 | BRL | 5249701 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31506)<br>|
| USD | 388947 | CAD | 550000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10972)<br>|
| USD | 182121 | CAD | 260000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6931)<br>|
| USD | 267456 | CAD | 380000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8852)<br>|
| USD | 123081 | CAD | 170000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530)<br>|
| USD | 160533 | CAD | 230000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6706)<br>|
| USD | 239331 | CAD | 340000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7892)<br>|
| USD | 302443 | CAD | 420000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2950)<br>|
| USD | 57929 | CAD | 80000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241)<br>|
| USD | 188142 | CAD | 270000 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8182)<br>|
| USD | 137302 | CAD | 190000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (851)<br>|
| USD | 50734 | CAD | 70000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (164)<br>|
| USD | 2036126 | CHF | 1770000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119852)<br>|
| USD | 164230 | CHF | 140000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6300)<br>|
| USD | 57319 | CHF | 50000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3584)<br>|
| USD | 63220 | CLP | 60000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126)<br>|
| USD | 95391 | CLP | 93000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2794)<br>|
| USD | 150144 | CLP | 148000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6109)<br>|
| USD | 75784 | CLP | 75000000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3398)<br>|
| USD | 47988 | CLP | 48000000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2688)<br>|
| USD | 94904 | CLP | 90000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114)<br>|
| USD | 122292 | CLP | 116000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (176)<br>|
| USD | 296432 | CLP | 292000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11850)<br>|
| USD | 3076 | COP | 13283025 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | 11586 | COP | 50000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173)<br>|
| USD | 25121 | COP | 110000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (748)<br>|
| USD | 37312 | COP | 160000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (314)<br>|
| USD | 68539 | COP | 300000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2011)<br>|
| USD | 76160 | COP | 330000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1445)<br>|
| USD | 131620 | COP | 580000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4777)<br>|
| USD | 45528 | COP | 196716975 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733)<br>|
| USD | 85698 | COP | 370000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1314)<br>|
| USD | 85490 | COP | 370000000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1522)<br>|
| USD | 128462 | CZK | 2900000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3330)<br>|
| USD | 498889 | CZK | 11470000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22370)<br>|
| USD | 606987 | EUR | 540000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6405)<br>|
| USD | 33223 | EUR | 30000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (854)<br>|
| USD | 52771 | EUR | 48000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1753)<br>|
| USD | 99359 | EUR | 90000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2873)<br>|
| USD | 292095 | EUR | 270000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14601)<br>|
| USD | 322123 | EUR | 290000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7291)<br>|
| USD | 1193467 | EUR | 1100000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56034)<br>|
| USD | 341126 | EUR | 310000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11007)<br>|
| USD | 619930 | EUR | 565420 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22336)<br>|
| USD | 699580 | EUR | 640274 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27714)<br>|
| USD | 4322827 | EUR | 3956400 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171289)<br>|
| USD | 252214 | EUR | 230000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9045)<br>|
| USD | 396858 | EUR | 361580 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13865)<br>|
| USD | 103518 | GBP | 80000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3117)<br>|
| USD | 90577 | GBP | 70000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2728)<br>|
| USD | 252684 | GBP | 190000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (574)<br>|
| USD | 199720 | GBP | 150000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (221)<br>|
| USD | 3626151 | GBP | 2810000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119405)<br>|
| USD | 38652 | GBP | 30000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1336)<br>|
| USD | 199563 | GBP | 150000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (378)<br>|
| USD | 242031 | GBP | 187000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7228)<br>|
| USD | 243362 | GBP | 190000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9897)<br>|
| USD | 612097 | GBP | 472000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17050)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| USD | 700732 | GBP | 540000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(19054)<br>|
| USD | 869350 | GBP | 674000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29050)<br>|
| USD | 1079419 | GBP | 833300 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31318)<br>|
| USD | 51704 | GBP | 40000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1614)<br>|
| USD | 399715 | GBP | 300000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166)<br>|
| USD | 83684 | HUF | 31000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2958)<br>|
| USD | 83977 | HUF | 31000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2665)<br>|
| USD | 35215 | HUF | 13000000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1119)<br>|
| USD | 130762 | HUF | 49000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6188)<br>|
| USD | 142633 | HUF | 52000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2701)<br>|
| USD | 290929 | HUF | 108000000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10919)<br>|
| USD | 221445 | HUF | 80000000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2145)<br>|
| USD | 111241 | HUF | 41000000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3349)<br>|
| USD | 75869 | IDR | 1300000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2544)<br>|
| USD | 170698 | IDR | 2910000000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4825)<br>|
| USD | 49288 | IDR | 820000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (172)<br>|
| USD | 52954 | IDR | 890000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728)<br>|
| USD | 97221 | IDR | 1620000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492)<br>|
| USD | 246998 | IDR | 4140000000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2715)<br>|
| USD | 167173 | IDR | 2810000000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2317)<br>|
| USD | 325039 | IDR | 5530000000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8514)<br>|
| USD | 30411 | INR | 2600000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219)<br>|
| USD | 33722 | INR | 2900000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (442)<br>|
| USD | 54489 | INR | 4700000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (880)<br>|
| USD | 25601 | INR | 2200000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316)<br>|
| USD | 134963 | JPY | 20000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5657)<br>|
| USD | 176601 | JPY | 26000000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6206)<br>|
| USD | 724371 | JPY | 106064000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21367)<br>|
| USD | 35058 | JPY | 5000000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>|
| USD | 112469 | JPY | 16000000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 135002 | JPY | 20000000 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5618)<br>|
| USD | 20384 | JPY | 3000000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (710)<br>|
| USD | 34010 | JPY | 4964000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (892)<br>|
| USD | 40265 | JPY | 5848000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (853)<br>|
| USD | 474698 | JPY | 69810000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16138)<br>|
| USD | 24480 | JPY | 3598000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (818)<br>|
| USD | 116175 | JPY | 17200000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4759)<br>|
| USD | 149696 | JPY | 22000000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4987)<br>|
| USD | 645926 | JPY | 94000000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14991)<br>|
| USD | 2184731 | KRW | 3163600000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42039)<br>|
| USD | 290005 | KRW | 415000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2102)<br>|
| USD | 181702 | KRW | 265000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4824)<br>|
| USD | 83729 | KRW | 120000000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (736)<br>|
| USD | 204444 | MXN | 4300000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13534)<br>|
| USD | 19235 | MXN | 400000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1042)<br>|
| USD | 64208 | MXN | 1300000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1692)<br>|
| USD | 148038 | MXN | 3100000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9109)<br>|
| USD | 79161 | MXN | 1600000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1947)<br>|
| USD | 24369 | MXN | 500000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (978)<br>|
| USD | 97088 | MXN | 2000000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4297)<br>|
| USD | 880546 | MXN | 18100000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36988)<br>|
| USD | 47448 | NOK | 500000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614)<br>|
| USD | 104910 | NOK | 1100000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (827)<br>|
| USD | 123512 | NOK | 1300000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1449)<br>|
| USD | 104360 | NOK | 1100000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1376)<br>|
| USD | 85677 | NOK | 900000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (834)<br>|
| USD | 278591 | NOK | 3000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9781)<br>|
| USD | 293344 | NOK | 3100000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4640)<br>|
| USD | 28128 | NOK | 300000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (709)<br>|
| USD | 9518 | NOK | 100000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>|
| USD | 170951 | NOK | 1800000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2072)<br>|
| USD | 28112 | NOK | 300000 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (726)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| USD | 229928 | NZD | 400000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8010)<br>|
| USD | 1096330 | NZD | 1910000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39825)<br>|
| USD | 95133 | NZD | 170000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5991)<br>|
| USD | 41532 | NZD | 70000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107)<br>|
| USD | 5256 | PHP | 300000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117)<br>|
| USD | 101098 | PHP | 5800000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2777)<br>|
| USD | 48726 | PHP | 2800000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1421)<br>|
| USD | 1562581 | PHP | 89900000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47491)<br>|
| USD | 90460 | PLN | 350000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2026)<br>|
| USD | 115919 | PLN | 450000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2990)<br>|
| USD | 130967 | PLN | 500000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1155)<br>|
| USD | 77053 | PLN | 300000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2220)<br>|
| USD | 128073 | PLN | 500000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4048)<br>|
| USD | 129509 | PLN | 500000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2613)<br>|
| USD | 154523 | PLN | 600000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4023)<br>|
| USD | 52001 | PLN | 200000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (848)<br>|
| USD | 103750 | PLN | 400000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1947)<br>|
| USD | 449721 | PLN | 1750000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12705)<br>|
| USD | 257878 | SEK | 2600000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11839)<br>|
| USD | 479723 | SEK | 4700000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7843)<br>|
| USD | 447752 | SEK | 4500000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19066)<br>|
| USD | 103346 | SEK | 1000000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (391)<br>|
| USD | 192313 | SEK | 1900000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4788)<br>|
| USD | 90290 | SGD | 120000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1813)<br>|
| USD | 37387 | SGD | 50000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (989)<br>|
| USD | 150830 | SGD | 200000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2674)<br>|
| USD | 190955 | SGD | 250000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (925)<br>|
| USD | 220708 | SGD | 290000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1873)<br>|
| USD | 303750 | SGD | 400000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3259)<br>|
| USD | 218100 | SGD | 290000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4482)<br>|
| USD | 221219 | SGD | 290000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1363)<br>|
| USD | 22517 | SGD | 30000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (509)<br>|
| USD | 133689 | SGD | 180000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4465)<br>|
| USD | 14967 | SGD | 20000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (384)<br>|
| USD | 22582 | SGD | 30000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (444)<br>|
| USD | 38223 | SGD | 50000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153)<br>|
| USD | 135762 | SGD | 180000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2392)<br>|
| USD | 37480 | SGD | 50000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (896)<br>|
| USD | 180219 | SGD | 240000 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3987)<br>|
| USD | 160085 | SGD | 210000 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1095)<br>|
| USD | 256964 | THB | 8800000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7310)<br>|
| USD | 49940 | THB | 1700000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1113)<br>|
| USD | 144888 | THB | 5000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5267)<br>|
| USD | 179699 | THB | 6000000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488)<br>|
| USD | 86166 | THB | 2900000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (924)<br>|
| USD | 61689 | THB | 2100000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1377)<br>|
| USD | 148236 | THB | 5000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1920)<br>|
| USD | 47000 | THB | 1600000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1049)<br>|
| USD | 299367 | THB | 10400000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12957)<br>|
| USD | 6104 | TWD | 200000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| USD | 37231 | TWD | 1200000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (504)<br>|
| USD | 288140 | TWD | 9400000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7449)<br>|
| USD | 1529894 | TWD | 50000000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42388)<br>|
| USD | 200497 | ZAR | 3900000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8446)<br>|
| USD | 52792 | ZAR | 1000000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (783)<br>|
| USD | 46374 | ZAR | 900000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1843)<br>|
| ZAR | 3000000 | USD | 163604 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2879)<br>|
| ZAR | 1900000 | USD | 104068 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2275)<br>|
| ZAR | 2500000 | USD | 136218 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2280)<br>|
| ZAR | 1800000 | USD | 98953 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2517)<br>|
| ZAR | 1700000 | USD | 91468 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (390)<br>|
| ZAR | 1200000 | USD | 64463 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| ZAR | 1700000 | USD | 91997 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(919)<br>|
| ZAR | 3500000 | USD | 190162 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2649)<br>|
| USD | 78958 | PLN | 298999 | Toronto-Dominion Bank | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 363349 | PLN | 1412829 | Toronto-Dominion Bank | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9795)<br>|
| USD | 25000 | TRY | 1097250 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (763)<br>|
| USD | 60424 | PEN | 222470 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89)<br>|
| USD | 21023 | TRY | 938000 | Barclays Bank PLC | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| NGN | 15201924 | USD | 9573 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680)<br>|
| NGN | 15203512 | USD | 9574 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (680)<br>|
| NGN | 15739350 | USD | 9539 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (332)<br>|
| USD | 25000 | TRY | 1174188 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1611510)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(408452)<br>|

---

**Interest Rate Caps/Floors — Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 2-Year Interest Rate Swap, Cap | 0.40<br> %% <br>| Goldman Sachs International | 08/19/25 | USD | 109800 | $192267 | $67252 | $125015 |
|  |  |  |  |  |  | $192267 | $67252 | $125015 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |
| U.S. Long Bond Future | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 114.00 | USD | 117 | &nbsp;&nbsp;&nbsp; $578 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | One Touch | Citibank N.A. | 05/16/25 | CAD | 1.48 | CAD | 1.48 | USD | 4 | &nbsp;&nbsp; $2 |
| AUD Currency | One Touch | UBS AG | 06/16/25 | USD | 0.67 | USD | 0.67 | AUD | 12 | &nbsp;&nbsp; 1289 |
| USD Currency | One Touch | Goldman Sachs International | 06/20/25 | CHF | 0.85 | CHF | 0.85 | USD | 6 | &nbsp;&nbsp; 1066 |
| USD Currency | Up-and-out | Barclays Bank PLC | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 99 | &nbsp;&nbsp; 196 |
| USD Currency | One Touch | UBS AG | 07/18/25 | CAD | 1.52 | CAD | 1.53 | USD | 6 | &nbsp;&nbsp; 30 |
| USD Currency | One Touch | Bank of America N.A. | 08/29/25 | TWD | 34.60 | TWD | 34.60 | USD | 10 | &nbsp;&nbsp; 247 |
| USD Currency | One Touch | Barclays Bank PLC | 09/29/25 | CNH | 7.50 | CNH | 7.50 | USD | 9 | &nbsp;&nbsp; 953 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 3783 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Down-and-out | UBS AG | 05/19/25 | JPY | 147.00 | JPY | 142.50 | USD | 73 | &nbsp;&nbsp; 401 |
| USD Currency | Down-and-out | Bank of America N.A. | 05/30/25 | KRW | 1390.00 | KRW | 1353.00 | USD | 293 | &nbsp;&nbsp; 354 |
| AUD Currency | One Touch | UBS AG | 06/02/25 | USD | 0.59 | USD | 0.59 | AUD | 46 | &nbsp;&nbsp; 534 |
| USD Currency | Down-and-out | UBS AG | 06/05/25 | JPY | 150.00 | JPY | 142.00 | USD | 72 | &nbsp;&nbsp; 1022 |
| EUR Currency | One Touch | Bank of America N.A. | 06/06/25 | CZK | 24.50 | CZK | 24.50 | EUR | 11 | &nbsp;&nbsp; 567 |
| USD Currency | Down-and-out | UBS AG | 06/17/25 | MXN | 19.90 | MXN | 19.45 | USD | 74 | &nbsp;&nbsp; 174 |
| USD Currency | One Touch | Goldman Sachs International | 06/23/25 | CNH | 7.05 | CNH | 7.05 | USD | 8 | &nbsp;&nbsp; 615 |
| EUR Currency | One Touch | Goldman Sachs International | 07/14/25 | USD | 1.09 | USD | 1.09 | EUR | 8 | &nbsp;&nbsp; 1206 |
| USD Currency | One Touch | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 07/24/25 | CAD | 1.33 | CAD | 1.34 | USD | 10 | &nbsp;&nbsp; 1703 |
| USD Currency | Down-and-out | UBS AG | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 123 | &nbsp;&nbsp; 1033 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 7609 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $11392 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| EUR Currency | BNP Paribas SA | &nbsp;&nbsp; 05/05/25 | &nbsp;&nbsp; USD | 1.08 | EUR | 116 | $6173 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; NOK | 11.80 | EUR | 34 | 227 |
| USD Currency | BNP Paribas SA | &nbsp;&nbsp; 05/12/25 | &nbsp;&nbsp; MXN | 21.20 | USD | 73 | 12 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/14/25 | &nbsp;&nbsp; CAD | 1.41 | USD | 121 | 53 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 05/23/25 | &nbsp;&nbsp; PLN | 3.80 | USD | 73 | 717 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; MXN | 22.00 | USD | 50 | 20 |
| EUR Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/05/25 | &nbsp;&nbsp; USD | 1.12 | EUR | 56 | 1228 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 06/16/25 | &nbsp;&nbsp; JPY | 148.00 | USD | 256 | 861 |
|  |  |  |  |  |  |  | 9291 |
| Put  |  |  |  |  |  |  |  |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; USD | 1.01 | EUR | 55 |  |
| EUR Currency | Goldman Sachs International | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; NOK | 11.55 | EUR | 68 | 43 |
| EUR Currency | UBS AG | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; USD | 1.04 | EUR | 111 |  |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 05/09/25 | &nbsp;&nbsp; SGD | 1.32 | USD | 73 | 1127 |
| USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/15/25 | &nbsp;&nbsp; JPY | 140.00 | USD | 341 | 1467 |
| USD Currency | Goldman Sachs International | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; TRY | 40.00 | USD | 19 | 330 |
| AUD Currency | Bank of America N.A. | &nbsp;&nbsp; 06/13/25 | &nbsp;&nbsp; USD | 0.62 | AUD | 76 | 245 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.02 | EUR | 170 | 38 |
| EUR Currency | UBS AG | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | 113 | 101 |
|  |  |  |  |  |  |  | 3351 |
|  |  |  |  |  |  |  | $12642 |

---

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs <br> International<br>| 05/16/25 | 3.74<br> % <br>| USD | 41371 | $46865 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74 | USD | 20819 | 23584 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Citibank N.A. | 05/16/25 | 3.74 | USD | 10410 | 11792 |
| 1-Year Interest Rate Swap, 05/18/26 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.74% | Annual | Goldman Sachs <br> International<br>| 05/16/25 | 3.74 | USD | 16368 | 20507 |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 722 | 49556 |
| 10-Year Interest Rate Swap, 01/15/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.34% | Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 723 | 49556 |
| 10-Year Interest Rate Swap, 01/27/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.23% | Annual | Bank of America N.A. | 01/25/27 | 4.22 | USD | 336 | 21443 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.93% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 1508 | 74668 |
| 10-Year Interest Rate Swap, 03/31/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.00% | Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 514 | 27102 |
| 10-Year Interest Rate Swap, 04/07/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.66% | Annual | Bank of America N.A. | 04/05/27 | 3.66 | USD | 1627 | 62399 |
| 10-Year Interest Rate Swap, 04/07/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.67% | Annual | Bank of America N.A. | 04/05/27 | 3.67 | USD | 1627 | 62710 |
| 10-Year Interest Rate Swap, 04/14/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.05% | Annual | Citibank N.A. | 04/12/27 | 4.05 | USD | 480 | 26365 |
| 10-Year Interest Rate Swap, 04/16/37 | &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.01% | Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 241 | 12807 |
|  |  |  |  |  |  |  |  |  |  | 489354 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34 | USD | 723 | 17687 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Interest Rate Swaptions Purchased (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 01/15/37 | 4.34% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 01/13/27 | 4.34<br> % <br>| USD | 723 | $17688 |
| 10-Year Interest Rate Swap, 01/27/37 | 4.23% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 01/25/27 | 4.22 | USD | 336 | 9223 |
| 10-Year Interest Rate Swap, 03/31/37 | 3.93% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 03/29/27 | 3.93 | USD | 1508 | 58051 |
| 10-Year Interest Rate Swap, 03/31/37 | 4.00% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | BNP Paribas SA | 03/29/27 | 4.00 | USD | 514 | 18615 |
| 10-Year Interest Rate Swap, 04/07/37 | 3.66% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/05/27 | 3.66 | USD | 1627 | 79260 |
| 10-Year Interest Rate Swap, 04/07/37 | 3.67% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/05/27 | 3.67 | USD | 1627 | 78933 |
| 10-Year Interest Rate Swap, 04/14/37 | 4.05% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 04/12/27 | 4.04 | USD | 480 | 16958 |
| 10-Year Interest Rate Swap, 04/16/37 | 4.01% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Bank of America N.A. | 04/14/27 | 4.01 | USD | 241 | 8809 |
|  |  |  |  |  |  |  |  |  |  | 305224 |
|  |  |  |  |  |  |  |  |  |  | $794578 |

---

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 2-Year Interest Rate Swap, Cap | 0.80<br> %% <br>| Goldman Sachs International | 08/19/25 | USD | 109800 | $(48747)<br>| $(15207)<br>| $(33540)<br>|

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| United States Steel Corporation | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 45.00 | USD | 122 | &nbsp;&nbsp;&nbsp; $(5586)<br>|
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 112.00 | USD | 112 | &nbsp;&nbsp;&nbsp; (1078)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (6664)<br>|
| Put  |  |  |  |  |  |  |  |
| 2-Year U.S. Treasury Note Future | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 103.25 | USD | 208 | &nbsp;&nbsp;&nbsp; (31)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(6695)<br>|

---

**OTC Barrier Options Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Barrier* <br>*Price/Range* | *Barrier* <br>*Price/Range* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Down-and-out | Bank of America N.A. | 05/30/25 | KRW | 1390.00 | KRW | 1353.00 | USD | 220 | $(265) |
| AUD Currency | One Touch | BNP Paribas SA | 06/02/25 | USD | 0.00 | USD | 0.59 | AUD | 35 | (407) |
|  |  |  |  |  |  |  |  |  |  | $(672) |

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| EUR Currency | BNP Paribas SA | 05/05/25 | USD | 1.10 | EUR | 232 | &nbsp;&nbsp;&nbsp; $(7714)<br>|
| EUR Currency | Goldman Sachs International | 05/08/25 | NOK | 12.00 | EUR | 68 | &nbsp;&nbsp;&nbsp; (108)<br>|
| USD Currency | Goldman Sachs International | 05/13/25 | NOK | 10.80 | USD | 24 | &nbsp;&nbsp;&nbsp; (29)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Currency Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| EUR Currency | Barclays Bank PLC | 05/14/25 | USD | 1.15 | EUR | 43 | &nbsp;&nbsp;&nbsp; $(149)<br>|
| USD Currency | Bank of America N.A. | 05/23/25 | CLP | 950.00 | USD | 50 | &nbsp;&nbsp;&nbsp; (635)<br>|
| AUD Currency | Bank of America N.A. | 05/28/25 | USD | 0.64 | AUD | 98 | &nbsp;&nbsp;&nbsp; (950)<br>|
| USD Currency | Citibank N.A. | 05/29/25 | MXN | 22.00 | USD | 50 | &nbsp;&nbsp;&nbsp; (20)<br>|
| USD Currency | Goldman Sachs International | 05/29/25 | TRY | 48.00 | USD | 10 | &nbsp;&nbsp;&nbsp; (25)<br>|
| EUR Currency | BNP Paribas SA | 06/05/25 | USD | 1.12 | EUR | 56 | &nbsp;&nbsp;&nbsp; (1228)<br>|
| USD Currency | Morgan Stanley & Co. International PLC | 06/16/25 | JPY | 148.00 | USD | 341 | &nbsp;&nbsp;&nbsp; (1147)<br>|
| USD Currency | Bank of America N.A. | 06/20/25 | PLN | 4.00 | USD | 36 | &nbsp;&nbsp;&nbsp; (131)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (12136)<br>|
| Put |  |  |  |  |  |  |  |
| EUR Currency | UBS AG | 05/08/25 | USD | 1.01 | EUR | 111 | &nbsp;&nbsp;&nbsp; — |
| USD Currency | BNP Paribas SA | 05/12/25 | MXN | 20.00 | USD | 73 | &nbsp;&nbsp;&nbsp; (1582)<br>|
| USD Currency | Goldman Sachs International | 05/13/25 | NOK | 10.50 | USD | 24 | &nbsp;&nbsp;&nbsp; (373)<br>|
| USD Currency | Barclays Bank PLC | 05/15/25 | JPY | 140.00 | USD | 256 | &nbsp;&nbsp;&nbsp; (1102)<br>|
| USD Currency | Goldman Sachs International | 05/16/25 | TRY | 39.50 | USD | 37 | &nbsp;&nbsp;&nbsp; (464)<br>|
| USD Currency | Bank of America N.A. | 05/23/25 | PLN | 3.60 | USD | 73 | &nbsp;&nbsp;&nbsp; (67)<br>|
| USD Currency | UBS AG | 05/28/25 | MXN | 20.10 | USD | 37 | &nbsp;&nbsp;&nbsp; (1021)<br>|
| USD Currency | Citibank N.A. | 05/29/25 | CLP | 930.00 | USD | 74 | &nbsp;&nbsp;&nbsp; (583)<br>|
| USD Currency | Morgan Stanley & Co. International PLC | 05/29/25 | BRL | 5.75 | USD | 74 | &nbsp;&nbsp;&nbsp; (1359)<br>|
| AUD Currency | Bank of America N.A. | 06/13/25 | USD | 0.60 | AUD | 76 | &nbsp;&nbsp;&nbsp; (76)<br>|
| EUR Currency | UBS AG | 07/15/25 | USD | 1.02 | EUR | 170 | &nbsp;&nbsp;&nbsp; (38)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (6665)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(18801)<br>|

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs <br> International<br>| 05/16/25 | 2.94<br> % <br>| USD | 41371 | $(329)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 05/16/25 | 2.94 | USD | 20819 | (166)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Citibank N.A. | 05/16/25 | 2.94 | USD | 10410 | (83)<br>|
| 1-Year Interest Rate Swap, 05/18/26 | 2.94% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs <br> International<br>| 05/16/25 | 2.94 | USD | 16368 | (150)<br>|
| 5-Year Interest Rate Swap, 06/28/30 | 3.70% | Annual | 6-mo. <br> PRIBOR, <br> 3.52%<br>| Semi-Annual | Morgan Stanley & Co. <br> International PLC<br>| 06/26/25 | 3.70 | CZK | 1567 | (1523)<br>|
| 5-Year Interest Rate Swap, 07/30/30 | 3.30% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | Goldman Sachs <br> International<br>| 07/28/25 | 3.30 | USD | 166 | (1717)<br>|
|  |  |  |  |  |  |  |  |  |  | $(3968)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 12663 | &nbsp;&nbsp;&nbsp; $(532125)<br>| &nbsp;&nbsp;&nbsp; $(443373)<br>| &nbsp;&nbsp;&nbsp; $(88752)<br>|
| iTraxx.XO.43.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | EUR | 173 | &nbsp;&nbsp;&nbsp; (13747)<br>| &nbsp;&nbsp;&nbsp; (11197)<br>| &nbsp;&nbsp;&nbsp; (2550)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(545872)<br>| &nbsp;&nbsp;&nbsp; $(454570)<br>| &nbsp;&nbsp;&nbsp; $(91302)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| Quarterly | 06/20/30 | B | USD | 20214 | &nbsp;&nbsp;&nbsp; $849405 | &nbsp;&nbsp;&nbsp; $958826 | &nbsp;&nbsp;&nbsp; $(109421)<br>|
| CDX.NA.IG.44.V1 | 1.00 | Quarterly | 06/20/30 | BBB+ | USD | 20582 | &nbsp;&nbsp;&nbsp; 327744 | &nbsp;&nbsp;&nbsp; 337604 | &nbsp;&nbsp;&nbsp; (9860)<br>|
| iTraxx.EUR.43.V1 | 1.00 | Quarterly | 06/20/30 | BB+ | EUR | 6630 | &nbsp;&nbsp;&nbsp; 124103 | &nbsp;&nbsp;&nbsp; 107683 | &nbsp;&nbsp;&nbsp; 16420 |
| iTraxx.XO.43.V1 | 5.00 | Quarterly | 06/20/30 | B+ | EUR | 1390 | &nbsp;&nbsp;&nbsp; 110485 | &nbsp;&nbsp;&nbsp; 93917 | &nbsp;&nbsp;&nbsp; 16568 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1411737 | &nbsp;&nbsp;&nbsp; $1498030 | &nbsp;&nbsp;&nbsp; $(86293)<br>|

