# EDGAR Filing Document

**Accession Number:** 0001398078
**File Stem:** 0000940400-26-007512
**Filing Date:** 2026-2
**Character Count:** 30310
**Document Hash:** 2c56ea459c7b3abc3d47c9a4dd7b1514
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007512.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007512

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22061
- **FILM NUMBER:** 26675568

**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              |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

**BlackRock 80/20 Target Allocation Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment* <br>*Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 84.1%** | **Equity Funds — 84.1%** | **Equity Funds — 84.1%** |
| &nbsp;&nbsp;&nbsp; BlackRock Technology Opportunities Fund, <br> Class K<br>| 1239308 | $96951043 |
| International Tilts Master Portfolio | $99981411 | 99981411 |
| iShares Core MSCI Emerging Markets ETF | 3168411 | 212980587 |
| iShares Core S&P 500 ETF | 318501 | 218154075 |
| iShares MSCI EAFE Value ETF | 1058319 | 75574560 |
| iShares MSCI Global Gold Miners ETF | 361865 | 26647739 |
| iShares MSCI U.S.A. Momentum Factor ETF<sup>(b)</sup> | 386786 | 96816404 |
| iShares MSCI U.S.A. Quality Factor ETF | 499409 | 99192616 |
| iShares S&P 100 ETF<sup>(b)</sup> | 555703 | 190589458 |
| iShares S&P 500 Growth ETF<sup>(b)</sup> | 1779227 | 219307520 |
| iShares S&P 500 Value ETF | 1351277 | 286565313 |
| iShares U.S. Aerospace & Defense ETF | 225880 | 48494177 |
| iShares U.S. Equity Factor Rotation Active ETF | 4326870 | 263116965 |
| iShares U.S. Thematic Rotation Active ETF | 2484045 | 95784775 |
|  |  | 2030156643 |
| **Fixed-Income Funds — 15.8%** | **Fixed-Income Funds — 15.8%** | **Fixed-Income Funds — 15.8%** |
| &nbsp;&nbsp;&nbsp; BlackRock Securitized Income Fund, Institutional <br> Class<br>| 5033864 | 45707485 |
| &nbsp;&nbsp;&nbsp; BlackRock Strategic Income Opportunities <br> Portfolio, Class K<br>| 4668966 | 45662489 |
| BlackRock Total Return Fund, Class K | 11511782 | 115348059 |
| iShares 10-20 Year Treasury Bond ETF | 486234 | 49435411 |
| iShares Core International Aggregate Bond ETF | 533494 | 26680035 |
| iShares Core Universal USD Bond ETF | 2091928 | 97358329 |
|  |  | 380191808 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $2,013,935,262)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $2,013,935,262)** | 2410348451 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.9%** | **Money Market Funds — 4.9%** | **Money Market Funds — 4.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(a)(c)(d)</sup><br>| 111063595 | $111119127 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(a)(c)</sup><br>| 5394330 | 5394330 |
| **Total Short-Term Securities — 4.9%** <br>**(Cost: $116,513,457)** | **Total Short-Term Securities — 4.9%** <br>**(Cost: $116,513,457)** | 116513457 |
| **Total Investments — 104.8%** <br>**(Cost: $2,130,448,719)** | **Total Investments — 104.8%** <br>**(Cost: $2,130,448,719)** | 2526861908 |
| **Liabilities in Excess of Other Assets — (4.8)%** | **Liabilities in Excess of Other Assets — (4.8)%** | (114587309)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2412274599 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 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>*09/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment* <br>*Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, <br> SL Agency <br> Shares<br>| &nbsp;&nbsp;&nbsp; $62153903<br>| &nbsp;&nbsp;&nbsp; $48963387 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3265)<br>| &nbsp;&nbsp;&nbsp; $5102 | &nbsp;&nbsp;&nbsp; $111119127 | &nbsp;&nbsp;&nbsp; 111063595 | &nbsp;&nbsp;&nbsp; $14708 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock <br> Liquidity Funds, <br> T-Fund, <br> Institutional <br> Shares<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 5394330 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5394330 | &nbsp;&nbsp;&nbsp; 5394330 | &nbsp;&nbsp;&nbsp; 44397 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; BlackRock <br> Securitized <br> Income Fund, <br> Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; 44275304<br>| &nbsp;&nbsp;&nbsp; 1841457 | &nbsp;&nbsp;&nbsp; (356893)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (52396)<br>| &nbsp;&nbsp;&nbsp; 45707485 | &nbsp;&nbsp;&nbsp; 5033864 | &nbsp;&nbsp;&nbsp; 739459 | &nbsp;&nbsp;&nbsp; — |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock 80/20 Target Allocation Fund**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *09/30/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment*<br> *Value* <br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock <br> Strategic <br> Income <br> Opportunities <br> Portfolio, <br> Class K<br>| &nbsp;&nbsp;&nbsp; $44198479<br>| &nbsp;&nbsp;&nbsp; $1869108 | &nbsp;&nbsp;&nbsp; $(356893)<br>| &nbsp;&nbsp;&nbsp; $(558)<br>| &nbsp;&nbsp;&nbsp; $(47647)<br>| &nbsp;&nbsp;&nbsp; $45662489 | &nbsp;&nbsp;&nbsp; 4668966 | &nbsp;&nbsp;&nbsp; $756087 | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock <br> Technology <br> Opportunities <br> Fund, Class K<br>| &nbsp;&nbsp;&nbsp; 96538657<br>| &nbsp;&nbsp;&nbsp; 8122099 | &nbsp;&nbsp;&nbsp; (713786)<br>| &nbsp;&nbsp;&nbsp; (8656)<br>| &nbsp;&nbsp;&nbsp; (6987271)<br>| &nbsp;&nbsp;&nbsp; 96951043 | &nbsp;&nbsp;&nbsp; 1239308 | &nbsp;&nbsp;&nbsp; 1352198 | &nbsp;&nbsp;&nbsp; 4558134 |
