# EDGAR Filing Document

**Accession Number:** 0001398078
**File Stem:** 0001193125-25-135619
**Filing Date:** 2025-6
**Character Count:** 287256
**Document Hash:** 140dc4f0d767c359a308156ad0d1e445
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135619.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135619

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds II
- **CENTRAL INDEX KEY:** 0001398078

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22061
- **FILM NUMBER:** 251026402

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Trust
- **DATE OF NAME CHANGE:** 20070501

## Series and Classes Contracts Data

### BLACKROCK 80/20 TARGET ALLOCATION FUND (Series ID: S000018351)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050684 | INSTITUTIONAL SHARES |  |
| C000050685 | INVESTOR A SHARES    |  |
| C000050686 | INVESTOR C SHARES    |  |
| C000050687 | Class R Shares       |  |
| C000166010 | Class K              |  |

### BLACKROCK 40/60 TARGET ALLOCATION FUND (Series ID: S000018360)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050742 | INSTITUTIONAL SHARES |  |
| C000050743 | INVESTOR A SHARES    |  |
| C000050744 | INVESTOR C SHARES    |  |
| C000050745 | Class R Shares       |  |
| C000166011 | Class K              |  |

### BLACKROCK 20/80 TARGET ALLOCATION FUND (Series ID: S000018373)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050785 | INSTITUTIONAL SHARES |  |
| C000050786 | INVESTOR A SHARES    |  |
| C000050787 | INVESTOR C SHARES    |  |
| C000050788 | Class R Shares       |  |
| C000166012 | Class K              |  |

### BLACKROCK 60/40 TARGET ALLOCATION FUND (Series ID: S000018380)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050829 | INSTITUTIONAL SHARES |  |
| C000050830 | INVESTOR A SHARES    |  |
| C000050831 | INVESTOR C SHARES    |  |
| C000050832 | Class R Shares       |  |
| C000166013 | Class K              |  |

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

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:

811-22061

Name of Fund:

BlackRock Funds II

BlackRock 20/80 Target Allocation Fund

BlackRock 40/60 Target Allocation Fund

BlackRock 60/40 Target Allocation Fund

BlackRock 80/20 Target Allocation Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds II,

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:

09/30/2025

Date of reporting period:

03/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 20/80 Target Allocation Fund

### Institutional Shares \| BICPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $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* | *5 Years* | *10 Years* |
| Institutional Shares | (0.56)% | 5.59% | 3.90% | 3.39% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%) | (0.53) | 5.70 | 3.45 | 3.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$438782430 |
| Number of Portfolio Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Conservative Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 76.5% |
| Equity Funds | 20.5% |
| Short-Term Securities | 3.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 20.3% |
| iShares Core Total USD Bond Market ETF | 17.7% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 14.2% |
| iShares 10-20 Year Treasury Bond ETF | 13.0% |
| iShares Flexible Income Active ETF | 9.4% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.2% |
| iShares Core S&P 500 ETF | 6.6% |
| iShares Convertible Bond ETF | 4.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.5% |
| BlackRock Cash Funds: Institutional, SL Agency Shares | 3.5% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 20/80 Target Allocation Fund

Institutional Shares \| BICPX

Semi-Annual Shareholder Report — March 31, 2025

BICPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 20/80 Target Allocation Fund

### Investor A Shares \| BACPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $19(a) 0.38%<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* | *5 Years* | *10 Years* |
| Investor A Shares | (0.84)% | 5.21% | 3.55% | 3.03% |
| Investor A Shares (with sales charge) | (6.04) | (0.31) | 2.43 | 2.48 |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%) | (0.53) | 5.70 | 3.45 | 3.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$438782430 |
| Number of Portfolio Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Conservative Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 76.5% |
| Equity Funds | 20.5% |
| Short-Term Securities | 3.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 20.3% |
| iShares Core Total USD Bond Market ETF | 17.7% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 14.2% |
| iShares 10-20 Year Treasury Bond ETF | 13.0% |
| iShares Flexible Income Active ETF | 9.4% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.2% |
| iShares Core S&P 500 ETF | 6.6% |
| iShares Convertible Bond ETF | 4.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.5% |
| BlackRock Cash Funds: Institutional, SL Agency Shares | 3.5% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 20/80 Target Allocation Fund

Investor A Shares \| BACPX

Semi-Annual Shareholder Report — March 31, 2025

BACPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 20/80 Target Allocation Fund

### Investor C Shares \| BCCPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor C Shares | $55(a) 1.11%<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* | *5 Years* | *10 Years* |
| Investor C Shares | (1.11)% | 4.40% | 2.78% | 2.42% |
| Investor C Shares (with sales charge) | (2.07) | 3.40 | 2.78 | 2.42 |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%) | (0.53) | 5.70 | 3.45 | 3.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$438782430 |
| Number of Portfolio Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Conservative Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 76.5% |
| Equity Funds | 20.5% |
| Short-Term Securities | 3.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 20.3% |
| iShares Core Total USD Bond Market ETF | 17.7% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 14.2% |
| iShares 10-20 Year Treasury Bond ETF | 13.0% |
| iShares Flexible Income Active ETF | 9.4% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.2% |
| iShares Core S&P 500 ETF | 6.6% |
| iShares Convertible Bond ETF | 4.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.5% |
| BlackRock Cash Funds: Institutional, SL Agency Shares | 3.5% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 20/80 Target Allocation Fund

Investor C Shares \| BCCPX

Semi-Annual Shareholder Report — March 31, 2025

BCCPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 20/80 Target Allocation Fund

### Class K Shares \| BKCPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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* | *5 Years* | *10 Years* |
| Class K Shares | (0.54)% | 5.61% | 3.92% | 3.41% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%) | (0.53) | 5.70 | 3.45 | 3.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$438782430 |
| Number of Portfolio Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Conservative Prepared Portfolio.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional 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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 76.5% |
| Equity Funds | 20.5% |
| Short-Term Securities | 3.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 20.3% |
| iShares Core Total USD Bond Market ETF | 17.7% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 14.2% |
| iShares 10-20 Year Treasury Bond ETF | 13.0% |
| iShares Flexible Income Active ETF | 9.4% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.2% |
| iShares Core S&P 500 ETF | 6.6% |
| iShares Convertible Bond ETF | 4.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.5% |
| BlackRock Cash Funds: Institutional, SL Agency Shares | 3.5% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 20/80 Target Allocation Fund

Class K Shares \| BKCPX

Semi-Annual Shareholder Report — March 31, 2025

BKCPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 20/80 Target Allocation Fund

### Class R Shares \| BRCPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 20/80 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class R Shares | $33(a) 0.66%<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* | *5 Years* | *10 Years* |
| Class R Shares | (0.92)% | 4.96% | 3.24% | 2.73% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%) | (0.53) | 5.70 | 3.45 | 3.54 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$438782430 |
| Number of Portfolio Holdings | &nbsp;&nbsp;18 |
| Portfolio Turnover Rate | &nbsp;&nbsp;28% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Conservative Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 76.5% |
| Equity Funds | 20.5% |
| Short-Term Securities | 3.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 20.3% |
| iShares Core Total USD Bond Market ETF | 17.7% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 14.2% |
| iShares 10-20 Year Treasury Bond ETF | 13.0% |
| iShares Flexible Income Active ETF | 9.4% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.2% |
| iShares Core S&P 500 ETF | 6.6% |
| iShares Convertible Bond ETF | 4.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.5% |
| BlackRock Cash Funds: Institutional, SL Agency Shares | 3.5% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 20/80 Target Allocation Fund

Class R Shares \| BRCPX

Semi-Annual Shareholder Report — March 31, 2025

BRCPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 40/60 Target Allocation Fund

### Institutional Shares \| BIMPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $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* | *5 Years* | *10 Years* |
| Institutional Shares | (1.39)% | 5.37% | 7.02% | 5.17% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%) | (0.93) | 6.14 | 6.58 | 5.20 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$703203094 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Moderate Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 56.8% |
| Equity Funds | 40.5% |
| Short-Term Securities | 2.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 19.6% |
| iShares Core Total USD Bond Market ETF | 14.0% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 11.2% |
| iShares Core S&P 500 ETF | 10.5% |
| iShares 10-20 Year Treasury Bond ETF | 9.7% |
| iShares Flexible Income Active ETF | 8.3% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.1% |
| iShares U.S. Equity Factor Rotation Active ETF | 6.6% |
| iShares MSCI U.S.A. Quality Factor ETF | 6.6% |
| iShares S&P 500 Growth ETF | 6.4% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 40/60 Target Allocation Fund

Institutional Shares \| BIMPX

Semi-Annual Shareholder Report — March 31, 2025

BIMPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 40/60 Target Allocation Fund

### Investor A Shares \| BAMPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $19(a) 0.39%<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* | *5 Years* | *10 Years* |
| Investor A Shares | (1.59)% | 4.99% | 6.67% | 4.81% |
| Investor A Shares (with sales charge) | (6.76) | (0.52) | 5.53 | 4.25 |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%) | (0.93) | 6.14 | 6.58 | 5.20 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$703203094 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Moderate Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 56.8% |
| Equity Funds | 40.5% |
| Short-Term Securities | 2.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 19.6% |
| iShares Core Total USD Bond Market ETF | 14.0% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 11.2% |
| iShares Core S&P 500 ETF | 10.5% |
| iShares 10-20 Year Treasury Bond ETF | 9.7% |
| iShares Flexible Income Active ETF | 8.3% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.1% |
| iShares U.S. Equity Factor Rotation Active ETF | 6.6% |
| iShares MSCI U.S.A. Quality Factor ETF | 6.6% |
| iShares S&P 500 Growth ETF | 6.4% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 40/60 Target Allocation Fund

Investor A Shares \| BAMPX

Semi-Annual Shareholder Report — March 31, 2025

BAMPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 40/60 Target Allocation Fund

### Investor C Shares \| BCMPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor C Shares | $56(a) 1.13%<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* | *5 Years* | *10 Years* |
| Investor C Shares | (1.88)% | 4.27% | 5.89% | 4.18% |
| Investor C Shares (with sales charge) | (2.84) | 3.27 | 5.89 | 4.18 |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%) | (0.93) | 6.14 | 6.58 | 5.20 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$703203094 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Moderate Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 56.8% |
| Equity Funds | 40.5% |
| Short-Term Securities | 2.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 19.6% |
| iShares Core Total USD Bond Market ETF | 14.0% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 11.2% |
| iShares Core S&P 500 ETF | 10.5% |
| iShares 10-20 Year Treasury Bond ETF | 9.7% |
| iShares Flexible Income Active ETF | 8.3% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.1% |
| iShares U.S. Equity Factor Rotation Active ETF | 6.6% |
| iShares MSCI U.S.A. Quality Factor ETF | 6.6% |
| iShares S&P 500 Growth ETF | 6.4% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 40/60 Target Allocation Fund

Investor C Shares \| BCMPX

Semi-Annual Shareholder Report — March 31, 2025

BCMPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 40/60 Target Allocation Fund

### Class K Shares \| BKMPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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* | *5 Years* | *10 Years* |
| Class K Shares | (1.37)% | 5.38% | 7.06% | 5.19% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%) | (0.93) | 6.14 | 6.58 | 5.20 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$703203094 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Moderate Prepared Portfolio.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional 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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 56.8% |
| Equity Funds | 40.5% |
| Short-Term Securities | 2.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 19.6% |
| iShares Core Total USD Bond Market ETF | 14.0% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 11.2% |
| iShares Core S&P 500 ETF | 10.5% |
| iShares 10-20 Year Treasury Bond ETF | 9.7% |
| iShares Flexible Income Active ETF | 8.3% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.1% |
| iShares U.S. Equity Factor Rotation Active ETF | 6.6% |
| iShares MSCI U.S.A. Quality Factor ETF | 6.6% |
| iShares S&P 500 Growth ETF | 6.4% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 40/60 Target Allocation Fund

Class K Shares \| BKMPX

Semi-Annual Shareholder Report — March 31, 2025

BKMPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 40/60 Target Allocation Fund

### Class R Shares \| BRMPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 40/60 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class R Shares | $27(a) 0.55%<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* | *5 Years* | *10 Years* |
| Class R Shares | (1.63)% | 4.80% | 6.51% | 4.64% |
| Bloomberg U.S. Universal Index | (0.15) | 5.24 | 0.32 | 1.83 |
| MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%) | (0.93) | 6.14 | 6.58 | 5.20 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$703203094 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Moderate Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Fixed-Income Funds | 56.8% |
| Equity Funds | 40.5% |
| Short-Term Securities | 2.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 19.6% |
| iShares Core Total USD Bond Market ETF | 14.0% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 11.2% |
| iShares Core S&P 500 ETF | 10.5% |
| iShares 10-20 Year Treasury Bond ETF | 9.7% |
| iShares Flexible Income Active ETF | 8.3% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 7.1% |
| iShares U.S. Equity Factor Rotation Active ETF | 6.6% |
| iShares MSCI U.S.A. Quality Factor ETF | 6.6% |
| iShares S&P 500 Growth ETF | 6.4% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 40/60 Target Allocation Fund

Class R Shares \| BRMPX

Semi-Annual Shareholder Report — March 31, 2025

BRMPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 60/40 Target Allocation Fund