---

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 2.69% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 785 | &nbsp;&nbsp; $3901 | &nbsp;&nbsp; $108 | &nbsp;&nbsp; $3793 |
| 2.69% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 785 | &nbsp;&nbsp; 4051 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 3918 |
| 2.83% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1575 | &nbsp;&nbsp; (3537)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (3556)<br>|
| 2.83% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 853 | &nbsp;&nbsp; (1840)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (1850)<br>|
| 2.84% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 787 | &nbsp;&nbsp; (1838)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (1847)<br>|
| 2.84% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 788 | &nbsp;&nbsp; (1820)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; (1829)<br>|
| 2.87% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/28 | USD | 1575 | &nbsp;&nbsp; (6397)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; (6416)<br>|
| 2.53% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 394 | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 1534 |
| 2.54% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 629 | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; 2272 |
| 2.65% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 841 | &nbsp;&nbsp; (1653)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (1663)<br>|
| 2.67% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 825 | &nbsp;&nbsp; (2487)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (2497)<br>|
| 2.68% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 630 | &nbsp;&nbsp; (2346)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (2353)<br>|
| 2.69% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1260 | &nbsp;&nbsp; (4906)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (4921)<br>|
| 2.69% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 630 | &nbsp;&nbsp; (2377)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (2384)<br>|
| 2.72% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 04/15/29 | USD | 1260 | &nbsp;&nbsp; (7123)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; (7138)<br>|
| 2.51% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 03/31/35 | USD | 479 | &nbsp;&nbsp; (4676)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (4686)<br>|
| 1.91% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 04/15/35 | EUR | 510 | &nbsp;&nbsp; (1412)<br>| &nbsp;&nbsp; 491 | &nbsp;&nbsp; (1903)<br>|
| 3.27% | At Termination | UK RPI All Items NSA | At Termination | 04/15/35 | GBP | 500 | &nbsp;&nbsp; (700)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; (759)<br>|
| 3.29% | At Termination | UK RPI All Items NSA | At Termination | 04/15/35 | GBP | 500 | &nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; (1723)<br>|
| 3.01% | At Termination | UK RPI All Items NSA | At Termination | 04/15/55 | GBP | 323 | &nbsp;&nbsp; (2062)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (2078)<br>|
| US CPI for All Urban <br> Consumers NSA<br>| At Termination | 2.33% | At Termination | 04/28/55 | USD | 450 | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1685 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(33463)<br>| &nbsp;&nbsp; $938 | &nbsp;&nbsp; $(34401)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 5.14% | At Termination | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 12/20/25 | PLN | 358 | $232 | $— | $232 |
| 9.31% | Monthly | 1-day TIIEFONDEO, 9.08% | Monthly | N/A | 01/09/26 | MXN | 741 | (361)<br>|  | (361)<br>|
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.47% | Monthly | N/A | 02/25/26 | MXN | 5451 | 1368 |  | 1368 |
| 8.15% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | 05/07/25 | 05/07/26 | ZAR | 2237 | (1138)<br>|  | (1138)<br>|
| 1-day SOFR, 4.41% | At Termination | 3.78% | At Termination | 05/16/25 | 05/16/26 | USD | 38526 | 37672 | 69 | 37603 |
| 3.79% | At Termination | 1-day SOFR, 4.41% | At Termination | 05/16/25 | 05/16/26 | USD | 12634 | (13675)<br>| (4032)<br>| (9643)<br>|
| 1-day SOFR, 4.41% | At Termination | 3.80% | At Termination | 05/16/25 | 05/16/26 | USD | 8984 | 10279 | 16 | 10263 |
| 3.81% | At Termination | 1-day SOFR, 4.41% | At Termination | 05/16/25 | 05/16/26 | USD | 6894 | (8834)<br>| 4976 | (13810)<br>|
| 1-day SOFR, 4.41% | At Termination | 3.90% | At Termination | 05/16/25 | 05/16/26 | USD | 6894 | 14649 | 13 | 14636 |
| 7.97% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | 06/06/25 | 06/06/26 | ZAR | 2089 | (915)<br>|  | (915)<br>|
| 5.16% | At Termination | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 09/19/26 | PLN | 559 | (1318)<br>| 1 | (1319)<br>|
| 1.00% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 | 03/12/27 | JPY | 641920 | (13131)<br>| 14 | (13145)<br>|
| 1.02% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 | 03/12/27 | JPY | 1455298 | (31877)<br>| 32 | (31909)<br>|
| 1.03% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 03/12/26 | 03/12/27 | JPY | 1570899 | (35282)<br>| 34 | (35316)<br>|
| 5.13% | At Termination | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 03/19/27 | PLN | 324 | (1347)<br>|  | (1347)<br>|
| 5.14% | At Termination | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 03/19/27 | PLN | 539 | (2279)<br>| 1 | (2280)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.50% | At Termination | N/A | 03/19/27 | HUF | 38025 | 1029 |  | 1029 |
| 0.68% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 04/21/26 | 04/21/27 | JPY | 616006 | 1180 | 14 | 1166 |
| 0.69% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 04/21/26 | 04/21/27 | JPY | 623208 | 1107 | 14 | 1093 |
| 1.89% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/27 | EUR | 3090 | (2130)<br>| (1211)<br>| (919)<br>|
| 2.29% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/27 | EUR | 17275 | (166957)<br>| 7947 | (174904)<br>|
| 3.44% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/27 | USD | 14090 | (45613)<br>| (24383)<br>| (21230)<br>|
| 3.64% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/27 | USD | 13100 | (93763)<br>| (10939)<br>| (82824)<br>|
| 3.64% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/27 | USD | 4185 | (29178)<br>| (11905)<br>| (17273)<br>|
| 3.73% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/27 | USD | 18350 | (161162)<br>| (14498)<br>| (146664)<br>|
| 3.74% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/27 | USD | 51160 | (462092)<br>| (142729)<br>| (319363)<br>|
| 1-day SONIA, 4.46% | At Termination | 3.94% | At Termination | 06/18/25 | 06/18/27 | GBP | 5644 | 57162 | (9519)<br>| 66681 |
| 1-day SONIA, 4.46% | At Termination | 4.04% | At Termination | 06/18/25 | 06/18/27 | GBP | 4401 | 55160 | 9149 | 46011 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.76% | At Termination | 09/17/25 | 09/17/27 | HUF | 35319 | 170 |  | 170 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.08% | Monthly | N/A | 03/07/28 | MXN | 2943 | 2075 | 1 | 2074 |
| China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 1.58% | Quarterly | N/A | 03/19/28 | CNY | 1079 | 710 | 1 | 709 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.12% | At Termination | 06/18/25 | 06/18/28 | EUR | 1440 | 8340 | 6062 | 2278 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.23% | At Termination | 06/18/25 | 06/18/28 | EUR | 3350 | 31091 | 15296 | 15795 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.30% | Semi-Annual | 06/18/25 | 06/18/28 | CAD | 4920 | (1076)<br>| 7978 | (9054)<br>|
| 1-day CORRA, 2.75% | Semi-Annual | 2.32% | Semi-Annual | 06/18/25 | 06/18/28 | CAD | 3990 | 1116 | (6874)<br>| 7990 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.39% | At Termination | 06/18/25 | 06/18/28 | EUR | 6180 | 90067 | (4004)<br>| 94071 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.45% | Semi-Annual | 06/18/25 | 06/18/28 | CAD | 10020 | 30963 | 1206 | 29757 |
| 3.49% | Quarterly | 3-mo. BBSW, 3.87% | Quarterly | 06/18/25 | 06/18/28 | AUD | 2510 | (14217)<br>| (8791)<br>| (5426)<br>|
| 3.68% | Quarterly | 3-mo. BBSW, 3.87% | Quarterly | 06/18/25 | 06/18/28 | AUD | 5690 | (51133)<br>| (13885)<br>| (37248)<br>|
| 1-day SONIA, 4.46% | At Termination | 3.93% | At Termination | 06/18/25 | 06/18/28 | GBP | 2890 | 42796 | 31805 | 10991 |
| 1-day SONIA, 4.46% | At Termination | 3.94% | At Termination | 06/18/25 | 06/18/28 | GBP | 5110 | 76895 | (12872)<br>| 89767 |
| 1-day SOFR, 4.41% | At Termination | 3.37% | At Termination | 06/18/25 | 06/18/28 | USD | 5260 | 20069 | 52210 | (32141)<br>|
| 3.66% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/28 | USD | 8530 | (101479)<br>| 10422 | (111901)<br>|
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.29% | Quarterly | 09/17/25 | 09/17/28 | KRW | 182100 | 487 | 2 | 485 |
| 8.97% | Monthly | 1-day TIIEFONDEO, 9.08% | Monthly | N/A | 12/14/29 | MXN | 790 | (2074)<br>|  | (2074)<br>|
| 6-mo. WIBOR, 5.10% | Semi-Annual | 4.88% | Annual | N/A | 03/19/30 | PLN | 182 | 1833 | 1 | 1832 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 4.91% | At Termination | N/A | 03/19/30 | PLN | 165 | 1706 |  | 1706 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.55% | Annual | N/A | 03/19/30 | HUF | 5438 | 425 |  | 425 |
| 7.94% | Monthly | 3-mo. JIBAR, 7.54% | Monthly | N/A | 03/19/30 | ZAR | 2362 | (2496)<br>| 1 | (2497)<br>|
| 1-day MIBOR, 6.00% | Semi-Annual | 6.00% | Semi-Annual | N/A | 03/19/30 | INR | 12491 | 2436 | 2 | 2434 |
| 1-day SOFR, 4.41% | At Termination | 3.40% | At Termination | 05/02/25 | 05/02/30 | USD | 683 | 1774 | 916 | 858 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.16% | At Termination | 06/18/25 | 06/18/30 | EUR | 1220 | 2823 | 1987 | 836 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.24% | At Termination | 06/18/25 | 06/18/30 | EUR | 5770 | 39022 | 7686 | 31336 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.41% | At Termination | 06/18/25 | 06/18/30 | EUR | 4860 | 75246 | 22286 | 52960 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.45% | At Termination | 06/18/25 | 06/18/30 | EUR | 4870 | 85722 | (8099)<br>| 93821 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.49% | At Termination | 06/18/25 | 06/18/30 | EUR | 2650 | $53576 | $(8617)<br>| $62193 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.50% | At Termination | 06/18/25 | 06/18/30 | EUR | 2364 | 48049 | 5204 | 42845 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.54% | At Termination | 06/18/25 | 06/18/30 | EUR | 9630 | 218712 | (2519)<br>| 221231 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.55% | At Termination | 06/18/25 | 06/18/30 | EUR | 2325 | 54474 | 148 | 54326 |
| 1-day SOFR, 4.41% | At Termination | 3.49% | At Termination | 06/18/25 | 06/18/30 | USD | 11216 | 88017 | 46223 | 41794 |
| 1-day SOFR, 4.41% | At Termination | 3.65% | At Termination | 06/18/25 | 06/18/30 | USD | 5455 | 81387 | 15754 | 65633 |
| 1-day SOFR, 4.41% | At Termination | 3.70% | At Termination | 06/18/25 | 06/18/30 | USD | 7497 | 130341 | 49623 | 80718 |
| 1-day SOFR, 4.41% | At Termination | 3.71% | At Termination | 06/18/25 | 06/18/30 | USD | 8270 | 145242 | (15191)<br>| 160433 |
| 1-day SOFR, 4.41% | At Termination | 3.74% | At Termination | 06/18/25 | 06/18/30 | USD | 4198 | 79654 | 27198 | 52456 |
| 1-day SOFR, 4.41% | At Termination | 3.76% | At Termination | 06/18/25 | 06/18/30 | USD | 7850 | 155945 | 15698 | 140247 |
| 1-day SOFR, 4.41% | At Termination | 3.77% | At Termination | 06/18/25 | 06/18/30 | USD | 21620 | 442854 | 173308 | 269546 |
| 3.96% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/30 | GBP | 2386 | (49808)<br>| 9965 | (59773)<br>|
| 4.02% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/30 | GBP | 1873 | (45880)<br>| (5654)<br>| (40226)<br>|
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.69% | Monthly | 09/17/25 | 09/11/30 | MXN | 35000 | 617 | 17 | 600 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.75% | Monthly | 09/17/25 | 09/11/30 | MXN | 31000 | 4077 | 15 | 4062 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.79% | Monthly | 09/17/25 | 09/11/30 | MXN | 2000 | 449 | 1 | 448 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.81% | Monthly | 09/17/25 | 09/11/30 | MXN | 8360 | 2138 | 4 | 2134 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.82% | Monthly | 09/17/25 | 09/11/30 | MXN | 50000 | 13824 | 23 | 13801 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 7.90% | Monthly | 09/17/25 | 09/11/30 | MXN | 24000 | 10611 | 11 | 10600 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.01% | Monthly | 09/17/25 | 09/11/30 | MXN | 10190 | 6827 | 5 | 6822 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.12% | Monthly | 09/17/25 | 09/11/30 | MXN | 138000 | 126025 | 64 | 125961 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.13% | Monthly | 09/17/25 | 09/11/30 | MXN | 10000 | 9184 | 5 | 9179 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.24% | Monthly | 09/17/25 | 09/11/30 | MXN | 8780 | 10063 | 4 | 10059 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.25% | Monthly | 09/17/25 | 09/11/30 | MXN | 30000 | 35317 | 14 | 35303 |
| 1-day TIIEFONDEO, 9.08% | Monthly | 8.30% | Monthly | 09/17/25 | 09/11/30 | MXN | 19000 | 24335 | 9 | 24326 |
| 1-day SSARON, 0.20% | At Termination | 0.22% | At Termination | 09/17/25 | 09/17/30 | CHF | 340 | 2356 | 72 | 2284 |
| 0.29% | Annual | 1-day SSARON, 0.20% | Annual | 09/17/25 | 09/17/30 | CHF | 2000 | (22228)<br>| (12346)<br>| (9882)<br>|
| 1-day SSARON, 0.20% | At Termination | 0.56% | At Termination | 09/17/25 | 09/17/30 | CHF | 480 | 13179 | (1243)<br>| 14422 |
| 1-day SSARON, 0.20% | At Termination | 0.63% | At Termination | 09/17/25 | 09/17/30 | CHF | 280 | 8986 | 590 | 8396 |
| 3-mo. STIBOR, 2.32% | Quarterly | 1.00% | Annual | 09/17/25 | 09/17/30 | SEK | 112000 | (720008)<br>| (773037)<br>| 53029 |
| 1-day THOR, 1.74% | Quarterly | 1.36% | Quarterly | 09/17/25 | 09/17/30 | THB | 28000 | (2336)<br>| 9 | (2345)<br>|
| 1-day THOR, 1.74% | Quarterly | 1.37% | Quarterly | 09/17/25 | 09/17/30 | THB | 47000 | (2901)<br>| 16 | (2917)<br>|
| 1-day THOR, 1.74% | Quarterly | 1.39% | Quarterly | 09/17/25 | 09/17/30 | THB | 22000 | (754)<br>| 7 | (761)<br>|
| 1-day THOR, 1.74% | Quarterly | 1.43% | Quarterly | 09/17/25 | 09/17/30 | THB | 31000 | 644 | 10 | 634 |
| 1.43% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 09/17/25 | 09/17/30 | CNY | 9000 | (2701)<br>| 14 | (2715)<br>|
| 1-day THOR, 1.74% | Quarterly | 1.49% | Quarterly | 09/17/25 | 09/17/30 | THB | 7000 | 802 | 2 | 800 |
| 1.52% | Quarterly | 1-day THOR, 1.74% | Quarterly | 09/17/25 | 09/17/30 | THB | 11180 | (1789)<br>| 4 | (1793)<br>|
| 1.52% | Quarterly | 1-day THOR, 1.74% | Quarterly | 09/17/25 | 09/17/30 | THB | 8630 | (1350)<br>| 3 | (1353)<br>|
| 1.55% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 09/17/25 | 09/17/30 | CNY | 1000 | (1086)<br>| 2 | (1088)<br>|
| 1.57% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 09/17/25 | 09/17/30 | CNY | 6000 | (7195)<br>| 9 | (7204)<br>|
| 1.59% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 09/17/25 | 09/17/30 | CNY | 7000 | (9182)<br>| 11 | (9193)<br>|
| 1.61% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 17000 | (1315)<br>| 6 | (1321)<br>|
| 1.62% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 33000 | (3078)<br>| 11 | (3089)<br>|
| 1.64% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 09/17/25 | 09/17/30 | CNY | 28000 | (46374)<br>| 43 | (46417)<br>|
| 1.69% | Quarterly | 1-day THOR, 1.74% | Quarterly | 09/17/25 | 09/17/30 | THB | 13470 | (5469)<br>| 4 | (5473)<br>|
| 1.80% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 62000 | (24406)<br>| 21 | (24427)<br>|
| 1.86% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 19000 | (9261)<br>| 6 | (9267)<br>|
| 1.86% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 21000 | (10286)<br>| 7 | (10293)<br>|
| 1.87% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 48000 | (23777)<br>| 16 | (23793)<br>|
| 1-day SORA, 2.17% | Semi-Annual | 1.92% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 2000 | 2494 | 17 | 2477 |
| 1.93% | Semi-Annual | 1-day SORA, 2.17% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1050 | (1654)<br>| 9 | (1663)<br>|
| 1.96% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 129000 | (82761)<br>| 44 | (82805)<br>|
| 1.97% | Quarterly | 3-mo. TAIBOR, 1.68% | Quarterly | 09/17/25 | 09/17/30 | TWD | 2000 | (1324)<br>| 1 | (1325)<br>|
| 2.13% | Semi-Annual | 1-day SORA, 2.17% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 420 | (3753)<br>| 4 | (3757)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.18% | Annual | 09/17/25 | 09/17/30 | EUR | 3000 | 6589 | 1953 | 4636 |
| 1-day SORA, 2.17% | Semi-Annual | 2.21% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 2000 | 23412 | 17 | 23395 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.22% | Annual | 09/17/25 | 09/17/30 | EUR | 4000 | $17261 | $901 | $16360 |
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.25% | Quarterly | 09/17/25 | 09/17/30 | KRW | 589910 | 269 | 5 | 264 |
| 2.27% | Semi-Annual | 1-day SORA, 2.17% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 300 | (4221)<br>| 3 | (4224)<br>|
| 2.27% | Semi-Annual | 1-day SORA, 2.17% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 410 | (5831)<br>| 3 | (5834)<br>|
| 1-day SORA, 2.17% | Semi-Annual | 2.29% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1688 | 24826 | 14 | 24812 |
| 1-day SORA, 2.17% | Semi-Annual | 2.29% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1313 | 19573 | 11 | 19562 |
| 2.29% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 5347000 | (10467)<br>| 42 | (10509)<br>|
| 1-day SORA, 2.17% | Semi-Annual | 2.30% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1000 | 15331 | 8 | 15323 |
| 2.30% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 2725000 | (6381)<br>| 21 | (6402)<br>|
| 2.31% | Semi-Annual | 1-day CORRA, 2.75% | Semi-Annual | 09/17/25 | 09/17/30 | CAD | 730 | 3000 | (2411)<br>| 5411 |
| 1-day SORA, 2.17% | Semi-Annual | 2.32% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1000 | 15969 | 8 | 15961 |
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.33% | Quarterly | 09/17/25 | 09/17/30 | KRW | 171745 | 566 | 2 | 564 |
| 1-day SORA, 2.17% | Semi-Annual | 2.34% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1500 | 25157 | 13 | 25144 |
| 1-day SORA, 2.17% | Semi-Annual | 2.34% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1500 | 24993 | 13 | 24980 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.35% | Annual | 09/17/25 | 09/17/30 | SEK | 2000 | 186 | 2 | 184 |
| 2.36% | Semi-Annual | 1-day SORA, 2.17% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 540 | (9371)<br>| 5 | (9376)<br>|
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.37% | Quarterly | 09/17/25 | 09/17/30 | KRW | 462165 | 2101 | 4 | 2097 |
| 1-day SORA, 2.17% | Semi-Annual | 2.38% | Semi-Annual | 09/17/25 | 09/17/30 | SGD | 1000 | 18010 | 8 | 18002 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.39% | Annual | 09/17/25 | 09/17/30 | EUR | 26000 | 346732 | 19712 | 327020 |
| 2.40% | Semi-Annual | 1-day CORRA, 2.75% | Semi-Annual | 09/17/25 | 09/17/30 | CAD | 580 | 715 | 670 | 45 |
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.40% | Quarterly | 09/17/25 | 09/17/30 | KRW | 850420 | 4717 | 6 | 4711 |
| 2.40% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 12845000 | (72875)<br>| 100 | (72975)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.42% | Annual | 09/17/25 | 09/17/30 | EUR | 3000 | 45559 | 3895 | 41664 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.43% | At Termination | 09/17/25 | 09/17/30 | EUR | 180 | 2798 | 532 | 2266 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.43% | Annual | 09/17/25 | 09/17/30 | EUR | 2000 | 31012 | 5034 | 25978 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.49% | Annual | 09/17/25 | 09/17/30 | EUR | 2000 | 37389 | (111)<br>| 37500 |
| 2.50% | Semi-Annual | 1-day CORRA, 2.75% | Semi-Annual | 09/17/25 | 09/17/30 | CAD | 2500 | (5627)<br>| (6592)<br>| 965 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.53% | Annual | 09/17/25 | 09/17/30 | EUR | 2000 | 42405 | (225)<br>| 42630 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.54% | Annual | 09/17/25 | 09/17/30 | EUR | 9000 | 195717 | 2621 | 193096 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.56% | Annual | 09/17/25 | 09/17/30 | EUR | 5000 | 113419 | 596 | 112823 |
| 2.57% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 2439000 | (27574)<br>| 19 | (27593)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.57% | Annual | 09/17/25 | 09/17/30 | EUR | 1000 | 23012 | (377)<br>| 23389 |
| 2.58% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 4893000 | (57115)<br>| 38 | (57153)<br>|
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.58% | Quarterly | 09/17/25 | 09/17/30 | KRW | 655080 | 7537 | 5 | 7532 |
| 2.58% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 238000 | (2762)<br>| 2 | (2764)<br>|
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.58% | Quarterly | 09/17/25 | 09/17/30 | KRW | 828940 | 9621 | 6 | 9615 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.58% | Annual | 09/17/25 | 09/17/30 | EUR | 4000 | 94245 | 483 | 93762 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.58% | Annual | 09/17/25 | 09/17/30 | EUR | 2000 | 47089 | 2111 | 44978 |
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.62% | Quarterly | 09/17/25 | 09/17/30 | KRW | 582930 | 7505 | 4 | 7501 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.63% | Semi-Annual | 09/17/25 | 09/17/30 | CAD | 2000 | 13067 | 5468 | 7599 |
| 2.63% | Quarterly | 3-mo. KRW CDC, 2.71% | Quarterly | 09/17/25 | 09/17/30 | KRW | 2749000 | (36678)<br>| 21 | (36699)<br>|
| 3-mo. KRW CDC, 2.71% | Quarterly | 2.63% | Quarterly | 09/17/25 | 09/17/30 | KRW | 410920 | 5503 | 4 | 5499 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.68% | At Termination | 09/17/25 | 09/17/30 | SEK | 15300 | 25941 | (4732)<br>| 30673 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.69% | Annual | 09/17/25 | 09/17/30 | SEK | 18000 | 30957 | 32 | 30925 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.73% | Annual | 09/17/25 | 09/17/30 | SEK | 20000 | 38923 | (793)<br>| 39716 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.74% | Annual | 09/17/25 | 09/17/30 | SEK | 10000 | 19993 | 3546 | 16447 |
| 3-mo. STIBOR, 2.32% | Quarterly | 2.74% | Annual | 09/17/25 | 09/17/30 | SEK | 11000 | 22046 | 393 | 21653 |
| 2.88% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 3230 | 480 | 5 | 475 |
| 2.92% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 7000 | (688)<br>| 10 | (698)<br>|
| 3.08% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 6000 | (6419)<br>| 9 | (6428)<br>|
| 3.09% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 2000 | (2260)<br>| 3 | (2263)<br>|
| 3.14% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 3000 | (4248)<br>| 4 | (4252)<br>|
| 3.14% | Quarterly | 3-mo. HIBOR, 3.99% | Quarterly | 09/17/25 | 09/17/30 | HKD | 4000 | (5723)<br>| 6 | (5729)<br>|
| 3.40% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 2000 | (9416)<br>| (6382)<br>| (3034)<br>|
| 3.52% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (10287)<br>| 811 | (11098)<br>|
| 3.56% | Annual | 6-mo. PRIBOR, 3.52% | Semi-Annual | 09/17/25 | 09/17/30 | CZK | 83000 | (53471)<br>| 39 | (53510)<br>|
| 3.58% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (12964)<br>| (1257)<br>| (11707)<br>|
| 3.60% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 5000 | (68674)<br>| (20168)<br>| (48506)<br>|
| 3.62% | Semi-Annual | 6-mo. BBSW, 3.89% | Semi-Annual | 09/17/25 | 09/17/30 | AUD | 2000 | (2130)<br>| 14 | (2144)<br>|
| 3.64% | Annual | 6-mo. PRIBOR, 3.52% | Semi-Annual | 09/17/25 | 09/17/30 | CZK | 6000 | (4813)<br>| 3 | (4816)<br>|
| 3.64% | Annual | 6-mo. PRIBOR, 3.52% | Semi-Annual | 09/17/25 | 09/17/30 | CZK | 3000 | (2432)<br>| 1 | (2433)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.66% | Annual | 1-day SONIA, 4.46% | Annual | 09/17/25 | 09/17/30 | GBP | 1000 | $(3485)<br>| $15 | $(3500)<br>|
| 3.68% | Annual | 6-mo. PRIBOR, 3.52% | Semi-Annual | 09/17/25 | 09/17/30 | CZK | 9000 | (8110)<br>| 4 | (8114)<br>|
| 6-mo. PRIBOR, 3.52% | Semi-Annual | 3.69% | At Termination | 09/17/25 | 09/17/30 | CZK | 21440 | 19454 | 10 | 19444 |
| 3.70% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 14000 | (251152)<br>| 25865 | (277017)<br>|
| 3.70% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (18167)<br>| 402 | (18569)<br>|
| 6-mo. BBSW, 3.89% | Semi-Annual | 3.71% | Semi-Annual | 09/17/25 | 09/17/30 | AUD | 700 | 2472 | 5 | 2467 |
| 3.73% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 2000 | (39326)<br>| 238 | (39564)<br>|
| 3.73% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 7000 | (136689)<br>| (11844)<br>| (124845)<br>|
| 3.74% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (19995)<br>| (473)<br>| (19522)<br>|
| 3.75% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 12000 | (243033)<br>| (29197)<br>| (213836)<br>|
| 3.76% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 3000 | (63208)<br>| (3287)<br>| (59921)<br>|
| 3.76% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 7000 | (145897)<br>| (19081)<br>| (126816)<br>|
| 3.76% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (20857)<br>| (8610)<br>| (12247)<br>|
| 3.78% | At Termination | 1-day SOFR, 4.41% | At Termination | 09/17/25 | 09/17/30 | USD | 2470 | (53834)<br>| (14524)<br>| (39310)<br>|
| 3.79% | Annual | 1-day SOFR, 4.41% | Annual | 09/17/25 | 09/17/30 | USD | 1000 | (22294)<br>| (589)<br>| (21705)<br>|
| 3-mo. BBR, 3.98% | Quarterly | 3.80% | Semi-Annual | 09/17/25 | 09/17/30 | NZD | 2200 | 19374 | 14 | 19360 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 3.87% | Annual | 09/17/25 | 09/17/30 | PLN | 3000 | 795 | 9 | 786 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 3.91% | Annual | 09/17/25 | 09/17/30 | PLN | 2000 | 1516 | 6 | 1510 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 3.93% | Annual | 09/17/25 | 09/17/30 | PLN | 3000 | 2831 | 9 | 2822 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 3.96% | Annual | 09/17/25 | 09/17/30 | PLN | 6000 | 7681 | 17 | 7664 |
| 6-mo. BBSW, 3.89% | Semi-Annual | 4.00% | Semi-Annual | 09/17/25 | 09/17/30 | AUD | 2120 | 25279 | 15 | 25264 |
| 1-day SONIA, 4.46% | At Termination | 4.02% | At Termination | 09/17/25 | 09/17/30 | GBP | 350 | 8740 | (287)<br>| 9027 |
| 1-day SONIA, 4.46% | At Termination | 4.03% | At Termination | 09/17/25 | 09/17/30 | GBP | 190 | 4784 | (252)<br>| 5036 |
| 1-day SONIA, 4.46% | At Termination | 4.05% | At Termination | 09/17/25 | 09/17/30 | GBP | 220 | 5880 | (470)<br>| 6350 |
| 4.85% | At Termination | 6-mo. WIBOR, 5.10% | Semi-Annual | 09/17/25 | 09/17/30 | PLN | 10530 | (122215)<br>| 31 | (122246)<br>|
| 1-day MIBOR, 6.00% | Semi-Annual | 5.62% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 171000 | 1335 | 23 | 1312 |
| 1-day MIBOR, 6.00% | Semi-Annual | 5.66% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 41500 | 1016 | 5 | 1011 |
| 1-day MIBOR, 6.00% | Semi-Annual | 5.67% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 41500 | 1220 | 5 | 1215 |
| 1-day MIBOR, 6.00% | Semi-Annual | 5.68% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 153000 | 5778 | 20 | 5758 |
| 1-day MIBOR, 6.00% | Semi-Annual | 5.68% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 67000 | 2366 | 9 | 2357 |
| 1-day MIBOR, 6.00% | Semi-Annual | 5.69% | Semi-Annual | 09/17/25 | 09/17/30 | INR | 86000 | 3437 | 11 | 3426 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.84% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 16130 | 8301 | 10 | 8291 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.89% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 6850 | 4261 | 4 | 4257 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.92% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 226000 | 154734 | 139 | 154595 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.92% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 5000 | 3417 | 3 | 3414 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.93% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 18150 | 12880 | 11 | 12869 |
| 3-mo. JIBAR, 7.54% | Quarterly | 7.95% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 36850 | 27766 | 22 | 27744 |
| 3-mo. JIBAR, 7.54% | Quarterly | 8.12% | Quarterly | 09/17/25 | 09/17/30 | ZAR | 51000 | 56866 | 30 | 56836 |
| 1-day SONIA, 4.46% | At Termination | 3.71% | At Termination | 06/17/26 | 06/17/31 | GBP | 2300 | 5506 | 4508 | 998 |
| 1-day SONIA, 4.46% | At Termination | 3.73% | At Termination | 06/17/26 | 06/17/31 | GBP | 6510 | 22137 | 17762 | 4375 |
| 1-day SONIA, 4.46% | At Termination | 3.76% | At Termination | 06/17/26 | 06/17/31 | GBP | 3410 | 18172 | 7027 | 11145 |
| 1-day SONIA, 4.46% | At Termination | 4.00% | At Termination | 06/17/26 | 06/17/31 | GBP | 2260 | 43546 | 15639 | 27907 |
| 1-day SONIA, 4.46% | At Termination | 4.07% | At Termination | 06/17/26 | 06/17/31 | GBP | 4400 | 102531 | 10770 | 91761 |
| 1-day SONIA, 4.46% | At Termination | 4.12% | At Termination | 06/17/26 | 06/17/31 | GBP | 4360 | 113414 | 28579 | 84835 |
| 9.45% | Monthly | 1-day TIIEFONDEO, 9.08% | Monthly | N/A | 01/03/35 | MXN | 1663 | (7594)<br>| 1 | (7595)<br>|
| 6.07% | Semi-Annual | 1-day MIBOR, 6.00% | Semi-Annual | N/A | 03/19/35 | INR | 1446 | (409)<br>|  | (409)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.48% | At Termination | 06/18/25 | 06/18/35 | EUR | 840 | 3670 | 2506 | 1164 |
| 2.54% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 3065 | (32503)<br>| 2016 | (34519)<br>|
| 2.65% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 1480 | (31990)<br>| 16896 | (48886)<br>|
| 2.66% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 2610 | (59176)<br>| (18921)<br>| (40255)<br>|
| 2.67% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 2605 | (62100)<br>| 11325 | (73425)<br>|
| 2.70% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 1267 | (33927)<br>| (4923)<br>| (29004)<br>|
| 2.75% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 1265 | (40960)<br>| 4067 | (45027)<br>|
| 6-mo. EURIBOR, 2.13% | At Termination | 2.77% | Semi-Annual | 06/18/25 | 06/18/35 | EUR | 11693 | 347472 | 12699 | 334773 |
| 3.74% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/35 | USD | 3076 | (32387)<br>| (18618)<br>| (13769)<br>|
| 3.83% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/35 | USD | 6070 | (106895)<br>| 22227 | (129122)<br>|
| 3.87% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/35 | USD | 3172 | (66402)<br>| (23826)<br>| (42576)<br>|
| 3.93% | At Termination | 1-day SOFR, 4.41% | At Termination | 06/18/25 | 06/18/35 | USD | 2330 | (61724)<br>| (17737)<br>| (43987)<br>|
| 1-day SONIA, 4.46% | At Termination | 3.98% | At Termination | 06/18/25 | 06/18/35 | GBP | 650 | 3002 | 2373 | 629 |
| 1-day SONIA, 4.46% | At Termination | 3.99% | At Termination | 06/18/25 | 06/18/35 | GBP | 1300 | 6682 | 1957 | 4725 |
| 1-day SONIA, 4.46% | At Termination | 4.05% | At Termination | 06/18/25 | 06/18/35 | GBP | 1870 | 22640 | 12029 | 10611 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SONIA, 4.46% | At Termination | 4.09% | At Termination | 06/18/25 | 06/18/35 | GBP | 2885 | $47858 | $(16278)<br>| $64136 |
| 1-day SONIA, 4.46% | At Termination | 4.17% | At Termination | 06/18/25 | 06/18/35 | GBP | 3533 | 88861 | 19490 | 69371 |
| 1-day SONIA, 4.46% | At Termination | 4.23% | At Termination | 06/18/25 | 06/18/35 | GBP | 4690 | 146293 | (952)<br>| 147245 |
| 1-day SONIA, 4.46% | At Termination | 4.25% | At Termination | 06/18/25 | 06/18/35 | GBP | 2340 | 80231 | (4343)<br>| 84574 |
| 1-day SONIA, 4.46% | At Termination | 4.28% | At Termination | 06/18/25 | 06/18/35 | GBP | 2320 | 85746 | 26177 | 59569 |
| 4.08% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 3580 | (15732)<br>| (13077)<br>| (2655)<br>|
| 4.08% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 1290 | (5853)<br>| (4316)<br>| (1537)<br>|
| 4.17% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 1940 | (25858)<br>| (14636)<br>| (11222)<br>|
| 4.23% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 1230 | (24114)<br>| (12099)<br>| (12015)<br>|
| 4.28% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 2450 | (61843)<br>| (7426)<br>| (54417)<br>|
| 4.34% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/17/26 | 06/17/36 | GBP | 2430 | (77290)<br>| (27801)<br>| (49489)<br>|
| 2.30% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 01/23/54 | EUR | 1020 | 35158 | 2309 | 32849 |
| 2.49% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 02/19/54 | EUR | 613 | (6964)<br>| 23 | (6987)<br>|
| 2.51% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 02/20/54 | EUR | 613 | (9209)<br>| 23 | (9232)<br>|
| 2.51% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 02/20/54 | EUR | 628 | (10545)<br>| 24 | (10569)<br>|
| 2.51% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 03/01/54 | EUR | 305 | (5085)<br>| 12 | (5097)<br>|
| 2.46% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 03/22/54 | EUR | 128 | (449)<br>| 5 | (454)<br>|
| 2.54% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 04/22/54 | EUR | 496 | (12418)<br>| (1014)<br>| (11404)<br>|
| 2.64% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 05/31/54 | EUR | 580 | (36659)<br>| (4847)<br>| (31812)<br>|
| 2.43% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 06/19/54 | EUR | 168 | (1770)<br>| 6 | (1776)<br>|
| 2.43% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 06/20/54 | EUR | 163 | (1730)<br>| 6 | (1736)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.44% | At Termination | N/A | 06/24/54 | EUR | 114 | 1575 | 4 | 1571 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.26% | At Termination | N/A | 10/22/54 | EUR | 120 | (3424)<br>| (578)<br>| (2846)<br>|
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.18% | At Termination | N/A | 11/07/54 | EUR | 115 | (7162)<br>| 4 | (7166)<br>|
| 2.46% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/55 | EUR | 370 | (3555)<br>| (2404)<br>| (1151)<br>|
| 2.50% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/55 | EUR | 170 | (3043)<br>| 3078 | (6121)<br>|
| 2.65% | At Termination | 6-mo. EURIBOR, 2.13% | Semi-Annual | 06/18/25 | 06/18/55 | EUR | 4605 | (254752)<br>| (1297)<br>| (253455)<br>|
| 1-day SOFR, 4.41% | At Termination | 3.81% | At Termination | 06/18/25 | 06/18/55 | USD | 720 | 411 | (5969)<br>| 6380 |
| 4.38% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 490 | (3047)<br>| 796 | (3843)<br>|
| 4.40% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 380 | (3828)<br>| (2880)<br>| (948)<br>|
| 4.43% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 1721 | (29710)<br>| (15920)<br>| (13790)<br>|
| 4.45% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 1475 | (33848)<br>| 26170 | (60018)<br>|
| 4.46% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 2300 | (54046)<br>| 10451 | (64497)<br>|
| 4.50% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 1160 | (39248)<br>| 3581 | (42829)<br>|
| 4.50% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 1060 | (35332)<br>| (23775)<br>| (11557)<br>|
| 4.53% | At Termination | 1-day SONIA, 4.46% | At Termination | 06/18/25 | 06/18/55 | GBP | 1190 | (46737)<br>| (24378)<br>| (22359)<br>|
|  |  |  |  |  |  |  |  | $142286 | $(626944)<br>| $769230 |