| &nbsp;&nbsp;&nbsp; BlackRock Total <br> Return Fund, <br> Class K<br>| &nbsp;&nbsp;&nbsp; 112232581<br>| &nbsp;&nbsp;&nbsp; 4240506 | &nbsp;&nbsp;&nbsp; (892233)<br>| &nbsp;&nbsp;&nbsp; (5487)<br>| &nbsp;&nbsp;&nbsp; (227308)<br>| &nbsp;&nbsp;&nbsp; 115348059 | &nbsp;&nbsp;&nbsp; 11511782 | &nbsp;&nbsp;&nbsp; 1364378 | &nbsp;&nbsp;&nbsp; 124864 |
| &nbsp;&nbsp;&nbsp; International Tilts <br> Master <br> Portfolio<br>| &nbsp;&nbsp;&nbsp; 94695640<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3332864 )<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 1521992 | &nbsp;&nbsp;&nbsp; 7096643 | &nbsp;&nbsp;&nbsp; 99981411 | &nbsp;&nbsp;&nbsp; $99981411 | &nbsp;&nbsp;&nbsp; 173449 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares 10-<br> 20 Year <br> Treasury Bond <br> ETF<br>| &nbsp;&nbsp;&nbsp; 66559656<br>| &nbsp;&nbsp;&nbsp; 2161568 | &nbsp;&nbsp;&nbsp; (18636885)<br>| &nbsp;&nbsp;&nbsp; (117938)<br>| &nbsp;&nbsp;&nbsp; (530990)<br>| &nbsp;&nbsp;&nbsp; 49435411 | &nbsp;&nbsp;&nbsp; 486234 | &nbsp;&nbsp;&nbsp; 821968 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Core <br> International <br> Aggregate <br> Bond ETF<br>| &nbsp;&nbsp;&nbsp; 26159524<br>| &nbsp;&nbsp;&nbsp; 1330112 | &nbsp;&nbsp;&nbsp; (178439)<br>| &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; (631426)<br>| &nbsp;&nbsp;&nbsp; 26680035 | &nbsp;&nbsp;&nbsp; 533494 | &nbsp;&nbsp;&nbsp; 794986 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Core <br> MSCI Emerging <br> Markets ETF<br>| &nbsp;&nbsp;&nbsp; 158535425<br>| &nbsp;&nbsp;&nbsp; 52238728 | &nbsp;&nbsp;&nbsp; (1372689)<br>| &nbsp;&nbsp;&nbsp; (10866)<br>| &nbsp;&nbsp;&nbsp; 3589989 | &nbsp;&nbsp;&nbsp; 212980587 | &nbsp;&nbsp;&nbsp; 3168411 | &nbsp;&nbsp;&nbsp; 3530321 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Core S&P <br> 500 ETF<br>| &nbsp;&nbsp;&nbsp; 302810060<br>| &nbsp;&nbsp;&nbsp; 6652611 | &nbsp;&nbsp;&nbsp; (95400252)<br>| &nbsp;&nbsp;&nbsp; 38639103 | &nbsp;&nbsp;&nbsp; (34547447)<br>| &nbsp;&nbsp;&nbsp; 218154075 | &nbsp;&nbsp;&nbsp; 318501 | &nbsp;&nbsp;&nbsp; 762357 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares Core <br> Universal USD <br> Bond ETF<br>| &nbsp;&nbsp;&nbsp; 112120255<br>| &nbsp;&nbsp;&nbsp; 3877336 | &nbsp;&nbsp;&nbsp; (18250098)<br>| &nbsp;&nbsp;&nbsp; 88394 | &nbsp;&nbsp;&nbsp; (477558)<br>| &nbsp;&nbsp;&nbsp; 97358329 | &nbsp;&nbsp;&nbsp; 2091928 | &nbsp;&nbsp;&nbsp; 1463396 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares MSCI <br> EAFE Value <br> ETF<br>| &nbsp;&nbsp;&nbsp; 94431502<br>| &nbsp;&nbsp;&nbsp; 3540131 | &nbsp;&nbsp;&nbsp; (26322882)<br>| &nbsp;&nbsp;&nbsp; 5322379 | &nbsp;&nbsp;&nbsp; (1396570)<br>| &nbsp;&nbsp;&nbsp; 75574560 | &nbsp;&nbsp;&nbsp; 1058319 | &nbsp;&nbsp;&nbsp; 1657415 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares MSCI <br> Global Gold <br> Miners ETF<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 23666899 | &nbsp;&nbsp;&nbsp; (61939)<br>| &nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp; 3040365 | &nbsp;&nbsp;&nbsp; 26647739 | &nbsp;&nbsp;&nbsp; 361865 | &nbsp;&nbsp;&nbsp; 135295 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares MSCI <br> U.S.A. <br> Momentum <br> Factor ETF<br>| &nbsp;&nbsp;&nbsp; 70842261<br>| &nbsp;&nbsp;&nbsp; 27498376 | &nbsp;&nbsp;&nbsp; (598732)<br>| &nbsp;&nbsp;&nbsp; (6974)<br>| &nbsp;&nbsp;&nbsp; (918527)<br>| &nbsp;&nbsp;&nbsp; 96816404 | &nbsp;&nbsp;&nbsp; 386786 | &nbsp;&nbsp;&nbsp; 257518 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares MSCI <br> U.S.A. Quality <br> Factor ETF<br>| &nbsp;&nbsp;&nbsp; 211627281<br>| &nbsp;&nbsp;&nbsp; 3817035 | &nbsp;&nbsp;&nbsp; (116278304)<br>| &nbsp;&nbsp;&nbsp; 14939514 | &nbsp;&nbsp;&nbsp; (14912910)<br>| &nbsp;&nbsp;&nbsp; 99192616 | &nbsp;&nbsp;&nbsp; 499409 | &nbsp;&nbsp;&nbsp; 302796 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares S&P <br> 100 ETF<br>| &nbsp;&nbsp;&nbsp; 181447060<br>| &nbsp;&nbsp;&nbsp; 5001108 | &nbsp;&nbsp;&nbsp; (1430418)<br>| &nbsp;&nbsp;&nbsp; 7530 | &nbsp;&nbsp;&nbsp; 5564178 | &nbsp;&nbsp;&nbsp; 190589458 | &nbsp;&nbsp;&nbsp; 555703 | &nbsp;&nbsp;&nbsp; 465952 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares S&P <br> 500 Growth <br> ETF<br>| &nbsp;&nbsp;&nbsp; 211424541<br>| &nbsp;&nbsp;&nbsp; 4998134 | &nbsp;&nbsp;&nbsp; (1608193)<br>| &nbsp;&nbsp;&nbsp; 7825 | &nbsp;&nbsp;&nbsp; 4485213 | &nbsp;&nbsp;&nbsp; 219307520 | &nbsp;&nbsp;&nbsp; 1779227 | &nbsp;&nbsp;&nbsp; 230793 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares S&P <br> 500 Value ETF<br>| &nbsp;&nbsp;&nbsp; 181567103<br>| &nbsp;&nbsp;&nbsp; 99371275 | &nbsp;&nbsp;&nbsp; (1674681)<br>| &nbsp;&nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp; 7298141 | &nbsp;&nbsp;&nbsp; 286565313 | &nbsp;&nbsp;&nbsp; 1351277 | &nbsp;&nbsp;&nbsp; 1331801 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares <br> U.S. Aerospace <br> & Defense ETF<br>| &nbsp;&nbsp;&nbsp; 46546539<br>| &nbsp;&nbsp;&nbsp; 1071593 | &nbsp;&nbsp;&nbsp; (356698)<br>| &nbsp;&nbsp;&nbsp; (1638)<br>| &nbsp;&nbsp;&nbsp; 1234381 | &nbsp;&nbsp;&nbsp; 48494177 | &nbsp;&nbsp;&nbsp; 225880 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock 80/20 Target Allocation Fund**