### Institutional Shares \| BIGPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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* | *5 Years* | *10 Years* |
| Institutional Shares | (1.93)% | 5.25% | 10.06% | 6.55% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%) | (1.34) | 6.56 | 9.73 | 6.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1728814161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 59.8% |
| Fixed-Income Funds | 37.0% |
| Short-Term Securities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 16.0% |
| iShares Core S&P 500 ETF | 15.0% |
| iShares MSCI U.S.A. Quality Factor ETF | 10.8% |
| iShares U.S. Equity Factor Rotation Active ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.4% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 8.8% |
| iShares Core Total USD Bond Market ETF | 8.7% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares 10-20 Year Treasury Bond ETF | 7.2% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 6.0% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 60/40 Target Allocation Fund

Institutional Shares \| BIGPX

Semi-Annual Shareholder Report — March 31, 2025

BIGPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 60/40 Target Allocation Fund

### Investor A Shares \| BAGPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $20(a) 0.40%<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* | *5 Years* | *10 Years* |
| Investor A Shares | (2.11)% | 4.95% | 9.70% | 6.20% |
| Investor A Shares (with sales charge) | (7.25) | (0.56) | 8.52 | 5.63 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%) | (1.34) | 6.56 | 9.73 | 6.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1728814161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 59.8% |
| Fixed-Income Funds | 37.0% |
| Short-Term Securities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 16.0% |
| iShares Core S&P 500 ETF | 15.0% |
| iShares MSCI U.S.A. Quality Factor ETF | 10.8% |
| iShares U.S. Equity Factor Rotation Active ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.4% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 8.8% |
| iShares Core Total USD Bond Market ETF | 8.7% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares 10-20 Year Treasury Bond ETF | 7.2% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 6.0% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 60/40 Target Allocation Fund

Investor A Shares \| BAGPX

Semi-Annual Shareholder Report — March 31, 2025

BAGPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 60/40 Target Allocation Fund

### Investor C Shares \| BCGPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor C Shares | $56(a) 1.13%<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* | *5 Years* | *10 Years* |
| Investor C Shares | (2.43)% | 4.18% | 8.89% | 5.56% |
| Investor C Shares (with sales charge) | (3.34) | 3.22 | 8.89 | 5.56 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%) | (1.34) | 6.56 | 9.73 | 6.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1728814161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 59.8% |
| Fixed-Income Funds | 37.0% |
| Short-Term Securities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 16.0% |
| iShares Core S&P 500 ETF | 15.0% |
| iShares MSCI U.S.A. Quality Factor ETF | 10.8% |
| iShares U.S. Equity Factor Rotation Active ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.4% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 8.8% |
| iShares Core Total USD Bond Market ETF | 8.7% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares 10-20 Year Treasury Bond ETF | 7.2% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 6.0% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 60/40 Target Allocation Fund

Investor C Shares \| BCGPX

Semi-Annual Shareholder Report — March 31, 2025

BCGPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 60/40 Target Allocation Fund

### Class K Shares \| BKGPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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* | *5 Years* | *10 Years* |
| Class K Shares | (1.90)% | 5.28% | 10.09% | 6.57% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%) | (1.34) | 6.56 | 9.73 | 6.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1728814161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Growth Prepared Portfolio.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional 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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 59.8% |
| Fixed-Income Funds | 37.0% |
| Short-Term Securities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 16.0% |
| iShares Core S&P 500 ETF | 15.0% |
| iShares MSCI U.S.A. Quality Factor ETF | 10.8% |
| iShares U.S. Equity Factor Rotation Active ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.4% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 8.8% |
| iShares Core Total USD Bond Market ETF | 8.7% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares 10-20 Year Treasury Bond ETF | 7.2% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 6.0% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 60/40 Target Allocation Fund

Class K Shares \| BKGPX

Semi-Annual Shareholder Report — March 31, 2025

BKGPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 60/40 Target Allocation Fund

### Class R Shares \| BRGPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 60/40 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class R Shares | $29(a) 0.59%<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* | *5 Years* | *10 Years* |
| Class R Shares | (2.23)% | 4.72% | 9.47% | 5.99% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%) | (1.34) | 6.56 | 9.73 | 6.79 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1728814161 |
| Number of Portfolio Holdings | &nbsp;&nbsp;24 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 59.8% |
| Fixed-Income Funds | 37.0% |
| Short-Term Securities | 3.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| BlackRock Total Return Fund, Class K | 16.0% |
| iShares Core S&P 500 ETF | 15.0% |
| iShares MSCI U.S.A. Quality Factor ETF | 10.8% |
| iShares U.S. Equity Factor Rotation Active ETF | 9.7% |
| iShares S&P 500 Growth ETF | 9.4% |
| BlackRock Strategic Income Opportunities Portfolio, Class K | 8.8% |
| iShares Core Total USD Bond Market ETF | 8.7% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares 10-20 Year Treasury Bond ETF | 7.2% |
| BlackRock U.S. Mortgage Portfolio, Institutional Class | 6.0% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 60/40 Target Allocation Fund

Class R Shares \| BRGPX

Semi-Annual Shareholder Report — March 31, 2025

BRGPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 80/20 Target Allocation Fund

### Institutional Shares \| BIAPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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* | *5 Years* | *10 Years* |
| Institutional Shares | (2.70)% | 4.99% | 13.00% | 7.91% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%) | (1.76) | 6.97 | 12.89 | 8.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1936617945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Aggressive Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 81.9% |
| Fixed-Income Funds | 17.8% |
| Short-Term Securities | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| iShares Core S&P 500 ETF | 21.4% |
| iShares MSCI U.S.A. Quality Factor ETF | 14.5% |
| iShares S&P 500 Growth ETF | 12.9% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.8% |
| iShares S&P 500 Value ETF | 9.6% |
| iShares Core Total USD Bond Market ETF | 7.1% |
| BlackRock Total Return Fund, Class K | 7.1% |
| iShares MSCI EAFE Value ETF | 5.8% |
| International Tilts Master Portfolio | 5.7% |
| BlackRock Unconstrained Equity Fund, Class K | 5.1% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 80/20 Target Allocation Fund

Institutional Shares \| BIAPX

Semi-Annual Shareholder Report — March 31, 2025

BIAPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 80/20 Target Allocation Fund

### Investor A Shares \| BAAPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $21(a) 0.42%<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* | *5 Years* | *10 Years* |
| Investor A Shares | (2.91)% | 4.60% | 12.63% | 7.55% |
| Investor A Shares (with sales charge) | (8.01) | (0.89) | 11.42 | 6.97 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%) | (1.76) | 6.97 | 12.89 | 8.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1936617945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Aggressive Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 81.9% |
| Fixed-Income Funds | 17.8% |
| Short-Term Securities | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| iShares Core S&P 500 ETF | 21.4% |
| iShares MSCI U.S.A. Quality Factor ETF | 14.5% |
| iShares S&P 500 Growth ETF | 12.9% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.8% |
| iShares S&P 500 Value ETF | 9.6% |
| iShares Core Total USD Bond Market ETF | 7.1% |
| BlackRock Total Return Fund, Class K | 7.1% |
| iShares MSCI EAFE Value ETF | 5.8% |
| International Tilts Master Portfolio | 5.7% |
| BlackRock Unconstrained Equity Fund, Class K | 5.1% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 80/20 Target Allocation Fund

Investor A Shares \| BAAPX

Semi-Annual Shareholder Report — March 31, 2025

BAAPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 80/20 Target Allocation Fund

### Investor C Shares \| BCAPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Investor C Shares | $57(a) 1.16%<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* | *5 Years* | *10 Years* |
| Investor C Shares | (3.29)% | 3.83% | 11.78% | 6.90% |
| Investor C Shares (with sales charge) | (4.19) | 2.87 | 11.78 | 6.90 |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%) | (1.76) | 6.97 | 12.89 | 8.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1936617945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Aggressive Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 81.9% |
| Fixed-Income Funds | 17.8% |
| Short-Term Securities | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| iShares Core S&P 500 ETF | 21.4% |
| iShares MSCI U.S.A. Quality Factor ETF | 14.5% |
| iShares S&P 500 Growth ETF | 12.9% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.8% |
| iShares S&P 500 Value ETF | 9.6% |
| iShares Core Total USD Bond Market ETF | 7.1% |
| BlackRock Total Return Fund, Class K | 7.1% |
| iShares MSCI EAFE Value ETF | 5.8% |
| International Tilts Master Portfolio | 5.7% |
| BlackRock Unconstrained Equity Fund, Class K | 5.1% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 80/20 Target Allocation Fund

Investor C Shares \| BCAPX

Semi-Annual Shareholder Report — March 31, 2025

BCAPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 80/20 Target Allocation Fund

### Class K Shares \| BKAPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 | $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* | *5 Years* | *10 Years* |
| Class K Shares | (2.73)% | 4.95% | 13.02% | 7.93% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%) | (1.76) | 6.97 | 12.89 | 8.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1936617945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Aggressive Growth Prepared Portfolio.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional 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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 81.9% |
| Fixed-Income Funds | 17.8% |
| Short-Term Securities | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| iShares Core S&P 500 ETF | 21.4% |
| iShares MSCI U.S.A. Quality Factor ETF | 14.5% |
| iShares S&P 500 Growth ETF | 12.9% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.8% |
| iShares S&P 500 Value ETF | 9.6% |
| iShares Core Total USD Bond Market ETF | 7.1% |
| BlackRock Total Return Fund, Class K | 7.1% |
| iShares MSCI EAFE Value ETF | 5.8% |
| International Tilts Master Portfolio | 5.7% |
| BlackRock Unconstrained Equity Fund, Class K | 5.1% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 80/20 Target Allocation Fund

Class K Shares \| BKAPX

Semi-Annual Shareholder Report — March 31, 2025

BKAPX-03/25-SAR

![TSR - Blackrock Fund Logo](g38386images_27640.jpg)

### BlackRock 80/20 Target Allocation Fund

### Class R Shares \| BRAPX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock 80/20 Target Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | |
|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** |
| Class R Shares | $28(a) 0.58%<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* | *5 Years* | *10 Years* |
| Class R Shares | (2.99)% | 4.47% | 12.44% | 7.37% |
| MSCI All Country World Index | (2.30) | 7.15 | 15.18 | 8.84 |
| MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%) | (1.76) | 6.97 | 12.89 | 8.30 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1936617945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 3, 2015 are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Aggressive Growth Prepared Portfolio.

**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 March 31, 2025)

**Portfolio composition**

---

| | |
|:---|:---|
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| Equity Funds | 81.9% |
| Fixed-Income Funds | 17.8% |
| Short-Term Securities | 0.3% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| iShares Core S&P 500 ETF | 21.4% |
| iShares MSCI U.S.A. Quality Factor ETF | 14.5% |
| iShares S&P 500 Growth ETF | 12.9% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.8% |
| iShares S&P 500 Value ETF | 9.6% |
| iShares Core Total USD Bond Market ETF | 7.1% |
| BlackRock Total Return Fund, Class K | 7.1% |
| iShares MSCI EAFE Value ETF | 5.8% |
| International Tilts Master Portfolio | 5.7% |
| BlackRock Unconstrained Equity Fund, Class K | 5.1% |

---

<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, 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 - Blackrock Footer Logo](g38386images_27639.jpg)

BlackRock 80/20 Target Allocation Fund

Class R Shares \| BRAPX

Semi-Annual Shareholder Report — March 31, 2025

BRAPX-03/25-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 Statements 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.

------

---

| | |
|:---|:---|
| ![LOGO](g38386g42l24.jpg)  | **MARCH 31, 2025** |

---

**2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)**<br>

#### BlackRock Funds II
· BlackRock 20/80 Target Allocation Fund

· BlackRock 40/60 Target Allocation Fund

· BlackRock 60/40 Target Allocation Fund

· BlackRock 80/20 Target Allocation Fund

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin38386_1) | 3 |
|  [Statements of Assets and Liabilities](#fin38386_2) | 16 |
|  [Statements of Operations](#fin38386_3) | 18 |
|  [Statements of Changes in Net Assets](#fin38386_4) | 19 |
|  [Financial Highlights](#fin38386_5) | 21 |
|  [Notes to Financial Statements](#fin38386_6) | 41 |
|  [Additional Information](#fin38386_7) | 52 |
|  [Glossary of Terms Used in these Financial Statements](#fin38386_8) | 54 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> March 31, 2025 | **BlackRock 20/80 Target Allocation Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies<sup>(a)</sup>** |  |  |
| **Equity Funds — 21.1%** |  |  |
|  iShares Core MSCI Emerging Markets ETF | 160005 | $8635470 |
|  iShares Core S&P 500 ETF | 44230 | 24852837 |
|  iShares MSCI EAFE Value ETF | 158998 | 9371342 |
|  iShares MSCI U.S.A. Quality Factor ETF | 73170 | 12504021 |
|  iShares S&P 500 Growth ETF | 129988 | 12066786 |
|  iShares S&P 500 Value ETF | 68044 | 12967826 |
|  iShares U.S. Equity Factor Rotation Active ETF | 255465 | 12456473 |
|  |  | 92854755 |
|  **Fixed-Income Funds — 78.9%** |  |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 5580013 | 53177529 |
|  BlackRock Total Return Fund, Class K | 7707671 | 76074714 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 2992478 | 26932302 |
|  iShares 10-20 Year Treasury Bond ETF | 470691 | 48834191 |
|  iShares Convertible Bond ETF | 205547 | 17185785 |
|  iShares Core Total USD Bond Market ETF | 1443417 | 66512655 |
|  iShares Flexible Income Active ETF | 675486 | 35381957 |
|  iShares High Yield Systematic Bond ETF | 186935 | 8802769 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 145749 | 13203402 |
|  |  | 346105304 |
|  **Total Long-Term Investments — 100.0%<br>(Cost: $427,507,106)** |  | 438960059 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 3.1% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(a)(c)(d)</sup> | 13096505 | $13103054 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.22%<sup>(a)(c)</sup> | 404571 | 404571 |
|  **Total Short-Term Securities — 3.1%<br>(Cost: $13,507,625)** |  | 13507625 |
|  **Total Investments — 103.1%<br>(Cost: $441,014,731)** |  | 452467684 |
|  **Liabilities in Excess of Other Assets — (3.1)%** |  | (13685254) |
|  **Net Assets — 100.0%** |  | $438782430 |