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| American Electric Power Co., Inc. | 1.00<br> % <br>| Quarterly | Bank of America N.A. | 12/20/29 | USD | 176 | $(5056)<br>| $(4595)<br>| $(461)<br>|
| American Express Co. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | USD | 90 | (2355)<br>| (2398)<br>| 43 |
| Dominion Energy Inc. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | USD | 87 | (2348)<br>| (2200)<br>| (148)<br>|
| Federal Republic of Brazil | 1.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/30 | USD | 269 | 9526 | 11429 | (1903)<br>|
| Republic of Turkey | 1.00 | Quarterly | Bank of America N.A. | 06/20/30 | USD | 12 | 1288 | 1205 | 83 |
| Republic of Turkey | 1.00 | Quarterly | Bank of America N.A. | 06/20/30 | USD | 12 | 1287 | 1209 | 78 |
| Republic of Turkey | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 75 | 8306 | 5824 | 2482 |
| United Mexican States | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 66 | 1142 | 1056 | 86 |
| United Mexican States | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | USD | 32 | 548 | 791 | (243)<br>|
| United Mexican States | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | USD | 42 | 723 | 1044 | (321)<br>|
| United Mexican States | 1.00 | Quarterly | Citibank N.A. | 06/20/30 | USD | 30 | 515 | 717 | (202)<br>|
| United Mexican States | 1.00 | Quarterly | Citibank N.A. | 06/20/30 | USD | 30 | 515 | 750 | (235)<br>|
|  |  |  |  |  |  |  | $14091 | $14832 | $(741)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 9.73% | At Termination | 1-day COOIS, <br> 8.95%<br>| At Termination | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 05/12/25 | COP | 237498 | $234 | $— | $234 |
| 9.81% | At Termination | 1-day COOIS, <br> 8.95%<br>| At Termination | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 05/12/25 | COP | 355023 | 281 |  | 281 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.81% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 919 | (2180)<br>|  | (2180)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.98% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 575 | (1196)<br>|  | (1196)<br>|
| 7.76% | At Termination | 1-day COOIS, <br> 8.95%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 11/05/25 | COP | 624054 | 2115 |  | 2115 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.32% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 9 | (113)<br>|  | (113)<br>|
| 10.97% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 743 | 6954 |  | 6954 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.09% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 766 | (1406)<br>|  | (1406)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 14.11% | At Termination | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 433 | 264 |  | 264 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 14.55% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 422 | 818 |  | 818 |
| 15.41% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 472 | (2661)<br>|  | (2661)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 9.79% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 606 | (9495)<br>|  | (9495)<br>|
| 1-day COOIS, <br> 8.95%<br>| Quarterly | 7.77% | Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 09/17/27 | COP | 1843400 | (1570)<br>|  | (1570)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.02% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 376 | (957)<br>|  | (957)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 13.15% | At Termination | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 01/02/29 | BRL | 272 | (429)<br>|  | (429)<br>|
| 13.50% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7000 | (2098)<br>|  | (2098)<br>|
| 13.55% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3000 | (1817)<br>|  | (1817)<br>|
| 13.94% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 5000 | (14857)<br>|  | (14857)<br>|
| 14.12% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7000 | (28468)<br>|  | (28468)<br>|
| 14.32% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7000 | (37162)<br>|  | (37162)<br>|
| 14.36% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2000 | (11233)<br>|  | (11233)<br>|
| 14.38% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 1000 | (5904)<br>|  | (5904)<br>|
| 14.43% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (36807)<br>|  | (36807)<br>|
| 14.45% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 19000 | (124833)<br>|  | (124833)<br>|
| 14.48% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 8000 | (50967)<br>|  | (50967)<br>|
| 14.63% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 8000 | (61668)<br>|  | (61668)<br>|
| 14.66% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 10000 | (79796)<br>|  | (79796)<br>|
| 14.69% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 9000 | (73102)<br>|  | (73102)<br>|
| 14.87% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2000 | (18586)<br>|  | (18586)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 14.96% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | $(40807)<br>| $— | $(40807)<br>|
| 15.00% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 9000 | (93844)<br>|  | (93844)<br>|
| 15.05% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (63712)<br>|  | (63712)<br>|
| 15.12% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 4000 | (44758)<br>|  | (44758)<br>|
| 15.25% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6000 | (73905)<br>|  | (73905)<br>|
| 8.73% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/14/30 | COP | 125579 | (504)<br>|  | (504)<br>|
| 8.78% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/14/30 | COP | 43238 | (191)<br>|  | (191)<br>|
| 8.64% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 04/04/30 | COP | 261600 | (805)<br>|  | (805)<br>|
| 8.34% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/17/30 | COP | 328133 | (85)<br>|  | (85)<br>|
|  |  |  |  |  |  |  |  |  | $(875250)<br>| $— | $(875250)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| FIXED, 0.00%<sup>(a)</sup> | Quarterly | Goldman Sachs <br> Intraday Delta <br> Replication VX <br> Series 5 Excess <br> Return Strategy <br> Index<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 1055 | $(29603)<br>| $— | $(29603)<br>|
| FIXED, 0.00%<sup>(a)</sup> | Quarterly | Goldman Sachs <br> Intraday Delta <br> Replication VX <br> Series 5 Excess <br> Return Strategy <br> Index<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 860 | (24124)<br>|  | (24124)<br>|
| FIXED, 0.00%<sup>(a)</sup> | At Termination | Goldman Sachs <br> Intraday Delta <br> Replication VX <br> Series 5 Excess <br> Return Strategy <br> Index<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 05/06/25 | USD | 479 | (13447)<br>|  | (13447)<br>|
| Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | 1-day SOFR , 4.41% | At Termination | BNP Paribas SA | N/A | 06/20/25 | USD | 280 | (10709)<br>| 709 | (11418)<br>|
|  |  |  |  |  |  |  |  |  | $(77883)<br>| $709 | $(78592)<br>|

---

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

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $2364213 | &nbsp;&nbsp;&nbsp; $(1946759)<br>| &nbsp;&nbsp;&nbsp; $4929916 | &nbsp;&nbsp;&nbsp; $(4372682)<br>| &nbsp;&nbsp;&nbsp; $— |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Premiums*<br> *Paid*<br>| &nbsp;&nbsp; *Premiums*<br> *Received*<br>| &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br>| &nbsp;&nbsp; *Unrealized*<br> *Depreciation*<br>| *Value* |
| OTC Swaps | &nbsp;&nbsp; $24734 | &nbsp;&nbsp;&nbsp; $(9193)<br>| &nbsp;&nbsp;&nbsp; $13438 | &nbsp;&nbsp;&nbsp; $(968021)<br>| &nbsp;&nbsp;&nbsp; $— |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (81665)<br>| &nbsp;&nbsp;&nbsp; 47077 | &nbsp;&nbsp;&nbsp; (44295)<br>| &nbsp;&nbsp;&nbsp; (78883)<br>|

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3875368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3875368 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1203058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1203058 |
| Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24034 | &nbsp;&nbsp; 987423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1011457 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 32988 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4883726 | &nbsp;&nbsp; 13202 | &nbsp;&nbsp; 4929916 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 26797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38172 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1227092 | &nbsp;&nbsp; $9757892 | &nbsp;&nbsp; $13202 | &nbsp;&nbsp; $11057971 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1273805 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1432396 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1611510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1611510 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5586 | &nbsp;&nbsp; 19473 | &nbsp;&nbsp; 53824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78883 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 210583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4114496 | &nbsp;&nbsp; 47603 | &nbsp;&nbsp; 4372682 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12706 | &nbsp;&nbsp; 67174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 897334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 977214 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223289 | &nbsp;&nbsp; $231351 | &nbsp;&nbsp; $1630983 | &nbsp;&nbsp; $6339459 | &nbsp;&nbsp; $47603 | &nbsp;&nbsp; $8472685 |

---

&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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statement 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; $(102211)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2741364)<br>| &nbsp;&nbsp; $(19965)<br>| &nbsp;&nbsp; $(2863540)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329835 |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (5733)<br>| &nbsp;&nbsp; 39172 | &nbsp;&nbsp; (121741)<br>| &nbsp;&nbsp; (446854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (535156)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 16390 | &nbsp;&nbsp; 100478 | &nbsp;&nbsp; (16358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 103313 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (1217481)<br>| &nbsp;&nbsp; (35553)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3172)<br>| &nbsp;&nbsp; (82906)<br>| &nbsp;&nbsp; (1339112)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1220411)<br>| &nbsp;&nbsp; $(82202)<br>| &nbsp;&nbsp; $308572 | &nbsp;&nbsp; $(3207748)<br>| &nbsp;&nbsp; $(102871)<br>| &nbsp;&nbsp; $(4304660)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(158591)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $5496825 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5338234 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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* |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(735639)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(735639)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11010 | &nbsp;&nbsp; 90966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103030 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; (608)<br>| &nbsp;&nbsp; 1662 | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 65800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67911 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (182960)<br>| &nbsp;&nbsp; (50642)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (55891)<br>| &nbsp;&nbsp; (1224)<br>| &nbsp;&nbsp; (290717)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(182514)<br>| &nbsp;&nbsp; $(207571)<br>| &nbsp;&nbsp; $(723572)<br>| &nbsp;&nbsp; $5597700 | &nbsp;&nbsp; $(1224)<br>| &nbsp;&nbsp; $4482819 |

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $331819636 |
| Average notional value of contracts — short | &nbsp;&nbsp; 122014430 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 56223685 |
| Average amounts sold — in USD | &nbsp;&nbsp; 43798448 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 163492 |
| Average value of option contracts written | &nbsp;&nbsp; 62543 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 165492747 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 160937838 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 32352521 |
| Average notional value — sell protection | &nbsp;&nbsp; 56326998 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 360073186 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 416481691 |
| Inflation swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 12438989 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 538600 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 2534459 |

---

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; $725134 | &nbsp;&nbsp;&nbsp;&nbsp; $463578 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1203058 | &nbsp;&nbsp;&nbsp;&nbsp; 1611510 |
| Options | &nbsp;&nbsp; 1011457 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 78883 |
| Swaps — centrally cleared | &nbsp;&nbsp; 90528 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 38172 | &nbsp;&nbsp;&nbsp;&nbsp; 977214 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 3068349 | &nbsp;&nbsp;&nbsp;&nbsp; 3131185 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (816240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (470273)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $2252109 | &nbsp;&nbsp;&nbsp;&nbsp; $2660912 |

---

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

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income 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; $449176 | &nbsp;&nbsp; $(449176)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 192621 | &nbsp;&nbsp; (192621)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 92503 | &nbsp;&nbsp; (92503)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 264897 | &nbsp;&nbsp; (212764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52133 |
| Goldman Sachs International | &nbsp;&nbsp; 422019 | &nbsp;&nbsp; (291601)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 130418 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 231100 | &nbsp;&nbsp; (187251)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43849 |
| Royal Bank of Canada | &nbsp;&nbsp; 42180 | &nbsp;&nbsp; (13800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28380 |
| Societe Generale | &nbsp;&nbsp; 29965 | &nbsp;&nbsp; (29965)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 114911 | &nbsp;&nbsp; (114911)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 64297 | &nbsp;&nbsp; (64297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 348440 | &nbsp;&nbsp; (90163)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 258277 |
|  | &nbsp;&nbsp; $2252109 | &nbsp;&nbsp; $(1739052)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $513057 |

---

&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>|
| Bank of America N.A. | &nbsp;&nbsp; $605818 | &nbsp;&nbsp; $(449176)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156642 |
| Barclays Bank PLC | &nbsp;&nbsp; 423556 | &nbsp;&nbsp; (192621)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230935 |
| BNP Paribas SA | &nbsp;&nbsp; 196195 | &nbsp;&nbsp; (92503)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103692 |
| Citibank N.A. | &nbsp;&nbsp; 212764 | &nbsp;&nbsp; (212764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 291601 | &nbsp;&nbsp; (291601)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 187251 | &nbsp;&nbsp; (187251)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; (13800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 134503 | &nbsp;&nbsp; (29965)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104538 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 401598 | &nbsp;&nbsp; (114911)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 286687 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 103663 | &nbsp;&nbsp; (64297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39366 |
| UBS AG | &nbsp;&nbsp; 90163 | &nbsp;&nbsp; (90163)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2660912 | &nbsp;&nbsp; $(1739052)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921860 |

---

&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. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $68130579 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $68130579 |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; 23200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23200 |
| Brazil | &nbsp;&nbsp; 39625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39625 |
| Canada | &nbsp;&nbsp; 42557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42557 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Diversified Fixed Income Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Japan | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46581 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46581 |
| United Kingdom | &nbsp;&nbsp; 222716 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222716 |
| United States | &nbsp;&nbsp; 3527346 | &nbsp;&nbsp;&nbsp;&nbsp; 9481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3536827 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317869044 | &nbsp;&nbsp;&nbsp;&nbsp; 992436 | &nbsp;&nbsp;&nbsp;&nbsp; 318861480 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 688571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 688571 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21842210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21842210 |
| Investment Companies | &nbsp;&nbsp; 1382124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1382124 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4384989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4384989 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136979696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136979696 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113758 |
| Preferred Stocks | &nbsp;&nbsp; 46035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46035 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454894684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454894684 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244760430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244760430 |
| Short-Term Securities  |  |  |  |  |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83166 |
| Money Market Funds | &nbsp;&nbsp; 236362684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236362684 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040123 |
| Options Purchased  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24034 |
| Interest Rate Contracts | &nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp; 986845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 987423 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100273281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100273281)<br>|
|  | &nbsp;&nbsp; $241646865 | &nbsp;&nbsp;&nbsp;&nbsp; $1153580910 | &nbsp;&nbsp;&nbsp;&nbsp; $992436 | &nbsp;&nbsp;&nbsp;&nbsp; $1396220211 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35760 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $35760 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1203058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1203058 |
| Interest Rate Contracts | &nbsp;&nbsp; 3875368 | &nbsp;&nbsp;&nbsp;&nbsp; 4894392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8769760 |
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13202 |
| Liabilities |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (214096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (214096)<br>|
| Equity Contracts | &nbsp;&nbsp; (164177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (231351)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1630983)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1630983)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1274914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5064545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6339459)<br>|
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47603)<br>|
|  | &nbsp;&nbsp; $2436277 | &nbsp;&nbsp;&nbsp;&nbsp; $(810815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(67174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1558288 |