**Affiliates (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *09/30/25*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment*<br> *Value* <br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| &nbsp;&nbsp;&nbsp; iShares <br> U.S. Equity <br> Factor Rotation <br> Active ETF<br>| &nbsp;&nbsp;&nbsp; $250748763<br>| &nbsp;&nbsp;&nbsp; $7440782 | &nbsp;&nbsp;&nbsp; $(1966106)<br>| &nbsp;&nbsp;&nbsp; $7924 | &nbsp;&nbsp;&nbsp; $6885602 | &nbsp;&nbsp;&nbsp; $263116965 | &nbsp;&nbsp;&nbsp; 4326870 | &nbsp;&nbsp;&nbsp; $585416 | &nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; iShares <br> U.S. Thematic <br> Rotation Active <br> ETF<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 92960131 | &nbsp;&nbsp;&nbsp; (245100)<br>| &nbsp;&nbsp;&nbsp; 6743 | &nbsp;&nbsp;&nbsp; 3063001 | &nbsp;&nbsp;&nbsp; 95784775 | &nbsp;&nbsp;&nbsp; 2484045 | &nbsp;&nbsp;&nbsp; 29422 | &nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $60392188 | &nbsp;&nbsp;&nbsp; $(18467435)<br>| &nbsp;&nbsp;&nbsp; $2526861908 |  | &nbsp;&nbsp;&nbsp; $16814112 | &nbsp;&nbsp;&nbsp; $4682998 |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> 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. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