---

<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 March 31, 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>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares*<br> *Held at*<br> *03/31/25* | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $19303078 | $— | $(6188864)<sup>(a)</sup> | $(5613) | $(5547) | $13103054 | 13096505 | $66734 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 980501 |  | (575930)<sup>(a)</sup> |  |  | 404571 | 404571 | 12671 |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 52590423 | 4388651 | (3165592) | 10051 | (646004) | 53177529 | 5580013 | 1276587 |  |
|  BlackRock Total Return Fund, Class K | 74491285 | 7468785 | (3678154) | (108037) | (2099165) | 76074714 | 7707671 | 1768018 | 50680 |

---

S C H E D U L E S O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 20/80 Target Allocation Fund** |

---

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares*<br> *Held at<br>03/31/25* | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | $34892943 | $3264020 | $(10817172) | $120620 | $(528109) | $26932302 | 2992478 | $938327 | $78189 |
|  iShares 10- 20 Year Treasury Bond ETF |  | 49268705 | (516133) | (3863) | 85482 | 48834191 | 470691 | 116523 |  |
|  iShares 20+ Year Treasury Bond ETF<sup>(c)</sup> | 30686072 | 3986400 | (32613451) | (2161616) | 102595 |  |  | 526719 |  |
|  iShares Convertible Bond ETF | 12960483 | 5431464 | (1078086) | 5739 | (133815) | 17185785 | 205547 | 188367 |  |
|  iShares Core MSCI Emerging Markets ETF |  | 8856183 | (93268) | 413 | (127858) | 8635470 | 160005 |  |  |
|  iShares Core S&P 500 ETF | 22989738 | 4164702 | (1544468) | (7615) | (749520) | 24852837 | 44230 | 168681 |  |
|  iShares Core Total USD Bond Market ETF | 74520280 | 6676111 | (13101933) | (20080) | (1561723) | 66512655 | 1443417 | 1480987 |  |
|  iShares Edge Investment Grade Enhanced Bond ETF<sup>(c)</sup> | 22001036 | 214459 | (21634814) | 339728 | (920409) |  |  | 177844 |  |
|  iShares Flexible Income Active ETF | 34510416 | 3417866 | (1808087) | (23638) | (714600) | 35381957 | 675486 | 1233753 |  |
|  iShares High Yield Systematic Bond ETF |  | 9333151 | (401861) | (4166) | (124355) | 8802769 | 186935 | 190565 |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 9209021 | 5129271 | (806612) | 11071 | (339349) | 13203402 | 145749 | 280508 |  |
|  iShares MSCI EAFE Growth ETF<sup>(c)</sup> |  | 8751698 | (8929343) | 177645 |  |  |  | 56136 |  |
|  iShares MSCI EAFE Value ETF | 12786675 | 577629 | (4073244) | (95207) | 175489 | 9371342 | 158998 | 140715 |  |
|  iShares MSCI Emerging Markets ex China ETF<sup>(c)</sup> | 9101418 | 642936 | (9001284) | (251445) | (491625) |  |  | 142274 |  |
|  iShares MSCI U.S.A. Quality Factor ETF | 13858994 | 1132768 | (1907673) | 169968 | (750036) | 12504021 | 73170 | 66720 |  |
|  iShares S&P 500 Growth ETF | 14223854 | 1090819 | (2970576) | 312285 | (589596) | 12066786 | 129988 | 31007 |  |

---

4 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 20/80 Target Allocation Fund** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net*<br> *Realized<br>Gain (Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares*<br> *Held at<br>03/31/25* | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  iShares S&P 500 Value ETF | $8587148 | $5380137 | $(593208) | $22027 | $(428278) | $12967826 | 68044 | $95848 | $— |
|  iShares U.S. Equity Factor Rotation Active ETF | 12814115 | 977538 | (1165322) | 65645 | (235503) | 12456473 | 255465 | 75041 |  |
|  |  |  |  | $(1446088) | $(10081926) | $452467684 |  | $9034025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128869 |

---

<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.

#### 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $438960059 | $— | $— | $438960059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 13507625 |  |  | 13507625 |
|  | $452467684 | $— | $— | $452467684 |

---

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> March 31, 2025 | **BlackRock 40/60 Target Allocation Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/<br>Investment<br>Value* | *Value* |
|  **Investment Companies<sup>(a)</sup>** |  |  |
| **Equity Funds — 41.6%** |  |  |
|  BlackRock Unconstrained Equity Fund, Class K<sup>(b)</sup> | 925751 | $12071794 |
|  International Tilts Master Portfolio | $14361809 | 14361809 |
|  iShares Core MSCI Emerging Markets ETF | 255360 | 13781779 |
|  iShares Core S&P 500 ETF | 96405 | 54169969 |
|  iShares MSCI EAFE Growth ETF | 139733 | 13973300 |
|  iShares MSCI EAFE Value ETF | 251974 | 14851347 |
|  iShares MSCI Emerging Markets ex China ETF | 260526 | 14352377 |
|  iShares MSCI U.S.A. Momentum Factor ETF | 65743 | 13288633 |
|  iShares MSCI U.S.A. Quality Factor ETF | 198863 | 33983698 |
|  iShares S&P 500 Growth ETF<sup>(c)</sup> | 357920 | 33225714 |
|  iShares S&P 500 Value ETF | 144065 | 27455908 |
|  iShares U.S. Equity Factor Rotation Active ETF | 699383 | 34101915 |
|  iShares U.S. Technology ETF | 92965 | 13056005 |
|  |  | 292674248 |
|  **Fixed-Income Funds — 58.3%** |  |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 6053416 | 57689053 |
|  BlackRock Total Return Fund, Class K | 10241036 | 101079021 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 4056956 | 36512608 |
|  iShares 10-20 Year Treasury Bond ETF | 485001 | 50318854 |
|  iShares Convertible Bond ETF | 246338 | 20596320 |
|  iShares Core Total USD Bond Market ETF | 1576259 | 72634015 |
|  iShares Flexible Income Active ETF | 821060 | 43007123 |
|  iShares High Yield Systematic Bond ETF | 298851 | 14072893 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(c)</sup> | 156478 | 14175342 |
|  |  | 410085229 |
|  **Total Long-Term Investments — 99.9%<br>(Cost: $666,379,678)** |  | 702759477 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 2.8% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(a)(d)(e)</sup> | 18033391 | $18042408 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.22%<sup>(a)(d)</sup> | 1480516 | 1480516 |
|  **Total Short-Term Securities — 2.8%<br>(Cost: $19,521,383)** |  | 19522924 |
|  **Total Investments — 102.7%<br>(Cost: $685,901,061)** |  | 722282401 |
|  **Liabilities in Excess of Other Assets — (2.7)%** |  | (19079307) |
|  **Net Assets — 100.0%** |  | $703203094 |

---

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

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

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

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

<sup>(e)</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 March 31, 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>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment<br>Value*<br> *Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $30723742 | $— | $(12669533)<sup>(a)</sup> | $1985 | $(13786) | $18042408 | 18033391 | $149663 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 378184 | 1102332 <sup>(a)</sup> |  |  |  | 1480516 | 1480516 | 29195 |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 52049313 | 7824925 | (1565959) | (7137) | (612089) | 57689053 | 6053416 | 1321300 |  |

---

6 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 40/60 Target Allocation Fund** |

---

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment<br>Value*<br> *Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Total Return Fund, Class K | $91249043 | $15196113 | $(2739428) | $(72005) | $(2554702) | $101079021 | 10241036 | $2260761 | $63693 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 38760030 | 6261167 | (8095468) | 6701 | (419822) | 36512608 | 4056956 | 1105504 | 88904 |
|  BlackRock Unconstrained Equity Fund, Class K | 12283526 | 1490949 | (391490) | (16521) | (1294670) | 12071794 | 925751 |  |  |
|  International Tilts Master Portfolio |  | 14330224 <sup>(a)(c)</sup> |  | 141733 | (110148) | 14361809 | $14361809 | 74411 |  |
|  iShares 10-20 Year Treasury Bond ETF |  | 50790905 | (554858) | (4482) | 87289 | 50318854 | 485001 | 120509 |  |
|  iShares 20+ Year Treasury Bond ETF<sup>(d)</sup> | 32496116 | 6614743 | (37014343) | (2300898) | 204382 |  |  | 572777 |  |
|  iShares Convertible Bond ETF | 13172419 | 8198702 | (537589) | (10123) | (227089) | 20596320 | 246338 | 213220 |  |
|  iShares Core MSCI Emerging Markets ETF |  | 14144365 | (157538) | (858) | (204190) | 13781779 | 255360 |  |  |
|  iShares Core S&P 500 ETF | 68004771 | 8697862 | (21384147) | 4685732 | (5834249) | 54169969 | 96405 | 423322 |  |
|  iShares Core Total USD Bond Market ETF | 78286817 | 9020091 | (13048343) | (35568) | (1588982) | 72634015 | 1576259 | 1479878 |  |
|  iShares Flexible Income Active ETF | 38045859 | 6832503 | (1059840) | (11955) | (799444) | 43007123 | 821060 | 1414395 |  |
|  iShares High Yield Systematic Bond ETF |  | 14562295 | (294786) | (2987) | (191629) | 14072893 | 298851 | 294947 |  |
|  iShares Investment Grade Systematic Bond ETF<sup>(d)</sup> | 26215772 | 375404 | (25898545) | 395839 | (1088470) |  |  | 212213 |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 12716773 | 2247730 | (391518) | (3722) | (393921) | 14175342 | 156478 | 390690 |  |
|  iShares MSCI EAFE Growth ETF | 20589031 | 8576259 | (14136823) | 800688 | (1855855) | 13973300 | 139733 | 170456 |  |
|  iShares MSCI EAFE Value ETF | 25635828 | 2603928 | (13739654) | 185244 | 166001 | 14851347 | 251974 | 336548 |  |
|  iShares MSCI Emerging Markets ex China ETF | 18974777 | 2539281 | (5323739) | (299222) | (1538720) | 14352377 | 260526 | 310527 |  |
|  iShares MSCI U.S.A. Momentum Factor ETF |  | 14342049 | (292998) | (17529) | (742889) | 13288633 | 65743 | 79846 |  |

---

S C H E D U L E S O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 40/60 Target Allocation Fund** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment<br>Value*<br> *Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  iShares MSCI U.S.A. Quality Factor ETF | $34154857 | $3906710 | $(2424043) | $143254 | $(1797080) | $33983698 | 198863 | $178043 | $— |
|  iShares S&P 500 Growth ETF | 35052639 | 3811731 | (4549453) | 337347 | (1426550) | 33225714 | 357920 | 83355 |  |
|  iShares S&P 500 Value ETF | 13773113 | 15076342 | (548867) | (9567) | (835113) | 27455908 | 144065 | 182018 |  |
|  iShares U.S. Equity Factor Rotation Active ETF | 32495112 | 3929497 | (1701422) | (33351) | (587921) | 34101915 | 699383 | 203656 |  |
|  iShares U.S. Technology ETF | 13438232 | 1504185 | (768896) | (40610) | (1076906) | 13056005 | 92965 | 12906 |  |
|  |  |  |  | $3831988 | $(24736553) | $722282401 |  | $11620140 | $152597 |

---

<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> Inclusive of income and expense allocated from the Master Portfolio.