---

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

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Diversified Fixed <br>Income Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1258992484 |
| Investments, at value — affiliated<sup>(c)</sup> | 237501008 |
| Cash | 92625 |
| Cash pledged: |  |
| Collateral — exchange-traded options written | 611000 |
| Collateral — TBA commitments | 16000 |
| Futures contracts | 7294000 |
| Centrally cleared swaps | 13034645 |
| Foreign currency, at value<sup>(d)</sup> | 4211285 |
| Receivables: |  |
| Investments sold | 53645995 |
| Securities lending income — affiliated | 4975 |
| TBA sale commitments | 100002938 |
| Capital shares sold | 15872237 |
| Dividends — unaffiliated | 1020 |
| Dividends — affiliated | 687379 |
| Interest — unaffiliated | 7514638 |
| Principal paydowns | 174 |
| Variation margin on futures contracts | 725134 |
| Variation margin on centrally cleared swaps | 90528 |
| Swap premiums paid | 24734 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 1203058 |
| OTC swaps | 13438 |
| Prepaid expenses | 5220 |
| Total assets | 1701544515 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 21282779 |
| Options written, at value<sup>(e)</sup> | 78883 |
| TBA sale commitments, at value<sup>(f)</sup> | 100273281 |
| Payables: |  |
| Investments purchased | 323399111 |
| Administration fees | 55668 |
| Capital shares redeemed | 111327921 |
| Investment advisory fees | 136697 |
| Trustees' and Officer's fees | 2724 |
| Professional fees | 16050 |
| Variation margin on futures contracts | 463578 |
| Swap premiums received | 9193 |
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | 1611510 |
| OTC swaps | 968021 |
| Total liabilities | 559625416 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $1141919099 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $1133938082 |
| Accumulated earnings | 7981017 |
| NET ASSETS | $1141919099 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1249375669 |
| <sup>(b)</sup> Securities loaned, at value | $20393342 |
| <sup>(c)</sup> Investments, at cost—affiliated | $237521640 |
| <sup>(d)</sup> Foreign currency, at cost | $4183074 |
| <sup>(e)</sup> Premiums received | $81665 |
| <sup>(f)</sup> Proceeds from TBA sale commitments | $100002938 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Diversified Fixed <br>Income Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $685663614 |
| Shares outstanding | 68242440 |
| Net asset value | $10.05 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Class K** |  |
| Net assets | $456255485 |
| Shares outstanding | 48365714 |
| Net asset value | $9.43 |
| Shares authorized | Unlimited |
| Par value | No par value |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Diversified Fixed <br>Income Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $11117 |
| Dividends — affiliated | &nbsp;&nbsp; 3621430 |
| Interest — unaffiliated | &nbsp;&nbsp; 25185637 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 32310 |
| Foreign taxes withheld | &nbsp;&nbsp; (2633)<br>|
| Total investment income | &nbsp;&nbsp; 28847861 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 1356172 |
| Administration — class specific | &nbsp;&nbsp; 878404 |
| Professional | &nbsp;&nbsp; 19958 |
| Trustees and Officer | &nbsp;&nbsp; 9569 |
| Miscellaneous | &nbsp;&nbsp; 4135 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 2268238 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 592 |
| Total expenses | &nbsp;&nbsp; 2268830 |
| Less: |  |
| Administration fees waived by the Administrator — class specific | &nbsp;&nbsp; (544804)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (606728)<br>|
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (29527)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 1087771 |
| Net investment income | &nbsp;&nbsp; 27760090 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (1665051)<br>|
| Investments — affiliated | &nbsp;&nbsp; (3686)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 329835 |
| Foreign currency transactions | &nbsp;&nbsp; 21302 |
| Futures contracts | &nbsp;&nbsp; (2863540)<br>|
| Options written | &nbsp;&nbsp; 103313 |
| Swaps | &nbsp;&nbsp; (1339112)<br>|
|  | &nbsp;&nbsp; (5416939)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 2501767 |
| Investments — affiliated | &nbsp;&nbsp; (23419)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (735639)<br>|
| Foreign currency translations | &nbsp;&nbsp; 76419 |
| Futures contracts | &nbsp;&nbsp; 5338234 |
| Options written | &nbsp;&nbsp; 67911 |
| Short sales — unaffiliated | &nbsp;&nbsp; (3025)<br>|
| Swaps | &nbsp;&nbsp; (290717)<br>|
|  | &nbsp;&nbsp; 6931531 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1514592 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $29274682 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $114 |
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $43 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock Diversified <br>Fixed Income Fund | BlackRock Diversified <br>Fixed Income Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $27760090 | &nbsp;&nbsp;&nbsp; $41969362 |
| Net realized gain (loss) | &nbsp;&nbsp; (5416939)<br>| &nbsp;&nbsp;&nbsp; 18136482 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6931531 | &nbsp;&nbsp;&nbsp; 20181110 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 29274682 | &nbsp;&nbsp;&nbsp; 80286954 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (23684252)<br>| &nbsp;&nbsp;&nbsp; (27369799)<br>|
| Class K | &nbsp;&nbsp; (13984017)<br>| &nbsp;&nbsp;&nbsp; (14126941)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (37668269)<br>| &nbsp;&nbsp;&nbsp; (41496740)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 189937644 | &nbsp;&nbsp;&nbsp; 295893560 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 181544057 | &nbsp;&nbsp;&nbsp; 334683774 |
| Beginning of period | &nbsp;&nbsp; 960375042 | &nbsp;&nbsp;&nbsp; 625691268 |
| End of period | &nbsp;&nbsp; $1141919099 | &nbsp;&nbsp;&nbsp; $960375042 |

---

&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

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock Diversified Fixed Income Fund | BlackRock Diversified Fixed Income Fund | BlackRock Diversified Fixed Income Fund |
|  | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 10/31/23 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 10/31/23 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net increase (decrease) from investment operations | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| From net realized gain | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $9.65 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |
| Based on net asset value | 2.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.92<br> %<br>| &nbsp;&nbsp;&nbsp; (2.96 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |
| Total expenses | 0.46 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>(g)</sup><br>|
| Net investment income | 5.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $685664 | &nbsp;&nbsp;&nbsp; $670181 | &nbsp;&nbsp;&nbsp; $413831 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 273<br> %<br>| &nbsp;&nbsp;&nbsp; 506<br> %<br>| &nbsp;&nbsp;&nbsp; 324<br> %<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> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 10/31/23 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>09/19/23<sup>(a)</sup> <br>to 10/31/23 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>|

---

*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 Diversified Fixed Income Fund (continued) | BlackRock Diversified Fixed Income Fund (continued) | BlackRock Diversified Fixed Income Fund (continued) |
|  | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>01/18/23<sup>(a)</sup> <br>to 10/31/23 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>01/18/23<sup>(a)</sup> <br>to 10/31/23 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Net increase (decrease) from investment operations | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| From net realized gain | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $9.06 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |
| Based on net asset value | 2.29 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.17<br> %<br>| &nbsp;&nbsp;&nbsp; (6.21 )%<sup>(e)(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.36 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.14 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(h)</sup><br>|
| Net investment income | 5.15 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $456255 | &nbsp;&nbsp;&nbsp; $290194 | &nbsp;&nbsp;&nbsp; $211860 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 273<br> %<br>| &nbsp;&nbsp;&nbsp; 506<br> %<br>| &nbsp;&nbsp;&nbsp; 324<br> %<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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>01/18/23<sup>(a)</sup> <br>to 10/31/23 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Period from <br>01/18/23<sup>(a)</sup> <br>to 10/31/23 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 319<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>|

---

*See notes to financial statements.*

Financial Highlights

------

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. BlackRock Diversified Fixed Income Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions. Institutional and Class K Shares are sold only to certain eligible investors.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional and Class K Shares No No None

The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least monthly. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&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 net asset value ("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;•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option. Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

&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 swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the 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 Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Short Sale Transactions:** In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statement of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current 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 Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <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>|
| Barclays Bank PLC | &nbsp;&nbsp; $2333954 | &nbsp;&nbsp; $(2333954)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 224812 | &nbsp;&nbsp; (224812)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 15246 | &nbsp;&nbsp; (15246)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5269860 | &nbsp;&nbsp; (5269860)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 420216 | &nbsp;&nbsp; (420216)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 40613 | &nbsp;&nbsp; (40613)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3345098 | &nbsp;&nbsp; (3345098)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 5527755 | &nbsp;&nbsp; (5527755)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 192013 | &nbsp;&nbsp; (192013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; (2289)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| UBS Securities LLC | &nbsp;&nbsp; $360905 | &nbsp;&nbsp; $(360905)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1558241 | &nbsp;&nbsp; (1558241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1102340 | &nbsp;&nbsp; (1102340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $20393342 | &nbsp;&nbsp; $(20393342)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

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&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 the Fund is disclosed in the Fund's Statement 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, the Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Swaptions — The Fund may purchase and write options on swaps ("swaptions") primarily to preserve a return or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Foreign currency options — The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option's expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.25<br> % <br>|
| $1 billion – $3 billion | 0.24 |
| $3 billion – $5 billion | 0.23 |
| $5 billion – $10 billion | 0.22 |
| Greater than $10 billion | 0.21 |

---

The Manager contractually agreed to waive 0.10% of its investment advisory fees 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 the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2025, the Manager waived $544,804 pursuant to this agreement.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The Manager entered into separate sub-advisory agreements with each of BlackRock International Limited ("BIL") and, effective February 28, 2025, BlackRock (Singapore) Limited ("BSL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL, for services they provide for that portion of the Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL" or the "Administrator"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. For such services, BAL charges each of the share classes an administration fee, which is shown as administration – class specific in the Statement of Operations, at an annual rate of 0.20% of the average daily net assets of the Fund's Institutional Shares and 0.10% of the average daily net assets of the Fund's Class K Shares.

For the six months ended April 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Class K* | *Total* |
| BlackRock Diversified Fixed Income Fund | &nbsp;&nbsp; $667200 | $211204 | $878404 |

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. BAL contractually agreed to waive 0.10% of its administration fees for each of Institutional Shares and Class K Shares 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 the Fund. These amounts waived by the Administrator are included in administration fees waived by the Administrator — class specific in the Statement of Operations. For the six months ended April 30, 2025, class specific expense waivers were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Administrator-* <br> *Class Specific* | *Administration Fees Waived by the Administrator-* <br> *Class Specific* | *Administration Fees Waived by the Administrator-* <br> *Class Specific* |
| *Fund Name* | *Institutional* | *Class K* | *Total* |
| BlackRock Diversified Fixed Income Fund | &nbsp;&nbsp; $333600 | &nbsp;&nbsp; $211204 | &nbsp;&nbsp; $544804 |

---

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 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 the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2025, the amount waived was $61,469.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 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 the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2025, the Manager waived $455 in investment advisory fees pursuant to this arrangement.

The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit against the administration and/or investment advisory fees paid by the Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. On July 1 of each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a perpetual ten year term. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Administrator/Manager in the Statement of Operations. For the six months ended April 30, 2025, the amount waived was $29,527.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended April 30, 2025, the Fund paid BTC $10,938 for securities lending agent services.

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Fund participated 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 the 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 Fund 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.

***7.*** ***PURCHASES AND SALES*** 

For the six months ended April 30, 2025, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| BlackRock Diversified Fixed Income Fund | &nbsp;&nbsp; $2883385543 | &nbsp;&nbsp; $2780920915 | &nbsp;&nbsp; $300070654 | &nbsp;&nbsp; $223022106 |

---

For the six months ended April 30, 2025, purchases and sales related to mortgage dollar rolls were $1,609,206,501 and $1,608,924,472, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of April 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| BlackRock Diversified Fixed Income Fund | &nbsp;&nbsp; $1487691515 | &nbsp;&nbsp; $27092168 | &nbsp;&nbsp; $(16920581)<br>| &nbsp;&nbsp; $10171587 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 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 April 30, 2025, the Fund did not borrow under the credit agreement.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate 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 Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Diversified Fixed Income Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 31107580 | &nbsp;&nbsp;&nbsp; $311339110 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2355618 | &nbsp;&nbsp;&nbsp; 23684252 | &nbsp;&nbsp;&nbsp; 2677918 | &nbsp;&nbsp;&nbsp; 27369799 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10793000) | &nbsp;&nbsp;&nbsp; (109528346) |
|  | &nbsp;&nbsp; 2355618 | &nbsp;&nbsp;&nbsp; $23684252 | &nbsp;&nbsp;&nbsp; 22992498 | &nbsp;&nbsp;&nbsp; $229180563 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 28320268 | &nbsp;&nbsp;&nbsp; $263597295 | &nbsp;&nbsp;&nbsp; 5519558 | &nbsp;&nbsp;&nbsp; $52586056 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1481611 | &nbsp;&nbsp;&nbsp; 13984018 | &nbsp;&nbsp;&nbsp; 1473138 | &nbsp;&nbsp;&nbsp; 14126941 |
| Shares redeemed | &nbsp;&nbsp; (11805718) | &nbsp;&nbsp;&nbsp; (111327921) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 17996161 | &nbsp;&nbsp;&nbsp; $166253392 | &nbsp;&nbsp;&nbsp; 6992696 | &nbsp;&nbsp;&nbsp; $66712997 |
|  | &nbsp;&nbsp; 20351779 | &nbsp;&nbsp;&nbsp; $189937644 | &nbsp;&nbsp;&nbsp; 29985194 | &nbsp;&nbsp;&nbsp; $295893560 |

---

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Fund's allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 537-4942 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers (continued)** 

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Fund**

400 Howard Street

San Francisco, CA 94105

Additional Information

------

Disclosure of Investment Sub-Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Funds III (the "Trust") met on February 19-21, 2025 (the "Meeting") to consider the initial approval of the proposed sub-advisory agreement (the "Sub-Advisory Agreement") between BlackRock Fund Advisors (the "Manager"), the Trust's investment advisor, and BlackRock (Singapore) Limited (the "Sub-Advisor") with respect to BlackRock Diversified Fixed Income Fund (the "Fund"), a series of the Trust.

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), at the Meeting, the Board reviewed materials relating to its consideration of the Sub-Advisory Agreement. 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 previously met on May 16-17, 2024 (the "May 2024 Meeting") to consider the approval of the continuation of the Trust's advisory agreement (the "Advisory Agreement") between the Trust and the Manager, on behalf of the Fund. At the May 2024 Meeting, the Board, including the Independent Board Members, approved the continuation of the Advisory Agreement for a one-year term ending June 30, 2025. A discussion of the basis for the Board's approval of the Advisory Agreement at the May 2024 Meeting is included in the annual shareholder report for the Fund for the period ended October 31, 2024. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the Meeting with respect to approval of the Advisory Agreement.

Following discussion, the Board, including the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. 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 Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, 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 also assisted by the advice of independent legal counsel in making this determination.

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;

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ABS | Asset-Backed Security |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BBR | Bank Bill Rate  |
| BBSW | Bank Bill Swap Rate |
| BMO | BMO Capital Markets |
| BUBOR | Budapest Interbank Offered Rate |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CDC | Certificate of Deposit Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| COOIS | Columbia Overnight Interbank Reference Rate |
| CORRA | Overnight Bank of Canada Repo Rate |
| CPI | Consumer Price Index |
| CR | Custodian Receipt |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| HIBOR | Hong Kong Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Average Rate |
| MIBOR | Mumbai Interbank Offered Rate |
| MTA | Month Treasury Average |
| MTN | Medium-Term Note  |
| PIK | Payment-in-Kind |
| PRIBOR | Prague Interbank Offer Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | Singapore Overnight Rate Average |
| SPDR | Standard & Poor's Depository Receipt  |
| SSARON | Swiss Average Overnight Rate |
| STACR | Structured Agency Credit Risk |
| STIBOR | Stockholm Interbank Offered Rate |
| TAIBOR | Taipei Interbank Offered Rate |
| TBA | To-Be-Announced |
| THOR | Thai Overnight Repurchase Rate |
| TIIEFONDEO | MXN Overnight TIIE Funding Rate |
| UK RPI | United Kingdom Retail Price Index  |
| WIBOR | Warsaw Interbank Offered Rate |

---

Glossary of Terms Used in these Financial Statements

------

Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g941243img3687d77a2.jpg)

![](g941243img63d1be041.jpg)

------

![](g941243img3201e3ef1.jpg)

April 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® ESG Index Retirement Fund |
| • BlackRock LifePath® ESG Index 2030 Fund |
| • BlackRock LifePath® ESG Index 2035 Fund |
| • BlackRock LifePath® ESG Index 2040 Fund |
| • BlackRock LifePath® ESG Index 2045 Fund |
| • BlackRock LifePath® ESG Index 2050 Fund |
| • BlackRock LifePath® ESG Index 2055 Fund |
| • BlackRock LifePath® ESG Index 2060 Fund |
| • BlackRock LifePath® ESG Index 2065 Fund |
| • BlackRock LifePath® ESG Index 2070 Fund |

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_SOI-Footer-FundBookName-1135_1)  | 3 |
| [Statements of Assets and Liabilities](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_FS-Footer-FundBookName-1135_1)  | 23 |
| [Statements of Operations](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_FS-Footer-FundBookName-1135_4)  | 26 |
| [Statements of Changes in Net Assets](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_FS-Footer-FundBookName-1135_7)  | 29 |
| [Financial Highlights](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_FIHI-Footer-FundBookName-1135_1)  | 34 |
| [Notes to Financial Statements](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_NTF-Footer-FundBookName-1135_1)  | 64 |
| [Additional Information](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_ADDInfo-Footer-FundBookName-1135_1)  | 77 |
| [Glossary of Terms Used in this Report](#xx_b2407f7e-255d-4a36-9f9f-7efd9c6628ce_Terms-Footer-FundBookName_1)  | 79 |