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

Certain investments of the Fund were fair valued using net asset value ("NAV") as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies  | &nbsp;&nbsp; $2310367040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2310367040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 116513457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116513457 |
|  | &nbsp;&nbsp; $2426880497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2426880497 |
| &nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp; 99981411 |
|  |  |  |  | &nbsp;&nbsp; $2526861908 |

---

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

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

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock 80/20 Target Allocation Fund**

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Funds II

- **b. Investment Company Act file number:** 811-22061

- **c. CIK number of Registrant:** 0001398078

- **d. LEI of Registrant:** 549300D3TWJFD5S1P721

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock 80/20 Target Allocation Fund

- **b. EDGAR series identifier (if any):** S000018351

- **c. LEI of Series:** 549300GEXLXO4Y2VQN20

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2518390016.76

**Total Liabilities:** $103714324.19

**Net Assets:** $2414675692.57

**Cash Not Reported:** $1578597.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050684 | 2.11%                | -0.15%               | 0.48%                |
| Class ID C000050685 | 2.07%                | -0.16%               | 0.51%                |
| Class ID C000050686 | 2.00%                | -0.27%               | 0.49%                |
| Class ID C000050687 | 2.09%                | -0.26%               | 0.51%                |
| Class ID C000166010 | 2.11%                | -0.20%               | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $141241.95               | $47563156.33                               |
| Month 2  | $58874341.83             | $-64124323.78                              |
| Month 3  | $0.00                    | $-5385776.06                               |