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $702759477 | $— | $— | $702759477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 19522924 |  |  | 19522924 |
|  | $722282401 | $— | $— | $722282401 |

---

*See notes to financial statements.* 

8 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> March 31, 2025 | **BlackRock 60/40 Target Allocation Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/<br>Investment<br>Value* | *Value* |
|  **Investment Companies<sup>(a)</sup>** |  |  |
| **Equity Funds — 61.6%** |  |  |
|  BlackRock Technology Opportunities Fund, Class K | 499674 | $31899186 |
|  BlackRock Unconstrained Equity Fund, Class K<sup>(b)</sup> | 2377211 | 30998834 |
|  International Tilts Master Portfolio | $53896000 | 53896000 |
|  iShares Core MSCI Emerging Markets ETF | 962139 | 51926642 |
|  iShares Core S&P 500 ETF | 329032 | 184882519 |
|  iShares MSCI EAFE Growth ETF | 520136 | 52013600 |
|  iShares MSCI EAFE Value ETF | 936442 | 55193891 |
|  iShares MSCI Emerging Markets ex China ETF | 648001 | 35698375 |
|  iShares MSCI U.S.A. Momentum Factor ETF<sup>(c)</sup> | 158721 | 32082276 |
|  iShares MSCI U.S.A. Quality Factor ETF | 777952 | 132944217 |
|  iShares S&P 100 ETF | 121776 | 32980594 |
|  iShares S&P 500 Growth ETF<sup>(c)</sup> | 1246260 | 115690316 |
|  iShares S&P 500 Value ETF | 541148 | 103131986 |
|  iShares U.S. Equity Factor Rotation Active ETF | 2436593 | 118808275 |
|  iShares U.S. Technology ETF | 235044 | 33009579 |
|  |  | 1065156290 |
|  **Fixed-Income Funds — 38.2%** |  |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 11308440 | 107769434 |
|  BlackRock Total Return Fund, Class K | 19899518 | 196408244 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 8138564 | 73247074 |
|  iShares 10-20 Year Treasury Bond ETF | 853314 | 88531327 |
|  iShares Core Total USD Bond Market ETF | 2307366 | 106323425 |
|  iShares Flexible Income Active ETF<sup>(c)</sup> | 1008212 | 52810145 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(c)</sup> | 385546 | 34926612 |
|  |  | 660016261 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $1,596,270,099)** |  | 1725172551 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 3.3% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(a)(d)(e)</sup> | 53983574 | $54010566 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.22%<sup>(a)(d)</sup> | 3577399 | 3577399 |
|  **Total Short-Term Securities — 3.3%<br>(Cost: $57,582,541)** |  | 57587965 |
|  **Total Investments — 103.1%<br>(Cost: $1,653,852,640)** |  | 1782760516 |
|  **Liabilities in Excess of Other Assets — (3.1)%** |  | (53946355) |
|  **Net Assets — 100.0%** |  | $1728814161 |

---

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

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

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

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

<sup>(e)</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 March 31, 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>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment*<br> *Value*<br> *Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $56958048 | $— | $(2921533)<sup>(a)</sup> | $(5259) | $(20690) | $54010566 | 53983574 | $357686 <sup>(b)</sup> | $— |
|  BlackRock Emerging Markets Fund, Inc., Class K<sup>(c)</sup> | 32631523 | 206066 | (32096931) | 319551 | (1060209) |  |  |  |  |

---

S C H E D U L E S O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 60/40 Target Allocation Fund** |

---

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment*<br> *Value*<br> *Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | $1202351 | $2375048 <sup>(a)</sup> | $— | $— | $— | $3577399 | 3577399 | $80077 | $— |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 98483464 | 14267913 | (3791607) | (10660) | (1179676) | 107769434 | 11308440 | 2517179 |  |
|  BlackRock Technology Opportunities Fund, Class K | 33304729 | 3985482 | (1097202) | (45243) | (4248580) | 31899186 | 499674 |  | 1331442 |
|  BlackRock Total Return Fund, Class K | 184908262 | 24147409 | (7150684) | (192856) | (5303887) | 196408244 | 19899518 | 4516629 | 130647 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 82044317 | 12242534 | (20112856) | 5459 | (932380) | 73247074 | 8138564 | 2333851 | 194451 |
|  BlackRock Unconstrained Equity Fund, Class K | 31342864 | 4098565 | (1097202) | (36927) | (3308466) | 30998834 | 2377211 |  |  |
|  International Tilts Master Portfolio |  | 53783919 <sup>(a)(d)</sup> |  | 530496 | (418415) | 53896000 | $53896000 | 278791 |  |
|  iShares 10- 20 Year Treasury Bond ETF |  | 89918620 | (1538712) | (2786) | 154205 | 88531327 | 853314 | 210683 |  |
|  iShares 20+ Year Treasury Bond ETF<sup>(c)</sup> | 66422039 | 11101586 | (73054318) | (4458970) | (10337) |  |  | 1167827 |  |
|  iShares Core MSCI Emerging Markets ETF |  | 54418741 | (940114) | (44809) | (1507176) | 51926642 | 962139 | 655766 |  |
|  iShares Core S&P 500 ETF | 258137910 | 21135263 | (91422457) | 24586631 | (27554828) | 184882519 | 329032 | 1501343 |  |
|  iShares Core Total USD Bond Market ETF | 133674633 | 22943799 | (47272604) | (127402) | (2895001) | 106323425 | 2307366 | 2166730 |  |
|  iShares Flexible Income Active ETF | 47090395 | 8851794 | (2108328) | (23707) | (1000009) | 52810145 | 1008212 | 1783479 |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 32449239 | 4612655 | (1097491) | (10552) | (1027239) | 34926612 | 385546 | 989063 |  |

---

10 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 60/40 Target Allocation Fund** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net*<br> *Realized<br>Gain (Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment*<br> *Value<br>Held at<br>03/31/25* | Income<br>(Expense) | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  iShares MSCI EAFE Growth ETF | $68842283 | $41894511 | $(55203550) | $1649317 | $(5168961) | $52013600 | 520136 | $685074 | $— |
|  iShares MSCI EAFE Value ETF | 99037377 | 7497188 | (52729688) | 940517 | 448497 | 55193891 | 936442 | 1420771 |  |
|  iShares MSCI Emerging Markets ex China ETF | 50267803 | 4510026 | (14254933) | (399558) | (4424963) | 35698375 | 648001 | 832318 |  |
|  iShares MSCI U.S.A. Momentum Factor ETF |  | 34728817 | (811827) | (19149) | (1815565) | 32082276 | 158721 | 197957 |  |
|  iShares MSCI U.S.A. Quality Factor ETF | 120666031 | 27350873 | (8432780) | 428947 | (7068854) | 132944217 | 777952 | 663202 |  |
|  iShares S&P 100 ETF |  | 35467343 | (259328) | (12248) | (2215173) | 32980594 | 121776 | 70378 |  |
|  iShares S&P 500 Growth ETF | 123835582 | 9564303 | (14179027) | 1165984 | (4696526) | 115690316 | 1246260 | 295126 |  |
|  iShares S&P 500 Value ETF | 68971052 | 39927599 | (2452521) | (60689) | (3253455) | 103131986 | 541148 | 779107 |  |
|  iShares U.S. Equity Factor Rotation Active ETF | 116616027 | 10001185 | (5869058) | 115380 | (2055259) | 118808275 | 2436593 | 715477 |  |
|  iShares U.S. Technology ETF | 34154376 | 2689113 | (1094664) | 40452 | (2779698) | 33009579 | 235044 | 32791 |  |
|  |  |  |  | $24331919 | $(83342645) | $1782760516 |  | $24251305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656540 |

---

<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.

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

S C H E D U L E S O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 60/40 Target Allocation 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $1725172551 | $— | $— | $1725172551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 57587965 |  |  | 57587965 |
|  | $1782760516 | $— | $— | $1782760516 |

---

*See notes to financial statements.* 

12 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> March 31, 2025 | **BlackRock 80/20 Target Allocation Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/<br>Investment<br>Value* | *Value* |
|  **Investment Companies<sup>(a)</sup>** |  |  |
| **Equity Funds — 81.9%** |  |  |
|  BlackRock Technology Opportunities Fund, Class K | 557216 | $35572661 |
|  BlackRock Unconstrained Equity Fund, Class K<sup>(b)</sup> | 5600413 | 73029381 |
|  International Tilts Master Portfolio | $81231318 | 81231318 |
|  iShares Core MSCI Emerging Markets ETF | 1090576 | 58858387 |
|  iShares Core S&P 500 ETF | 545554 | 306546793 |
|  iShares MSCI EAFE Growth ETF | 586371 | 58637100 |
|  iShares MSCI EAFE Value ETF | 1407988 | 82986813 |
|  iShares MSCI Emerging Markets ex China ETF | 1089205 | 60004303 |
|  iShares MSCI U.S.A. Momentum Factor ETF | 271882 | 54955509 |
|  iShares MSCI U.S.A. Quality Factor ETF | 1214732 | 207585552 |
|  iShares S&P 100 ETF | 205886 | 55760105 |
|  iShares S&P 500 Growth ETF | 1986733 | 184428424 |
|  iShares S&P 500 Value ETF | 716704 | 136589448 |
|  iShares U.S. Equity Factor Rotation Active ETF<sup>(c)</sup> | 3158550 | 154010898 |
|  iShares U.S. Technology ETF<sup>(c)</sup> | 261251 | 36690090 |
|  |  | 1586886782 |
|  **Fixed-Income Funds — 17.9%** |  |  |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | 4255834 | 40558101 |
|  BlackRock Total Return Fund, Class K | 10298756 | 101648723 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 4551498 | 40963480 |
|  iShares 10-20 Year Treasury Bond ETF | 585885 | 60785569 |
|  iShares Core Total USD Bond Market ETF | 2211265 | 101895091 |
|  |  | 345850964 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $1,755,425,402)** |  | 1932737746 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 0.3% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.50%<sup>(a)(d)(e)</sup> | 1094429 | $1094977 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.22%<sup>(a)(d)</sup> | 4427615 | 4427615 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $5,522,592)** |  | 5522592 |
|  **Total Investments — 100.1%<br>(Cost: $1,760,947,994)** |  | 1938260338 |
|  **Liabilities in Excess of Other Assets — (0.1)%** |  | (1642393) |
|  **Net Assets — 100.0%** |  | $1936617945 |

---

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

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

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

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

<sup>(e)</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 March 31, 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>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | Shares/<br>Investment<br>Value<br>Held at<br>03/31/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $48630283 | $— | $(47520395)<sup>(a)</sup> | $6590 | $(21501) | $1094977 | 1094429 | $172099 <sup>(b)</sup> | $— |
|  BlackRock Emerging Markets Fund, Inc., Class K<sup>(c)</sup> | 35522298 | 500922 | (35212924) | 1785647 | (2595943) |  |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 3205960 | 1221655 <sup>(a)</sup> |  |  |  | 4427615 | 4427615 | 106257 |  |

---

S C H E D U L E S O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 80/20 Target Allocation Fund** |

---

#### Affiliates (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | *Shares/<br>Investment<br>Value*<br> *Held at<br>03/31/25* | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Strategic Income Opportunities Portfolio, Class K | $31596540 | $10057303 | $(747781) | $(6257) | $(341704) | $40558101 | 4255834 | $879874 | $— |
|  BlackRock Technology Opportunities Fund, Class K | 32162863 | 9141652 | (750781) | (93075) | (4887998) | 35572661 | 557216 |  | 1311180 |
|  BlackRock Total Return Fund, Class K | 81106131 | 24582043 | (1866953) | (55886) | (2116612) | 101648723 | 10298756 | 2163239 | 58900 |
|  BlackRock U.S. Mortgage Portfolio, Institutional Class | 31373358 | 10599753 | (746783) | (7742) | (255106) | 40963480 | 4551498 | 1017131 | 77118 |
|  BlackRock Unconstrained Equity Fund, Class K | 62427263 | 19760945 | (1495563) | (106864) | (7556400) | 73029381 | 5600413 |  |  |
|  International Tilts Master Portfolio |  | 81064323 <sup>(a)(d)</sup> |  | 801404 | (634409) | 81231318 | $81231318 | 421010 |  |
|  iShares 10- 20 Year Treasury Bond ETF |  | 61338434 | (654807) | (3774) | 105716 | 60785569 | 585885 | 145468 |  |
|  iShares 20+ Year Treasury Bond ETF<sup>(c)</sup> | 33243539 | 9533535 | (40850339) | (2383956) | 457221 |  |  | 597237 |  |
|  iShares Core MSCI Emerging Markets ETF |  | 61074280 | (840618) | (37644) | (1337631) | 58858387 | 1090576 | 633352 |  |
|  iShares Core S&P 500 ETF | 313961972 | 76359923 | (75731395) | 886993 | (8930700) | 306546793 | 545554 | 2126999 |  |
|  iShares Core Total USD Bond Market ETF | 124785776 | 22786380 | (43152278) | (977602) | (1547185) | 101895091 | 2211265 | 2138554 |  |
|  iShares MSCI EAFE Growth ETF | 98729260 | 47959490 | (83980520) | 3465745 | (7536875) | 58637100 | 586371 | 799065 |  |
|  iShares MSCI EAFE Value ETF | 111211128 | 25406395 | (57504162) | 1068510 | 2804942 | 82986813 | 1407988 | 1723694 |  |
|  iShares MSCI Emerging Markets ex China ETF | 62443298 | 16689112 | (12759759) | (781777) | (5586571) | 60004303 | 1089205 | 1058169 |  |
|  iShares MSCI U.S.A. Momentum Factor ETF |  | 58898598 | (932730) | (68980) | (2941379) | 54955509 | 271882 | 312492 |  |
|  iShares MSCI U.S.A. Quality Factor ETF | 148576766 | 73426977 | (3758456) | (187351) | (10472384) | 207585552 | 1214732 | 943995 |  |

---

14 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock 80/20 Target Allocation Fund** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | Shares/<br>Investment<br>Value<br>Held at<br>03/31/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  iShares S&P 100 ETF | $— | $60187980 | $(641800) | $(40160) | $(3745915) | $55760105 | 205886 | $119173 | $— |
|  iShares S&P 500 Growth ETF | 169138832 | 39526477 | (16818424) | 854202 | (8272663) | 184428424 | 1986733 | 443111 |  |
|  iShares S&P 500 Value ETF | 98393942 | 44718758 | (2447985) | (116450) | (3958817) | 136589448 | 716704 | 1082823 |  |
|  iShares U.S. Equity Factor Rotation Active ETF | 128636396 | 32178224 | (3281439) | (151800) | (3370483) | 154010898 | 3158550 | 883285 |  |
|  iShares U.S. Infrastructure ETF<sup>(c)</sup> | 33045556 | 7933024 | (40277023) | 5037098 | (5738655) |  |  | 164918 |  |
|  iShares U.S. Technology ETF | 32930348 | 7854421 | (751723) | (63225) | (3279731) | 36690090 | 261251 | 34574 |  |
|  |  |  |  | $8823646 | $(81760783) | $1938260338 |  | $17966519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447198 |

---

<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.

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $1932737746 | $— | $— | $1932737746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5522592 |  |  | 5522592 |
|  | $1938260338 | $— | $— | $1938260338 |

---

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 15

------

Statements of Assets and Liabilities (unaudited)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> 20/80 Target<br>Allocation<br> Fund | BlackRock<br> 40/60 Target<br>Allocation<br> Fund | BlackRock<br> 60/40 Target<br>Allocation<br> Fund | BlackRock<br> 80/20 Target<br>Allocation<br> Fund |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — affiliated<sup>(a)(b)</sup> | $452467684 | $722282401 | $1782760516 | $1938260338 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 10490 | 13423 | 37303 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 379531 | 288284 | 1899907 | 1737474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 683410 | 856795 | 1655446 | 815705 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 26554 | 45621 | 97243 | 123733 |
|  Prepaid expenses | 51525 | 58048 | 62672 | 63441 |
|  Total assets | 453619194 | 723544572 | 1786513087 | 1941010814 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned | 13110282 | 18039833 | 53993885 | 1094977 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 681167 | 925093 | 1773417 | 1362094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1144 | 15325 | 63059 | 72930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 807533 | 1061972 | 1278235 | 1280551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 2760 | 3072 | 4994 | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 43177 | 44191 | 52050 | 46061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 1029 |  | 1195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46816 | 45986 | 45424 | 47027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4084 | 687 | 470 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 61254 | 100277 | 202263 | 155559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 77518 | 105042 | 283934 | 328125 |
|  Total liabilities | 14836764 | 20341478 | 57698926 | 4392869 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $438782430 | $703203094 | $1728814161 | $1936617945 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $476979205 | $667085144 | $1568454335 | $1746703724 |
|  Accumulated earnings (loss) | (38196775) | 36117950 | 160359826 | 189914221 |
|  NET ASSETS | $438782430 | $703203094 | $1728814161 | $1936617945 |
|  <sup>(a)</sup> Investments at cost — affiliated | $441014731 | $685901061 | $1653852640 | $1760947994 |
|  <sup>(b)</sup> Securities loaned at value | $12882894 | $17732185 | $53021440 | $1070236 |

---

16 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (unaudited) (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> 20/80 Target<br>Allocation<br> Fund | BlackRock<br> 40/60 Target<br>Allocation<br> Fund | BlackRock<br> 60/40 Target<br>Allocation<br> Fund | BlackRock<br> 80/20 Target<br>Allocation<br> Fund |
|  **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $83622405 | $171901168 | $419202798 | $779175589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 7516017 | 13441042 | 28035697 | 47205950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.13 | $12.79 | $14.95 | $16.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| **Investor A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $180379792 | $275185636 | $651029179 | $380903662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 16482494 | 21767691 | 44557388 | 23706365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.94 | $12.64 | $14.61 | $16.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| **Investor C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $23115389 | $38818097 | $51450944 | $67340731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2118928 | 3096762 | 3608944 | 4375280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.91 | $12.54 | $14.26 | $15.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $145684740 | $199955605 | $566689338 | $673505939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13092774 | 15620518 | 37903066 | 40794049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $11.13 | $12.80 | $14.95 | $16.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5980104 | $17342588 | $40441902 | $35692024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 547750 | 1374206 | 2780493 | 2242423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.92 | $12.62 | $14.54 | $15.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 17

------

Statements of Operations (unaudited)

Six Months Ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> 20/80 Target<br>Allocation<br> Fund | BlackRock<br> 40/60 Target<br>Allocation<br> Fund | BlackRock<br> 60/40 Target<br>Allocation<br> Fund | BlackRock<br> 80/20 Target<br>Allocation<br> Fund |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $8967291 | $11396066 | $23614828 | $17373410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 66734 | 149663 | 357686 | 172099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income allocated from the affiliated Master Portfolio: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income |  | 79479 | 297750 | 449662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses |  | (5068) | (18959) | (28652) |
|  Total investment income | 9034025 | 11620140 | 24251305 | 17966519 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 372238 | 597801 | 1219136 | 934920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 166018 | 312969 | 793139 | 904468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 92224 | 142036 | 341444 | 359125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 56214 | 56432 | 57915 | 57842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 43412 | 67908 | 172133 | 181630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 39657 | 40836 | 46994 | 48046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 32891 | 32891 | 32891 | 32891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 10159 | 11805 | 15275 | 13863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 5643 | 6544 | 10866 | 10635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 1354 | 2402 | 6885 | 7042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9114 | 9947 | 15036 | 13763 |
|  Total expenses excluding interest expense | 828924 | 1281571 | 2711714 | 2564225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 369 | 355 | 1218 | 101 |
|  Total expenses | 829293 | 1281926 | 2712932 | 2564326 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived | (91694) | (65209) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (38872) | (63722) | (147264) | (145368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (116993) | (140514) | (284197) | (125007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (44408) | (123649) | (296007) | (523820) |
|  Total expenses after fees waived and/or reimbursed | 537326 | 888832 | 1985464 | 1770131 |
|  Net investment income | 8496699 | 10731308 | 22265841 | 16196388 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1446088) | 3690255 | 23801423 | 8022242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from investment companies — affiliated | 128869 | 152597 | 1656540 | 1447198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation from the affiliated Master Portfolio |  | 141733 | 530496 | 801404 |
|  | (1317219) | 3984585 | 25988459 | 10270844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (10081926) | (24626405) | (82924230) | (81126374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allocation from the affiliated Master Portfolio |  | (110148) | (418415) | (634409) |
|  | (10081926) | (24736553) | (83342645) | (81760783) |
|  Net realized and unrealized loss | (11399145) | (20751968) | (57354186) | (71489939) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(2902446) | $(10020660) | $(35088345) | $(55293551) |

---

*See notes to financial statements.* 

18 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8496699 | $15604726 | $10731308 | $18276586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1317219) | 5547944 | 3984585 | 20937605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (10081926) | 44100487 | (24736553) | 71546744 |
|  Net increase (decrease) in net assets resulting from operations | (2902446) | 65253157 | (10020660) | 110760935 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (2775930) | (2574924) | (4421808) | (3989841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (7247674) | (6241192) | (8470792) | (7290167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (748191) | (817249) | (891748) | (962583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (5908549) | (4483316) | (6049652) | (4220565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (211327) | (199363) | (339066) | (327584) |
|  Decrease in net assets resulting from distributions to shareholders | (16891671) | (14316044) | (20173066) | (16790740) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 17801693 | (35008862) | 76364940 | (27727483) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1992424) | 15928251 | 46171214 | 66242712 |
|  Beginning of period | 440774854 | 424846603 | 657031880 | 590789168 |
|  End of period | $438782430 | $440774854 | $703203094 | $657031880 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 19

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund |
|  | Six Months<br> Ended<br> 03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Six Months<br> Ended<br> 03/31/25<br>(unaudited) | Year Ended<br>09/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $22265841 | $37981177 | $16196388 | $26087618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 25988459 | 98382313 | 10270844 | 108414555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (83342645) | 188843079 | (81760783) | 207995929 |
|  Net increase (decrease) in net assets resulting from operations | (35088345) | 325206569 | (55293551) | 342498102 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (27293298) | (10015656) | (43024450) | (19290585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (53722352) | (16957882) | (31143422) | (13043271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (4066665) | (1321573) | (5443487) | (2301879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (47319389) | (13785791) | (52381709) | (19210051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (3017000) | (646703) | (2692243) | (839116) |
|  Decrease in net assets resulting from distributions to shareholders | (135418704) | (42727605) | (134685311) | (54684902) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 220440939 | 47147485 | 494911187 | 154391407 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 49933890 | 329626449 | 304932325 | 442204607 |
|  Beginning of period | 1678880271 | 1349253822 | 1631685620 | 1189481013 |
|  End of period | $1728814161 | $1678880271 | $1936617945 | $1631685620 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

20 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund | BlackRock 20/80 Target Allocation Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $11.68 | $10.39 | $10.31 | $12.83 | $12.44 | $11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.23 | 0.42 | 0.37 | 0.34 | 0.25 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | 1.25 | 0.07 | (2.25) | 0.70 | 0.59 |
|  Net increase (decrease) from investment operations | (0.07) | 1.67 | 0.44 | (1.91) | 0.95 | 0.88 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.38) | (0.36) | (0.27) | (0.20) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.34) | (0.36) | (0.01) |
|  Total distributions | (0.48) | (0.38) | (0.36) | (0.61) | (0.56) | (0.29) |
|  **Net asset value, end of period** | $11.13 | $11.68 | $10.39 | $10.31 | $12.83 | $12.44 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.56)%<sup>(d)</sup> | 16.37% | 4.32% | (15.72)% | 7.71% | 7.56% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.24 %<sup>(f)</sup> | 0.26% | 0.27% | 0.25% | 0.25% | 0.26% |
|  Total expenses after fees waived and/or reimbursed | 0.04 %<sup>(f)</sup> | 0.10% | 0.11% | 0.11% | 0.11% | 0.12% |
|  Net investment income | 4.07 %<sup>(f)</sup> | 3.80% | 3.51% | 2.86% | 1.96% | 2.44% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $83622 | $70431 | $76851 | $111382 | $170274 | $101480 |
|  Portfolio turnover rate | 28% | 94% | 105% | 65% | 72% | 88% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $11.48 | $10.21 | $10.13 | $12.63 | $12.26 | $11.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.21 | 0.37 | 0.33 | 0.29 | 0.21 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | 1.24 | 0.08 | (2.22) | 0.68 | 0.59 |
|  Net increase (decrease) from investment operations | (0.10) | 1.61 | 0.41 | (1.93) | 0.89 | 0.84 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.34) | (0.33) | (0.23) | (0.16) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.34) | (0.36) | (0.01) |
|  Total distributions | (0.44) | (0.34) | (0.33) | (0.57) | (0.52) | (0.26) |
|  **Net asset value, end of period** | $10.94 | $11.48 | $10.21 | $10.13 | $12.63 | $12.26 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.84)%<sup>(d)</sup> | 16.06% | 4.00% | (16.06)% | 7.36% | 7.27% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.50 %<sup>(f)</sup> | 0.54% | 0.49% | 0.48% | 0.47% | 0.51 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.38 %<sup>(f)</sup> | 0.44% | 0.43% | 0.44% | 0.43% | 0.45% |
|  Net investment income | 3.80 %<sup>(f)</sup> | 3.47% | 3.18% | 2.51% | 1.65% | 2.10% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $180380 | $192547 | $191443 | $216422 | $266615 | $189930 |
|  Portfolio turnover rate | 28% | 94% | 105% | 65% | 72% | 88% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $11.37 | $10.10 | $10.00 | $12.46 | $12.10 | $11.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.29 | 0.25 | 0.21 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | 1.21 | 0.08 | (2.20) | 0.68 | 0.57 |
|  Net increase (decrease) from investment operations | (0.13) | 1.50 | 0.33 | (1.99) | 0.79 | 0.73 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.33) | (0.23) | (0.23) | (0.13) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.34) | (0.36) | (0.01) |
|  Total distributions | (0.33) | (0.23) | (0.23) | (0.47) | (0.43) | (0.17) |
|  **Net asset value, end of period** | $10.91 | $11.37 | $10.10 | $10.00 | $12.46 | $12.10 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.11)%<sup>(d)</sup> | 15.08% | 3.28% | (16.64)% | 6.55% | 6.37% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.21 %<sup>(f)</sup> | 1.24% | 1.25% | 1.20% | 1.21% | 1.25 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(f)</sup> | 1.19% | 1.19% | 1.18% | 1.18% | 1.19% |
|  Net investment income | 3.08 %<sup>(f)</sup> | 2.73% | 2.43% | 1.78% | 0.91% | 1.35% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $23115 | $28042 | $41939 | $55438 | $81679 | $82134 |
|  Portfolio turnover rate | 28% | 94% | 105% | 65% | 72% | 88% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 23

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $11.68 | $10.39 | $10.31 | $12.83 | $12.44 | $11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.23 | 0.42 | 0.37 | 0.34 | 0.25 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | 1.25 | 0.08 | (2.25) | 0.70 | 0.60 |
|  Net increase (decrease) from investment operations | (0.07) | 1.67 | 0.45 | (1.91) | 0.95 | 0.89 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.38) | (0.37) | (0.27) | (0.20) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.34) | (0.36) | (0.01) |
|  Total distributions | (0.48) | (0.38) | (0.37) | (0.61) | (0.56) | (0.30) |
|  **Net asset value, end of period** | $11.13 | $11.68 | $10.39 | $10.31 | $12.83 | $12.44 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.54)%<sup>(d)</sup> | 16.39% | 4.35% | (15.70)% | 7.72% | 7.58% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.14 %<sup>(f)</sup> | 0.15% | 0.16% | 0.13% | 0.15% | 0.18% |
|  Total expenses after fees waived and/or reimbursed | 0.02 %<sup>(f)</sup> | 0.08% | 0.09% | 0.09% | 0.09% | 0.10% |
|  Net investment income | 4.14 %<sup>(f)</sup> | 3.81% | 3.51% | 2.93% | 1.98% | 2.44% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $145685 | $142689 | $108105 | $79172 | $70002 | $44530 |
|  Portfolio turnover rate | 28% | 94% | 105% | 65% | 72% | 88% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) | BlackRock 20/80 Target Allocation Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $11.43 | $10.17 | $10.09 | $12.58 | $12.20 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.34 | 0.30 | 0.26 | 0.17 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.31) | 1.23 | 0.08 | (2.22) | 0.69 | 0.58 |
|  Net increase (decrease) from investment operations | (0.11) | 1.57 | 0.38 | (1.96) | 0.86 | 0.79 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.31) | (0.30) | (0.19) | (0.12) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.34) | (0.36) | (0.01) |
|  Total distributions | (0.40) | (0.31) | (0.30) | (0.53) | (0.48) | (0.21) |
|  **Net asset value, end of period** | $10.92 | $11.43 | $10.17 | $10.09 | $12.58 | $12.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (0.92)%<sup>(d)</sup> | 15.69% | 3.73% | (16.31)% | 7.07% | 6.87% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.76 %<sup>(f)</sup> | 0.77% | 0.79% | 0.77% | 0.77% | 0.79 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.66 %<sup>(f)</sup> | 0.72% | 0.74% | 0.74% | 0.73% | 0.74% |
|  Net investment income | 3.54 %<sup>(f)</sup> | 3.20% | 2.87% | 2.22% | 1.37% | 1.81% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $5980 | $7066 | $6509 | $6833 | $7585 | $8656 |
|  Portfolio turnover rate | 28% | 94% | 105% | 65% | 72% | 88% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 25

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund | BlackRock 40/60 Target Allocation Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.41 | $11.52 | $10.96 | $13.89 | $12.86 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.22 | 0.40 | 0.36 | 0.36 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | 1.85 | 0.54 | (2.43) | 1.38 | 0.97 |
|  Net increase (decrease) from investment operations | (0.18) | 2.25 | 0.90 | (2.07) | 1.63 | 1.23 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.36) | (0.34) | (0.30) | (0.18) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.56) | (0.42) |  |
|  Total distributions | (0.44) | (0.36) | (0.34) | (0.86) | (0.60) | (0.32) |
|  **Net asset value, end of period** | $12.79 | $13.41 | $11.52 | $10.96 | $13.89 | $12.86 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.39)%<sup>(d)</sup> | 19.88% | 8.31% | (16.08)% | 12.91% | 10.48% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.25 %<sup>(f)</sup> | 0.27% | 0.26% | 0.27% | 0.26% | 0.31% |
|  Total expenses after fees waived and/or reimbursed | 0.05 %<sup>(f)</sup> | 0.10% | 0.10% | 0.11% | 0.11% | 0.13% |
|  Net investment income | 3.32 %<sup>(f)</sup> | 3.19% | 3.13% | 2.80% | 1.84% | 2.15% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $171901 | $145964 | $135752 | $149551 | $233289 | $152244 |
|  Portfolio turnover rate | 23% | 103% | 101% | 63% | 69% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.24 | $11.38 | $10.83 | $13.73 | $12.73 | $11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.35 | 0.32 | 0.31 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.41) | 1.83 | 0.53 | (2.39) | 1.36 | 0.96 |
|  Net increase (decrease) from investment operations | (0.21) | 2.18 | 0.85 | (2.08) | 1.56 | 1.18 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.32) | (0.30) | (0.26) | (0.14) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.56) | (0.42) |  |
|  Total distributions | (0.39) | (0.32) | (0.30) | (0.82) | (0.56) | (0.28) |
|  **Net asset value, end of period** | $12.64 | $13.24 | $11.38 | $10.83 | $13.73 | $12.73 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.59)%<sup>(d)</sup> | 19.47% | 7.92% | (16.31)% | 12.48% | 10.15% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.48 %<sup>(f)</sup> | 0.51% | 0.47% | 0.48% | 0.46% | 0.50 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.39 %<sup>(f)</sup> | 0.44% | 0.43% | 0.44% | 0.44% | 0.46% |
|  Net investment income | 3.06 %<sup>(f)</sup> | 2.85% | 2.78% | 2.46% | 1.51% | 1.80% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $275186 | $287736 | $260121 | $259984 | $306177 | $222510 |
|  Portfolio turnover rate | 23% | 103% | 101% | 63% | 69% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 27

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.06 | $11.21 | $10.66 | $13.52 | $12.54 | $11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.15 | 0.25 | 0.23 | 0.22 | 0.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.39) | 1.81 | 0.52 | (2.37) | 1.35 | 0.94 |
|  Net increase (decrease) from investment operations | (0.24) | 2.06 | 0.75 | (2.15) | 1.45 | 1.07 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.28) | (0.21) | (0.20) | (0.15) | (0.05) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.56) | (0.42) |  |
|  Total distributions | (0.28) | (0.21) | (0.20) | (0.71) | (0.47) | (0.19) |
|  **Net asset value, end of period** | $12.54 | $13.06 | $11.21 | $10.66 | $13.52 | $12.54 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.88)%<sup>(d)</sup> | 18.58% | 7.08% | (16.93)% | 11.68% | 9.30% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.19 %<sup>(f)</sup> | 1.22% | 1.23% | 1.20% | 1.21% | 1.25 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.13 %<sup>(f)</sup> | 1.19% | 1.19% | 1.18% | 1.18% | 1.21% |
|  Net investment income | 2.33 %<sup>(f)</sup> | 2.10% | 2.03% | 1.73% | 0.76% | 1.06% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $38818 | $45453 | $56748 | $69423 | $95825 | $84541 |
|  Portfolio turnover rate | 23% | 103% | 101% | 63% | 69% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

28 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.42 | $11.53 | $10.97 | $13.90 | $12.87 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.22 | 0.40 | 0.36 | 0.36 | 0.26 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | 1.85 | 0.54 | (2.43) | 1.37 | 0.96 |
|  Net increase (decrease) from investment operations | (0.18) | 2.25 | 0.90 | (2.07) | 1.63 | 1.23 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.36) | (0.34) | (0.30) | (0.18) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.56) | (0.42) |  |
|  Total distributions | (0.44) | (0.36) | (0.34) | (0.86) | (0.60) | (0.32) |
|  **Net asset value, end of period** | $12.80 | $13.42 | $11.53 | $10.97 | $13.90 | $12.87 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.37)%<sup>(d)</sup> | 19.88% | 8.33% | (16.06)% | 12.92% | 10.49% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.11 %<sup>(f)</sup> | 0.13% | 0.14% | 0.13% | 0.14% | 0.17% |
|  Total expenses after fees waived and/or reimbursed | 0.03 %<sup>(f)</sup> | 0.08% | 0.08% | 0.09% | 0.09% | 0.11% |
|  Net investment income | 3.40 %<sup>(f)</sup> | 3.21% | 3.12% | 2.85% | 1.87% | 2.19% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $199956 | $164750 | $125737 | $89389 | $59411 | $23034 |
|  Portfolio turnover rate | 23% | 103% | 101% | 63% | 69% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 29

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) | BlackRock 40/60 Target Allocation Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.20 | $11.35 | $10.80 | $13.70 | $12.69 | $11.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.18 | 0.33 | 0.30 | 0.29 | 0.18 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.39) | 1.82 | 0.53 | (2.39) | 1.36 | 0.97 |
|  Net increase (decrease) from investment operations | (0.21) | 2.15 | 0.83 | (2.10) | 1.54 | 1.16 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.30) | (0.28) | (0.24) | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.56) | (0.42) |  |
|  Total distributions | (0.37) | (0.30) | (0.28) | (0.80) | (0.53) | (0.25) |
|  **Net asset value, end of period** | $12.62 | $13.20 | $11.35 | $10.80 | $13.70 | $12.69 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.63)%<sup>(d)</sup> | 19.26% | 7.79% | (16.48)% | 12.27% | 9.99% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.78 %<sup>(f)</sup> | 0.79% | 0.83% | 0.80% | 0.80% | 0.82% |
|  Total expenses after fees waived and/or reimbursed | 0.55 %<sup>(f)</sup> | 0.60% | 0.60% | 0.61% | 0.61% | 0.63% |
|  Net investment income | 2.80 %<sup>(f)</sup> | 2.69% | 2.59% | 2.31% | 1.34% | 1.61% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $17343 | $13128 | $12432 | $10805 | $10705 | $10205 |
|  Portfolio turnover rate | 23% | 103% | 101% | 63% | 69% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

30 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund | BlackRock 60/40 Target Allocation Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.57 | $13.79 | $12.59 | $16.38 | $14.43 | $13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.21 | 0.40 | 0.37 | 0.39 | 0.26 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.50) | 2.83 | 1.17 | (2.97) | 2.29 | 1.30 |
|  Net increase (decrease) from investment operations | (0.29) | 3.23 | 1.54 | (2.58) | 2.55 | 1.57 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.35) | (0.34) | (0.36) | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) | (0.10) |  | (0.85) | (0.39) | (0.16) |
|  Total distributions | (1.33) | (0.45) | (0.34) | (1.21) | (0.60) | (0.51) |
|  **Net asset value, end of period** | $14.95 | $16.57 | $13.79 | $12.59 | $16.38 | $14.43 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.93)%<sup>(d)</sup> | 23.81% | 12.36% | (17.30)% | 17.94% | 12.00% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.23 %<sup>(f)</sup> | 0.25% | 0.22% | 0.26% | 0.24% | 0.28% |
|  Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(f)</sup> | 0.10% | 0.10% | 0.10% | 0.11% | 0.13% |
|  Net investment income | 2.72 %<sup>(f)</sup> | 2.64% | 2.72% | 2.61% | 1.63% | 2.00% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $419203 | $369007 | $314277 | $260346 | $296407 | $215674 |
|  Portfolio turnover rate | 26% | 104% | 93% | 58% | 68% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 31

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.20 | $13.49 | $12.32 | $16.05 | $14.15 | $13.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.19 | 0.34 | 0.32 | 0.33 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.51) | 2.77 | 1.14 | (2.90) | 2.25 | 1.27 |
|  Net increase (decrease) from investment operations | (0.32) | 3.11 | 1.46 | (2.57) | 2.45 | 1.49 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.37) | (0.30) | (0.29) | (0.31) | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) | (0.10) |  | (0.85) | (0.39) | (0.16) |
|  Total distributions | (1.27) | (0.40) | (0.29) | (1.16) | (0.55) | (0.47) |
|  **Net asset value, end of period** | $14.61 | $16.20 | $13.49 | $12.32 | $16.05 | $14.15 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.11)%<sup>(d)</sup> | 23.41% | 11.98% | (17.56)% | 17.58% | 11.54% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.46 %<sup>(f)</sup> | 0.49% | 0.47% | 0.45% | 0.45% | 0.49% |
|  Total expenses after fees waived and/or reimbursed | 0.40 %<sup>(f)</sup> | 0.44% | 0.44% | 0.44% | 0.44% | 0.47% |
|  Net investment income | 2.43 %<sup>(f)</sup> | 2.29% | 2.37% | 2.27% | 1.28% | 1.66% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $651029 | $687425 | $588797 | $564789 | $699130 | $576079 |
|  Portfolio turnover rate | 26% | 104% | 93% | 58% | 68% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

32 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $15.76 | $13.13 | $11.98 | $15.64 | $13.79 | $12.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.13 | 0.22 | 0.21 | 0.22 | 0.08 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.49) | 2.69 | 1.12 | (2.84) | 2.20 | 1.23 |
|  Net increase (decrease) from investment operations | (0.36) | 2.91 | 1.33 | (2.62) | 2.28 | 1.35 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.18) | (0.18) | (0.19) | (0.04) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) | (0.10) |  | (0.85) | (0.39) | (0.16) |
|  Total distributions | (1.14) | (0.28) | (0.18) | (1.04) | (0.43) | (0.37) |
|  **Net asset value, end of period** | $14.26 | $15.76 | $13.13 | $11.98 | $15.64 | $13.79 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.43)%<sup>(d)</sup> | 22.44% | 11.20% | (18.18)% | 16.74% | 10.69% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.16 %<sup>(f)</sup> | 1.19% | 1.20% | 1.18% | 1.20% | 1.23% |
|  Total expenses after fees waived and/or reimbursed | 1.13 %<sup>(f)</sup> | 1.18% | 1.19% | 1.18% | 1.19% | 1.22% |
|  Net investment income | 1.70 %<sup>(f)</sup> | 1.54% | 1.62% | 1.55% | 0.53% | 0.91% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $51451 | $58901 | $67973 | $69416 | $99500 | $85371 |
|  Portfolio turnover rate | 26% | 104% | 93% | 58% | 68% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.57 | $13.79 | $12.59 | $16.38 | $14.43 | $13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.22 | 0.40 | 0.37 | 0.40 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.51) | 2.83 | 1.17 | (2.98) | 2.27 | 1.30 |
|  Net increase (decrease) from investment operations | (0.29) | 3.23 | 1.54 | (2.58) | 2.55 | 1.57 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.35) | (0.34) | (0.36) | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) | (0.10) |  | (0.85) | (0.39) | (0.16) |
|  Total distributions | (1.33) | (0.45) | (0.34) | (1.21) | (0.60) | (0.51) |
|  **Net asset value, end of period** | $14.95 | $16.57 | $13.79 | $12.59 | $16.38 | $14.43 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.90)%<sup>(d)</sup> | 23.84% | 12.39% | (17.29)% | 17.96% | 12.02% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.09 %<sup>(f)</sup> | 0.09% | 0.10% | 0.10% | 0.11% | 0.14% |
|  Total expenses after fees waived and/or reimbursed | 0.04 %<sup>(f)</sup> | 0.08% | 0.08% | 0.08% | 0.09% | 0.11% |
|  Net investment income | 2.80 %<sup>(f)</sup> | 2.66% | 2.72% | 2.68% | 1.71% | 2.03% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $566689 | $526884 | $356094 | $256326 | $195750 | $40575 |
|  Portfolio turnover rate | 26% | 104% | 93% | 58% | 68% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) | BlackRock 60/40 Target Allocation Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.13 | $13.44 | $12.28 | $16.01 | $14.12 | $13.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.31 | 0.29 | 0.30 | 0.17 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.50) | 2.76 | 1.15 | (2.90) | 2.24 | 1.28 |
|  Net increase (decrease) from investment operations | (0.33) | 3.07 | 1.44 | (2.60) | 2.41 | 1.47 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.36) | (0.28) | (0.28) | (0.28) | (0.13) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.90) | (0.10) |  | (0.85) | (0.39) | (0.16) |
|  Total distributions | (1.26) | (0.38) | (0.28) | (1.13) | (0.52) | (0.43) |
|  **Net asset value, end of period** | $14.54 | $16.13 | $13.44 | $12.28 | $16.01 | $14.12 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.23)%<sup>(d)</sup> | 23.19% | 11.81% | (17.76)% | 17.31% | 11.42% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.78 %<sup>(f)</sup> | 0.80% | 0.79% | 0.80% | 0.79% | 0.82% |
|  Total expenses after fees waived and/or reimbursed | 0.59 %<sup>(f)</sup> | 0.62% | 0.63% | 0.63% | 0.64% | 0.66% |
|  Net investment income | 2.25 %<sup>(f)</sup> | 2.11% | 2.18% | 2.06% | 1.07% | 1.45% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $40442 | $36663 | $22113 | $17164 | $16815 | $13425 |
|  Portfolio turnover rate | 26% | 104% | 93% | 58% | 68% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund | BlackRock 80/20 Target Allocation Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $18.43 | $15.06 | $13.22 | $17.10 | $14.16 | $12.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.16 | 0.33 | 0.33 | 0.37 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.60) | 3.72 | 1.83 | (3.22) | 3.03 | 1.43 |
|  Net increase (decrease) from investment operations | (0.44) | 4.05 | 2.16 | (2.85) | 3.27 | 1.66 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.31) | (0.28) | (0.32) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.16) | (0.37) | (0.04) | (0.71) | (0.15) | (0.06) |
|  Total distributions | (1.48) | (0.68) | (0.32) | (1.03) | (0.33) | (0.33) |
|  **Net asset value, end of period** | $16.51 | $18.43 | $15.06 | $13.22 | $17.10 | $14.16 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.70)%<sup>(d)</sup> | 27.65% | 16.54% | (18.02)% | 23.26% | 13.11% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.25 %<sup>(f)</sup> | 0.27% | 0.25% | 0.30% | 0.28% | 0.34% |
|  Total expenses after fees waived and/or reimbursed | 0.08 %<sup>(f)</sup> | 0.09% | 0.10% | 0.10% | 0.10% | 0.14% |
|  Net investment income | 1.83 %<sup>(f)</sup> | 1.95% | 2.22% | 2.35% | 1.45% | 1.76% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $779176 | $571836 | $417435 | $325725 | $240529 | $168065 |
|  Portfolio turnover rate | 24% | 97% | 97% | 51% | 56% | 116% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $17.96 | $14.68 | $12.90 | $16.72 | $13.85 | $12.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.26 | 0.27 | 0.31 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.61) | 3.65 | 1.78 | (3.15) | 2.97 | 1.40 |
|  Net increase (decrease) from investment operations | (0.47) | 3.91 | 2.05 | (2.84) | 3.15 | 1.58 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.26) | (0.26) | (0.23) | (0.27) | (0.13) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.16) | (0.37) | (0.04) | (0.71) | (0.15) | (0.06) |
|  Total distributions | (1.42) | (0.63) | (0.27) | (0.98) | (0.28) | (0.29) |
|  **Net asset value, end of period** | $16.07 | $17.96 | $14.68 | $12.90 | $16.72 | $13.85 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.91)%<sup>(d)</sup> | 27.34% | 16.07% | (18.32)% | 22.93% | 12.72% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.47 %<sup>(f)</sup> | 0.46% | 0.50% | 0.50% | 0.47% | 0.53% |
|  Total expenses after fees waived and/or reimbursed | 0.42 %<sup>(f)</sup> | 0.43% | 0.44% | 0.44% | 0.44% | 0.48% |
|  Net investment income | 1.60 %<sup>(f)</sup> | 1.62% | 1.88% | 2.03% | 1.10% | 1.41% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $380904 | $392981 | $302881 | $255281 | $283943 | $203561 |
|  Portfolio turnover rate | 24% | 97% | 97% | 51% | 56% | 116% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 37

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $17.20 | $14.09 | $12.38 | $16.09 | $13.35 | $12.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.07 | 0.14 | 0.16 | 0.19 | 0.06 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | 3.49 | 1.71 | (3.04) | 2.86 | 1.35 |
|  Net increase (decrease) from investment operations | (0.51) | 3.63 | 1.87 | (2.85) | 2.92 | 1.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.15) | (0.12) | (0.15) | (0.03) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.16) | (0.37) | (0.04) | (0.71) | (0.15) | (0.06) |
|  Total distributions | (1.30) | (0.52) | (0.16) | (0.86) | (0.18) | (0.20) |
|  **Net asset value, end of period** | $15.39 | $17.20 | $14.09 | $12.38 | $16.09 | $13.35 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (3.29)%<sup>(d)</sup> | 26.36% | 15.24% | (18.92)% | 21.95% | 11.90% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.18 %<sup>(f)</sup> | 1.22% | 1.23% | 1.20% | 1.23% | 1.30% |
|  Total expenses after fees waived and/or reimbursed | 1.16 %<sup>(f)</sup> | 1.18% | 1.19% | 1.19% | 1.19% | 1.23% |
|  Net investment income | 0.86 %<sup>(f)</sup> | 0.87% | 1.13% | 1.29% | 0.36% | 0.66% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $67341 | $72113 | $63776 | $56149 | $74750 | $50977 |
|  Portfolio turnover rate | 24% | 97% | 97% | 51% | 56% | 116% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $18.44 | $15.06 | $13.22 | $17.11 | $14.16 | $12.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.33 | 0.33 | 0.40 | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.62) | 3.73 | 1.83 | (3.26) | 3.03 | 1.42 |
|  Net increase (decrease) from investment operations | (0.45) | 4.06 | 2.16 | (2.86) | 3.28 | 1.66 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.32) | (0.31) | (0.28) | (0.32) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.16) | (0.37) | (0.04) | (0.71) | (0.15) | (0.06) |
|  Total distributions | (1.48) | (0.68) | (0.32) | (1.03) | (0.33) | (0.33) |
|  **Net asset value, end of period** | $16.51 | $18.44 | $15.06 | $13.22 | $17.11 | $14.16 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.73)%<sup>(d)</sup> | 27.74% | 16.55% | (18.05)% | 23.35% | 13.13% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(f)</sup> | 0.09% | 0.10% | 0.10% | 0.12% | 0.18% |
|  Total expenses after fees waived and/or reimbursed | 0.06 %<sup>(f)</sup> | 0.07% | 0.08% | 0.08% | 0.08% | 0.12% |
|  Net investment income | 1.97 %<sup>(f)</sup> | 1.98% | 2.24% | 2.56% | 1.50% | 1.79% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $673506 | $561515 | $386972 | $271863 | $148917 | $45032 |
|  Portfolio turnover rate | 24% | 97% | 97% | 51% | 56% | 116% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) | BlackRock 80/20 Target Allocation Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $17.80 | $14.57 | $12.81 | $16.61 | $13.77 | $12.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.12 | 0.24 | 0.25 | 0.28 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.60) | 3.60 | 1.77 | (3.13) | 2.96 | 1.40 |
|  Net increase (decrease) from investment operations | (0.48) | 3.84 | 2.02 | (2.85) | 3.10 | 1.55 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.24) | (0.22) | (0.24) | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.16) | (0.37) | (0.04) | (0.71) | (0.15) | (0.06) |
|  Total distributions | (1.40) | (0.61) | (0.26) | (0.95) | (0.26) | (0.25) |
|  **Net asset value, end of period** | $15.92 | $17.80 | $14.57 | $12.81 | $16.61 | $13.77 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (2.99)%<sup>(d)</sup> | 27.09% | 15.92% | (18.43)% | 22.69% | 12.53% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.78 %<sup>(f)</sup> | 0.80% | 0.82% | 0.82% | 0.80% | 0.84% |
|  Total expenses after fees waived and/or reimbursed | 0.58 %<sup>(f)</sup> | 0.59% | 0.60% | 0.60% | 0.60% | 0.64% |
|  Net investment income | 1.45 %<sup>(f)</sup> | 1.45% | 1.71% | 1.85% | 0.87% | 1.17% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $35692 | $33241 | $18418 | $11823 | $10224 | $7058 |
|  Portfolio turnover rate | 24% | 97% | 97% | 51% | 56% | 116% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

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

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

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited)

**1.**  ***ORGANIZATION*** 

BlackRock Funds II (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 Massachusetts business trust. The Funds will generally invest in other registered investment companies, including exchange-traded funds ("ETFs") (each an "Underlying Fund" and collectively, the "Underlying Funds") that are managed by subsidiaries of BlackRock, Inc. ("BlackRock") and its affiliates, which are affiliates of the Funds. The 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 | Diversification Classification |
|  BlackRock 20/80 Target Allocation Fund | 20/80 Target Allocation | Diversified |
|  BlackRock 40/60 Target Allocation Fund | 40/60 Target Allocation | Diversified |
|  BlackRock 60/40 Target Allocation Fund | 60/40 Target Allocation | Diversified |
|  BlackRock 80/20 Target Allocation Fund | 80/20 Target Allocation | Diversified |

---

By owning shares of Underlying Funds, each Fund indirectly invests, to varying degrees, in fixed-income and equity securities. The Funds are subject to the same risks as the Underlying Funds in which they invest. Equity funds may include funds that invest in, among other things, domestic and international equities, real estate-related securities or instruments and commodity-related securities or instruments. Fixed-income funds may include funds that invest in, among other things, domestic and non-U.S. bonds, U.S. Government securities, mortgage-backed securities, high yield (or junk) bonds, and cash or money market instruments. Multi-asset funds may include funds that invest in any of the securities or instruments in which equity funds or fixed-income funds may invest. In addition, the Underlying Funds may invest in derivatives.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold without a sales charge and only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are 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. 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

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Notes to Financial Statements (unaudited) (continued)

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

**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 the Trust (the "Board") has approved the designation of each Fund's Manager as the valuation designee for the Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

• 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.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

• The Funds record their proportionate investment in the Master Portfolio at fair value, which is based upon their pro rata ownership in the net assets of the Master Portfolio.

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:

• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

**Securities Lending:** The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

42 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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 Investment Management, LLC ("BIM"), 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 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 Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty* | Securities<br>Loaned at Value | Cash<br>Collateral Received<sup>(a)</sup> | Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup> | Net<br>Amount |
|  20/80 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $12882894 | $(12882894) | $— | $— |
|  40/60 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $3641907 | $(3641907) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 14072613 | (14072613) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 17665 | (17665) |  |  |
|  | $17732185 | $(17732185) | $— | $— |
|  60/40 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $60639 | $(60639) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1052838 | (1052838) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 17150003 | (17150003) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 25667861 | (25667861) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 8848741 | (8848741) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 241358 | (241358) |  |  |
|  | $53021440 | $(53021440) | $— | $— |
|  80/20 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $646024 | $(646024) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 424212 | (424212) |  |  |
|  | $1070236 | $(1070236) | $— | $— |

---

<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 Funds' 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 BIM. BIM'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 the Fund.

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

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Notes to Financial Statements (unaudited) (continued)

**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. The Manager does not receive any management fees from the Funds for its investment advisory services.

**Service and Distribution Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Service Fees | Distribution Fees |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended March 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Investor A | Investor C | Class R | Total |
|  20/80 Target Allocation | $231193 | $125997 | $15048 | $372238 |
|  40/60 Target Allocation | 352270 | 209243 | 36288 | 597801 |
|  60/40 Target Allocation | 843786 | 279319 | 96031 | 1219136 |
|  80/20 Target Allocation | 490735 | 357639 | 86546 | 934920 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| Average Daily Net Assets | Administration Fees |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended March 31, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  20/80 Target Allocation | $7392 | $18526 | $2525 | $14366 | $603 | $43412 |
|  40/60 Target Allocation | 15385 | 28222 | 4193 | 18657 | 1451 | 67908 |
|  60/40 Target Allocation | 37737 | 67596 | 5597 | 57358 | 3845 | 172133 |
|  80/20 Target Allocation | 66177 | 39303 | 7163 | 65522 | 3465 | 181630 |

---

**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 March 31, 2025, the Funds did not pay any amounts to affiliates in return for these services.

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Notes to Financial Statements (unaudited) (continued)

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended March 31, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  20/80 Target Allocation | $377 | $2148 | $645 | $296 | $45 | $3511 |
|  40/60 Target Allocation | 477 | 2990 | 1026 | 365 | 85 | 4943 |
|  60/40 Target Allocation | 1653 | 8936 | 2140 | 738 | 184 | 13651 |
|  80/20 Target Allocation | 1099 | 7816 | 2014 | 798 | 221 | 11948 |

---

For the six months ended March 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  20/80 Target Allocation | $40760 | $108851 | $9973 | $2757 | $&nbsp;&nbsp;&nbsp;&nbsp;3677 | $166018 |
|  40/60 Target Allocation | 107475 | 174236 | 16435 | 2706 | 12117 | 312969 |
|  60/40 Target Allocation | 284993 | 441550 | 22466 | 6151 | 37979 | 793139 |
|  80/20 Target Allocation | 552891 | 277523 | 34048 | 5124 | 34882 | 904468 |

---

**Other Fees:** For the six months ended March 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  20/80 Target Allocation | $9149 |
|  40/60 Target Allocation | 10478 |
|  60/40 Target Allocation | 24509 |
|  80/20 Target Allocation | 29546 |

---

For the six months ended March 31, 2025, affiliates received CDSCs as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Share Class | 20/80 Target<br>Allocation | 40/60 Target<br>Allocation | 60/40 Target<br>Allocation | 80/20 Target<br>Allocation |
|  Investor A | $5 | $24 | $66 | $13 |
|  Investor C | 508 | 734 | 2142 | 8315 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R |
|  20/80 Target Allocation | 0.09% | 0.43% | 1.18% | 0.07% | 0.74% |
|  40/60 Target Allocation | 0.09 | 0.43 | 1.18 | 0.07 | 0.59 |
|  60/40 Target Allocation | 0.09 | 0.43 | 1.18 | 0.07 | 0.62 |
|  80/20 Target Allocation | 0.09 | 0.43 | 1.18 | 0.07 | 0.59 |

---

With respect to each Fund, the Manager contractually agreed to reimburse each Fund for certain expenses associated with the Fund's investment in the BlackRock Total Return Fund, a series of BlackRock Bond Fund, Inc. through June 30, 2026. With respect to each Fund, the reimbursement amount is calculated as the product of (i) the daily market value of the Fund's assets invested in BlackRock Total Return Fund and (ii) the difference between (a) the total expenses after fees waived and/or reimbursed of Class K Shares in BlackRock Total Return Fund's most recent annual or semiannual report and (b) 0.06%, divided by the number of days in the calendar year. The reimbursement amount is subject to a maximum amount with respect to each Fund equal to the market value each Fund had invested in the Master Total Return Portfolio prior to investing in the BlackRock Total Return Fund. For the six months ended March 31, 2025, the amounts included in fees waived and/or reimbursed by the Manager in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts Waived |
|  20/80 Target Allocation | $116993 |
|  40/60 Target Allocation | 140514 |
|  60/40 Target Allocation | 284197 |
|  80/20 Target Allocation | 125007 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2025, unless approved by the Board, including 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. The contractual expense limitations exclude expenses allocated from the Underlying Funds and the Master Portfolio in which the Funds invest. For the six months ended March 31, 2025, the amounts included in fees waived and/or reimbursed by the Manager in the Statements of Operations were as follows:

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

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Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| Fund Name | Amounts Waived |
|  20/80 Target Allocation | $3256 |

---

The following Funds also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the six months ended March 31, 2025, the amounts were as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts Waived |
|  20/80 Target Allocation | $91694 |
|  40/60 Target Allocation | 65209 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended March 31, 2025, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  20/80 Target Allocation | $7392 | $16985 | $125 | $14366 | $4 | $38872 |
|  40/60 Target Allocation | 15385 | 28222 | 67 | 18597 | 1451 | 63722 |
|  60/40 Target Allocation | 37737 | 67596 | 4 | 38082 | 3845 | 147264 |
|  80/20 Target Allocation | 66177 | 38307 | 80 | 37339 | 3465 | 145368 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager -<br>Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager -<br>Class Specific |
| Fund Name | Institutional | Investor A | Class K | Class R | Total |
|  20/80 Target Allocation | $33373 | $8274 | $2757 | $4 | $44408 |
|  40/60 Target Allocation | 91803 | 18471 | 2690 | 10685 | 123649 |
|  60/40 Target Allocation | 230464 | 39007 | 6 | 26530 | 296007 |
|  80/20 Target Allocation | 452230 | 42007 |  | 29583 | 523820 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. 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, managed by the Manager or its affiliates. However, BIM 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. The money market fund in which the cash collateral has been reinvested 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, the money market fund 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. The money market fund 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 the money market fund 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 BIM 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 March 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  20/80 Target Allocation | $14293 |
|  40/60 Target Allocation | 31718 |
|  60/40 Target Allocation | 75677 |
|  80/20 Target Allocation | 35357 |

---

46 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Funds 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. The Funds reimburse the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended March 31, 2025, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Net Realized<br>Gain (Loss) |
|  20/80 Target Allocation | $278159 | $— | $— |
|  40/60 Target Allocation |  | 104301 | 6908 |

---

**6.**  ***PURCHASES AND SALES*** 

For the six months ended March 31, 2025, purchases and sales of investments in the Underlying Funds and the Underlying Master Portfolio, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
|  20/80 Target Allocation | $130153294 | $119905230 |
|  40/60 Target Allocation | 222961556 | 156777751 |
|  60/40 Target Allocation | 539456964 | 438458331 |
|  80/20 Target Allocation | 802028632 | 426074931 |

---

**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 March 31, 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 September 30, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| Fund Name | Non-Expiring Capital<br>Loss Carryforwards |
|  20/80 Target Allocation | $(48663042) |
|  40/60 Target Allocation | (6687294) |

---

As of March 31, 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 | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  20/80 Target Allocation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443897666 | $11052795 | $(2482777) | $8570018 |
|  40/60 Target Allocation | 687605116 | 40211087 | (5533802) | 34677285 |
|  60/40 Target Allocation | 1656295709 | 142577172 | (16112365) | 126464807 |
|  80/20 Target Allocation | 1764422592 | 193526001 | (19688255) | 173837746 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

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Notes to Financial Statements (unaudited) (continued)

**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 2025 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 March 31, 2025, the Funds did not borrow under the credit agreement.

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, through their investments in the Underlying Funds and the Master Portfolio, 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; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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.

48 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| Fund Name/Share Class | Shares | Amount | Shares | Amount |
|  20/80 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2845925 | $31531359 | 2150446 | $23656095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 250326 | 2758592 | 237636 | 2559342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1610721) | (18109405) | (3756634) | (40896523) |
|  | 1485530 | $16180546 | (1368552) | $(14681086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 922365 | $10225648 | 1929988 | $20666505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 649275 | 7044634 | 570999 | 6058303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1868340) | (20676762) | (4470934) | (48035486) |
|  | (296700) | $(3406480) | (1969947) | $(21310678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 54217 | $603377 | 236883 | $2521669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 69021 | 748191 | 77317 | 817249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (470349) | (5217680) | (2002458) | (21168856) |
|  | (347111) | $(3866112) | (1688258) | $(17829938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2633073 | $29675043 | 5339806 | $57638539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 535364 | 5899704 | 415629 | 4476323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2289949) | (25872653) | (3946539) | (43057861) |
|  | 878488 | $9702094 | 1808896 | $19057001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30661 | $338118 | 82616 | $875041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 19513 | 211327 | 18844 | 199362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (120822) | (1357800) | (123261) | (1318564) |
|  | (70648) | $(808355) | (21801) | $(244161) |
|  | 1649559 | $17801693 | (3239662) | $(35008862) |
|  40/60 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4733467 | $61005881 | 3135843 | $39244306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 340809 | 4393023 | 326618 | 3948804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2520471) | (33118898) | (4360662) | (53455010) |
|  | 2553805 | $32280006 | (898201) | $(10261900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1281196 | $16628428 | 2883203 | $35180208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 645424 | 8229160 | 590878 | 7066903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1898594) | (24574946) | (4598442) | (56385305) |
|  | 28026 | $282642 | (1124361) | $(14138194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101809 | $1304187 | 368716 | $4412248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 70335 | 891140 | 81053 | 962100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (556293) | (7143762) | (2031250) | (24342270) |
|  | (384149) | $(4948435) | (1581481) | $(18967922) |

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N O T E S T O F I N A N C I A L S T A T E M E N T S 49

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Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  40/60 Target Allocation (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4930546 | $64810254 | 4412109 | $54652009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 468327 | 6041421 | 348245 | 4213769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2054412) | (26796621) | (3389870) | (41962977) |
|  | 3344461 | $44055054 | 1370484 | $16902801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 526962 | $6615326 | 167838 | $2044372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 26635 | 339066 | 27436 | 327584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (174116) | (2258719) | (296121) | (3634224) |
|  | 379481 | $4695673 | (100847) | $(1262268) |
|  | 5921624 | $76364940 | (2334406) | $(27727483) |
|  60/40 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8883375 | $136701456 | 5679484 | $85572797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1777369 | 27140429 | 682747 | 9961271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4889178) | (78515550) | (6881945) | (103627817) |
|  | 5771566 | $85326335 | (519714) | $(8093749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2243455 | $34841504 | 4261383 | $62872622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3521894 | 52581877 | 1158867 | 16571804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3643797) | (56110389) | (6627075) | (97787391) |
|  | 2121552 | $31312992 | (1206825) | $(18342965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 220137 | $3318297 | 514487 | $7420845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 277962 | 4058240 | 94309 | 1319379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (626589) | (9469779) | (2049730) | (29317415) |
|  | (128490) | $(2093242) | (1440934) | $(20577191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7548052 | $121699992 | 12125742 | $180030574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3100878 | 47319389 | 944879 | 13785791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4533989) | (70865880) | (7096538) | (109034861) |
|  | 6114941 | $98153501 | 5974083 | $84781504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 516695 | $7894871 | 755079 | $11289782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 202892 | 3017000 | 45351 | 646704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (212235) | (3170518) | (172272) | (2556600) |
|  | 507352 | $7741353 | 628158 | $9379886 |
|  | 14386921 | $220440939 | 3434768 | $47147485 |
|  80/20 Target Allocation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 20391535 | $347919791 | 9463287 | $157229752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2507307 | 42950167 | 1216221 | 19264943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6714544) | (119105446) | (7384336) | (122877562) |
|  | 16184298 | $271764512 | 3295172 | $53617133 |

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50 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  80/20 Target Allocation (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1827434 | $31449661 | 3727209 | $60783875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1846888 | 30824562 | 833603 | 12895840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1852953) | (31740370) | (3302912) | (53603057) |
|  | 1821369 | $30533853 | 1257900 | $20076658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 492558 | $8185902 | 780843 | $12250248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 339334 | 5436127 | 154247 | 2298287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (650178) | (10694816) | (1268058) | (19761868) |
|  | 181714 | $2927213 | (332968) | $(5213333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10999438 | $196346665 | 8841370 | $145507174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3057893 | 52381709 | 1212756 | 19210051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3713913) | (65248595) | (5298314) | (88534400) |
|  | 10343418 | $183479779 | 4755812 | $76182825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 378088 | $6362451 | 659963 | $10698425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 162684 | 2690792 | 54625 | 838476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (166302) | (2847413) | (110968) | (1808777) |
|  | 374470 | $6205830 | 603620 | $9728124 |
|  | 28905269 | $494911187 | 9579536 | $154391407 |

---

As of March 31, 2025, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Share Class | 20/80 Target<br>Allocation | 20/80 Target<br>Allocation | 40/60 Target<br>Allocation | 40/60 Target<br>Allocation |
|  Class K |  | 18349 |  | 18727 |

---

**11.**  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were issued and the following item was noted:

Effective April 10, 2025, the credit agreement was extended until April 2026 under substantially similar terms.

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

------

Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent trustees of the Fund and Trust, as applicable, is paid by the Fund and Trust, on behalf of the Funds.

#### 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.

52 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| <br> **Accounting Agent and Transfer Agent** | <br> **Distributor** |
| BNY Mellon Investment Servicing (US) Inc. | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10001 |
| <br> **Custodian** | <br> **Legal Counsel** |
| The Bank of New York Mellon | Sidley Austin LLP |
| New York, NY 10286 | New York, NY 10019 |
|  | <br> **Address of the Trust** |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

---

A D D I T I O N A L I N F O R M A T I O N 53

------

Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation
 <br> ETF Exchange-Traded Fund

54 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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THIS PAGE INTENTIONALLY LEFT BLANK.

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| <br> ![LOGO](g38386g42l24.jpg)  | ![LOGO](g38386g01n01.jpg) |

---

------

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 – Not Applicable

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.

#### 2

------

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.](d38386dex99cert.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.](d38386dex99906cert.htm)

#### 3

------

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 II

---

| | |
|:---|:---|
| By: | /s/John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds II |

---

Date: May 22, 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 II |

---

Date: May 22, 2025

---

| | |
|:---|:---|
| By: | /s/Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds II |

---

Date: May 22, 2025

#### 4

## 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 II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds II;

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: May 22, 2025

<u>/*s/John M. Perlowski*</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

------

**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 II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds II;

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: May 22, 2025

<u>*/s/Trent Walker*</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

## 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 II (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 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: May 22, 2025

<u>*/s/John M. Perlowski*</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds II (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 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: May 22, 2025

<u>*/s/Trent Walker*</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

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**.**