---

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index Retirement Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 39.9%** | **Equity Funds — 39.9%** | **Equity Funds — 39.9%** |
| iShares Developed Real Estate Index Fund, Class K | 19624 | $158365 |
| iShares ESG Aware MSCI EAFE ETF | 5791 | 490382 |
| iShares ESG Aware MSCI EM ETF<sup>(b)</sup> | 6476 | 227696 |
| iShares ESG Aware MSCI USA ETF | 13334 | 1614481 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 4889 | 183044 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 1533 | 65076 |
| iShares MSCI EAFE Small-Cap ETF<sup>(b)</sup> | 1245 | 82792 |
| iShares MSCI Emerging Markets Small-Cap ETF | 613 | 35051 |
|  |  | 2856887 |
| **Fixed-Income Funds — 59.9%** | **Fixed-Income Funds — 59.9%** | **Fixed-Income Funds — 59.9%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 78262 | 3713532 |
| iShares TIPS Bond ETF | 5189 | 573488 |
|  |  | 4287020 |
| **Money Market Funds — 25.0%** | **Money Market Funds — 25.0%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 1773109 | 1773819 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 13049 | 13049 |
|  |  | 1786868 |
| **Total Investments — 124.8%** <br>**(Cost: $8,202,652)** | **Total Investments — 124.8%** <br>**(Cost: $8,202,652)** | 8930775 |
| **Liabilities in Excess of Other Assets — (24.8)%** | **Liabilities in Excess of Other Assets — (24.8)%** | (1772312)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7158463 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1620395 | $153905 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(601)<br>| $120 | $1773819 | 1773109 | $2985 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 15764 |  | &nbsp;&nbsp; (2715 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 13049 | 13049 | 340 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 170453 | 1807 | &nbsp;&nbsp; (27838)<br>| &nbsp;&nbsp; (5127)<br>| 19070 | 158365 | 19624 | (2170)<br>| &nbsp;&nbsp; (16847)<br>|
| iShares ESG Aware MSCI EAFE ETF | 527654 | 76906 | &nbsp;&nbsp; (141643)<br>| &nbsp;&nbsp; (1699)<br>| 29164 | 490382 | 5791 | 7287 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 235999 | 35759 | &nbsp;&nbsp; (41330)<br>| &nbsp;&nbsp; (2201)<br>| (531)<br>| 227696 | 6476 | 3985 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 1682733 | 333537 | &nbsp;&nbsp; (338327)<br>| &nbsp;&nbsp; (15532)<br>| (47930)<br>| 1614481 | 13334 | 10126 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 219584 | 33971 | &nbsp;&nbsp; (48872)<br>| &nbsp;&nbsp; 1054 | (22693)<br>| 183044 | 4889 | 1458 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 3970228 | 492828 | &nbsp;&nbsp; (763972)<br>| &nbsp;&nbsp; (155718)<br>| 170166 | 3713532 | 78262 | 78985 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 66105 | 7666 | &nbsp;&nbsp; (10978)<br>| &nbsp;&nbsp; (455)<br>| 2738 | 65076 | 1533 | 940 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 85608 | 9492 | &nbsp;&nbsp; (15547)<br>| &nbsp;&nbsp; (638)<br>| 3877 | 82792 | 1245 | 1745 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 40188 | 4632 | &nbsp;&nbsp; (6493)<br>| &nbsp;&nbsp; (772)<br>| (2504)<br>| 35051 | 613 | 867 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 601445 | 73799 | &nbsp;&nbsp; (113330)<br>| &nbsp;&nbsp; (18342)<br>| 29916 | 573488 | 5189 | 6539 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(200031)<br>| $181393 | $8930775 |  | $113087 | &nbsp;&nbsp; $(16847)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index Retirement Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $2856887 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2856887 |
| Fixed-Income Funds | &nbsp;&nbsp; 4287020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4287020 |
| Money Market Funds | &nbsp;&nbsp; 1786868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1786868 |
|  | &nbsp;&nbsp; $8930775 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8930775 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2030 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 52.7%** | **Equity Funds — 52.7%** | **Equity Funds — 52.7%** |
| iShares Developed Real Estate Index Fund, Class K | 18919 | $152676 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 7029 | 595216 |
| iShares ESG Aware MSCI EM ETF<sup>(b)</sup> | 7665 | 269501 |
| iShares ESG Aware MSCI USA ETF<sup>(b)</sup> | 15471 | 1873229 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 5773 | 216141 |
| iShares MSCI Canada ETF | 1822 | 77344 |
| iShares MSCI EAFE Small-Cap ETF<sup>(b)</sup> | 1483 | 98620 |
| iShares MSCI Emerging Markets Small-Cap ETF | 784 | 44828 |
|  |  | 3327555 |
| **Fixed-Income Funds — 47.1%** | **Fixed-Income Funds — 47.1%** | **Fixed-Income Funds — 47.1%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 53056 | 2517507 |
| iShares TIPS Bond ETF<sup>(b)</sup> | 4119 | 455232 |
|  |  | 2972739 |
| **Money Market Funds — 16.1%** | **Money Market Funds — 16.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 1001992 | 1002393 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 12661 | 12661 |
|  |  | 1015054 |
| **Total Investments — 115.9%** <br>**(Cost: $6,491,023)** | **Total Investments — 115.9%** <br>**(Cost: $6,491,023)** | 7315348 |
| **Liabilities in Excess of Other Assets — (15.9)%** | **Liabilities in Excess of Other Assets — (15.9)%** | (1003162)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6312186 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1108703 | $— | &nbsp;&nbsp; $(105951 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(370)<br>| $11 | $1002393 | 1001992 | $2204 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares |  | 12661 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 12661 | 12661 | 457 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 147340 | 11487 | &nbsp;&nbsp; (22078)<br>| &nbsp;&nbsp; (2910)<br>| 18837 | 152676 | 18919 | (2386)<br>| &nbsp;&nbsp; (16547)<br>|
| iShares ESG Aware MSCI EAFE ETF | 591629 | 124987 | &nbsp;&nbsp; (155248)<br>| &nbsp;&nbsp; (1319)<br>| 35167 | 595216 | 7029 | 8229 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 261696 | 60625 | &nbsp;&nbsp; (52178)<br>| &nbsp;&nbsp; (194)<br>| (448)<br>| 269501 | 7665 | 4493 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 1784415 | 498378 | &nbsp;&nbsp; (362255)<br>| &nbsp;&nbsp; 21874 | (69183)<br>| 1873229 | 15471 | 10715 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 220330 | 50415 | &nbsp;&nbsp; (32584)<br>| &nbsp;&nbsp; 463 | (22483)<br>| 216141 | 5773 | 1560 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 2353345 | 625301 | &nbsp;&nbsp; (473588)<br>| &nbsp;&nbsp; (6805)<br>| 19254 | 2517507 | 53056 | 46738 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 70371 | 16733 | &nbsp;&nbsp; (12802)<br>| &nbsp;&nbsp; (123)<br>| 3165 | 77344 | 1822 | 1022 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 95825 | 16881 | &nbsp;&nbsp; (18177)<br>| &nbsp;&nbsp; (470)<br>| 4561 | 98620 | 1483 | 1985 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 46518 | 8160 | &nbsp;&nbsp; (6594)<br>| &nbsp;&nbsp; (340)<br>| (2916)<br>| 44828 | 784 | 1018 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 430532 | 92131 | &nbsp;&nbsp; (76174)<br>| &nbsp;&nbsp; (727)<br>| 9470 | 455232 | 4119 | 4573 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $9079 | $(4565)<br>| $7315348 |  | $80608 | &nbsp;&nbsp; $(16547)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2030 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $3327555 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3327555 |
| Fixed-Income Funds | &nbsp;&nbsp; 2972739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2972739 |
| Money Market Funds | &nbsp;&nbsp; 1015054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1015054 |
|  | &nbsp;&nbsp; $7315348 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7315348 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2035 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 64.7%** | **Equity Funds — 64.7%** | **Equity Funds — 64.7%** |
| iShares Developed Real Estate Index Fund, Class K | 21152 | $170695 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 7564 | 640520 |
| iShares ESG Aware MSCI EM ETF<sup>(b)</sup> | 8386 | 294852 |
| iShares ESG Aware MSCI USA ETF | 16526 | 2000968 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 6020 | 225389 |
| iShares MSCI Canada ETF | 1957 | 83075 |
| iShares MSCI EAFE Small-Cap ETF<sup>(b)</sup> | 1585 | 105402 |
| iShares MSCI Emerging Markets Small-Cap ETF | 867 | 49575 |
|  |  | 3570476 |
| **Fixed-Income Funds — 35.2%** | **Fixed-Income Funds — 35.2%** | **Fixed-Income Funds — 35.2%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 33746 | 1601248 |
| iShares TIPS Bond ETF | 3093 | 341838 |
|  |  | 1943086 |
| **Money Market Funds — 13.0%** | **Money Market Funds — 13.0%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 709690 | 709973 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 10878 | 10878 |
|  |  | 720851 |
| **Total Investments — 112.9%** <br>**(Cost: $5,608,939)** | **Total Investments — 112.9%** <br>**(Cost: $5,608,939)** | 6234413 |
| **Liabilities in Excess of Other Assets — (12.9)%** | **Liabilities in Excess of Other Assets — (12.9)%** | (713789)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5520624 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $797970 | $— | &nbsp;&nbsp; $(87684 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(351)<br>| $38 | $709973 | 709690 | $2178 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 8666 | 2212 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 10878 | 10878 | 424 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 126518 | 42818 | &nbsp;&nbsp; (10159)<br>| &nbsp;&nbsp; (1586)<br>| 13104 | 170695 | 21152 | (1348)<br>| &nbsp;&nbsp; (12662)<br>|
| iShares ESG Aware MSCI EAFE ETF | 492918 | 224091 | &nbsp;&nbsp; (114460)<br>| &nbsp;&nbsp; (1084)<br>| 39055 | 640520 | 7564 | 8148 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 217140 | 107107 | &nbsp;&nbsp; (29103)<br>| &nbsp;&nbsp; (1060)<br>| 768 | 294852 | 8386 | 4486 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 1483108 | 754223 | &nbsp;&nbsp; (158525)<br>| &nbsp;&nbsp; (3447)<br>| (74391)<br>| 2000968 | 16526 | 10873 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 176621 | 85918 | &nbsp;&nbsp; (11519)<br>| &nbsp;&nbsp; (1019)<br>| (24612)<br>| 225389 | 6020 | 1512 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1152907 | 553959 | &nbsp;&nbsp; (112970)<br>| &nbsp;&nbsp; (24499)<br>| 31851 | 1601248 | 33746 | 26929 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 62205 | 28343 | &nbsp;&nbsp; (10408)<br>| &nbsp;&nbsp; (364)<br>| 3299 | 83075 | 1957 | 1053 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 79008 | 33720 | &nbsp;&nbsp; (12070)<br>| &nbsp;&nbsp; (242)<br>| 4986 | 105402 | 1585 | 1940 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 37792 | 19868 | &nbsp;&nbsp; (4784)<br>| &nbsp;&nbsp; (409)<br>| (2892)<br>| 49575 | 867 | 985 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 247163 | 113413 | &nbsp;&nbsp; (25180)<br>| &nbsp;&nbsp; (4207)<br>| 10649 | 341838 | 3093 | 3206 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(38268)<br>| $1855 | $6234413 |  | $60386 | &nbsp;&nbsp; $(12662)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2035 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $3570476 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3570476 |
| Fixed-Income Funds | &nbsp;&nbsp; 1943086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1943086 |
| Money Market Funds | &nbsp;&nbsp; 720851 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720851 |
|  | &nbsp;&nbsp; $6234413 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6234413 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2040 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 76.0%** | **Equity Funds — 76.0%** | **Equity Funds — 76.0%** |
| iShares Developed Real Estate Index Fund, Class K | 55279 | $446100 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 19659 | 1664724 |
| iShares ESG Aware MSCI EM ETF | 21658 | 761495 |
| iShares ESG Aware MSCI USA ETF | 42509 | 5146990 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 15383 | 575940 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 5073 | 215349 |
| iShares MSCI EAFE Small-Cap ETF | 4120 | 273980 |
| iShares MSCI Emerging Markets Small-Cap ETF | 2251 | 128712 |
|  |  | 9213290 |
| **Fixed-Income Funds — 23.8%** | **Fixed-Income Funds — 23.8%** | **Fixed-Income Funds — 23.8%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 48524 | 2302464 |
| iShares TIPS Bond ETF<sup>(b)</sup> | 5294 | 585092 |
|  |  | 2887556 |
| **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 515678 | 515884 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 23968 | 23968 |
|  |  | 539852 |
| **Total Investments — 104.3%** <br>**(Cost: $11,289,621)** | **Total Investments — 104.3%** <br>**(Cost: $11,289,621)** | 12640698 |
| **Liabilities in Excess of Other Assets — (4.3)%** | **Liabilities in Excess of Other Assets — (4.3)%** | (515808)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12124890 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $2744377 | $— | &nbsp;&nbsp; $(2227775 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(681)<br>| $(37)<br>| $515884 | 515678 | $5370 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 22323 | 1645 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 23968 | 23968 | 856 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 378308 | 75956 | &nbsp;&nbsp; (41433)<br>| &nbsp;&nbsp; (5955)<br>| 39224 | 446100 | 55279 | (3741)<br>| &nbsp;&nbsp; (37924)<br>|
| iShares ESG Aware MSCI EAFE ETF | 1447524 | 465052 | &nbsp;&nbsp; (349313)<br>| &nbsp;&nbsp; 1061 | 100400 | 1664724 | 19659 | 23204 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 639647 | 228619 | &nbsp;&nbsp; (104132)<br>| &nbsp;&nbsp; (3337)<br>| 698 | 761495 | 21658 | 12816 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 4319232 | 1505908 | &nbsp;&nbsp; (454035)<br>| &nbsp;&nbsp; (21174)<br>| (202941)<br>| 5146990 | 42509 | 30769 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 508712 | 170972 | &nbsp;&nbsp; (32421)<br>| &nbsp;&nbsp; (5458)<br>| (65865)<br>| 575940 | 15383 | 4229 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 1861757 | 656828 | &nbsp;&nbsp; (229110)<br>| &nbsp;&nbsp; (3385)<br>| 16374 | 2302464 | 48524 | 42594 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 179016 | 63912 | &nbsp;&nbsp; (35166)<br>| &nbsp;&nbsp; (1480)<br>| 9067 | 215349 | 5073 | 2956 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 231248 | 69321 | &nbsp;&nbsp; (38791)<br>| &nbsp;&nbsp; (541)<br>| 12743 | 273980 | 4120 | 5529 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 109688 | 45696 | &nbsp;&nbsp; (16863)<br>| &nbsp;&nbsp; (1715)<br>| (8094)<br>| 128712 | 2251 | 2785 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 472015 | 159056 | &nbsp;&nbsp; (58399)<br>| &nbsp;&nbsp; 345 | 12075 | 585092 | 5294 | 5895 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(42320)<br>| $(86356)<br>| $12640698 |  | $133262 | &nbsp;&nbsp; $(37924)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2040 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $9213290 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9213290 |
| Fixed-Income Funds | &nbsp;&nbsp; 2887556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2887556 |
| Money Market Funds | &nbsp;&nbsp; 539852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539852 |
|  | &nbsp;&nbsp; $12640698 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12640698 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2045 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 86.6%** | **Equity Funds — 86.6%** | **Equity Funds — 86.6%** |
| iShares Developed Real Estate Index Fund, Class K | 49078 | $396061 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 17380 | 1471739 |
| iShares ESG Aware MSCI EM ETF | 19280 | 677885 |
| iShares ESG Aware MSCI USA ETF | 37280 | 4513862 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 13412 | 502145 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 4487 | 190473 |
| iShares MSCI EAFE Small-Cap ETF | 3642 | 242193 |
| iShares MSCI Emerging Markets Small-Cap ETF | 1999 | 114303 |
|  |  | 8108661 |
| **Fixed-Income Funds — 13.2%** | **Fixed-Income Funds — 13.2%** | **Fixed-Income Funds — 13.2%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 19728 | 936094 |
| iShares TIPS Bond ETF | 2695 | 297851 |
|  |  | 1233945 |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 314305 | 314431 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 18560 | 18560 |
|  |  | 332991 |
| **Total Investments — 103.4%** <br>**(Cost: $8,400,675)** | **Total Investments — 103.4%** <br>**(Cost: $8,400,675)** | 9675597 |
| **Liabilities in Excess of Other Assets — (3.4)%** | **Liabilities in Excess of Other Assets — (3.4)%** | (317642)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9357955 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1671535 | $— | &nbsp;&nbsp; $(1356053 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1078)<br>| $27 | $314431 | 314305 | $4519 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 14582 | 3978 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 18560 | 18560 | 667 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 298232 | 94712 | &nbsp;&nbsp; (24705)<br>| &nbsp;&nbsp; (4097)<br>| 31919 | 396061 | 49078 | (2741)<br>| &nbsp;&nbsp; (29705)<br>|
| iShares ESG Aware MSCI EAFE ETF | 1144858 | 481096 | &nbsp;&nbsp; (245931)<br>| &nbsp;&nbsp; 936 | 90780 | 1471739 | 17380 | 18644 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 505450 | 235137 | &nbsp;&nbsp; (63819)<br>| &nbsp;&nbsp; (1501)<br>| 2618 | 677885 | 19280 | 10302 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 3396619 | 1592323 | &nbsp;&nbsp; (303921)<br>| &nbsp;&nbsp; 2150 | (173309)<br>| 4513862 | 37280 | 24734 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 396121 | 193879 | &nbsp;&nbsp; (32837)<br>| &nbsp;&nbsp; (404)<br>| (54614)<br>| 502145 | 13412 | 3309 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 658771 | 321697 | &nbsp;&nbsp; (49463)<br>| &nbsp;&nbsp; (8611)<br>| 13700 | 936094 | 19728 | 15584 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 142814 | 64023 | &nbsp;&nbsp; (23585)<br>| &nbsp;&nbsp; (562)<br>| 7783 | 190473 | 4487 | 2386 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 182955 | 75642 | &nbsp;&nbsp; (28028)<br>| &nbsp;&nbsp; (74)<br>| 11698 | 242193 | 3642 | 4498 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 86706 | 45615 | &nbsp;&nbsp; (10682)<br>| &nbsp;&nbsp; (825)<br>| (6511)<br>| 114303 | 1999 | 2243 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 209905 | 96011 | &nbsp;&nbsp; (13862)<br>| &nbsp;&nbsp; (2282)<br>| 8079 | 297851 | 2695 | 2768 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(16348)<br>| $(67830)<br>| $9675597 |  | $86913 | &nbsp;&nbsp; $(29705)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2045 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $8108661 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8108661 |
| Fixed-Income Funds | &nbsp;&nbsp; 1233945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233945 |
| Money Market Funds | &nbsp;&nbsp; 332991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 332991 |
|  | &nbsp;&nbsp; $9675597 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9675597 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2050 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 94.5%** | **Equity Funds — 94.5%** | **Equity Funds — 94.5%** |
| iShares Developed Real Estate Index Fund, Class K | 50573 | $408122 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 19169 | 1623231 |
| iShares ESG Aware MSCI EM ETF | 21262 | 747572 |
| iShares ESG Aware MSCI USA ETF | 40747 | 4933647 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 14712 | 550817 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 4956 | 210382 |
| iShares MSCI EAFE Small-Cap ETF | 4027 | 267796 |
| iShares MSCI Emerging Markets Small-Cap ETF | 2214 | 126597 |
|  |  | 8868164 |
| **Fixed-Income Funds — 5.3%** | **Fixed-Income Funds — 5.3%** | **Fixed-Income Funds — 5.3%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 7578 | 359576 |
| iShares TIPS Bond ETF | 1257 | 138924 |
|  |  | 498500 |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 139730 | 139785 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 18617 | 18617 |
|  |  | 158402 |
| **Total Investments — 101.5%** <br>**(Cost: $7,952,986)** | **Total Investments — 101.5%** <br>**(Cost: $7,952,986)** | 9525066 |
| **Liabilities in Excess of Other Assets — (1.5)%** | **Liabilities in Excess of Other Assets — (1.5)%** | (140761)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9384305 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $2062270 | $— | &nbsp;&nbsp; $(1922163 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(306)<br>| $(16)<br>| $139785 | 139730 | $3977 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 17382 | 1235 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 18617 | 18617 | 586 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 345941 | 70123 | &nbsp;&nbsp; (41118)<br>| &nbsp;&nbsp; (7641)<br>| 40817 | 408122 | 50573 | (4151)<br>| &nbsp;&nbsp; (35465)<br>|
| iShares ESG Aware MSCI EAFE ETF | 1427686 | 453908 | &nbsp;&nbsp; (357946)<br>| &nbsp;&nbsp; (560)<br>| 100143 | 1623231 | 19169 | 21761 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 630834 | 227374 | &nbsp;&nbsp; (110264)<br>| &nbsp;&nbsp; (3566)<br>| 3194 | 747572 | 21262 | 12024 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 4200729 | 1482544 | &nbsp;&nbsp; (583808)<br>| &nbsp;&nbsp; (21222)<br>| (144596)<br>| 4933647 | 40747 | 28021 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 491544 | 186401 | &nbsp;&nbsp; (68253)<br>| &nbsp;&nbsp; (3756)<br>| (55119)<br>| 550817 | 14712 | 3776 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 279094 | 107581 | &nbsp;&nbsp; (28887)<br>| &nbsp;&nbsp; (3408)<br>| 5196 | 359576 | 7578 | 6212 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 175197 | 63766 | &nbsp;&nbsp; (36892)<br>| &nbsp;&nbsp; (1145)<br>| 9456 | 210382 | 4956 | 2765 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 228773 | 70056 | &nbsp;&nbsp; (43469)<br>| &nbsp;&nbsp; (666)<br>| 13102 | 267796 | 4027 | 5230 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 108705 | 39174 | &nbsp;&nbsp; (12582)<br>| &nbsp;&nbsp; (1059)<br>| (7641)<br>| 126597 | 2214 | 2619 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 106360 | 41072 | &nbsp;&nbsp; (11156)<br>| &nbsp;&nbsp; (1315)<br>| 3963 | 138924 | 1257 | 1320 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(44644)<br>| $(31501)<br>| $9525066 |  | $84140 | &nbsp;&nbsp; $(35465)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2050 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $8868164 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8868164 |
| Fixed-Income Funds | &nbsp;&nbsp; 498500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 498500 |
| Money Market Funds | &nbsp;&nbsp; 158402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158402 |
|  | &nbsp;&nbsp; $9525066 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9525066 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2055 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 98.3%** | **Equity Funds — 98.3%** | **Equity Funds — 98.3%** |
| iShares Developed Real Estate Index Fund, Class K | 35237 | $284362 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 14009 | 1186282 |
| iShares ESG Aware MSCI EM ETF | 15519 | 545648 |
| iShares ESG Aware MSCI USA ETF | 29685 | 3594260 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 10751 | 402517 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 3603 | 152947 |
| iShares MSCI EAFE Small-Cap ETF | 2933 | 195044 |
| iShares MSCI Emerging Markets Small-Cap ETF | 1604 | 91717 |
|  |  | 6452777 |
| **Fixed-Income Funds — 1.6%** | **Fixed-Income Funds — 1.6%** | **Fixed-Income Funds — 1.6%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 1644 | 78008 |
| iShares TIPS Bond ETF | 244 | 26967 |
|  |  | 104975 |
| **Money Market Funds — 6.0%** | **Money Market Funds — 6.0%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 388106 | 388261 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 8431 | 8431 |
|  |  | 396692 |
| **Total Investments — 105.9%** <br>**(Cost: $5,919,440)** | **Total Investments — 105.9%** <br>**(Cost: $5,919,440)** | 6954444 |
| **Liabilities in Excess of Other Assets — (5.9)%** | **Liabilities in Excess of Other Assets — (5.9)%** | (387496)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6566948 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1501262 | $— | $(1112659 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(353)<br>| $11 | $388261 | 388106 | $3047 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 11499 |  | (3068 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 8431 | 8431 | 569 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 208110 | 90816 | (33564)<br>| &nbsp;&nbsp; (5101)<br>| 24101 | 284362 | 35237 | (1229)<br>| &nbsp;&nbsp; (21428)<br>|
| iShares ESG Aware MSCI EAFE ETF | 895730 | 475261 | (257251)<br>| &nbsp;&nbsp; 821 | 71721 | 1186282 | 14009 | 15357 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 395223 | 235716 | (84413)<br>| &nbsp;&nbsp; (2438)<br>| 1560 | 545648 | 15519 | 8484 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 2626779 | 1538800 | (397300)<br>| &nbsp;&nbsp; (25901)<br>| (148118)<br>| 3594260 | 29685 | 20446 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 307210 | 191774 | (45209)<br>| &nbsp;&nbsp; (4626)<br>| (46632)<br>| 402517 | 10751 | 2764 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 52534 | 31382 | (6351)<br>| &nbsp;&nbsp; (1358)<br>| 1801 | 78008 | 1644 | 1319 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 109660 | 65730 | (27477)<br>| &nbsp;&nbsp; (1003)<br>| 6037 | 152947 | 3603 | 1928 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 142848 | 75302 | (31908)<br>| &nbsp;&nbsp; (257)<br>| 9059 | 195044 | 2933 | 3696 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 67964 | 45386 | (15251)<br>| &nbsp;&nbsp; (1314)<br>| (5068)<br>| 91717 | 1604 | 1848 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 17655 | 10939 | (2156)<br>| &nbsp;&nbsp; (371)<br>| 900 | 26967 | 244 | 256 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(41901)<br>| $(84628)<br>| $6954444 |  | $58485 | &nbsp;&nbsp; $(21428)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2055 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $6452777 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6452777 |
| Fixed-Income Funds | &nbsp;&nbsp; 104975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104975 |
| Money Market Funds | &nbsp;&nbsp; 396692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396692 |
|  | &nbsp;&nbsp; $6954444 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6954444 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2060 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 98.8%** | **Equity Funds — 98.8%** | **Equity Funds — 98.8%** |
| iShares Developed Real Estate Index Fund, Class K | 36493 | $294498 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 14587 | 1235227 |
| iShares ESG Aware MSCI EM ETF<sup>(b)</sup> | 16107 | 566322 |
| iShares ESG Aware MSCI USA ETF | 30895 | 3740767 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 11195 | 419141 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 3740 | 158763 |
| iShares MSCI EAFE Small-Cap ETF<sup>(b)</sup> | 3053 | 203024 |
| iShares MSCI Emerging Markets Small-Cap ETF | 1668 | 95376 |
|  |  | 6713118 |
| **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 1243 | 58980 |
| iShares TIPS Bond ETF | 111 | 12268 |
|  |  | 71248 |
| **Money Market Funds — 7.5%** | **Money Market Funds — 7.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 495536 | 495734 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 13442 | 13442 |
|  |  | 509176 |
| **Total Investments — 107.3%** <br>**(Cost: $5,981,444)** | **Total Investments — 107.3%** <br>**(Cost: $5,981,444)** | 7293542 |
| **Liabilities in Excess of Other Assets — (7.3)%** | **Liabilities in Excess of Other Assets — (7.3)%** | (496195)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6797347 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $2489689 | $— | &nbsp;&nbsp; $(1993414 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(512)<br>| $(29)<br>| $495734 | 495536 | $2802 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 13275 | 167 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 13442 | 13442 | 491 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 263253 | 25734 | &nbsp;&nbsp; (18450)<br>| &nbsp;&nbsp; (3207)<br>| 27168 | 294498 | 36493 | (2372)<br>| &nbsp;&nbsp; (26127)<br>|
| iShares ESG Aware MSCI EAFE ETF | 1114265 | 244373 | &nbsp;&nbsp; (200406)<br>| &nbsp;&nbsp; 1651 | 75344 | 1235227 | 14587 | 16389 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 491350 | 133365 | &nbsp;&nbsp; (57945)<br>| &nbsp;&nbsp; (1720)<br>| 1272 | 566322 | 16107 | 9039 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 3272009 | 817148 | &nbsp;&nbsp; (215708)<br>| &nbsp;&nbsp; (11063)<br>| (121619)<br>| 3740767 | 30895 | 21553 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 381648 | 109017 | &nbsp;&nbsp; (24821)<br>| &nbsp;&nbsp; (1397)<br>| (45306)<br>| 419141 | 11195 | 2920 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 50976 | 10502 | &nbsp;&nbsp; (2819)<br>| &nbsp;&nbsp; (582)<br>| 903 | 58980 | 1243 | 1098 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 136557 | 36313 | &nbsp;&nbsp; (20555)<br>| &nbsp;&nbsp; (522)<br>| 6970 | 158763 | 3740 | 2066 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 176673 | 38824 | &nbsp;&nbsp; (21931)<br>| &nbsp;&nbsp; (203)<br>| 9661 | 203024 | 3053 | 3904 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 83203 | 29110 | &nbsp;&nbsp; (10226)<br>| &nbsp;&nbsp; (1014)<br>| (5697)<br>| 95376 | 1668 | 1920 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF | 9748 | 2479 | &nbsp;&nbsp; (216)<br>| &nbsp;&nbsp; (38)<br>| 295 | 12268 | 111 | 121 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(18607)<br>| $(51038)<br>| $7293542 |  | $59931 | &nbsp;&nbsp; $(26127)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2060 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $6713118 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6713118 |
| Fixed-Income Funds | &nbsp;&nbsp; 71248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71248 |
| Money Market Funds | &nbsp;&nbsp; 509176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509176 |
|  | &nbsp;&nbsp; $7293542 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7293542 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2065 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 98.9%** | **Equity Funds — 98.9%** | **Equity Funds — 98.9%** |
| iShares Developed Real Estate Index Fund, Class K | 24226 | $195502 |
| iShares ESG Aware MSCI EAFE ETF<sup>(b)</sup> | 9676 | 819364 |
| iShares ESG Aware MSCI EM ETF | 10702 | 376282 |
| iShares ESG Aware MSCI USA ETF | 20489 | 2480808 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 7425 | 277992 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 2482 | 105361 |
| iShares MSCI EAFE Small-Cap ETF<sup>(b)</sup> | 2026 | 134729 |
| iShares MSCI Emerging Markets Small-Cap ETF | 1107 | 63298 |
|  |  | 4453336 |
| **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 985 | 46738 |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 174319 | 174389 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)</sup><br>| 8992 | 8992 |
|  |  | 183381 |
| **Total Investments — 104.0%** <br>**(Cost: $3,735,500)** | **Total Investments — 104.0%** <br>**(Cost: $3,735,500)** | 4683455 |
| **Liabilities in Excess of Other Assets — (4.0)%** | **Liabilities in Excess of Other Assets — (4.0)%** | (178163)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4505292 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | &nbsp;&nbsp; $1408245 | $— | &nbsp;&nbsp; $(1233668 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(193)<br>| $5 | $174389 | 174319 | $2167 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | &nbsp;&nbsp; 8639 | 353 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 8992 | 8992 | 278 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | &nbsp;&nbsp; 174961 | 16670 | &nbsp;&nbsp; (12312)<br>| &nbsp;&nbsp; (1583)<br>| 17766 | 195502 | 24226 | (1541)<br>| &nbsp;&nbsp; (17316)<br>|
| iShares ESG Aware MSCI EAFE ETF | &nbsp;&nbsp; 760370 | 141630 | &nbsp;&nbsp; (133725)<br>| &nbsp;&nbsp; 1060 | 50029 | 819364 | 9676 | 10811 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | &nbsp;&nbsp; 335686 | 78091 | &nbsp;&nbsp; (37428)<br>| &nbsp;&nbsp; (745)<br>| 678 | 376282 | 10702 | 5967 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | &nbsp;&nbsp; 2230021 | 481626 | &nbsp;&nbsp; (148725)<br>| &nbsp;&nbsp; (406)<br>| (81708)<br>| 2480808 | 20489 | 14157 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | &nbsp;&nbsp; 260888 | 65056 | &nbsp;&nbsp; (17934)<br>| &nbsp;&nbsp; 106 | (30124)<br>| 277992 | 7425 | 1918 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | &nbsp;&nbsp; 37713 | 11527 | &nbsp;&nbsp; (2824)<br>| &nbsp;&nbsp; (576)<br>| 898 | 46738 | 985 | 834 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | &nbsp;&nbsp; 93246 | 21784 | &nbsp;&nbsp; (13986)<br>| &nbsp;&nbsp; (302)<br>| 4619 | 105361 | 2482 | 1371 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | &nbsp;&nbsp; 121209 | 21435 | &nbsp;&nbsp; (14255)<br>| &nbsp;&nbsp; (79)<br>| 6419 | 134729 | 2026 | 2584 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | &nbsp;&nbsp; 57517 | 16890 | &nbsp;&nbsp; (6673)<br>| &nbsp;&nbsp; (578)<br>| (3858)<br>| 63298 | 1107 | 1282 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 3899 | 325 | &nbsp;&nbsp; (4154)<br>| &nbsp;&nbsp; 75 | (145)<br>|  |  | 17 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(3221)<br>| $(35421)<br>| $4683455 |  | $39845 | &nbsp;&nbsp; $(17316)<br>|

---

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock LifePath® ESG Index 2065 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $4453336 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4453336 |
| Fixed-Income Funds | &nbsp;&nbsp; 46738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46738 |
| Money Market Funds | &nbsp;&nbsp; 183381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183381 |
|  | &nbsp;&nbsp; $4683455 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4683455 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock LifePath® ESG Index 2070 Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 100.0%** | **Equity Funds — 100.0%** | **Equity Funds — 100.0%** |
| iShares Developed Real Estate Index Fund, Class K | 10469 | $84484 |
| iShares ESG Aware MSCI EAFE ETF | 4178 | 353793 |
| iShares ESG Aware MSCI EM ETF | 4634 | 162931 |
| iShares ESG Aware MSCI USA ETF | 8842 | 1070589 |
| iShares ESG Aware MSCI USA Small-Cap ETF | 3204 | 119958 |
| iShares MSCI Canada ETF<sup>(b)</sup> | 1075 | 45634 |
| iShares MSCI EAFE Small-Cap ETF | 877 | 58320 |
| iShares MSCI Emerging Markets Small-Cap ETF | 481 | 27504 |
|  |  | 1923213 |
| **Fixed-Income Funds — 1.1%** | **Fixed-Income Funds — 1.1%** | **Fixed-Income Funds — 1.1%** |
| iShares ESG Aware U.S. Aggregate Bond ETF<sup>(b)</sup> | 431 | 20451 |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(c)(d)</sup><br>| 67571 | 67598 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(c)</sup> | 2219 | 2219 |
|  |  | 69817 |
| **Total Investments — 104.7%** <br>**(Cost: $2,080,127)** | **Total Investments — 104.7%** <br>**(Cost: $2,080,127)** | 2013481 |
| **Liabilities in Excess of Other Assets — (4.7)%** | **Liabilities in Excess of Other Assets — (4.7)%** | (89725)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1923756 |

---

&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 April 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>*10/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* <br>*(Expense)*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $67665 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74)<br>| $7 | $67598 | 67571 | $522 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 3764 |  | &nbsp;&nbsp; (1545 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 2219 | 2219 | 725 | &nbsp;&nbsp; — |
| iShares Developed Real Estate Index Fund, Class K | 83013 | 7878 | &nbsp;&nbsp; (13203)<br>| &nbsp;&nbsp; (1317)<br>| 8113 | 84484 | 10469 | (254)<br>| &nbsp;&nbsp; (8125)<br>|
| iShares ESG Aware MSCI EAFE ETF | 365128 | 23690 | &nbsp;&nbsp; (56978)<br>| &nbsp;&nbsp; (1987)<br>| 23940 | 353793 | 4178 | 4828 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI EM ETF | 161269 | 15850 | &nbsp;&nbsp; (14008)<br>| &nbsp;&nbsp; (657)<br>| 477 | 162931 | 4634 | 2668 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA ETF | 1070774 | 82345 | &nbsp;&nbsp; (53585)<br>| &nbsp;&nbsp; 1691 | (30636)<br>| 1070589 | 8842 | 6251 | &nbsp;&nbsp; — |
| iShares ESG Aware MSCI USA Small-Cap ETF | 127230 | 13142 | &nbsp;&nbsp; (8618)<br>| &nbsp;&nbsp; 504 | (12300)<br>| 119958 | 3204 | 840 | &nbsp;&nbsp; — |
| iShares ESG Aware U.S. Aggregate Bond ETF | 19871 | 1128 | &nbsp;&nbsp; (655)<br>| &nbsp;&nbsp; (27)<br>| 134 | 20451 | 431 | 394 | &nbsp;&nbsp; — |
| iShares MSCI Canada ETF | 43433 | 5677 | &nbsp;&nbsp; (5535)<br>| &nbsp;&nbsp; (57)<br>| 2116 | 45634 | 1075 | 592 | &nbsp;&nbsp; — |
| iShares MSCI EAFE Small-Cap ETF | 58320 | 3405 | &nbsp;&nbsp; (6147)<br>| &nbsp;&nbsp; (275)<br>| 3017 | 58320 | 877 | 1164 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets Small-Cap ETF | 27898 | 3535 | &nbsp;&nbsp; (1926)<br>| &nbsp;&nbsp; (239)<br>| (1764)<br>| 27504 | 481 | 582 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2438)<br>| $(6896)<br>| $2013481 |  | $18312 | &nbsp;&nbsp; $(8125)<br>|

---

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

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

<sup>(b)</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)

April 30, 2025

**BlackRock LifePath® ESG Index 2070 Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $1923213 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1923213 |
| Fixed-Income Funds | &nbsp;&nbsp; 20451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20451 |
| Money Market Funds | &nbsp;&nbsp; 69817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69817 |
|  | &nbsp;&nbsp; $2013481 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2013481 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index Retirement Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2030 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2035 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2040 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $8930775 | $7315348 | $6234413 | $12640698 |
| Receivables: |  |  |  |  |
| Investments sold | 39132 | 10922 | 28229 | 74329 |
| Securities lending income — affiliated | 842 | 582 | 439 | 1459 |
| Capital shares sold | 2749 | 4432 | 1416 | 4661 |
| Dividends — affiliated | 39 | 72 | 2 | 96 |
| From the Administrator | 1923 | 1446 | 1569 | 766 |
| From the Manager | 515 | 492 | 487 | 1182 |
| Total assets | 8975975 | 7333294 | 6266555 | 12723191 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | 1773452 | 1001773 | 709360 | 515323 |
| Payables: |  |  |  |  |
| Investments purchased | 39373 | 11022 | 28430 | 74779 |
| Trustees' and Officer's fees | 1783 | 1094 | 1088 | 1168 |
| Professional fees | 2781 | 6947 | 6952 | 6945 |
| Service fees | 123 | 272 | 101 | 86 |
| Total liabilities | 1817512 | 1021108 | 745931 | 598301 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $7158463 | $6312186 | $5520624 | $12124890 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $6814437 | $5688374 | $4984686 | $10971478 |
| Accumulated earnings | 344026 | 623812 | 535938 | 1153412 |
| NET ASSETS | $7158463 | $6312186 | $5520624 | $12124890 |
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $210605 | $119880 | $157213 | $435659 |
| Shares outstanding | 20255 | 10622 | 12987 | 34293 |
| Net asset value | $10.40 | $11.29 | $12.11 | $12.70 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $552131 | $1451236 | $551015 | $457192 |
| Shares outstanding | 53264 | 128832 | 45599 | 36027 |
| Net asset value | $10.37 | $11.26 | $12.08 | $12.69 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $6395727 | $4741070 | $4812396 | $11232039 |
| Shares outstanding | 614976 | 419988 | 397611 | 884230 |
| Net asset value | $10.40 | $11.29 | $12.10 | $12.70 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| <sup>(a)</sup> Investments, at cost—affiliated | $8202652 | $6491023 | $5608939 | $11289621 |
| <sup>(b)</sup> Securities loaned, at value | $1734556 | $979062 | $693426 | $503863 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index 2045 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2050 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2055 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2060 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $9675597 | $9525066 | $6954444 | $7293542 |
| Receivables: |  |  |  |  |
| Investments sold | 66924 | 68443 | 46597 | 44339 |
| Securities lending income — affiliated | 1203 | 1224 | 513 | 527 |
| Capital shares sold | 1506 | 4232 | 5579 | 4690 |
| Dividends — affiliated | 523 | 4 | 1040 | 872 |
| From the Administrator | 1080 | 1105 | 1446 | 1370 |
| From the Manager | 973 | 1028 | 746 | 770 |
| Total assets | 9747806 | 9601102 | 7010365 | 7346110 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned | 314407 | 139707 | 388457 | 495752 |
| Payables: |  |  |  |  |
| Investments purchased | 67336 | 68815 | 46849 | 44606 |
| Capital shares redeemed |  |  |  | 76 |
| Trustees' and Officer's fees | 1082 | 1169 | 1109 | 1098 |
| Professional fees | 6733 | 6947 | 6952 | 6949 |
| Service fees | 293 | 159 | 50 | 282 |
| Total liabilities | 389851 | 216797 | 443417 | 548763 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $9357955 | $9384305 | $6566948 | $6797347 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $8179732 | $7936023 | $5618045 | $5559683 |
| Accumulated earnings | 1178223 | 1448282 | 948903 | 1237664 |
| NET ASSETS | $9357955 | $9384305 | $6566948 | $6797347 |
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $192469 | $215629 | $278207 | $377432 |
| Shares outstanding | 14213 | 15572 | 19973 | 27012 |
| Net asset value | $13.54 | $13.85 | $13.93 | $13.97 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $1562980 | $898062 | $271240 | $1466108 |
| Shares outstanding | 115724 | 64985 | 19500 | 105172 |
| Net asset value | $13.51 | $13.82 | $13.91 | $13.94 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $7602506 | $8270614 | $6017501 | $4953807 |
| Shares outstanding | 561391 | 597304 | 432035 | 354366 |
| Net asset value | $13.54 | $13.85 | $13.93 | $13.98 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| <sup>(a)</sup> Investments, at cost—affiliated | $8400675 | $7952986 | $5919440 | $5981444 |
| <sup>(b)</sup> Securities loaned, at value | $307357 | $136638 | $379279 | $484160 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index 2065 Fund<br>| BlackRock <br>LifePath® ESG <br>Index 2070 Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $4683455 | $2013481 |
| Receivables: |  |  |
| Investments sold | 29804 | 14602 |
| Securities lending income — affiliated | 551 | 61 |
| Capital shares sold | 1072 |  |
| Dividends — affiliated | 509 | 12 |
| From the Administrator | 1671 | 1543 |
| From the Manager | 505 | 220 |
| Total assets | 4717567 | 2029919 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned | 174043 | 67666 |
| Payables: |  |  |
| Investments purchased | 29983 | 14708 |
| Trustees' and Officer's fees | 1092 | 1622 |
| Professional fees | 6948 | 22149 |
| Service fees | 209 | 18 |
| Total liabilities | 212275 | 106163 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $4505292 | $1923756 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $3596852 | $2000000 |
| Accumulated earnings (loss) | 908440 | (76244) |
| NET ASSETS | $4505292 | $1923756 |
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $149894 | $96177 |
| Shares outstanding | 10830 | 10000 |
| Net asset value | $13.84 | $9.62 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Investor A** |  |  |
| Net assets | $1099094 | $96098 |
| Shares outstanding | 79581 | 10000 |
| Net asset value | $13.81 | $9.61 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Class K** |  |  |
| Net assets | $3256304 | $1731481 |
| Shares outstanding | 235255 | 180000 |
| Net asset value | $13.84 | $9.62 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| <sup>(a)</sup> Investments, at cost—affiliated | $3735500 | $2080127 |
| <sup>(b)</sup> Securities loaned, at value | $169665 | $66085 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index Retirement Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2030 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2035 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2040 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $110103 | &nbsp;&nbsp;&nbsp; $78404 | &nbsp;&nbsp;&nbsp; $58208 | &nbsp;&nbsp;&nbsp; $127892 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 2984 | &nbsp;&nbsp;&nbsp; 2204 | &nbsp;&nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 5370 |
| Total investment income | &nbsp;&nbsp; 113087 | &nbsp;&nbsp;&nbsp; 80608 | &nbsp;&nbsp;&nbsp; 60386 | &nbsp;&nbsp;&nbsp; 133262 |
| EXPENSES |  |  |  |  |
| Professional | &nbsp;&nbsp; 6498 | &nbsp;&nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 8228 |
| Administration — class specific | &nbsp;&nbsp; 6011 | &nbsp;&nbsp;&nbsp; 4872 | &nbsp;&nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp; 9128 |
| Trustees and Officer | &nbsp;&nbsp; 3788 | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 4139 |
| Investment advisory | &nbsp;&nbsp; 1911 | &nbsp;&nbsp;&nbsp; 1496 | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 2974 |
| Service — class specific | &nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 1773 | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 508 |
| Miscellaneous | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 57 |
| Total expenses | &nbsp;&nbsp; 19453 | &nbsp;&nbsp;&nbsp; 20470 | &nbsp;&nbsp;&nbsp; 17845 | &nbsp;&nbsp;&nbsp; 25034 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (15550)<br>| &nbsp;&nbsp;&nbsp; (16798)<br>| &nbsp;&nbsp;&nbsp; (16296)<br>| &nbsp;&nbsp;&nbsp; (22670)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 3903 | &nbsp;&nbsp;&nbsp; 3672 | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 2364 |
| Net investment income | &nbsp;&nbsp; 109184 | &nbsp;&nbsp;&nbsp; 76936 | &nbsp;&nbsp;&nbsp; 58837 | &nbsp;&nbsp;&nbsp; 130898 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; (200031)<br>| &nbsp;&nbsp;&nbsp; 9079 | &nbsp;&nbsp;&nbsp; (38268)<br>| &nbsp;&nbsp;&nbsp; (42320)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; (16847)<br>| &nbsp;&nbsp;&nbsp; (16547)<br>| &nbsp;&nbsp;&nbsp; (12662)<br>| &nbsp;&nbsp;&nbsp; (37924)<br>|
|  | &nbsp;&nbsp; (216878)<br>| &nbsp;&nbsp;&nbsp; (7468)<br>| &nbsp;&nbsp;&nbsp; (50930)<br>| &nbsp;&nbsp;&nbsp; (80244)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 181393 | &nbsp;&nbsp;&nbsp; (4565)<br>| &nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp; (86356)<br>|
|  | &nbsp;&nbsp; 181393 | &nbsp;&nbsp;&nbsp; (4565)<br>| &nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp; (86356)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (35485)<br>| &nbsp;&nbsp;&nbsp; (12033)<br>| &nbsp;&nbsp;&nbsp; (49075)<br>| &nbsp;&nbsp;&nbsp; (166600)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $73699 | &nbsp;&nbsp;&nbsp; $64903 | &nbsp;&nbsp;&nbsp; $9762 | &nbsp;&nbsp;&nbsp; $(35702)<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index 2045 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2050 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2055 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2060 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $82394 | &nbsp;&nbsp;&nbsp; $80163 | &nbsp;&nbsp;&nbsp; $55438 | &nbsp;&nbsp;&nbsp; $57129 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 4519 | &nbsp;&nbsp;&nbsp; 3977 | &nbsp;&nbsp;&nbsp; 3047 | &nbsp;&nbsp;&nbsp; 2802 |
| Total investment income | &nbsp;&nbsp; 86913 | &nbsp;&nbsp;&nbsp; 84140 | &nbsp;&nbsp;&nbsp; 58485 | &nbsp;&nbsp;&nbsp; 59931 |
| EXPENSES |  |  |  |  |
| Professional | &nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 8228 |
| Administration — class specific | &nbsp;&nbsp; 6717 | &nbsp;&nbsp;&nbsp; 6940 | &nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp; 5455 |
| Trustees and Officer | &nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 4139 | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 4043 |
| Investment advisory | &nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp; 2226 | &nbsp;&nbsp;&nbsp; 1533 | &nbsp;&nbsp;&nbsp; 1661 |
| Service — class specific | &nbsp;&nbsp; 1493 | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 1893 |
| Miscellaneous | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 58 |
| Total expenses | &nbsp;&nbsp; 22660 | &nbsp;&nbsp;&nbsp; 22646 | &nbsp;&nbsp;&nbsp; 18911 | &nbsp;&nbsp;&nbsp; 21338 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (20038)<br>| &nbsp;&nbsp;&nbsp; (20806)<br>| &nbsp;&nbsp;&nbsp; (18171)<br>| &nbsp;&nbsp;&nbsp; (18676)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2622 | &nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp; 2662 |
| Net investment income | &nbsp;&nbsp; 84291 | &nbsp;&nbsp;&nbsp; 82300 | &nbsp;&nbsp;&nbsp; 57745 | &nbsp;&nbsp;&nbsp; 57269 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized loss from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; (16348)<br>| &nbsp;&nbsp;&nbsp; (44644)<br>| &nbsp;&nbsp;&nbsp; (41901)<br>| &nbsp;&nbsp;&nbsp; (18607)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; (29705)<br>| &nbsp;&nbsp;&nbsp; (35465)<br>| &nbsp;&nbsp;&nbsp; (21428)<br>| &nbsp;&nbsp;&nbsp; (26127)<br>|
|  | &nbsp;&nbsp; (46053)<br>| &nbsp;&nbsp;&nbsp; (80109)<br>| &nbsp;&nbsp;&nbsp; (63329)<br>| &nbsp;&nbsp;&nbsp; (44734)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; (67830)<br>| &nbsp;&nbsp;&nbsp; (31501)<br>| &nbsp;&nbsp;&nbsp; (84628)<br>| &nbsp;&nbsp;&nbsp; (51038)<br>|
|  | &nbsp;&nbsp; (67830)<br>| &nbsp;&nbsp;&nbsp; (31501)<br>| &nbsp;&nbsp;&nbsp; (84628)<br>| &nbsp;&nbsp;&nbsp; (51038)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (113883)<br>| &nbsp;&nbsp;&nbsp; (111610)<br>| &nbsp;&nbsp;&nbsp; (147957)<br>| &nbsp;&nbsp;&nbsp; (95772)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(29592)<br>| &nbsp;&nbsp;&nbsp; $(29310)<br>| &nbsp;&nbsp;&nbsp; $(90212)<br>| &nbsp;&nbsp;&nbsp; $(38503)<br>|

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index 2065 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® ESG <br>Index 2070 Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $37678 | &nbsp;&nbsp;&nbsp; $17790 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp; 522 |
| Total investment income | &nbsp;&nbsp; 39845 | &nbsp;&nbsp;&nbsp; 18312 |
| EXPENSES |  |  |
| Professional | &nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp; 7829 |
| Trustees and Officer | &nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 5324 |
| Administration — class specific | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 1509 |
| Service — class specific | &nbsp;&nbsp; 1379 | &nbsp;&nbsp;&nbsp; 122 |
| Investment advisory | &nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; 487 |
| Miscellaneous | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 56 |
| Total expenses | &nbsp;&nbsp; 18402 | &nbsp;&nbsp;&nbsp; 15327 |
| Less: |  |  |
| Fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (16499)<br>| &nbsp;&nbsp;&nbsp; (15043)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 1903 | &nbsp;&nbsp;&nbsp; 284 |
| Net investment income | &nbsp;&nbsp; 37942 | &nbsp;&nbsp;&nbsp; 18028 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized loss from: |  |  |
| Investments — affiliated | &nbsp;&nbsp; (3221)<br>| &nbsp;&nbsp;&nbsp; (2438)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; (17316)<br>| &nbsp;&nbsp;&nbsp; (8125)<br>|
|  | &nbsp;&nbsp; (20537)<br>| &nbsp;&nbsp;&nbsp; (10563)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — affiliated | &nbsp;&nbsp; (35421)<br>| &nbsp;&nbsp;&nbsp; (6896)<br>|
|  | &nbsp;&nbsp; (35421)<br>| &nbsp;&nbsp;&nbsp; (6896)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (55958)<br>| &nbsp;&nbsp;&nbsp; (17459)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(18016)<br>| &nbsp;&nbsp;&nbsp; $569 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® ESG <br>Index Retirement Fund | BlackRock <br>LifePath® ESG <br>Index Retirement Fund | BlackRock <br>LifePath® ESG <br>Index 2030 Fund | BlackRock <br>LifePath® ESG <br>Index 2030 Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $109184 | &nbsp;&nbsp;&nbsp; $105181 | &nbsp;&nbsp;&nbsp; $76936 | &nbsp;&nbsp;&nbsp; $165077 |
| Net realized gain (loss) | &nbsp;&nbsp; (216878)<br>| &nbsp;&nbsp;&nbsp; 8583 | &nbsp;&nbsp;&nbsp; (7468)<br>| &nbsp;&nbsp;&nbsp; 32743 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 181393 | &nbsp;&nbsp;&nbsp; 365578 | &nbsp;&nbsp;&nbsp; (4565)<br>| &nbsp;&nbsp;&nbsp; 977186 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 73699 | &nbsp;&nbsp;&nbsp; 479342 | &nbsp;&nbsp;&nbsp; 64903 | &nbsp;&nbsp;&nbsp; 1175006 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (2946)<br>| &nbsp;&nbsp;&nbsp; (2757)<br>| &nbsp;&nbsp;&nbsp; (6871)<br>| &nbsp;&nbsp;&nbsp; (1114)<br>|
| Investor A | &nbsp;&nbsp; (12847)<br>| &nbsp;&nbsp;&nbsp; (10412)<br>| &nbsp;&nbsp;&nbsp; (74855)<br>| &nbsp;&nbsp;&nbsp; (12649)<br>|
| Class K | &nbsp;&nbsp; (95104)<br>| &nbsp;&nbsp;&nbsp; (85805)<br>| &nbsp;&nbsp;&nbsp; (236194)<br>| &nbsp;&nbsp;&nbsp; (44380)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (110897)<br>| &nbsp;&nbsp;&nbsp; (98974)<br>| &nbsp;&nbsp;&nbsp; (317920)<br>| &nbsp;&nbsp;&nbsp; (58143)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (388387)<br>| &nbsp;&nbsp;&nbsp; 4293917 | &nbsp;&nbsp;&nbsp; 569656 | &nbsp;&nbsp;&nbsp; (390704)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (425585)<br>| &nbsp;&nbsp;&nbsp; 4674285 | &nbsp;&nbsp;&nbsp; 316639 | &nbsp;&nbsp;&nbsp; 726159 |
| Beginning of period | &nbsp;&nbsp; 7584048 | &nbsp;&nbsp;&nbsp; 2909763 | &nbsp;&nbsp;&nbsp; 5995547 | &nbsp;&nbsp;&nbsp; 5269388 |
| End of period | &nbsp;&nbsp; $7158463 | &nbsp;&nbsp;&nbsp; $7584048 | &nbsp;&nbsp;&nbsp; $6312186 | &nbsp;&nbsp;&nbsp; $5995547 |

---

&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® ESG <br>Index 2035 Fund | BlackRock <br>LifePath® ESG <br>Index 2035 Fund | BlackRock <br>LifePath® ESG <br>Index 2040 Fund | BlackRock <br>LifePath® ESG <br>Index 2040 Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $58837 | &nbsp;&nbsp;&nbsp; $94889 | &nbsp;&nbsp;&nbsp; $130898 | &nbsp;&nbsp;&nbsp; $215329 |
| Net realized gain (loss) | &nbsp;&nbsp; (50930)<br>| &nbsp;&nbsp;&nbsp; 11049 | &nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp; 249485 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp; 664420 | &nbsp;&nbsp;&nbsp; (86356)<br>| &nbsp;&nbsp;&nbsp; 1512673 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 9762 | &nbsp;&nbsp;&nbsp; 770358 | &nbsp;&nbsp;&nbsp; (35702)<br>| &nbsp;&nbsp;&nbsp; 1977487 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (4353)<br>| &nbsp;&nbsp;&nbsp; (3369)<br>| &nbsp;&nbsp;&nbsp; (19649)<br>| &nbsp;&nbsp;&nbsp; (3022)<br>|
| Investor A | &nbsp;&nbsp; (7963)<br>| &nbsp;&nbsp;&nbsp; (2908)<br>| &nbsp;&nbsp;&nbsp; (16843)<br>| &nbsp;&nbsp;&nbsp; (2751)<br>|
| Class K | &nbsp;&nbsp; (131648)<br>| &nbsp;&nbsp;&nbsp; (39920)<br>| &nbsp;&nbsp;&nbsp; (556276)<br>| &nbsp;&nbsp;&nbsp; (64614)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (143964)<br>| &nbsp;&nbsp;&nbsp; (46197)<br>| &nbsp;&nbsp;&nbsp; (592768)<br>| &nbsp;&nbsp;&nbsp; (70387)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 1585077 | &nbsp;&nbsp;&nbsp; 198079 | &nbsp;&nbsp;&nbsp; 2600645 | &nbsp;&nbsp;&nbsp; 1488232 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1450875 | &nbsp;&nbsp;&nbsp; 922240 | &nbsp;&nbsp;&nbsp; 1972175 | &nbsp;&nbsp;&nbsp; 3395332 |
| Beginning of period | &nbsp;&nbsp; 4069749 | &nbsp;&nbsp;&nbsp; 3147509 | &nbsp;&nbsp;&nbsp; 10152715 | &nbsp;&nbsp;&nbsp; 6757383 |
| End of period | &nbsp;&nbsp; $5520624 | &nbsp;&nbsp;&nbsp; $4069749 | &nbsp;&nbsp;&nbsp; $12124890 | &nbsp;&nbsp;&nbsp; $10152715 |

---

&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® ESG <br>Index 2045 Fund | BlackRock <br>LifePath® ESG <br>Index 2045 Fund | BlackRock <br>LifePath® ESG <br>Index 2050 Fund | BlackRock <br>LifePath® ESG <br>Index 2050 Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $84291 | &nbsp;&nbsp;&nbsp; $135588 | &nbsp;&nbsp;&nbsp; $82300 | &nbsp;&nbsp;&nbsp; $145704 |
| Net realized gain (loss) | &nbsp;&nbsp; (46053)<br>| &nbsp;&nbsp;&nbsp; 50481 | &nbsp;&nbsp;&nbsp; (80109)<br>| &nbsp;&nbsp;&nbsp; 50682 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (67830)<br>| &nbsp;&nbsp;&nbsp; 1244365 | &nbsp;&nbsp;&nbsp; (31501)<br>| &nbsp;&nbsp;&nbsp; 1475702 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (29592)<br>| &nbsp;&nbsp;&nbsp; 1430434 | &nbsp;&nbsp;&nbsp; (29310)<br>| &nbsp;&nbsp;&nbsp; 1672088 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (4451)<br>| &nbsp;&nbsp;&nbsp; (1300)<br>| &nbsp;&nbsp;&nbsp; (4998)<br>| &nbsp;&nbsp;&nbsp; (1320)<br>|
| Investor A | &nbsp;&nbsp; (24918)<br>| &nbsp;&nbsp;&nbsp; (8290)<br>| &nbsp;&nbsp;&nbsp; (18119)<br>| &nbsp;&nbsp;&nbsp; (8100)<br>|
| Class K | &nbsp;&nbsp; (180876)<br>| &nbsp;&nbsp;&nbsp; (33855)<br>| &nbsp;&nbsp;&nbsp; (202357)<br>| &nbsp;&nbsp;&nbsp; (39423)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (210245)<br>| &nbsp;&nbsp;&nbsp; (43445)<br>| &nbsp;&nbsp;&nbsp; (225474)<br>| &nbsp;&nbsp;&nbsp; (48843)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 2577337 | &nbsp;&nbsp;&nbsp; 1497967 | &nbsp;&nbsp;&nbsp; 1644607 | &nbsp;&nbsp;&nbsp; 1694223 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 2337500 | &nbsp;&nbsp;&nbsp; 2884956 | &nbsp;&nbsp;&nbsp; 1389823 | &nbsp;&nbsp;&nbsp; 3317468 |
| Beginning of period | &nbsp;&nbsp; 7020455 | &nbsp;&nbsp;&nbsp; 4135499 | &nbsp;&nbsp;&nbsp; 7994482 | &nbsp;&nbsp;&nbsp; 4677014 |
| End of period | &nbsp;&nbsp; $9357955 | &nbsp;&nbsp;&nbsp; $7020455 | &nbsp;&nbsp;&nbsp; $9384305 | &nbsp;&nbsp;&nbsp; $7994482 |

---

&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® ESG <br>Index 2055 Fund | BlackRock <br>LifePath® ESG <br>Index 2055 Fund | BlackRock <br>LifePath® ESG <br>Index 2060 Fund | BlackRock <br>LifePath® ESG <br>Index 2060 Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $57745 | &nbsp;&nbsp;&nbsp; $88023 | &nbsp;&nbsp;&nbsp; $57269 | &nbsp;&nbsp;&nbsp; $108113 |
| Net realized gain (loss) | &nbsp;&nbsp; (63329)<br>| &nbsp;&nbsp;&nbsp; 32579 | &nbsp;&nbsp;&nbsp; (44734)<br>| &nbsp;&nbsp;&nbsp; 41928 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (84628)<br>| &nbsp;&nbsp;&nbsp; 954540 | &nbsp;&nbsp;&nbsp; (51038)<br>| &nbsp;&nbsp;&nbsp; 1193872 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (90212)<br>| &nbsp;&nbsp;&nbsp; 1075142 | &nbsp;&nbsp;&nbsp; (38503)<br>| &nbsp;&nbsp;&nbsp; 1343913 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (5122)<br>| &nbsp;&nbsp;&nbsp; (1607)<br>| &nbsp;&nbsp;&nbsp; (8569)<br>| &nbsp;&nbsp;&nbsp; (2070)<br>|
| Investor A | &nbsp;&nbsp; (5310)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; (32062)<br>| &nbsp;&nbsp;&nbsp; (10426)<br>|
| Class K | &nbsp;&nbsp; (136620)<br>| &nbsp;&nbsp;&nbsp; (28037)<br>| &nbsp;&nbsp;&nbsp; (116592)<br>| &nbsp;&nbsp;&nbsp; (27225)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (147052)<br>| &nbsp;&nbsp;&nbsp; (31389)<br>| &nbsp;&nbsp;&nbsp; (157223)<br>| &nbsp;&nbsp;&nbsp; (39721)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 1985165 | &nbsp;&nbsp;&nbsp; 684937 | &nbsp;&nbsp;&nbsp; 914950 | &nbsp;&nbsp;&nbsp; 938853 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1747901 | &nbsp;&nbsp;&nbsp; 1728690 | &nbsp;&nbsp;&nbsp; 719224 | &nbsp;&nbsp;&nbsp; 2243045 |
| Beginning of period | &nbsp;&nbsp; 4819047 | &nbsp;&nbsp;&nbsp; 3090357 | &nbsp;&nbsp;&nbsp; 6078123 | &nbsp;&nbsp;&nbsp; 3835078 |
| End of period | &nbsp;&nbsp; $6566948 | &nbsp;&nbsp;&nbsp; $4819047 | &nbsp;&nbsp;&nbsp; $6797347 | &nbsp;&nbsp;&nbsp; $6078123 |

---

&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® ESG <br>Index 2065 Fund | BlackRock <br>LifePath® ESG <br>Index 2065 Fund | BlackRock <br>LifePath® ESG <br>Index 2070 Fund | BlackRock <br>LifePath® ESG <br>Index 2070 Fund |
|  | Six Months Ended <br>04/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>10/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>04/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $37942 | &nbsp;&nbsp;&nbsp; $73210 | &nbsp;&nbsp;&nbsp; $18028 | &nbsp;&nbsp;&nbsp; $6844 |
| Net realized gain (loss) | &nbsp;&nbsp; (20537)<br>| &nbsp;&nbsp;&nbsp; 26512 | &nbsp;&nbsp;&nbsp; (10563)<br>| &nbsp;&nbsp;&nbsp; 11032 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (35421)<br>| &nbsp;&nbsp;&nbsp; 820538 | &nbsp;&nbsp;&nbsp; (6896)<br>| &nbsp;&nbsp;&nbsp; (59750)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (18016)<br>| &nbsp;&nbsp;&nbsp; 920260 | &nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp; (41874)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (3764)<br>| &nbsp;&nbsp;&nbsp; (1705)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>| &nbsp;&nbsp;&nbsp; — |
| Investor A | &nbsp;&nbsp; (25317)<br>| &nbsp;&nbsp;&nbsp; (8760)<br>| &nbsp;&nbsp;&nbsp; (1671)<br>| &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; (82518)<br>| &nbsp;&nbsp;&nbsp; (31915)<br>| &nbsp;&nbsp;&nbsp; (31530)<br>| &nbsp;&nbsp;&nbsp; — |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (111599)<br>| &nbsp;&nbsp;&nbsp; (42380)<br>| &nbsp;&nbsp;&nbsp; (34939)<br>| &nbsp;&nbsp;&nbsp; — |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 566366 | &nbsp;&nbsp;&nbsp; 512874 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2000000 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 436751 | &nbsp;&nbsp;&nbsp; 1390754 | &nbsp;&nbsp;&nbsp; (34370)<br>| &nbsp;&nbsp;&nbsp; 1958126 |
| Beginning of period | &nbsp;&nbsp; 4068541 | &nbsp;&nbsp;&nbsp; 2677787 | &nbsp;&nbsp;&nbsp; 1958126 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $4505292 | &nbsp;&nbsp;&nbsp; $4068541 | &nbsp;&nbsp;&nbsp; $1923756 | &nbsp;&nbsp;&nbsp; $1958126 |

---

&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.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® ESG Index Retirement Fund | BlackRock LifePath® ESG Index Retirement Fund | BlackRock LifePath® ESG Index Retirement Fund | BlackRock LifePath® ESG Index Retirement Fund | BlackRock LifePath® ESG Index Retirement Fund | BlackRock LifePath® ESG Index Retirement Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net increase (decrease) from investment operations | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.51 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp; (17.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.30<br> %<br>| &nbsp;&nbsp;&nbsp; (1.97 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.52 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(h)(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(h)</sup><br>|
| Net investment income | 2.81 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $211 | &nbsp;&nbsp;&nbsp; $210 | &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp; $89 | &nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.86% respectively.

<sup>(j)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

*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® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net increase (decrease) from investment operations | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.35 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50<br> %<br>| &nbsp;&nbsp;&nbsp; (17.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.02<br> %<br>| &nbsp;&nbsp;&nbsp; (2.00 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.76 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22 %<sup>(i)(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.37 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(i)</sup><br>|
| Net investment income | 2.69 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $552 | &nbsp;&nbsp;&nbsp; $960 | &nbsp;&nbsp;&nbsp; $134 | &nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp; $129 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is less than $0.005 per share.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Amount is greater than $(0.005) per share.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

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

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 1.03% respectively.

<sup>(k)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

*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® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) | BlackRock LifePath® ESG Index Retirement Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Net increase (decrease) from investment operations | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $9.00 | &nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp; $11.11 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.52 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp; (17.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.35<br> %<br>| &nbsp;&nbsp;&nbsp; (1.96 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.47 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(i)(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(i)</sup><br>|
| Net investment income | 2.88 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6396 | &nbsp;&nbsp;&nbsp; $6414 | &nbsp;&nbsp;&nbsp; $2686 | &nbsp;&nbsp;&nbsp; $1615 | &nbsp;&nbsp;&nbsp; $2000 | &nbsp;&nbsp;&nbsp; $1763 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is less than $0.005 per share.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Amount is greater than $(0.005) per share.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(g)</sup> Not annualized.

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

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.81% respectively.

<sup>(k)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

*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® ESG Index 2030 Fund | BlackRock LifePath® ESG Index 2030 Fund | BlackRock LifePath® ESG Index 2030 Fund | BlackRock LifePath® ESG Index 2030 Fund | BlackRock LifePath® ESG Index 2030 Fund | BlackRock LifePath® ESG Index 2030 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net increase (decrease) from investment operations | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $9.73 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> %<br>| &nbsp;&nbsp;&nbsp; (18.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.34<br> %<br>| &nbsp;&nbsp;&nbsp; (2.55 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.66 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(h)</sup><br>|
| Net investment income | 2.60 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $120 | &nbsp;&nbsp;&nbsp; $125 | &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp;&nbsp; $101 | &nbsp;&nbsp;&nbsp; $253 | &nbsp;&nbsp;&nbsp; $97 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

*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® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.77 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $9.47 | &nbsp;&nbsp;&nbsp; $11.91 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net increase (decrease) from investment operations | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; (0.27)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $11.77 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $9.47 | &nbsp;&nbsp;&nbsp; $11.91 | &nbsp;&nbsp;&nbsp; $9.72 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.16<br> %<br>| &nbsp;&nbsp;&nbsp; (18.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.17<br> %<br>| &nbsp;&nbsp;&nbsp; (2.68 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(h)</sup><br>|
| Net investment income | 2.34 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1451 | &nbsp;&nbsp;&nbsp; $1414 | &nbsp;&nbsp;&nbsp; $1109 | &nbsp;&nbsp;&nbsp; $1018 | &nbsp;&nbsp;&nbsp; $1246 | &nbsp;&nbsp;&nbsp; $97 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

*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® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) | BlackRock LifePath® ESG Index 2030 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net increase (decrease) from investment operations | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp;&nbsp; $11.80 | &nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.48 | &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp; $9.73 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 1.21 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.55<br> %<br>| &nbsp;&nbsp;&nbsp; (18.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.40<br> %<br>| &nbsp;&nbsp;&nbsp; (2.55 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.61 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 2.64 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4741 | &nbsp;&nbsp;&nbsp; $4456 | &nbsp;&nbsp;&nbsp; $4057 | &nbsp;&nbsp;&nbsp; $1756 | &nbsp;&nbsp;&nbsp; $2146 | &nbsp;&nbsp;&nbsp; $1751 |
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

*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® ESG Index 2035 Fund | BlackRock LifePath® ESG Index 2035 Fund | BlackRock LifePath® ESG Index 2035 Fund | BlackRock LifePath® ESG Index 2035 Fund | BlackRock LifePath® ESG Index 2035 Fund | BlackRock LifePath® ESG Index 2035 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Net increase (decrease) from investment operations | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp;&nbsp; $12.32 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.98 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br> %<br>| &nbsp;&nbsp;&nbsp; (18.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.53<br> %<br>| &nbsp;&nbsp;&nbsp; (2.94 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.75 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.09 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(h)</sup><br>|
| Net investment income | 2.34 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $157 | &nbsp;&nbsp;&nbsp; $161 | &nbsp;&nbsp;&nbsp; $232 | &nbsp;&nbsp;&nbsp; $117 | &nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp; $97 |
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

*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® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp; (0.32)<br>|
| Net increase (decrease) from investment operations | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp; $12.29 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.79 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp; (19.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.24<br> %<br>| &nbsp;&nbsp;&nbsp; (2.97 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.34 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(h)</sup><br>|
| Net investment income | 1.88 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $551 | &nbsp;&nbsp;&nbsp; $311 | &nbsp;&nbsp;&nbsp; $209 | &nbsp;&nbsp;&nbsp; $167 | &nbsp;&nbsp;&nbsp; $161 | &nbsp;&nbsp;&nbsp; $97 |
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

*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® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) | BlackRock LifePath® ESG Index 2035 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Net increase (decrease) from investment operations | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp; $12.33 | &nbsp;&nbsp;&nbsp; $10.02 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $9.69 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.91 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.36<br> %<br>| &nbsp;&nbsp;&nbsp; (18.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.59<br> %<br>| &nbsp;&nbsp;&nbsp; (2.94 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.70 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 2.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4812 | &nbsp;&nbsp;&nbsp; $3597 | &nbsp;&nbsp;&nbsp; $2706 | &nbsp;&nbsp;&nbsp; $2049 | &nbsp;&nbsp;&nbsp; $2222 | &nbsp;&nbsp;&nbsp; $1744 |
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

*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® ESG Index 2040 Fund | BlackRock LifePath® ESG Index 2040 Fund | BlackRock LifePath® ESG Index 2040 Fund | BlackRock LifePath® ESG Index 2040 Fund | BlackRock LifePath® ESG Index 2040 Fund | BlackRock LifePath® ESG Index 2040 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net increase (decrease) from investment operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.55 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.15<br> %<br>| &nbsp;&nbsp;&nbsp; (19.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.16<br> %<br>| &nbsp;&nbsp;&nbsp; (3.34 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.46 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.08 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(h)</sup><br>|
| Net investment income | 2.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $436 | &nbsp;&nbsp;&nbsp; $417 | &nbsp;&nbsp;&nbsp; $296 | &nbsp;&nbsp;&nbsp; $264 | &nbsp;&nbsp;&nbsp; $305 | &nbsp;&nbsp;&nbsp; $97 |
| Portfolio turnover rate | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

*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® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net increase (decrease) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $10.49 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.46 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.78<br> %<br>| &nbsp;&nbsp;&nbsp; (19.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.83<br> %<br>| &nbsp;&nbsp;&nbsp; (3.36 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.71 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.33 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(h)</sup><br>|
| Net investment income | 1.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $457 | &nbsp;&nbsp;&nbsp; $372 | &nbsp;&nbsp;&nbsp; $248 | &nbsp;&nbsp;&nbsp; $233 | &nbsp;&nbsp;&nbsp; $180 | &nbsp;&nbsp;&nbsp; $116 |
| Portfolio turnover rate | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.93%.

*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® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) | BlackRock LifePath® ESG Index 2040 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; (0.35)<br>|
| Net increase (decrease) from investment operations | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $9.91 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $9.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.62 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.22<br> %<br>| &nbsp;&nbsp;&nbsp; (19.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.20<br> %<br>| &nbsp;&nbsp;&nbsp; (3.33 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.03 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 2.22 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $11232 | &nbsp;&nbsp;&nbsp; $9364 | &nbsp;&nbsp;&nbsp; $6213 | &nbsp;&nbsp;&nbsp; $2254 | &nbsp;&nbsp;&nbsp; $2292 | &nbsp;&nbsp;&nbsp; $1737 |
| Portfolio turnover rate | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

*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® ESG Index 2045 Fund | BlackRock LifePath® ESG Index 2045 Fund | BlackRock LifePath® ESG Index 2045 Fund | BlackRock LifePath® ESG Index 2045 Fund | BlackRock LifePath® ESG Index 2045 Fund | BlackRock LifePath® ESG Index 2045 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $13.06 | &nbsp;&nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net increase (decrease) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $13.80 | &nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $13.06 | &nbsp;&nbsp;&nbsp; $9.62 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.45 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29<br> %<br>| &nbsp;&nbsp;&nbsp; (20.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.08<br> %<br>| &nbsp;&nbsp;&nbsp; (3.63 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.54 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.07 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(g)</sup><br>|
| Net investment income | 1.92 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp; $184 | &nbsp;&nbsp;&nbsp; $127 | &nbsp;&nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp; $131 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.66%.

*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® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp; $10.74 | &nbsp;&nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp; $13.05 | &nbsp;&nbsp;&nbsp; $9.62 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.39 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.03<br> %<br>| &nbsp;&nbsp;&nbsp; (20.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.74<br> %<br>| &nbsp;&nbsp;&nbsp; (3.66 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.79 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.32 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(g)</sup><br>|
| Net investment income | 1.62 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1563 | &nbsp;&nbsp;&nbsp; $1025 | &nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp;&nbsp; $693 | &nbsp;&nbsp;&nbsp; $365 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.91%.

*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® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) | BlackRock LifePath® ESG Index 2045 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $13.06 | &nbsp;&nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net increase (decrease) from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $13.81 | &nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp; $10.13 | &nbsp;&nbsp;&nbsp; $13.06 | &nbsp;&nbsp;&nbsp; $9.62 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.44 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.34<br> %<br>| &nbsp;&nbsp;&nbsp; (20.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.15<br> %<br>| &nbsp;&nbsp;&nbsp; (3.63 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.02 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 2.05 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7603 | &nbsp;&nbsp;&nbsp; $5812 | &nbsp;&nbsp;&nbsp; $3205 | &nbsp;&nbsp;&nbsp; $2574 | &nbsp;&nbsp;&nbsp; $2351 | &nbsp;&nbsp;&nbsp; $1732 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.61%.

*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® ESG Index 2050 Fund | BlackRock LifePath® ESG Index 2050 Fund | BlackRock LifePath® ESG Index 2050 Fund | BlackRock LifePath® ESG Index 2050 Fund | BlackRock LifePath® ESG Index 2050 Fund | BlackRock LifePath® ESG Index 2050 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp;&nbsp; $14.16 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.16 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.84<br> %<br>| &nbsp;&nbsp;&nbsp; (20.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.90<br> %<br>| &nbsp;&nbsp;&nbsp; (3.73 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(g)</sup><br>|
| Net investment income | 1.83 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $216 | &nbsp;&nbsp;&nbsp; $204 | &nbsp;&nbsp;&nbsp; $131 | &nbsp;&nbsp;&nbsp; $108 | &nbsp;&nbsp;&nbsp; $132 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.66%.

*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® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $10.88 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $10.88 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.04 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.42<br> %<br>| &nbsp;&nbsp;&nbsp; (20.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.49<br> %<br>| &nbsp;&nbsp;&nbsp; (3.76 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.78 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(g)</sup><br>|
| Net investment income | 1.58 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $898 | &nbsp;&nbsp;&nbsp; $851 | &nbsp;&nbsp;&nbsp; $679 | &nbsp;&nbsp;&nbsp; $263 | &nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.91%.

*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® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) | BlackRock LifePath® ESG Index 2050 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp;&nbsp; $14.17 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.89<br> %<br>| &nbsp;&nbsp;&nbsp; (20.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.96<br> %<br>| &nbsp;&nbsp;&nbsp; (3.72 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 1.88 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8271 | &nbsp;&nbsp;&nbsp; $6939 | &nbsp;&nbsp;&nbsp; $3867 | &nbsp;&nbsp;&nbsp; $3027 | &nbsp;&nbsp;&nbsp; $2379 | &nbsp;&nbsp;&nbsp; $1730 |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.61%.

*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® ESG Index 2055 Fund | BlackRock LifePath® ESG Index 2055 Fund | BlackRock LifePath® ESG Index 2055 Fund | BlackRock LifePath® ESG Index 2055 Fund | BlackRock LifePath® ESG Index 2055 Fund | BlackRock LifePath® ESG Index 2055 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.93 | &nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.03 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.91<br> %<br>| &nbsp;&nbsp;&nbsp; (20.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.22<br> %<br>| &nbsp;&nbsp;&nbsp; (3.73 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.66 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(h)</sup><br>|
| Net investment income | 1.74 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $278 | &nbsp;&nbsp;&nbsp; $222 | &nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp; $133 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

*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® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $14.21 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.60 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.11 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76<br> %<br>| &nbsp;&nbsp;&nbsp; (20.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.05<br> %<br>| &nbsp;&nbsp;&nbsp; (3.86 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(h)</sup><br>|
| Net investment income | 1.50 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $271 | &nbsp;&nbsp;&nbsp; $252 | &nbsp;&nbsp;&nbsp; $185 | &nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp; $175 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

*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® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) | BlackRock LifePath® ESG Index 2055 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.93 | &nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.11 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.97<br> %<br>| &nbsp;&nbsp;&nbsp; (20.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.29<br> %<br>| &nbsp;&nbsp;&nbsp; (3.72 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.60 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(h)</sup><br>|
| Net investment income | 1.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6018 | &nbsp;&nbsp;&nbsp; $4345 | &nbsp;&nbsp;&nbsp; $2748 | &nbsp;&nbsp;&nbsp; $2296 | &nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp; $1729 |
| Portfolio turnover rate | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

*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® ESG Index 2060 Fund | BlackRock LifePath® ESG Index 2060 Fund | BlackRock LifePath® ESG Index 2060 Fund | BlackRock LifePath® ESG Index 2060 Fund | BlackRock LifePath® ESG Index 2060 Fund | BlackRock LifePath® ESG Index 2060 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp;&nbsp; $14.31 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.08 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.96<br> %<br>| &nbsp;&nbsp;&nbsp; (20.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.24<br> %<br>| &nbsp;&nbsp;&nbsp; (3.73 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.62 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(g)</sup><br>|
| Net investment income | 1.67 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $377 | &nbsp;&nbsp;&nbsp; $345 | &nbsp;&nbsp;&nbsp; $216 | &nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp; $196 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.66%.

*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® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.94 | &nbsp;&nbsp;&nbsp; $14.26 | &nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $9.60 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.18 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.68<br> %<br>| &nbsp;&nbsp;&nbsp; (20.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.02<br> %<br>| &nbsp;&nbsp;&nbsp; (3.86 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.87 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(g)</sup><br>|
| Net investment income | 1.47 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1466 | &nbsp;&nbsp;&nbsp; $1504 | &nbsp;&nbsp;&nbsp; $859 | &nbsp;&nbsp;&nbsp; $222 | &nbsp;&nbsp;&nbsp; $351 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.91%.

*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® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) | BlackRock LifePath® ESG Index 2060 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp;&nbsp; $14.32 | &nbsp;&nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp; $10.24 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.03 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.01<br> %<br>| &nbsp;&nbsp;&nbsp; (20.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.30<br> %<br>| &nbsp;&nbsp;&nbsp; (3.72 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.57 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 1.81 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4954 | &nbsp;&nbsp;&nbsp; $4229 | &nbsp;&nbsp;&nbsp; $2761 | &nbsp;&nbsp;&nbsp; $2370 | &nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp; $1729 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.61%.

*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® ESG Index 2065 Fund | BlackRock LifePath® ESG Index 2065 Fund | BlackRock LifePath® ESG Index 2065 Fund | BlackRock LifePath® ESG Index 2065 Fund | BlackRock LifePath® ESG Index 2065 Fund | BlackRock LifePath® ESG Index 2065 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp;&nbsp; $14.19 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.01 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.03<br> %<br>| &nbsp;&nbsp;&nbsp; (20.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.24<br> %<br>| &nbsp;&nbsp;&nbsp; (3.73 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.81 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05 %<sup>(g)</sup><br>|
| Net investment income | 1.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $150 | &nbsp;&nbsp;&nbsp; $149 | &nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp; $103 | &nbsp;&nbsp;&nbsp; $132 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.66%.

*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® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| From net realized gain | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $9.60 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.15 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71<br> %<br>| &nbsp;&nbsp;&nbsp; (20.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.95<br> %<br>| &nbsp;&nbsp;&nbsp; (3.85 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(g)</sup><br>|
| Net investment income | 1.46 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1099 | &nbsp;&nbsp;&nbsp; $1057 | &nbsp;&nbsp;&nbsp; $463 | &nbsp;&nbsp;&nbsp; $160 | &nbsp;&nbsp;&nbsp; $155 | &nbsp;&nbsp;&nbsp; $96 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.91%.

*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® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) | BlackRock LifePath® ESG Index 2065 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>10/31/24 | &nbsp;&nbsp; Year Ended <br>10/31/23 | &nbsp;&nbsp; Year Ended <br>10/31/22 | &nbsp;&nbsp; Year Ended <br>10/31/21 | &nbsp;&nbsp; Period from <br>08/18/20<sup>(a)</sup> <br>to 10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net increase (decrease) from investment operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp;&nbsp; $14.19 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp; $9.61 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 0.05 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>| &nbsp;&nbsp;&nbsp; (20.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.31<br> %<br>| &nbsp;&nbsp;&nbsp; (3.72 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.76 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp; — %<sup>(g)</sup><br>|
| Net investment income | 1.83 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3256 | &nbsp;&nbsp;&nbsp; $2863 | &nbsp;&nbsp;&nbsp; $2101 | &nbsp;&nbsp;&nbsp; $1881 | &nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp; $1729 |
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<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 4.61%.

*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® ESG Index 2070 Fund | BlackRock LifePath® ESG Index 2070 Fund |
|  | Institutional | Institutional |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net increase (decrease) from investment operations | 0.01 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Distributions** |  |  |
| From net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(c)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (0.01 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.10 )%<sup>(d)</sup><br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |
| Total expenses | 1.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(f)(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 %<sup>(f)</sup><br>|
| Net investment income | 1.82 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27 %<sup>(f)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> 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> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 7.65%. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® ESG Index 2070 Fund (continued) | BlackRock LifePath® ESG Index 2070 Fund (continued) |
|  | Investor A | Investor A |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net decrease from investment operations | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Distributions** |  |  |
| From net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(c)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (0.18 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.10 )%<sup>(d)</sup><br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |
| Total expenses | 1.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 %<sup>(f)(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.31 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(f)</sup><br>|
| Net investment income | 1.57 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02 %<sup>(f)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> 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> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 7.90%. 

*See notes to financial statements.*

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® ESG Index 2070 Fund (continued) | BlackRock LifePath® ESG Index 2070 Fund (continued) |
|  | Class K | Class K |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
|  | Six Months Ended <br>04/30/25 <br>(unaudited) | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Net increase (decrease) from investment operations | 0.01 | &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Distributions** |  |  |
| From net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp; $9.79 |
| **Total Return**<sup>(c)</sup> <br>|  |  |
| Based on net asset value | 0.01 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.10 )%<sup>(d)</sup><br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |
| Total expenses | 1.56 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(f)(g)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 %<sup>(f)</sup><br>|
| Net investment income | 1.87 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31 %<sup>(f)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1731 | &nbsp;&nbsp;&nbsp; $1762 |
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<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> 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> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 7.60%. 

*See notes to financial statements.*

Financial Highlights

------

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® ESG Index Retirement Fund | LifePath ESG Index Retirement Fund | Diversified |
| BlackRock LifePath® ESG Index 2030 Fund | LifePath ESG Index 2030 Fund | Diversified |
| BlackRock LifePath® ESG Index 2035 Fund | LifePath ESG Index 2035 Fund | Diversified |
| BlackRock LifePath® ESG Index 2040 Fund | LifePath ESG Index 2040 Fund | Diversified |
| BlackRock LifePath® ESG Index 2045 Fund | LifePath ESG Index 2045 Fund | Diversified |
| BlackRock LifePath® ESG Index 2050 Fund | LifePath ESG Index 2050 Fund | Diversified |
| BlackRock LifePath® ESG Index 2055 Fund | LifePath ESG Index 2055 Fund | Diversified |
| BlackRock LifePath® ESG Index 2060 Fund | LifePath ESG Index 2060 Fund | Diversified |
| BlackRock LifePath® ESG Index 2065 Fund | LifePath ESG Index 2065 Fund | Diversified |
| BlackRock LifePath® ESG Index 2070 Fund | LifePath ESG Index 2070 Fund | Diversified |

---

The Funds will generally invest in other registered investment companies (each, an "Underlying Fund" and collectively, the "Underlying Funds") that are managed by subsidiaries of BlackRock, Inc. ("BlackRock") and its affiliates, which are affiliates of the Funds.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional, Investor A and Class K Shares No No None

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors ("BFA" or the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

**Prior Year Reorganization:** The Board of LifePath ESG Index Retirement Fund (the "Acquiring Fund") and the Board of BlackRock LifePath ESG Index 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; 10000 | 1.02552467 | &nbsp;&nbsp; Institutional | &nbsp;&nbsp; 10255 |
| Investor A | &nbsp;&nbsp; 39521 | 1.02705827 | &nbsp;&nbsp; InvestorA | &nbsp;&nbsp; 40590 |
| Class K | &nbsp;&nbsp; 289762 | 1.02514510 | &nbsp;&nbsp; ClassK | &nbsp;&nbsp; 297048 |

---

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; $3679264 |
| Paid-in-capital | &nbsp;&nbsp; 3414526 |
| Accumulated earnings | &nbsp;&nbsp; 264738 |

---

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 $3,960,440. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $7,639,704. 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* |
| LifePath ESG Index 2025 Fund | &nbsp;&nbsp; $3693120 | &nbsp;&nbsp; $3280613 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on October 7, 2024.

Assuming the reorganization had been completed on November 1, 2023, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended October 31, 2024, were as follows:

• Net investment income (loss): $231,172

• Net realized and change in unrealized gain/loss on investments: $919,138

• Net increase/decrease in net assets resulting from operations: $1,150,310

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 ESG Index Retirement Fund in connection with the reorganization were expensed by LifePath ESG Index Retirement Fund. The Manager reimbursed the Fund $150,000, which is included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Distributions:** Distributions paid by the Funds are recorded on the ex-dividend dates. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund' 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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

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 their 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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**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.

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.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Certain 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 ESG Index Retirement Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $137605 | &nbsp;&nbsp; $(137605)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 1193090 | &nbsp;&nbsp; (1193090)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 227696 | &nbsp;&nbsp; (227696)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 340 | &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 133 | &nbsp;&nbsp; (133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 175692 | &nbsp;&nbsp; (175692)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1734556 | &nbsp;&nbsp; $(1734556)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2030 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $360099 | &nbsp;&nbsp; $(360099)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 176832 | &nbsp;&nbsp; (176832)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 26505 | &nbsp;&nbsp; (26505)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 198935 | &nbsp;&nbsp; (198935)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 204583 | &nbsp;&nbsp; (204583)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 12108 | &nbsp;&nbsp; (12108)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $979062 | &nbsp;&nbsp; $(979062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2035 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $52100 | &nbsp;&nbsp; $(52100)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 70273 | &nbsp;&nbsp; (70273)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 342446 | &nbsp;&nbsp; (342446)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 228540 | &nbsp;&nbsp; (228540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 67 | &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $693426 | &nbsp;&nbsp; $(693426)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2040 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $279444 | &nbsp;&nbsp; $(279444)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 187884 | &nbsp;&nbsp; (187884)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 8083 | &nbsp;&nbsp; (8083)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 28452 | &nbsp;&nbsp; (28452)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $503863 | &nbsp;&nbsp; $(503863)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2045 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $267078 | &nbsp;&nbsp; $(267078)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 14342 | &nbsp;&nbsp; (14342)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2286 | &nbsp;&nbsp; (2286)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 13117 | &nbsp;&nbsp; (13117)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 10534 | &nbsp;&nbsp; (10534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $307357 | &nbsp;&nbsp; $(307357)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2050 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $99645 | &nbsp;&nbsp; $(99645)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 25561 | &nbsp;&nbsp; (25561)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 11432 | &nbsp;&nbsp; (11432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $136638 | &nbsp;&nbsp; $(136638)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2055 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $204695 | &nbsp;&nbsp; $(204695)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 174584 | &nbsp;&nbsp; (174584)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $379279 | &nbsp;&nbsp; $(379279)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2060 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $57463 | &nbsp;&nbsp; $(57463)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 160281 | &nbsp;&nbsp; (160281)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 6097 | &nbsp;&nbsp; (6097)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 258989 | &nbsp;&nbsp; (258989)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; (1330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $484160 | &nbsp;&nbsp; $(484160)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath ESG Index 2065 Fund |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $3843 | &nbsp;&nbsp; $(3843)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 20423 | &nbsp;&nbsp; (20423)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 10670 | &nbsp;&nbsp; (10670)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 134729 | &nbsp;&nbsp; (134729)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $169665 | &nbsp;&nbsp; $(169665)<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 ESG Index 2070 Fund |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $66085 | &nbsp;&nbsp; $(66085)<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.*** ***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 0.05% of the average daily value of each Fund's net assets.

**Service Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Fund's Investor A Shares.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended April 30, 2025, the following table shows the class specific service fees borne directly by each share class of each Fund:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $1130 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 1773 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 445 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 508 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 1493 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 1055 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 329 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 1893 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 1379 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 122 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL" or the "Administrator"), an indirect, wholly-owned subsidiary of BlackRock, 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 0.20% based on the average daily net assets of each Fund's Institutional and Investor A Shares and 0.15% of the average daily net assets of each Fund's Class K Shares.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended April 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* | *Class K* | *Total* |
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $209 | &nbsp;&nbsp; $904 | &nbsp;&nbsp; $4898 | &nbsp;&nbsp; $6011 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 3333 | &nbsp;&nbsp; 4872 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 3321 | &nbsp;&nbsp; 3835 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 9128 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 5334 | &nbsp;&nbsp; 6717 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 5886 | &nbsp;&nbsp; 6940 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 4228 | &nbsp;&nbsp; 4722 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 3573 | &nbsp;&nbsp; 5455 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 2348 | &nbsp;&nbsp; 3600 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1509 |

---

**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 April 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

**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 April 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $7 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 9 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 9 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 17 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 15 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 13 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 12 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 10 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 5 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 2 |

---

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. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $5256 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 4518 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 4016 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 10286 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 7752 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 8426 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 5888 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 6395 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 4223 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 1888 |

---

The fees and expenses of the Funds' Independent Trustees, counsel to the Independent Trustees and the Funds' independent registered public accounting firm (together, the "independent expenses") are paid directly by the Funds. Each of BAL and BFA have contractually agreed to reimburse the Funds or provide an offsetting credit for such 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 April 30, 2025, the Funds waived the following amounts:

---

| | |
|:---|:---|
| *Fund Name*  | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $10287 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 12271 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 12271 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 12367 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 12271 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| *Fund Name*  | *Fees Waived and/or Reimbursed*<br> *by the Administrator/Manager*<br>|
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; $12367 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 12271 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 12271 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 12271 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 13153 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the 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 April 30, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $941 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 741 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 708 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 1742 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 1405 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 1266 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 964 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 896 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 695 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 164 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund participated 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

***6.*** ***PURCHASES AND SALES*** 

For the six months ended April 30, 2025, purchases and sales of investments in the Underlying Funds, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; $1090570 | &nbsp;&nbsp;&nbsp; $1508330 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 1525082 | &nbsp;&nbsp;&nbsp; 1211678 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 1978698 | &nbsp;&nbsp;&nbsp; 489178 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 3487013 | &nbsp;&nbsp;&nbsp; 1359663 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 3235967 | &nbsp;&nbsp;&nbsp; 796833 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 2784570 | &nbsp;&nbsp;&nbsp; 1294375 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 2786857 | &nbsp;&nbsp;&nbsp; 900880 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 1478322 | &nbsp;&nbsp;&nbsp; 573077 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 875888 | &nbsp;&nbsp;&nbsp; 392016 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 156650 | &nbsp;&nbsp;&nbsp; 151677 |

---

***7.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 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 date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

As of April 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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 ESG Index Retirement Fund | &nbsp;&nbsp; $8411829 | &nbsp;&nbsp; $758732 | &nbsp;&nbsp; $(239786)<br>| &nbsp;&nbsp; $518946 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 6705591 | &nbsp;&nbsp; 824325 | &nbsp;&nbsp; (214568)<br>| &nbsp;&nbsp; 609757 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 5665454 | &nbsp;&nbsp; 660491 | &nbsp;&nbsp; (91532)<br>| &nbsp;&nbsp; 568959 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 11437414 | &nbsp;&nbsp; 1351077 | &nbsp;&nbsp; (147793)<br>| &nbsp;&nbsp; 1203284 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 8468385 | &nbsp;&nbsp; 1274922 | &nbsp;&nbsp; (67710)<br>| &nbsp;&nbsp; 1207212 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 8007152 | &nbsp;&nbsp; 1572080 | &nbsp;&nbsp; (54166)<br>| &nbsp;&nbsp; 1517914 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 5951338 | &nbsp;&nbsp; 1035734 | &nbsp;&nbsp; (32628)<br>| &nbsp;&nbsp; 1003106 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 6016902 | &nbsp;&nbsp; 1314416 | &nbsp;&nbsp; (37776)<br>| &nbsp;&nbsp; 1276640 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 3758073 | &nbsp;&nbsp; 950259 | &nbsp;&nbsp; (24877)<br>| &nbsp;&nbsp; 925382 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 2080127 | &nbsp;&nbsp; 7411 | &nbsp;&nbsp; (74057)<br>| &nbsp;&nbsp; (66646)<br>|

---

***8.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual 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 April 30, 2025, the Funds did not borrow under the credit agreement.

***9.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest 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;

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

(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 Manager uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index Retirement Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10255 | &nbsp;&nbsp;&nbsp; $108480 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 10255 | &nbsp;&nbsp;&nbsp; $108480 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; $5911 | &nbsp;&nbsp;&nbsp; 38973 | &nbsp;&nbsp;&nbsp; $418432 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp; 10027 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 7673 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40590 | &nbsp;&nbsp;&nbsp; 428430 |
| Shares redeemed | &nbsp;&nbsp; (40876) | &nbsp;&nbsp;&nbsp; (404724) | &nbsp;&nbsp;&nbsp; (2574) | &nbsp;&nbsp;&nbsp; (25977) |
|  | &nbsp;&nbsp; (39318) | &nbsp;&nbsp;&nbsp; $(388786) | &nbsp;&nbsp;&nbsp; 77715 | &nbsp;&nbsp;&nbsp; $828558 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 70991 | &nbsp;&nbsp;&nbsp; $749905 | &nbsp;&nbsp;&nbsp; 33766 | &nbsp;&nbsp;&nbsp; $343185 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4033 | &nbsp;&nbsp;&nbsp; 41580 | &nbsp;&nbsp;&nbsp; 3413 | &nbsp;&nbsp;&nbsp; 35298 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 297048 | &nbsp;&nbsp;&nbsp; 3142354 |
| Shares redeemed | &nbsp;&nbsp; (77220) | &nbsp;&nbsp;&nbsp; (791086) | &nbsp;&nbsp;&nbsp; (15483) | &nbsp;&nbsp;&nbsp; (163958) |
|  | &nbsp;&nbsp; (2196) | &nbsp;&nbsp;&nbsp; $399 | &nbsp;&nbsp;&nbsp; 318744 | &nbsp;&nbsp;&nbsp; $3356879 |
|  | &nbsp;&nbsp; (41514) | &nbsp;&nbsp;&nbsp; $(388387) | &nbsp;&nbsp;&nbsp; 406714 | &nbsp;&nbsp;&nbsp; $4293917 |

---

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>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2030 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 911 | &nbsp;&nbsp;&nbsp; $9959 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 66 |
| Shares redeemed | (1) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(955) | &nbsp;&nbsp;&nbsp; (11259) |
|  | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; $369 | &nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp; $(1234) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2552 | &nbsp;&nbsp;&nbsp; $28803 | &nbsp;&nbsp;&nbsp; 19204 | &nbsp;&nbsp;&nbsp; $202774 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp; 68628 | &nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 11543 |
| Shares redeemed | (5) | &nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp; (13518) | &nbsp;&nbsp;&nbsp; (146399) |
|  | &nbsp;&nbsp; 8631 | &nbsp;&nbsp;&nbsp; $97371 | &nbsp;&nbsp;&nbsp; 6756 | &nbsp;&nbsp;&nbsp; $67918 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 118718 | &nbsp;&nbsp;&nbsp; $1359803 | &nbsp;&nbsp;&nbsp; 210247 | &nbsp;&nbsp;&nbsp; $2300363 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 10516 | &nbsp;&nbsp;&nbsp; 118721 | &nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp; 25258 |
| Shares redeemed | &nbsp;&nbsp; (86765) | &nbsp;&nbsp;&nbsp; (1006608) | &nbsp;&nbsp;&nbsp; (249978) | &nbsp;&nbsp;&nbsp; (2783009) |
|  | &nbsp;&nbsp; 42469 | &nbsp;&nbsp;&nbsp; $471916 | &nbsp;&nbsp;&nbsp; (37390) | &nbsp;&nbsp;&nbsp; $(457388) |
|  | &nbsp;&nbsp; 51132 | &nbsp;&nbsp;&nbsp; $569656 | &nbsp;&nbsp;&nbsp; (30672) | &nbsp;&nbsp;&nbsp; $(390704) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2035 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp; $11000 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 1029 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 1915 |
| Shares redeemed | (190) | &nbsp;&nbsp;&nbsp; (2300) | &nbsp;&nbsp;&nbsp; (11149) | &nbsp;&nbsp;&nbsp; (126083) |
|  | (106) | &nbsp;&nbsp;&nbsp; $(1271) | &nbsp;&nbsp;&nbsp; (10068) | &nbsp;&nbsp;&nbsp; $(113168) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 19890 | &nbsp;&nbsp;&nbsp; $238162 | &nbsp;&nbsp;&nbsp; 4290 | &nbsp;&nbsp;&nbsp; $49927 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; 4874 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 1521 |
| Shares redeemed | (5) | &nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;(265) |
|  | &nbsp;&nbsp; 20286 | &nbsp;&nbsp;&nbsp; $242976 | &nbsp;&nbsp;&nbsp; 4404 | &nbsp;&nbsp;&nbsp; $51183 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 120191 | &nbsp;&nbsp;&nbsp; $1513860 | &nbsp;&nbsp;&nbsp; 46832 | &nbsp;&nbsp;&nbsp; $543085 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 5713 | &nbsp;&nbsp;&nbsp; 69590 | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 13486 |
| Shares redeemed | &nbsp;&nbsp; (20085) | &nbsp;&nbsp;&nbsp; (240078) | &nbsp;&nbsp;&nbsp; (26224) | &nbsp;&nbsp;&nbsp; (296507) |
|  | &nbsp;&nbsp; 105819 | &nbsp;&nbsp;&nbsp; $1343372 | &nbsp;&nbsp;&nbsp; 21823 | &nbsp;&nbsp;&nbsp; $260064 |
|  | &nbsp;&nbsp; 125999 | &nbsp;&nbsp;&nbsp; $1585077 | &nbsp;&nbsp;&nbsp; 16159 | &nbsp;&nbsp;&nbsp; $198079 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2040 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp; $18097 | &nbsp;&nbsp;&nbsp; 9757 | &nbsp;&nbsp;&nbsp; $120150 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 19649 | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp; 1953 |
| Shares redeemed | (144) | &nbsp;&nbsp;&nbsp; (1844) | &nbsp;&nbsp;&nbsp; (6596) | &nbsp;&nbsp;&nbsp; (79500) |
|  | &nbsp;&nbsp; 2814 | &nbsp;&nbsp;&nbsp; $35902 | &nbsp;&nbsp;&nbsp; 3327 | &nbsp;&nbsp;&nbsp; $42603 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6570 | &nbsp;&nbsp;&nbsp; $84573 | &nbsp;&nbsp;&nbsp; 5318 | &nbsp;&nbsp;&nbsp; $60518 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp; 16843 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 1746 |
| Shares redeemed | (12) | &nbsp;&nbsp;&nbsp;&nbsp;(159) | &nbsp;&nbsp;&nbsp;&nbsp;(983) | &nbsp;&nbsp;&nbsp; (12249) |
|  | &nbsp;&nbsp; 7867 | &nbsp;&nbsp;&nbsp; $101257 | &nbsp;&nbsp;&nbsp; 4484 | &nbsp;&nbsp;&nbsp; $50015 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 04/30/25 | Six Months Ended<br> 04/30/25 | Year Ended<br> 10/31/24 | Year Ended<br> 10/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2040 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 211159 | &nbsp;&nbsp;&nbsp; $2869174 | &nbsp;&nbsp;&nbsp; 466724 | &nbsp;&nbsp;&nbsp; $5641097 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 43223 | &nbsp;&nbsp;&nbsp; 556276 | &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 45118 |
| Shares redeemed | &nbsp;&nbsp; (77342) | &nbsp;&nbsp;&nbsp; (961964) | &nbsp;&nbsp;&nbsp; (355319) | &nbsp;&nbsp;&nbsp; (4290601) |
|  | &nbsp;&nbsp; 177040 | &nbsp;&nbsp;&nbsp; $2463486 | &nbsp;&nbsp;&nbsp; 115245 | &nbsp;&nbsp;&nbsp; $1395614 |
|  | &nbsp;&nbsp; 187721 | &nbsp;&nbsp;&nbsp; $2600645 | &nbsp;&nbsp;&nbsp; 123056 | &nbsp;&nbsp;&nbsp; $1488232 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2045 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; $10977 | &nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; $19177 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 224 |
| Shares redeemed | (10) | &nbsp;&nbsp;&nbsp;&nbsp;(139) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;(176) |
|  | &nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; $12013 | &nbsp;&nbsp;&nbsp; 1501 | &nbsp;&nbsp;&nbsp; $19225 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39928 | &nbsp;&nbsp;&nbsp; $539350 | &nbsp;&nbsp;&nbsp; 12431 | &nbsp;&nbsp;&nbsp; $148199 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp; 21920 | &nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 7281 |
| Shares redeemed | (298) | &nbsp;&nbsp;&nbsp; (4045) | &nbsp;&nbsp;&nbsp; (13346) | &nbsp;&nbsp;&nbsp; (161051) |
|  | &nbsp;&nbsp; 41222 | &nbsp;&nbsp;&nbsp; $557225 | &nbsp;&nbsp;&nbsp;&nbsp;(313) | &nbsp;&nbsp;&nbsp; $(5571) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 150975 | &nbsp;&nbsp;&nbsp; $2148521 | &nbsp;&nbsp;&nbsp; 175002 | &nbsp;&nbsp;&nbsp; $2164058 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 8710 | &nbsp;&nbsp;&nbsp; 120200 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 14227 |
| Shares redeemed | &nbsp;&nbsp; (19263) | &nbsp;&nbsp;&nbsp; (260622) | &nbsp;&nbsp;&nbsp; (53230) | &nbsp;&nbsp;&nbsp; (693972) |
|  | &nbsp;&nbsp; 140422 | &nbsp;&nbsp;&nbsp; $2008099 | &nbsp;&nbsp;&nbsp; 122947 | &nbsp;&nbsp;&nbsp; $1484313 |
|  | &nbsp;&nbsp; 182516 | &nbsp;&nbsp;&nbsp; $2577337 | &nbsp;&nbsp;&nbsp; 124135 | &nbsp;&nbsp;&nbsp; $1497967 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2050 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp; $14968 | &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; $31780 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 256 |
| Shares redeemed | (35) | &nbsp;&nbsp;&nbsp;&nbsp;(497) | &nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;(300) |
|  | &nbsp;&nbsp; 1138 | &nbsp;&nbsp;&nbsp; $16065 | &nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp; $31736 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6995 | &nbsp;&nbsp;&nbsp; $94673 | &nbsp;&nbsp;&nbsp; 25159 | &nbsp;&nbsp;&nbsp; $299217 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp; 15096 | &nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp; 7093 |
| Shares redeemed | &nbsp;&nbsp; (3339) | &nbsp;&nbsp;&nbsp; (47251) | &nbsp;&nbsp;&nbsp; (27898) | &nbsp;&nbsp;&nbsp; (350636) |
|  | &nbsp;&nbsp; 4721 | &nbsp;&nbsp;&nbsp; $62518 | &nbsp;&nbsp;&nbsp; (2163) | &nbsp;&nbsp;&nbsp; $(44326) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 161164 | &nbsp;&nbsp;&nbsp; $2305929 | &nbsp;&nbsp;&nbsp; 182813 | &nbsp;&nbsp;&nbsp; $2355023 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 9832 | &nbsp;&nbsp;&nbsp; 139518 | &nbsp;&nbsp;&nbsp; 1623 | &nbsp;&nbsp;&nbsp; 20015 |
| Shares redeemed | &nbsp;&nbsp; (63544) | &nbsp;&nbsp;&nbsp; (879423) | &nbsp;&nbsp;&nbsp; (49467) | &nbsp;&nbsp;&nbsp; (668225) |
|  | &nbsp;&nbsp; 107452 | &nbsp;&nbsp;&nbsp; $1566024 | &nbsp;&nbsp;&nbsp; 134969 | &nbsp;&nbsp;&nbsp; $1706813 |
|  | &nbsp;&nbsp; 113311 | &nbsp;&nbsp;&nbsp; $1644607 | &nbsp;&nbsp;&nbsp; 135249 | &nbsp;&nbsp;&nbsp; $1694223 |

---

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>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2055 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp; $56962 | &nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp; $14430 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 509 |
| Shares redeemed | (14) | &nbsp;&nbsp;&nbsp;&nbsp;(202) | &nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;(311) |
|  | &nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp; $58650 | &nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp; $14628 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp; $22597 | &nbsp;&nbsp;&nbsp; 2678 | &nbsp;&nbsp;&nbsp; $34961 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 721 |
| Shares redeemed | (11) | &nbsp;&nbsp;&nbsp;&nbsp;(160) | &nbsp;&nbsp;&nbsp; (1954) | &nbsp;&nbsp;&nbsp; (24179) |
|  | &nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; $24824 | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; $11503 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 165551 | &nbsp;&nbsp;&nbsp; $2433130 | &nbsp;&nbsp;&nbsp; 90718 | &nbsp;&nbsp;&nbsp; $1166130 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 5345 | &nbsp;&nbsp;&nbsp; 76492 | &nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp; 7998 |
| Shares redeemed | &nbsp;&nbsp; (43891) | &nbsp;&nbsp;&nbsp; (607931) | &nbsp;&nbsp;&nbsp; (38399) | &nbsp;&nbsp;&nbsp; (515322) |
|  | &nbsp;&nbsp; 127005 | &nbsp;&nbsp;&nbsp; $1901691 | &nbsp;&nbsp;&nbsp; 52967 | &nbsp;&nbsp;&nbsp; $658806 |
|  | &nbsp;&nbsp; 133143 | &nbsp;&nbsp;&nbsp; $1985165 | &nbsp;&nbsp;&nbsp; 54850 | &nbsp;&nbsp;&nbsp; $684937 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2060 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3301 | &nbsp;&nbsp;&nbsp; $47531 | &nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp; $58806 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 5194 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 1025 |
| Shares redeemed | (788) | &nbsp;&nbsp;&nbsp; (10657) | &nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;&nbsp;(660) |
|  | &nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp; $42068 | &nbsp;&nbsp;&nbsp; 4434 | &nbsp;&nbsp;&nbsp; $59171 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4025 | &nbsp;&nbsp;&nbsp; $56301 | &nbsp;&nbsp;&nbsp; 51136 | &nbsp;&nbsp;&nbsp; $634853 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 29038 | &nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 9430 |
| Shares redeemed | &nbsp;&nbsp; (6336) | &nbsp;&nbsp;&nbsp; (88933) | &nbsp;&nbsp;&nbsp; (24989) | &nbsp;&nbsp;&nbsp; (317544) |
|  | (286) | &nbsp;&nbsp;&nbsp; $(3594) | &nbsp;&nbsp;&nbsp; 26908 | &nbsp;&nbsp;&nbsp; $326739 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 66850 | &nbsp;&nbsp;&nbsp; $980124 | &nbsp;&nbsp;&nbsp; 69835 | &nbsp;&nbsp;&nbsp; $920813 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 3799 | &nbsp;&nbsp;&nbsp; 54590 | &nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 8154 |
| Shares redeemed | &nbsp;&nbsp; (11659) | &nbsp;&nbsp;&nbsp; (158238) | &nbsp;&nbsp;&nbsp; (27190) | &nbsp;&nbsp;&nbsp; (376024) |
|  | &nbsp;&nbsp; 58990 | &nbsp;&nbsp;&nbsp; $876476 | &nbsp;&nbsp;&nbsp; 43302 | &nbsp;&nbsp;&nbsp; $552943 |
|  | &nbsp;&nbsp; 61579 | &nbsp;&nbsp;&nbsp; $914950 | &nbsp;&nbsp;&nbsp; 74644 | &nbsp;&nbsp;&nbsp; $938853 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Year Ended <br>10/31/24 | Year Ended <br>10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2065 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; $4509 | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; $6071 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 75 |
| Shares redeemed | (8) | &nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;(393) | &nbsp;&nbsp;&nbsp; (5523) |
|  | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; $4570 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; $623 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6252 | &nbsp;&nbsp;&nbsp; $89434 | &nbsp;&nbsp;&nbsp; 47404 | &nbsp;&nbsp;&nbsp; $586780 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1552 | &nbsp;&nbsp;&nbsp; 22046 | &nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 7181 |
| Shares redeemed | &nbsp;&nbsp; (2932) | &nbsp;&nbsp;&nbsp; (39777) | &nbsp;&nbsp;&nbsp; (15813) | &nbsp;&nbsp;&nbsp; (205031) |
|  | &nbsp;&nbsp; 4872 | &nbsp;&nbsp;&nbsp; $71703 | &nbsp;&nbsp;&nbsp; 32175 | &nbsp;&nbsp;&nbsp; $388930 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 04/30/25 | Six Months Ended<br> 04/30/25 | Year Ended<br> 10/31/24 | Year Ended<br> 10/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2065 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 37269 | &nbsp;&nbsp;&nbsp; $543873 | &nbsp;&nbsp;&nbsp; 19293 | &nbsp;&nbsp;&nbsp; $254307 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp; 16391 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 2298 |
| Shares redeemed | &nbsp;&nbsp; (4857) | &nbsp;&nbsp;&nbsp; (70171) | &nbsp;&nbsp;&nbsp; (10472) | &nbsp;&nbsp;&nbsp; (133284) |
|  | &nbsp;&nbsp; 33565 | &nbsp;&nbsp;&nbsp; $490093 | &nbsp;&nbsp;&nbsp; 9008 | &nbsp;&nbsp;&nbsp; $123321 |
|  | &nbsp;&nbsp; 38767 | &nbsp;&nbsp;&nbsp; $566366 | &nbsp;&nbsp;&nbsp; 41230 | &nbsp;&nbsp;&nbsp; $512874 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>04/30/25 | Six Months Ended <br>04/30/25 | Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 | Period from <br>09/24/24<sup>(a)</sup> <br>to 10/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath ESG Index 2070 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| 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 |
| Investor A |  |  |  |  |
| 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 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 180010 | &nbsp;&nbsp;&nbsp; $1800100 |
| 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; 180000 | &nbsp;&nbsp;&nbsp; $1800000 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $2000000 |

---

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

<sup>(a)</sup> Commencement of operations.

As of April 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Investor A* | *Class K* |
| LifePath ESG Index Retirement Fund | &nbsp;&nbsp; 20255 | &nbsp;&nbsp; 20271 | &nbsp;&nbsp; 364526 |
| LifePath ESG Index 2030 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2035 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2040 Fund | &nbsp;&nbsp; 10483 | &nbsp;&nbsp; 10458 | &nbsp;&nbsp; 188820 |
| LifePath ESG Index 2045 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2050 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2055 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2060 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2065 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |
| LifePath ESG Index 2070 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 180000 |

---

***11.*** ***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

**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

------

Glossary of Terms Used in this Report

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |

---

Glossary of Terms Used in this Report

------

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.

![](g941243imgecdc31b42.jpg)

![](g941243img3201e3ef1.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

---

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

---

Item 16 – Controls and Procedures

&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.

------

&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](d941243dex99cert.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](d941243dex99906cert.htm)

------

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

BlackRock Funds III

---

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

---

Date: June 24, 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.

---

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

---

Date: June 24, 2025

---

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

---

Date: June 24, 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: June 24, 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: June 24, 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 April 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: June 24, 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 April 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: June 24, 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**.**