### Schedule of Portfolio Investments

| Name                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Core Universal USD Bond ETF                | iShares Core Universal USD Bond ETF                | CUSIP: 46434V613<br>LEI: 549300IWM5U5LVTDP761 | Long             | EC               | RF                | US        |   2091151 | NS      | $97322167.54  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Thematic Rotation Active ETF          | iShares U.S. Thematic Rotation Active ETF          | CUSIP: 09290C806<br>LEI: 549300NESYZ7JPZCM419 | Long             | EC               | RF                | US        |   2483472 | NS      | $95762680.32  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF             | iShares Core MSCI Emerging Markets ETF             | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |   3167668 | NS      | $212930642.96 | 8.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund                   | BlackRock Liquidity Funds T-Fund                   | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   3815733 | NS      | $3815732.67   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Value ETF                        | iShares MSCI EAFE Value ETF                        | CUSIP: 464288877<br>LEI: 549300AN74D4XJZB8Y40 | Long             | EC               | RF                | US        |   1058086 | NS      | $75557921.26  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional               | BlackRock Cash Funds - Institutional               | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        | 102735870 | NS      | $102787237.60 | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 500 Growth ETF                         | iShares S&P 500 Growth ETF                         | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Long             | EC               | RF                | US        |   1778823 | NS      | $219257722.98 | 9.08%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares S&P 500 Value ETF                          | iShares S&P 500 Value ETF                          | CUSIP: 464287408<br>LEI: 549300CBC7RH6BCDVO32 | Long             | EC               | RF                | US        |   1350964 | NS      | $286498935.48 | 11.86%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Quality Factor ETF                | iShares MSCI USA Quality Factor ETF                | CUSIP: 46432F339<br>LEI: 5493007KMK0CQLE2O168 | Long             | EC               | RF                | US        |    499298 | NS      | $99170568.76  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                           | iShares Core S&P 500 ETF                           | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |    318428 | NS      | $218104074.32 | 9.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 100 ETF                                | iShares S&P 100 ETF                                | CUSIP: 464287101<br>LEI: 549300G3FWQPUM47D181 | Long             | EC               | RF                | US        |    555574 | NS      | $190545214.78 | 7.89%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Core International Aggregate Bond ETF      | iShares Core International Aggregate Bond ETF      | CUSIP: 46435G672<br>LEI: 549300FPQU8XYG8LAX15 | Long             | EC               | RF                | US        |    533383 | NS      | $26674483.83  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Aerospace & Defense ETF               | iShares U.S. Aerospace & Defense ETF               | CUSIP: 464288760<br>LEI: 549300BI35CWQ4Q8FM41 | Long             | EC               | RF                | US        |    225829 | NS      | $48483228.01  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Tilts Master for BR_AGR              | International Tilts Master for BR_AGR              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |   4227980 | NS      | $99958753.91  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 10-20 Year Treasury Bond ETF               | iShares 10-20 Year Treasury Bond ETF               | CUSIP: 464288653<br>LEI: 549300MH5J7BUV0VS287 | Long             | EC               | RF                | US        |    486125 | NS      | $49424328.75  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Equity Factor Rotation Active ETF     | iShares U.S. Equity Factor Rotation Active ETF     | CUSIP: 09290C103<br>LEI: 549300GSJ4RMBYLWSX89 | Long             | EC               | RF                | US        |   4325870 | NS      | $263056154.70 | 10.89%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Securitized Income Fund                  | BlackRock Securitized Income Fund                  | CUSIP: 56166L303<br>LEI: 7XZIIEG4IA6DDFOL6S68 | Long             | EC               | RF                | US        |   5012485 | NS      | $45513365.92  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Momentum Factor ETF               | iShares MSCI USA Momentum Factor ETF               | CUSIP: 46432F396<br>LEI: 5493002ZOOZ0SN3YYI81 | Long             | EC               | RF                | US        |    386698 | NS      | $96794376.38  | 4.01%             |  |  |  | No            |                  1 | On Loan: —       |
| BlackRock Strategic Income Opportunities Portfolio | BlackRock Strategic Income Opportunities Portfolio | CUSIP: 09260B374<br>LEI: WMEVRQ7LCLDEFWERGI49 | Long             | EC               | RF                | US        |   4647910 | NS      | $45456560.57  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology Opportunities Fund            | BlackRock Technology Opportunities Fund            | CUSIP: 09258N158<br>LEI: 549300ED38YSMGQKQY06 | Long             | EC               | RF                | US        |   1239023 | NS      | $96928775.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Global Gold Miners ETF                | iShares MSCI Global Gold Miners ETF                | CUSIP: 46434G855<br>LEI: 549300GPQXTYLBQN1755 | Long             | EC               | RF                | US        |    361791 | NS      | $26642289.24  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Total Return Fund                        | BlackRock Total Return Fund                        | CUSIP: 09252M743<br>LEI: 549300WQF7SM1NEFDT68 | Long             | EC               | RF                | US        |  11464215 | NS      | $114871434.67 | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** BlackRock Funds II

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer