# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001193125-26-093654
**Filing Date:** 2026-3
**Character Count:** 736221
**Document Hash:** 996cfb5b0326ace8f467f52a6ca14a8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093654.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093654

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07332
- **FILM NUMBER:** 26725668

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

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

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

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

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

## Series and Classes Contracts Data

### BLACKROCK LIFEPATH INDEX RETIREMENT FUND (Series ID: S000032775)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101134 | Investor A           |  |
| C000101135 | Institutional Shares |  |
| C000101136 | Class K Shares       |  |
| C000201968 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2030 FUND (Series ID: S000032778)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101143 | Investor A           |  |
| C000101144 | Institutional Shares |  |
| C000101145 | Class K Shares       |  |
| C000201971 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2035 FUND (Series ID: S000032779)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101146 | Investor A           |  |
| C000101147 | Institutional Shares |  |
| C000101148 | Class K Shares       |  |
| C000201972 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2040 FUND (Series ID: S000032780)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101149 | Investor A           |  |
| C000101150 | Institutional Shares |  |
| C000101151 | Class K Shares       |  |
| C000201973 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2045 FUND (Series ID: S000032781)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101152 | Investor A           |  |
| C000101153 | Institutional Shares |  |
| C000101154 | Class K Shares       |  |
| C000201974 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2050 FUND (Series ID: S000032782)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101155 | Investor A           |  |
| C000101156 | Institutional Shares |  |
| C000101157 | Class K Shares       |  |
| C000201975 | Investor P Shares    |  |

### BLACKROCK LIFEPATH INDEX 2055 FUND (Series ID: S000032783)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101158 | Investor A           |  |
| C000101159 | Institutional Shares |  |
| C000101160 | Class K Shares       |  |
| C000201976 | Investor P Shares    |  |

### BlackRock LifePath Index 2060 Fund (Series ID: S000052849)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000166217 | Investor A        |  |
| C000166218 | Institutional     |  |
| C000166219 | Class K           |  |
| C000201977 | Investor P Shares |  |

### BlackRock LifePath Index 2065 Fund (Series ID: S000066171)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000213835 | Class K Shares       |  |
| C000213836 | Investor A Shares    |  |
| C000213837 | Institutional Shares |  |
| C000213838 | Investor P Shares    |  |

### BlackRock LifePath Index 2070 Fund (Series ID: S000086333)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000251820 | Class K       |  |
| C000251821 | Investor A    |  |
| C000251822 | Institutional |  |
| C000251823 | Class P       |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-07332

Name of Fund:

---

| |
|:---|
| BlackRock Funds III |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index 2070 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath<sup>®</sup> Index Retirement Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

12/31/2025

Date of reporting period:

12/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LINIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2030 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 14.12%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2030 Fund Custom Benchmark returned 14.29%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661852.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 14.12% | 5.83% | 7.89% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2030 Fund Custom Benchmark | 14.29 | 5.95 | 7.99 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13533216634 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2640827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2030 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 51.0% |
| Fixed-Income Funds | 49.0% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 28.6% |
| iShares Core MSCI Total International Stock ETF | 17.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 14.3% |
| iShares U.S. Securitized Bond Index Fund | 10.7% |
| iShares 0-5 Year TIPS Bond ETF | 7.9% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 6.0% |
| iShares U.S. Long Credit Bond Index Fund | 2.5% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 1.6% |

---

<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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LINIX

Annual Shareholder Report — December 31, 2025

LINIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LINAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2030 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $40(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 13.91%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2030 Fund Custom Benchmark returned 14.29%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661789.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 13.91% | 5.58% | 7.64% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2030 Fund Custom Benchmark | 14.29 | 5.95 | 7.99 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13533216634 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2640827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2030 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 51.0% |
| Fixed-Income Funds | 49.0% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 28.6% |
| iShares Core MSCI Total International Stock ETF | 17.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 14.3% |
| iShares U.S. Securitized Bond Index Fund | 10.7% |
| iShares 0-5 Year TIPS Bond ETF | 7.9% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 6.0% |
| iShares U.S. Long Credit Bond Index Fund | 2.5% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 1.6% |

---

<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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LINAX

Annual Shareholder Report — December 31, 2025

LINAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIDPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2030 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Investor P Shares | $40(a) | 0.37%(a) |

---

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

**How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 13.86%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2030 Fund Custom Benchmark returned 14.29%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661776.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 13.86% | 5.57% | 7.63% |
| Investor P Shares (with sales charge) | 7.88 | 4.44 | 7.05 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2030 Fund Custom Benchmark | 14.29 | 5.95 | 7.99 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13533216634 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2640827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2030 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Equity Funds | 51.0% |
| Fixed-Income Funds | 49.0% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Large Cap Index Master Portfolio | 28.6% |
| iShares Core MSCI Total International Stock ETF | 17.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 14.3% |
| iShares U.S. Securitized Bond Index Fund | 10.7% |
| iShares 0-5 Year TIPS Bond ETF | 7.9% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 6.0% |
| iShares U.S. Long Credit Bond Index Fund | 2.5% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 1.6% |

---

<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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIDPX

Annual Shareholder Report — December 31, 2025

LIDPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LINKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2030 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

**How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 14.19%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2030 Fund Custom Benchmark returned 14.29%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661725.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 14.19% | 5.89% | 7.95% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2030 Fund Custom Benchmark | 14.29 | 5.95 | 7.99 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13533216634 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2640827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2030 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2030 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Equity Funds | 51.0% |
| Fixed-Income Funds | 49.0% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| Large Cap Index Master Portfolio | 28.6% |
| iShares Core MSCI Total International Stock ETF | 17.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 14.3% |
| iShares U.S. Securitized Bond Index Fund | 10.7% |
| iShares 0-5 Year TIPS Bond ETF | 7.9% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 6.0% |
| iShares U.S. Long Credit Bond Index Fund | 2.5% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 1.6% |

---

<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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LINKX

Annual Shareholder Report — December 31, 2025

LINKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIJIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2035 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 16.02%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2035 Fund Custom Benchmark returned 16.08%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661712.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 16.02% | 7.19% | 8.95% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2035 Fund Custom Benchmark | 16.08 | 7.26 | 9.03 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11620250893 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1707902 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2035 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 62.9% |
| Fixed-Income Funds | 37.1% |
| Liabilities in Excess of Other Assets | (—)(a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 35.1% |
| iShares Core MSCI Total International Stock ETF | 22.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 12.0% |
| iShares U.S. Securitized Bond Index Fund | 9.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 4.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.9% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.6% |
| iShares Global Infrastructure ETF | 1.8% |
| Master Small Cap Index Series | 1.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIJIX

Annual Shareholder Report — December 31, 2025

LIJIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIJAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2035 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $40(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 15.70%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2035 Fund Custom Benchmark returned 16.08%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661649.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 15.70% | 6.91% | 8.68% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2035 Fund Custom Benchmark | 16.08 | 7.26 | 9.03 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11620250893 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1707902 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2035 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 62.9% |
| Fixed-Income Funds | 37.1% |
| Liabilities in Excess of Other Assets | (—)(a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 35.1% |
| iShares Core MSCI Total International Stock ETF | 22.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 12.0% |
| iShares U.S. Securitized Bond Index Fund | 9.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 4.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.9% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.6% |
| iShares Global Infrastructure ETF | 1.8% |
| Master Small Cap Index Series | 1.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIJAX

Annual Shareholder Report — December 31, 2025

LIJAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIJPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2035 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $40(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 15.69%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2035 Fund Custom Benchmark returned 16.08%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661648.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 15.69% | 6.91% | 8.68% |
| Investor P Shares (with sales charge) | 9.62 | 5.76 | 8.10 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2035 Fund Custom Benchmark | 16.08 | 7.26 | 9.03 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11620250893 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1707902 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2035 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 62.9% |
| Fixed-Income Funds | 37.1% |
| Liabilities in Excess of Other Assets | (—)(a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 35.1% |
| iShares Core MSCI Total International Stock ETF | 22.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 12.0% |
| iShares U.S. Securitized Bond Index Fund | 9.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 4.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.9% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.6% |
| iShares Global Infrastructure ETF | 1.8% |
| Master Small Cap Index Series | 1.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIJPX

Annual Shareholder Report — December 31, 2025

LIJPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIJKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2035 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

**How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 16.09%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2035 Fund Custom Benchmark returned 16.08%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661585.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 16.09% | 7.23% | 9.01% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2035 Fund Custom Benchmark | 16.08 | 7.26 | 9.03 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11620250893 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1707902 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2035 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2035 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Equity Funds | 62.9% |
| Fixed-Income Funds | 37.1% |
| Liabilities in Excess of Other Assets | (—)(a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Large Cap Index Master Portfolio | 35.1% |
| iShares Core MSCI Total International Stock ETF | 22.4% |
| iShares U.S. Intermediate Government Bond Index Fund | 12.0% |
| iShares U.S. Securitized Bond Index Fund | 9.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 7.6% |
| iShares U.S. Long Government Bond Index Fund | 4.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.9% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.6% |
| iShares Global Infrastructure ETF | 1.8% |
| Master Small Cap Index Series | 1.0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIJKX

Annual Shareholder Report — December 31, 2025

LIJKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIKIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2040 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $12(a) | 0.11%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 17.60%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2040 Fund Custom Benchmark returned 17.68%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661572.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 17.60% | 8.42% | 9.89% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2040 Fund Custom Benchmark | 17.68 | 8.48 | 9.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$14627170300 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1401698 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2040 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, Bloomberg Enhanced Roll Yield Total Return Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 74.6% |
| Fixed-Income Funds | 25.4% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.2) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 40.8% |
| iShares Core MSCI Total International Stock ETF | 26.8% |
| iShares U.S. Intermediate Government Bond Index Fund | 7.4% |
| iShares U.S. Securitized Bond Index Fund | 6.6% |
| iShares U.S. Intermediate Credit Bond Index Fund | 4.5% |
| iShares U.S. Long Government Bond Index Fund | 3.4% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 3.3% |
| iShares U.S. Long Credit Bond Index Fund | 3.2% |
| iShares Global Infrastructure ETF | 2.0% |
| Master Small Cap Index Series | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIKIX

Annual Shareholder Report — December 31, 2025

LIKIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIKAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2040 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $39(a) | 0.36%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 17.27%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2040 Fund Custom Benchmark returned 17.68%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661521.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 17.27% | 8.14% | 9.62% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2040 Fund Custom Benchmark | 17.68 | 8.48 | 9.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$14627170300 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1401698 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2040 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, Bloomberg Enhanced Roll Yield Total Return Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 74.6% |
| Fixed-Income Funds | 25.4% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.2) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 40.8% |
| iShares Core MSCI Total International Stock ETF | 26.8% |
| iShares U.S. Intermediate Government Bond Index Fund | 7.4% |
| iShares U.S. Securitized Bond Index Fund | 6.6% |
| iShares U.S. Intermediate Credit Bond Index Fund | 4.5% |
| iShares U.S. Long Government Bond Index Fund | 3.4% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 3.3% |
| iShares U.S. Long Credit Bond Index Fund | 3.2% |
| iShares Global Infrastructure ETF | 2.0% |
| Master Small Cap Index Series | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIKAX

Annual Shareholder Report — December 31, 2025

LIKAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIKPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2040 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $39(a) | 0.36%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 17.33%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2040 Fund Custom Benchmark returned 17.68%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661508.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 17.33% | 8.16% | 9.62% |
| Investor P Shares (with sales charge) | 11.17 | 7.00 | 9.03 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2040 Fund Custom Benchmark | 17.68 | 8.48 | 9.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$14627170300 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1401698 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2040 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, Bloomberg Enhanced Roll Yield Total Return Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 74.6% |
| Fixed-Income Funds | 25.4% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.2) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 40.8% |
| iShares Core MSCI Total International Stock ETF | 26.8% |
| iShares U.S. Intermediate Government Bond Index Fund | 7.4% |
| iShares U.S. Securitized Bond Index Fund | 6.6% |
| iShares U.S. Intermediate Credit Bond Index Fund | 4.5% |
| iShares U.S. Long Government Bond Index Fund | 3.4% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 3.3% |
| iShares U.S. Long Credit Bond Index Fund | 3.2% |
| iShares Global Infrastructure ETF | 2.0% |
| Master Small Cap Index Series | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIKPX

Annual Shareholder Report — December 31, 2025

LIKPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIKKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2040 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $7(a) | 0.06%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 17.66%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2040 Fund Custom Benchmark returned 17.68%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661445.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 17.66% | 8.48% | 9.95% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2040 Fund Custom Benchmark | 17.68 | 8.48 | 9.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$14627170300 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1401698 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2040 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, Bloomberg Enhanced Roll Yield Total Return Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2040 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 74.6% |
| Fixed-Income Funds | 25.4% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.2) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 40.8% |
| iShares Core MSCI Total International Stock ETF | 26.8% |
| iShares U.S. Intermediate Government Bond Index Fund | 7.4% |
| iShares U.S. Securitized Bond Index Fund | 6.6% |
| iShares U.S. Intermediate Credit Bond Index Fund | 4.5% |
| iShares U.S. Long Government Bond Index Fund | 3.4% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 3.3% |
| iShares U.S. Long Credit Bond Index Fund | 3.2% |
| iShares Global Infrastructure ETF | 2.0% |
| Master Small Cap Index Series | 1.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIKKX

Annual Shareholder Report — December 31, 2025

LIKKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIHIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2045 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 19.02%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2045 Fund Custom Benchmark returned 19.15%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661444.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 19.02% | 9.54% | 10.69% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2045 Fund Custom Benchmark | 19.15 | 9.58 | 10.74 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10670393292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1118928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2045 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 85.1% |
| Fixed-Income Funds | 14.9% |
| Money Market Funds | — %(a) |
| Liabilities in Excess of Other Assets | (—)(b) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(c)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 46.2% |
| iShares Core MSCI Total International Stock ETF | 31.7% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 4.1% |
| iShares U.S. Securitized Bond Index Fund | 3.9% |
| iShares U.S. Intermediate Government Bond Index Fund | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 3.3% |
| Master Small Cap Index Series | 2.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 2.2% |
| iShares U.S. Long Government Bond Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 0.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(c)</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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIHIX

Annual Shareholder Report — December 31, 2025

LIHIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIHAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2045 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $40(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 18.76%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2045 Fund Custom Benchmark returned 19.15%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661381.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 18.76% | 9.27% | 10.42% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2045 Fund Custom Benchmark | 19.15 | 9.58 | 10.74 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10670393292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1118928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2045 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 85.1% |
| Fixed-Income Funds | 14.9% |
| Money Market Funds | — %(a) |
| Liabilities in Excess of Other Assets | (—)(b) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(c)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 46.2% |
| iShares Core MSCI Total International Stock ETF | 31.7% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 4.1% |
| iShares U.S. Securitized Bond Index Fund | 3.9% |
| iShares U.S. Intermediate Government Bond Index Fund | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 3.3% |
| Master Small Cap Index Series | 2.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 2.2% |
| iShares U.S. Long Government Bond Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 0.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(c)</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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIHAX

Annual Shareholder Report — December 31, 2025

LIHAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIHPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2045 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $40(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 18.74%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2045 Fund Custom Benchmark returned 19.15%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661368.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 18.74% | 9.27% | 10.42% |
| Investor P Shares (with sales charge) | 12.51 | 8.10 | 9.83 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2045 Fund Custom Benchmark | 19.15 | 9.58 | 10.74 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10670393292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1118928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2045 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 85.1% |
| Fixed-Income Funds | 14.9% |
| Money Market Funds | — %(a) |
| Liabilities in Excess of Other Assets | (—)(b) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(c)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 46.2% |
| iShares Core MSCI Total International Stock ETF | 31.7% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 4.1% |
| iShares U.S. Securitized Bond Index Fund | 3.9% |
| iShares U.S. Intermediate Government Bond Index Fund | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 3.3% |
| Master Small Cap Index Series | 2.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 2.2% |
| iShares U.S. Long Government Bond Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 0.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(c)</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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIHPX

Annual Shareholder Report — December 31, 2025

LIHPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIHKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2045 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 19.10%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2045 Fund Custom Benchmark returned 19.15%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661317.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 19.10% | 9.61% | 10.75% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2045 Fund Custom Benchmark | 19.15 | 9.58 | 10.74 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$10670393292 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1118928 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2045 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2045 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 85.1% |
| Fixed-Income Funds | 14.9% |
| Money Market Funds | — %(a) |
| Liabilities in Excess of Other Assets | (—)(b) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(c)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 46.2% |
| iShares Core MSCI Total International Stock ETF | 31.7% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 4.1% |
| iShares U.S. Securitized Bond Index Fund | 3.9% |
| iShares U.S. Intermediate Government Bond Index Fund | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 3.3% |
| Master Small Cap Index Series | 2.5% |
| iShares U.S. Intermediate Credit Bond Index Fund | 2.2% |
| iShares U.S. Long Government Bond Index Fund | 1.8% |
| iShares Global Infrastructure ETF | 0.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to greater than (0.1)%.</sup> |
| <sup><sup>(c)</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**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIHKX

Annual Shareholder Report — December 31, 2025

LIHKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIPIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2050 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 20.71%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2050 Fund Custom Benchmark returned 20.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661304.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 20.71% | 10.40% | 11.21% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2050 Fund Custom Benchmark | 20.74 | 10.41 | 11.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11328527605 |
| Number of Portfolio Holdings | &nbsp;&nbsp;9 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$884465 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2050 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Fixed-Income Funds | 6.3% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 51.9% |
| iShares Core MSCI Total International Stock ETF | 36.0% |
| iShares U.S. Long Credit Bond Index Fund | 3.8% |
| Master Small Cap Index Series | 3.2% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.7% |
| iShares U.S. Securitized Bond Index Fund | 1.7% |
| iShares U.S. Long Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Credit Bond Index Fund | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIPIX

Annual Shareholder Report — December 31, 2025

LIPIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIPAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2050 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 20.38%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2050 Fund Custom Benchmark returned 20.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661241.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 20.38% | 10.12% | 10.94% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2050 Fund Custom Benchmark | 20.74 | 10.41 | 11.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11328527605 |
| Number of Portfolio Holdings | &nbsp;&nbsp;9 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$884465 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2050 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Fixed-Income Funds | 6.3% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 51.9% |
| iShares Core MSCI Total International Stock ETF | 36.0% |
| iShares U.S. Long Credit Bond Index Fund | 3.8% |
| Master Small Cap Index Series | 3.2% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.7% |
| iShares U.S. Securitized Bond Index Fund | 1.7% |
| iShares U.S. Long Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Credit Bond Index Fund | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIPAX

Annual Shareholder Report — December 31, 2025

LIPAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIPPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2050 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 20.43%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2050 Fund Custom Benchmark returned 20.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661240.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 20.43% | 10.12% | 10.94% |
| Investor P Shares (with sales charge) | 14.11 | 8.94 | 10.34 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2050 Fund Custom Benchmark | 20.74 | 10.41 | 11.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11328527605 |
| Number of Portfolio Holdings | &nbsp;&nbsp;9 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$884465 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2050 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Fixed-Income Funds | 6.3% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 51.9% |
| iShares Core MSCI Total International Stock ETF | 36.0% |
| iShares U.S. Long Credit Bond Index Fund | 3.8% |
| Master Small Cap Index Series | 3.2% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.7% |
| iShares U.S. Securitized Bond Index Fund | 1.7% |
| iShares U.S. Long Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Credit Bond Index Fund | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIPPX

Annual Shareholder Report — December 31, 2025

LIPPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIPKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2050 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 20.72%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2050 Fund Custom Benchmark returned 20.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661177.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 20.72% | 10.44% | 11.27% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2050 Fund Custom Benchmark | 20.74 | 10.41 | 11.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11328527605 |
| Number of Portfolio Holdings | &nbsp;&nbsp;9 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$884465 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2050 Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>®</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2050 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 93.8% |
| Fixed-Income Funds | 6.3% |
| Liabilities in Excess of Other Assets | (0.1) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 51.9% |
| iShares Core MSCI Total International Stock ETF | 36.0% |
| iShares U.S. Long Credit Bond Index Fund | 3.8% |
| Master Small Cap Index Series | 3.2% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 2.7% |
| iShares U.S. Securitized Bond Index Fund | 1.7% |
| iShares U.S. Long Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Government Bond Index Fund | 0.3% |
| iShares U.S. Intermediate Credit Bond Index Fund | 0.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIPKX

Annual Shareholder Report — December 31, 2025

LIPKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIVIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2055 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 21.58%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2055 Fund Custom Benchmark returned 21.59%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661164.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 21.58% | 10.74% | 11.40% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2055 Fund Custom Benchmark | 21.59 | 10.76 | 11.44 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7814406475 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$445938 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2055 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.5% |
| Fixed-Income Funds | 1.9% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.1% |
| iShares Core MSCI Total International Stock ETF | 38.5% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.8% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIVIX

Annual Shareholder Report — December 31, 2025

LIVIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIVAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2055 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 21.25%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2055 Fund Custom Benchmark returned 21.59%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661113.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 21.25% | 10.46% | 11.12% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2055 Fund Custom Benchmark | 21.59 | 10.76 | 11.44 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7814406475 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$445938 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2055 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.5% |
| Fixed-Income Funds | 1.9% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.1% |
| iShares Core MSCI Total International Stock ETF | 38.5% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.8% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIVAX

Annual Shareholder Report — December 31, 2025

LIVAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIVPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2055 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 21.27%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2055 Fund Custom Benchmark returned 21.59%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661100.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 21.27% | 10.47% | 11.12% |
| Investor P Shares (with sales charge) | 14.91 | 9.28 | 10.52 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2055 Fund Custom Benchmark | 21.59 | 10.76 | 11.44 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7814406475 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$445938 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2055 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.5% |
| Fixed-Income Funds | 1.9% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.1% |
| iShares Core MSCI Total International Stock ETF | 38.5% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.8% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIVPX

Annual Shareholder Report — December 31, 2025

LIVPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIVKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2055 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 21.59%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2055 Fund Custom Benchmark returned 21.59%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661037.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 21.59% | 10.79% | 11.45% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| LifePath Index 2055 Fund Custom Benchmark | 21.59 | 10.76 | 11.44 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7814406475 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$445938 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2055 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2055 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 98.5% |
| Fixed-Income Funds | 1.9% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.5) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.1% |
| iShares Core MSCI Total International Stock ETF | 38.5% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.8% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIVKX

Annual Shareholder Report — December 31, 2025

LIVKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIZIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2060 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 21.66%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2060 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: February 29, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660894.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Institutional Shares | 21.66% | 10.76% | 12.34% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.50 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.83 |
| LifePath Index 2060 Fund Custom Benchmark | 21.74 | 10.80 | 12.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4914728563 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$255700 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

The Fund commenced operations on February 29, 2016.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2060 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.2% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.8% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIZIX

Annual Shareholder Report — December 31, 2025

LIZIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIZAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2060 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 21.37%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2060 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: February 29, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660841.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Investor A Shares | 21.37% | 10.49% | 12.05% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.50 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.83 |
| LifePath Index 2060 Fund Custom Benchmark | 21.74 | 10.80 | 12.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4914728563 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$255700 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on February 29, 2016.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2060 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.2% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.8% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIZAX

Annual Shareholder Report — December 31, 2025

LIZAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIZPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2060 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 21.35%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2060 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: February 29, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660828.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Investor P Shares | 21.35% | 10.49% | 12.06% |
| Investor P Shares (with sales charge) | 14.98 | 9.31 | 11.46 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.50 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.83 |
| LifePath Index 2060 Fund Custom Benchmark | 21.74 | 10.80 | 12.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4914728563 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$255700 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

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

The Fund commenced operations on February 29, 2016.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2060 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.2% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.8% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIZPX

Annual Shareholder Report — December 31, 2025

LIZPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIZKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2060 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 21.71%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2060 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: February 29, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660775.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Class K Shares | 21.71% | 10.81% | 12.39% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.50 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 1.83 |
| LifePath Index 2060 Fund Custom Benchmark | 21.74 | 10.80 | 12.36 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4914728563 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$255700 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

The Fund commenced operations on February 29, 2016.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2060 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2060 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.2% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (0.4) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.8% |
| Master Small Cap Index Series | 3.6% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIZKX

Annual Shareholder Report — December 31, 2025

LIZKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIWIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2065 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 21.68%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2065 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6662112.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Institutional Shares | 21.68% | 10.77% | 12.20% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.52 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 0.95 |
| LifePath Index 2065 Fund Custom Benchmark | 21.74 | 10.79 | 12.19 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1539162472 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$73414 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on October 30, 2019.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2065 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.0% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.3% |
| Liabilities in Excess of Other Assets | (0.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.6% |
| Master Small Cap Index Series | 3.6% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIWIX

Annual Shareholder Report — December 31, 2025

LIWIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIWAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2065 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 21.36%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2065 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6662059.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Investor A Shares | 21.36% | 10.50% | 11.93% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.52 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 0.95 |
| LifePath Index 2065 Fund Custom Benchmark | 21.74 | 10.79 | 12.19 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1539162472 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$73414 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on October 30, 2019.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2065 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.0% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.3% |
| Liabilities in Excess of Other Assets | (0.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.6% |
| Master Small Cap Index Series | 3.6% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIWAX

Annual Shareholder Report — December 31, 2025

LIWAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIWPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2065 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $41(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 21.33%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2065 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6662046.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Investor P Shares | 21.33% | 10.50% | 11.92% |
| Investor P Shares (with sales charge) | 14.96 | 9.32 | 10.96 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.52 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 0.95 |
| LifePath Index 2065 Fund Custom Benchmark | 21.74 | 10.79 | 12.19 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1539162472 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$73414 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

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

The Fund commenced operations on October 30, 2019.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2065 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.0% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.3% |
| Liabilities in Excess of Other Assets | (0.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.6% |
| Master Small Cap Index Series | 3.6% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIWPX

Annual Shareholder Report — December 31, 2025

LIWPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIWKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2065 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $8(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 21.72%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2065 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: October 30, 2019 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661993.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Class K Shares | 21.72% | 10.83% | 12.26% |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 15.52 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 0.95 |
| LifePath Index 2065 Fund Custom Benchmark | 21.74 | 10.79 | 12.19 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1539162472 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$73414 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

The Fund commenced operations on October 30, 2019.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2065 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2065 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 99.0% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.3% |
| Liabilities in Excess of Other Assets | (0.3) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 55.8% |
| iShares Core MSCI Total International Stock ETF | 38.6% |
| Master Small Cap Index Series | 3.6% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIWKX

Annual Shareholder Report — December 31, 2025

LIWKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIYIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2070 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $18(a) | 0.16%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 22.43%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2070 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661036.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 22.43% | 21.48% |
| Russell 1000<sup>®</sup> Index | 17.37 | 16.36 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | 2.89 |
| LifePath Index 2070 Fund Custom Benchmark | 21.74 | 16.39 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55487782 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1089 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2070 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net),, Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 97.8% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.4% |
| Other Assets Less Liabilities | 0.8 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 56.0% |
| iShares Core MSCI Total International Stock ETF | 37.1% |
| Master Small Cap Index Series | 3.7% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIYIX

Annual Shareholder Report — December 31, 2025

LIYIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIYAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2070 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $44(a) | 0.40%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 22.04%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2070 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660971.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 22.04% | 21.02% |
| Russell 1000<sup>®</sup> Index | 17.37 | 16.36 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | 2.89 |
| LifePath Index 2070 Fund Custom Benchmark | 21.74 | 16.39 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55487782 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1089 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

Average annual total returns reflect reductions for service fees.

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2070 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net),, Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 97.8% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.4% |
| Other Assets Less Liabilities | 0.8 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 56.0% |
| iShares Core MSCI Total International Stock ETF | 37.1% |
| Master Small Cap Index Series | 3.7% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIYAX

Annual Shareholder Report — December 31, 2025

LIYAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIYPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2070 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $43(a) | 0.39%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 22.07%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2070 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660959.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Investor P Shares | 22.07% | 21.05% |
| Investor P Shares (with sales charge) | 15.71 | 14.74 |
| Russell 1000<sup>®</sup> Index | 17.37 | 16.36 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | 2.89 |
| LifePath Index 2070 Fund Custom Benchmark | 21.74 | 16.39 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55487782 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1089 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

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

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2070 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net),, Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 97.8% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.4% |
| Other Assets Less Liabilities | 0.8 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 56.0% |
| iShares Core MSCI Total International Stock ETF | 37.1% |
| Master Small Cap Index Series | 3.7% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIYPX

Annual Shareholder Report — December 31, 2025

LIYPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIYKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index 2070 Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $7(a) | 0.06%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 22.48%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index returned 17.37% and the Bloomberg U.S. Aggregate Bond Index returned 7.30%. The LifePath Index 2070 Fund Custom Benchmark returned 21.74%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: September 24, 2024 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6660906.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 22.48% | 21.55% |
| Russell 1000<sup>®</sup> Index | 17.37 | 16.36 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | 2.89 |
| LifePath Index 2070 Fund Custom Benchmark | 21.74 | 16.39 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55487782 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1089 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

The Fund commenced operations on September 24, 2024.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index 2070 Fund Custom Benchmark") comprised of the Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, Bloomberg Enhanced Roll Yield Total Return Index, MSCI ACWI ex USA IMI Index (Net),, Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index 2070 Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Equity Funds | 97.8% |
| Fixed-Income Funds | 1.0% |
| Money Market Funds | 0.4% |
| Other Assets Less Liabilities | 0.8 |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 56.0% |
| iShares Core MSCI Total International Stock ETF | 37.1% |
| Master Small Cap Index Series | 3.7% |
| iShares U.S. Long Credit Bond Index Fund | 1.0% |
| iShares FTSE NAREIT All Equity REITs Index Fund | 1.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, MSCI, Inc. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIYKX

Annual Shareholder Report — December 31, 2025

LIYKX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Institutional Shares \| LIRIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index Retirement Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $13(a) | 0.12%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 12.41%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000<sup>®</sup> Index returned 17.37%. The LifePath Index Retirement Fund Custom Benchmark returned 12.55%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661980.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 12.41% | 3.97% | 5.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| LifePath Index Retirement Fund Custom Benchmark | 12.55 | 4.11 | 6.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13180541904 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3435086 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index Retirement Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 40.1% |
| Money Market Funds | — %(a) |
| Other Assets Less Liabilities | — (a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 22.6% |
| iShares U.S. Intermediate Government Bond Index Fund | 21.2% |
| iShares U.S. Securitized Bond Index Fund | 13.1% |
| iShares Core MSCI Total International Stock ETF | 12.7% |
| iShares 0-5 Year TIPS Bond ETF | 9.7% |
| iShares U.S. Long Government Bond Index Fund | 7.1% |
| iShares U.S. Intermediate Credit Bond Index Fund | 6.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.3% |
| iShares Enhanced Roll Yield Index Fund | 2.2% |
| iShares Global Infrastructure ETF | 1.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Institutional Shares \| LIRIX

Annual Shareholder Report — December 31, 2025

LIRIX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor A Shares \| LIRAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index Retirement Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $39(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 12.10%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000<sup>®</sup> Index returned 17.37%. The LifePath Index Retirement Fund Custom Benchmark returned 12.55%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661929.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 12.10% | 3.71% | 5.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| LifePath Index Retirement Fund Custom Benchmark | 12.55 | 4.11 | 6.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13180541904 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3435086 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

Average annual total returns reflect reductions for service fees.

The Fund compares its performance to that of a customized weighted index (the "LifePath Index Retirement Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 40.1% |
| Money Market Funds | — %(a) |
| Other Assets Less Liabilities | — (a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 22.6% |
| iShares U.S. Intermediate Government Bond Index Fund | 21.2% |
| iShares U.S. Securitized Bond Index Fund | 13.1% |
| iShares Core MSCI Total International Stock ETF | 12.7% |
| iShares 0-5 Year TIPS Bond ETF | 9.7% |
| iShares U.S. Long Government Bond Index Fund | 7.1% |
| iShares U.S. Intermediate Credit Bond Index Fund | 6.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.3% |
| iShares Enhanced Roll Yield Index Fund | 2.2% |
| iShares Global Infrastructure ETF | 1.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor A Shares \| LIRAX

Annual Shareholder Report — December 31, 2025

LIRAX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Investor P Shares \| LIRPX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index Retirement Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor P Shares | $39(a) | 0.37%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor P Shares returned 12.17%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000<sup>®</sup> Index returned 17.37%. The LifePath Index Retirement Fund Custom Benchmark returned 12.55%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661916.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor P Shares | 12.17% | 3.72% | 5.70% |
| Investor P Shares (with sales charge) | 6.28 | 2.60 | 5.13 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| LifePath Index Retirement Fund Custom Benchmark | 12.55 | 4.11 | 6.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13180541904 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3435086 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

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

The Fund compares its performance to that of a customized weighted index (the "LifePath Index Retirement Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

Performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 40.1% |
| Money Market Funds | — %(a) |
| Other Assets Less Liabilities | — (a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 22.6% |
| iShares U.S. Intermediate Government Bond Index Fund | 21.2% |
| iShares U.S. Securitized Bond Index Fund | 13.1% |
| iShares Core MSCI Total International Stock ETF | 12.7% |
| iShares 0-5 Year TIPS Bond ETF | 9.7% |
| iShares U.S. Long Government Bond Index Fund | 7.1% |
| iShares U.S. Intermediate Credit Bond Index Fund | 6.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.3% |
| iShares Enhanced Roll Yield Index Fund | 2.2% |
| iShares Global Infrastructure ETF | 1.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Investor P Shares \| LIRPX

Annual Shareholder Report — December 31, 2025

LIRPX-12/25-AR

![TSR - BLK Retail Logo](g821456images_5650.jpg)

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

### Class K Shares \| LIRKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock LifePath<sup>®</sup> Index Retirement Fund (the "Fund") for the period of January 1, 2025 to December 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 year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $7(a) | 0.07%(a) |

---

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

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 12.48%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30% and the Russell 1000<sup>®</sup> Index returned 17.37%. The LifePath Index Retirement Fund Custom Benchmark returned 12.55%. 

What contributed to performance?

International equities were the top contributor to absolute performance in the funds furthest from retirement, followed by U.S. large-cap equities, U.S. small cap equities, U.S. long-term corporate bonds, and U.S. real estate investment trusts ("REITs").

Large-cap U.S. equities were the top contributor in the funds at and near retirement, followed by international equities, U.S. intermediate-term government bonds, U.S. securitized bonds, U.S. 0- to 5-year Treasury Inflation Protected Securities, U.S. intermediate-term corporate bonds, U.S. long government bonds, commodities, global infrastructure stocks, U.S. long-term corporate bonds, U.S. small-cap stocks, and U.S. REITs.

What detracted from performance?

At a time of positive returns across the broader global financial markets, none of the funds' holdings detracted from absolute performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g821456chartimages_6661853.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 12.48% | 4.02% | 6.00% |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |
| Russell 1000<sup>®</sup> Index | 17.37 | 13.59 | 14.59 |
| LifePath Index Retirement Fund Custom Benchmark | 12.55 | 4.11 | 6.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13180541904 |
| Number of Portfolio Holdings | &nbsp;&nbsp;13 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3435086 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

The Fund compares its performance to that of a customized weighted index (the "LifePath Index Retirement Fund Custom Benchmark") comprised of the Bloomberg Enhanced Roll Yield Total Return Index, Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, FTSE Nareit All Equity REIT Index, ICE<sup>®</sup> U.S. Treasury 0-5 Year Inflation Linked Bond Index, MSCI ACWI ex USA IMI Index (Net), Russell 1000<sup>®</sup> Index, Russell 2000<sup>®</sup> Index and S&P Global Infrastructure Index<sup>TM</sup> (Net), which are representative of the asset classes in which the Fund invests. The weightings of the indices in the LifePath Index Retirement Fund Custom Benchmark are adjusted periodically to reflect the investment adviser's evaluation and adjustment of the Fund's asset allocation strategy.

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

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Fixed-Income Funds | 59.9% |
| Equity Funds | 40.1% |
| Money Market Funds | — %(a) |
| Other Assets Less Liabilities | — (a) |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Large Cap Index Master Portfolio | 22.6% |
| iShares U.S. Intermediate Government Bond Index Fund | 21.2% |
| iShares U.S. Securitized Bond Index Fund | 13.1% |
| iShares Core MSCI Total International Stock ETF | 12.7% |
| iShares 0-5 Year TIPS Bond ETF | 9.7% |
| iShares U.S. Long Government Bond Index Fund | 7.1% |
| iShares U.S. Intermediate Credit Bond Index Fund | 6.5% |
| iShares U.S. Long Credit Bond Index Fund | 2.3% |
| iShares Enhanced Roll Yield Index Fund | 2.2% |
| iShares Global Infrastructure ETF | 1.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, FTSE International Limited, ICE Data Indices, LLC, MSCI, Inc., S&P Dow Jones Indices and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g821456images_5649.jpg)

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

Class K Shares \| LIRKX

Annual Shareholder Report — December 31, 2025

LIRKX-12/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| **Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| BlackRock LifePath Index 2030 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2035 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2040 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2045 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2050 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |

---

#### 1

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| **Entity Name** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>**  | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| BlackRock LifePath Index 2055 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2060 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2065 Fund | $23129 | $23129 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index 2070 Fund | $23129 | $20610 | $0 | $0 | $11288 | $10750 | $0 | $0 |
| BlackRock LifePath Index Retirement Fund | $23129 | $23129 | $0 | $5500 | $11288 | $10750 | $0 | $0 |

---

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| (c) Tax Fees<sup>2</sup> | $0 | $0 |
| (d) All Other Fees<sup>3</sup> | $0 | $0 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial

#### 2

------

reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| **Entity Name** | **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| BlackRock LifePath<sup>®</sup> Index 2030 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2035 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2040 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2045 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2050 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2055 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2060 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2065 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index 2070 Fund | $11288 | $10750 |
| BlackRock LifePath<sup>®</sup> Index Retirement Fund | $11288 | $16250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

#### 3

------

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.

#### 4

------

![](g821456img0eeef6411.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

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

---

| |
|:---|
| **BlackRock Funds III** |
| • BlackRock LifePath® Index Retirement Fund |
| • BlackRock LifePath® Index 2030 Fund |
| • BlackRock LifePath® Index 2035 Fund |
| • BlackRock LifePath® Index 2040 Fund |
| • BlackRock LifePath® Index 2045 Fund |
| • BlackRock LifePath® Index 2050 Fund |
| • BlackRock LifePath® Index 2055 Fund |
| • BlackRock LifePath® Index 2060 Fund |
| • BlackRock LifePath® Index 2065 Fund |
| • BlackRock LifePath® Index 2070 Fund |

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_288c9439-88cc-4369-a2e7-f901af62617d_RskDeriv-Footer-FundBookName-824_1)  | 3 |
| [Schedules of Investments](#xx_288c9439-88cc-4369-a2e7-f901af62617d_SOI-Footer-FundBookName-824_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_288c9439-88cc-4369-a2e7-f901af62617d_FS-Footer-FundBookName-824_1)  | 23 |
| [Statements of Operations](#xx_288c9439-88cc-4369-a2e7-f901af62617d_FS-Footer-FundBookName-824_7)  | 29 |
| [Statements of Changes in Net Assets](#xx_288c9439-88cc-4369-a2e7-f901af62617d_FS-Footer-FundBookName-824_10)  | 32 |
| [Financial Highlights](#xx_288c9439-88cc-4369-a2e7-f901af62617d_FIHI-Footer-FundBookName-824_1)  | 37 |
| [Notes to Financial Statements](#xx_288c9439-88cc-4369-a2e7-f901af62617d_NTF-Footer-FundBookName-824_1)  | 77 |
| [Report of Independent Registered Public Accounting Firm](#xx_288c9439-88cc-4369-a2e7-f901af62617d_AUDIT-Footer-FundBookName-824_1)  | 92 |
| [Important Tax Information](#xx_288c9439-88cc-4369-a2e7-f901af62617d_TAX-1-Footer-FundBookName-824_1)  | 93 |
| [Additional Information](#xx_288c9439-88cc-4369-a2e7-f901af62617d_ADDInfo-Footer-FundBookName-824_1)  | 95 |
| [Glossary of Terms Used in these Financial Statements](#xx_288c9439-88cc-4369-a2e7-f901af62617d_Terms-Footer-FundBookName-824_1)  | 97 |

---

------

Derivative Financial Instruments

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

Derivative Financial Instruments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index Retirement Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 40.1%** | **Equity Funds — 40.1%** | **Equity Funds — 40.1%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 19771542 | $1673463315 |
| iShares Enhanced Roll Yield Index Fund | 28838741 | 296173871 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 7971879 | 73979037 |
| iShares Global Infrastructure ETF | 3229958 | 198190223 |
| Large Cap Index Master Portfolio | $2975960013 | 2975960013 |
| Master Small Cap Index Series | $66089657 | 66089657 |
|  |  | 5283856116 |
| **Fixed-Income Funds — 59.9%** | **Fixed-Income Funds — 59.9%** | **Fixed-Income Funds — 59.9%** |
| iShares 0-5 Year TIPS Bond ETF | 12420509 | 1271735917 |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 83470428 | 854737183 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 278496011 | 2793314986 |
| iShares U.S. Long Credit Bond Index Fund | 33326508 | 303604487 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 120951815 | 937376565 |
| iShares U.S. Securitized Bond Index Fund | 178883625 | 1731593494 |
|  |  | 7892362632 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |  |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(b)</sup><br>| 3675633 | $3675633 |
| **Total Investments — 100.0%** <br>**(Cost: $9,667,612,056)** | **Total Investments — 100.0%** <br>**(Cost: $9,667,612,056)** | 13179894381 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 647523 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13180541904 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $205121994 | $— | &nbsp;&nbsp; $(205152189 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $26426 | $3769 | $— |  | $98077 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; — | 3675633 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 3675633 | 3675633 | 563502 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<br>| &nbsp;&nbsp; 1209400323 | 267701644 | &nbsp;&nbsp; (230831741)<br>| &nbsp;&nbsp;&nbsp; 2923691 | 22542000 | 1271735917 | 12420509 | 53993872 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 1534541191 | 241382466 | &nbsp;&nbsp; (505781797)<br>| &nbsp;&nbsp;&nbsp; 74889494 | 328431961 | 1673463315 | 19771542 | 56890720 | &nbsp;&nbsp; — |
| iShares Enhanced Roll <br> Yield Index Fund<br>| &nbsp;&nbsp; 277676133 | 46107464 | &nbsp;&nbsp; (38638040)<br>| &nbsp;&nbsp;&nbsp; 1990222 | 9038092 | 296173871 | 28838741 | 32708897 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index <br> Fund<br>| &nbsp;&nbsp; 109134156 | 4407387 | &nbsp;&nbsp; (39127374)<br>| &nbsp;&nbsp;&nbsp; (2654365)<br>| 2219233 | 73979037 | 7971879 | 2766713 | &nbsp;&nbsp; 210432 |
| iShares Global <br> Infrastructure ETF<br>| &nbsp;&nbsp; 169412454 | 24291260 | &nbsp;&nbsp; (25213639)<br>| &nbsp;&nbsp;&nbsp; 479490 | 29220658 | 198190223 | 3229958 | 6369668 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 179756456 |  | &nbsp;&nbsp; (180011596)<br>| &nbsp;&nbsp;&nbsp; 1843938 | (1588798)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; 1113743389 | 101364775 | &nbsp;&nbsp; (391587221)<br>| &nbsp;&nbsp;&nbsp; 2256390 | 28959850 | 854737183 | 83470428 | 43856760 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 2219788941 | 880292249 | &nbsp;&nbsp; (372185899)<br>| &nbsp;&nbsp;&nbsp; (2367060)<br>| 67786755 | 2793314986 | 278496011 | 87453292 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 410844243 | 32678418 | &nbsp;&nbsp; (144946276)<br>| &nbsp;&nbsp;&nbsp; (17348457)<br>| 22376559 | 303604487 | 33326508 | 18632394 | &nbsp;&nbsp; — |
| iShares U.S. Long <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 1165004819 | 143887503 | &nbsp;&nbsp; (385903383)<br>| &nbsp;&nbsp;&nbsp; (97925145)<br>| 112312771 | 937376565 | 120951815 | 43918484 | &nbsp;&nbsp; — |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index Retirement Fund** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| iShares U.S. Securitized <br> Bond Index Fund<br>| &nbsp;&nbsp; $1821616164 | $152361982 | &nbsp;&nbsp; $(315259354)<br>| &nbsp;&nbsp;&nbsp; $(16941698)<br>| $89816400 | $1731593494 | 178883625 | $69745069 | &nbsp;&nbsp; $3643962 |
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; 3170719532 |  | &nbsp;&nbsp; (641428131 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 99804641 | 346863971 | 2975960013 | $2975960013 | 38540386 | &nbsp;&nbsp; — |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 71318515 |  | &nbsp;&nbsp; (12667358 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 16923719 | (9485219)<br>| 66089657 | $66089657 | 815338 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $63901286 | $1048498002 | $13179894381 |  | $456353172 | &nbsp;&nbsp; $3854394 |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $2241806446 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2241806446 |
| Fixed-Income Funds | &nbsp;&nbsp; 7892362632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7892362632 |
| Money Market Funds | &nbsp;&nbsp; 3675633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3675633 |
|  | &nbsp;&nbsp; $10137844711 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 10137844711 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3042049670 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13179894381 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2030 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 51.0%** | **Equity Funds — 51.0%** | **Equity Funds — 51.0%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 27754850 | $2349170504 |
| iShares Enhanced Roll Yield Index Fund | 14396310 | 147850105 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 26814593 | 248839421 |
| iShares Global Infrastructure ETF<sup>(b)</sup> | 3439992 | 211077909 |
| Large Cap Index Master Portfolio | $3878224059 | 3878224059 |
| Master Small Cap Index Series | $63002450 | 63002450 |
|  |  | 6898164448 |
| **Fixed-Income Funds — 49.0%** | **Fixed-Income Funds — 49.0%** | **Fixed-Income Funds — 49.0%** |
| iShares 0-5 Year TIPS Bond ETF | 10421787 | 1067086771 |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 101049128 | 1034743066 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 192626306 | 1932041845 |
| iShares U.S. Long Credit Bond Index Fund | 37723529 | 343661348 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 104193872 | 807502504 |
| iShares U.S. Securitized Bond Index Fund | 149846241 | 1450511612 |
|  |  | 6635547146 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(c)(d)</sup><br>| 8374812 | $8379000 |
| **Total Investments — 100.1%** <br>**(Cost: $9,578,713,962)** | **Total Investments — 100.1%** <br>**(Cost: $9,578,713,962)** | 13542090594 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (8873960)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13533216634 |

---

&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 year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $187682552 | $— | $(179310864 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $7382 | $(70)<br>| $8379000 | 8374812 | $50590 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| &nbsp;&nbsp; 18349533 |  | (18349533 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |  |  |  | 656693 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<br>| &nbsp;&nbsp; 872572610 | 255542661 | (79029159)<br>| &nbsp;&nbsp;&nbsp; 356616 | 17644043 | 1067086771 | 10421787 | 42732656 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 2094842034 | 326382802 | (631783266)<br>| &nbsp;&nbsp;&nbsp; 68773921 | 490955013 | 2349170504 | 27754850 | 80488942 | &nbsp;&nbsp; — |
| iShares Enhanced Roll Yield <br> Index Fund<br>| &nbsp;&nbsp; 85029147 | 69305286 | (8669573)<br>| &nbsp;&nbsp;&nbsp; 110038 | 2075207 | 147850105 | 14396310 | 15441169 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index Fund<br>| &nbsp;&nbsp; 263876740 | 13340308 | (25687845)<br>| &nbsp;&nbsp;&nbsp; (1915480)<br>| (774302)<br>| 248839421 | 26814593 | 8248321 | &nbsp;&nbsp; 686963 |
| iShares Global <br> Infrastructure ETF<br>| &nbsp;&nbsp; 174530053 | 18227121 | (12080808)<br>| &nbsp;&nbsp;&nbsp; 69370 | 30332173 | 211077909 | 3439992 | 6613223 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 145667382 |  | (145874137)<br>| &nbsp;&nbsp;&nbsp; 1528187 | (1321432)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; 1161287200 | 170626194 | (330806347)<br>| &nbsp;&nbsp;&nbsp; 1551245 | 32084774 | 1034743066 | 101049128 | 47284233 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 855159834 | 1162035846 | (114525454)<br>| &nbsp;&nbsp;&nbsp; (698157)<br>| 30069776 | 1932041845 | 192626306 | 50539081 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 479097021 | 38074364 | (179710027)<br>| &nbsp;&nbsp;&nbsp; (21026459)<br>| 27226449 | 343661348 | 37723529 | 21470218 | &nbsp;&nbsp; — |
| iShares U.S. Long <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 1071026112 | 148520669 | (427215219)<br>| &nbsp;&nbsp;&nbsp; (108658119)<br>| 123829061 | 807502504 | 104193872 | 37915220 | &nbsp;&nbsp; — |
| iShares U.S. Securitized <br> Bond Index Fund<br>| &nbsp;&nbsp; 1323279581 | 181132756 | (111071821)<br>| &nbsp;&nbsp;&nbsp; (5157078)<br>| 62328174 | 1450511612 | 149846241 | 52483980 | &nbsp;&nbsp; 2998764 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2030 Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; $3970207232 | $—<br> $(668975638 )<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; $93359578 | $483632887 | $3878224059 | $3878224059 | $49485810 | &nbsp;&nbsp; $— |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 97848197 | —<br> (40846314 )<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 15127074 | (9126507)<br>| 63002450 | $63002450 | 896241 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp; $43428118 | $1288955246 | $13542090594 |  | $414306377 | &nbsp;&nbsp; $3685727 |

---

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

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

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

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

<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 |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $2956937939 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2956937939 |
| Fixed-Income Funds | &nbsp;&nbsp; 6635547146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6635547146 |
| Money Market Funds | &nbsp;&nbsp; 8379000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8379000 |
|  | &nbsp;&nbsp; $9600864085 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 9600864085 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3941226509 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $13542090594 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2035 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 62.9%** | **Equity Funds — 62.9%** | **Equity Funds — 62.9%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 30739038 | $2601752176 |
| iShares Enhanced Roll Yield Index Fund | 114051 | 1171301 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 32155456 | 298402636 |
| iShares Global Infrastructure ETF | 3472940 | 213099599 |
| Large Cap Index Master Portfolio | $4078252850 | 4078252850 |
| Master Small Cap Index Series | $117250664 | 117250664 |
|  |  | 7309929226 |
| **Fixed-Income Funds — 37.1%** | **Fixed-Income Funds — 37.1%** | **Fixed-Income Funds — 37.1%** |
| iShares 0-5 Year TIPS Bond ETF | 721509 | 73875307 |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 86168329 | 882363685 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 138261262 | 1386760454 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/*<br> *Investment Value*<br>| *Value* |
| **Fixed-Income Funds (continued)** | **Fixed-Income Funds (continued)** | **Fixed-Income Funds (continued)** |
| iShares U.S. Long Credit Bond Index Fund | 36871071 | $335895460 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 67945354 | 526576493 |
| iShares U.S. Securitized Bond Index Fund | 114240924 | 1105852145 |
|  |  | 4311323544 |
| **Total Investments — 100.0%** <br>**(Cost: $8,131,828,031)** | **Total Investments — 100.0%** <br>**(Cost: $8,131,828,031)** | 11621252770 |
| **Liabilities in Excess of Other Assets — 0.0%** | **Liabilities in Excess of Other Assets — 0.0%** | (1001877)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11620250893 |

---

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $3277038 | $— | $(3272557 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $(4802)<br>| $321 | $— |  | $22451 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; — | 815086113 | (815086113)<br>| &nbsp;&nbsp;&nbsp; — |  |  |  | 712733 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<br>| &nbsp;&nbsp; 63190482 | 36562769 | (27214070)<br>| &nbsp;&nbsp;&nbsp; 635432 | 700694 | 73875307 | 721509 | 1955158 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 2100578820 | 388850174 | (472764080)<br>| &nbsp;&nbsp;&nbsp; 18824267 | 566262995 | 2601752176 | 30739038 | 86218981 | &nbsp;&nbsp; — |
| iShares Enhanced Roll Yield <br> Index Fund<br>| &nbsp;&nbsp; 1014142 | 170169 | (49298)<br>| &nbsp;&nbsp;&nbsp; 1773 | 34515 | 1171301 | 114051 | 129313 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index Fund<br>| &nbsp;&nbsp; 288076659 | 28821500 | (14842824)<br>| &nbsp;&nbsp;&nbsp; (1279606)<br>| (2373093)<br>| 298402636 | 32155456 | 9495358 | &nbsp;&nbsp; 805754 |
| iShares Global Infrastructure <br> ETF<br>| &nbsp;&nbsp; 178542245 | 13856331 | (10345588)<br>| &nbsp;&nbsp;&nbsp; 92435 | 30954176 | 213099599 | 3472940 | 6720807 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 99549772 |  | (99691069)<br>| &nbsp;&nbsp;&nbsp; 525247 | (383950)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; 631144171 | 351624013 | (124260021)<br>| &nbsp;&nbsp;&nbsp; 192124 | 23663398 | 882363685 | 86168329 | 35081567 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 810810283 | 655672755 | (106017968)<br>| &nbsp;&nbsp;&nbsp; (764201)<br>| 27059585 | 1386760454 | 138261262 | 38436528 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit Bond <br> Index Fund<br>| &nbsp;&nbsp; 436714094 | 40074381 | (147076062)<br>| &nbsp;&nbsp;&nbsp; (19636341)<br>| 25819388 | 335895460 | 36871071 | 20001489 | &nbsp;&nbsp; — |
| iShares U.S. Long Government <br> Bond Index Fund<br>| &nbsp;&nbsp; 545252955 | 118365134 | (143545050)<br>| &nbsp;&nbsp;&nbsp; (38369579)<br>| 44873033 | 526576493 | 67945354 | 22263765 | &nbsp;&nbsp; — |
| iShares U.S. Securitized Bond <br> Index Fund<br>| &nbsp;&nbsp; 933587257 | 182067596 | (51875990)<br>| &nbsp;&nbsp;&nbsp; (2030807)<br>| 44104089 | 1105852145 | 114240924 | 38389871 | &nbsp;&nbsp; 2286816 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2035 Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; $3835705617 | $—<br> $(339003072) <sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp; $69353654 | $512196651 | $4078252850 | $4078252850 | $49593690 | &nbsp;&nbsp; $— |
| Master Small Cap Index Series | &nbsp;&nbsp; 153084904 | —<br> &nbsp;&nbsp;&nbsp;&nbsp; (48521069)<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp; 10436115 | 2250714 | 117250664 | $117250664 | 1603964 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp; $37975711 | $1275162516 | $11621252770 |  | $310625675 | &nbsp;&nbsp; $3092570 |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $3114425712 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3114425712 |
| Fixed-Income Funds | &nbsp;&nbsp; 4311323544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4311323544 |
|  | &nbsp;&nbsp; $7425749256 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 7425749256 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4195503514 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11621252770 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2040 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 74.6%** | **Equity Funds — 74.6%** | **Equity Funds — 74.6%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 46356432 | $3923608404 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 52347784 | 485787436 |
| iShares Global Infrastructure ETF<sup>(b)</sup> | 4711155 | 289076471 |
| Large Cap Index Master Portfolio | $5966821715 | 5966821715 |
| Master Small Cap Index Series | $243941624 | 243941624 |
|  |  | 10909235650 |
| **Fixed-Income Funds — 25.4%** | **Fixed-Income Funds — 25.4%** | **Fixed-Income Funds — 25.4%** |
| iShares 0-5 Year TIPS Bond ETF | 472870 | 48417159 |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 63949831 | 654846269 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 108418848 | 1087441048 |
| iShares U.S. Long Credit Bond Index Fund | 51122198 | 465723228 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 65017011 | 503881837 |
| iShares U.S. Securitized Bond Index Fund | 99063065 | 958930473 |
|  |  | 3719240014 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(c)(d)</sup><br>| 762339 | $762720 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(c)</sup><br>| 20234615 | 20234615 |
|  |  | 20997335 |
| **Total Investments — 100.2%** <br>**(Cost: $9,310,561,306)** | **Total Investments — 100.2%** <br>**(Cost: $9,310,561,306)** | 14649472999 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (22302699)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $14627170300 |

---

&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 year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $55858474 | $— | &nbsp;&nbsp; $(55092234 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $(7890)<br>| $4370 | $762720 | 762339 | $54736 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; — | 20234615 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 20234615 | 20234615 | 897204 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<br>| &nbsp;&nbsp; 61932177 | 7286580 | &nbsp;&nbsp; (22051301)<br>| &nbsp;&nbsp;&nbsp; 492102 | 757601 | 48417159 | 472870 | 2048331 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 3157265059 | 532959679 | &nbsp;&nbsp; (637282014)<br>| &nbsp;&nbsp;&nbsp; 24826014 | 845839666 | 3923608404 | 46356432 | 129021003 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index Fund<br>| &nbsp;&nbsp; 449026602 | 66846103 | &nbsp;&nbsp; (24123789)<br>| &nbsp;&nbsp;&nbsp; (1968209)<br>| (3993271)<br>| 485787436 | 52347784 | 15086622 | &nbsp;&nbsp; 1313082 |
| iShares Global Infrastructure <br> ETF<br>| &nbsp;&nbsp; 250377116 | 16160323 | &nbsp;&nbsp; (20179278)<br>| &nbsp;&nbsp;&nbsp; 219797 | 42498513 | 289076471 | 4711155 | 9133617 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 98938387 |  | &nbsp;&nbsp; (99078817)<br>| &nbsp;&nbsp;&nbsp; 519729 | (379299)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; 468947615 | 214858440 | &nbsp;&nbsp; (46240939)<br>| &nbsp;&nbsp;&nbsp; (39463)<br>| 17320616 | 654846269 | 63949831 | 25520514 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 552638511 | 561035165 | &nbsp;&nbsp; (45662509)<br>| &nbsp;&nbsp;&nbsp; (295346)<br>| 19725227 | 1087441048 | 108418848 | 28950928 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 532520267 | 59851861 | &nbsp;&nbsp; (134227986)<br>| &nbsp;&nbsp;&nbsp; (19409738)<br>| 26988824 | 465723228 | 51122198 | 25827821 | &nbsp;&nbsp; — |
| iShares U.S. Long <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 467069089 | 132337454 | &nbsp;&nbsp; (100590780)<br>| &nbsp;&nbsp;&nbsp; (27368887)<br>| 32434961 | 503881837 | 65017011 | 20001598 | &nbsp;&nbsp; — |
| iShares U.S. Securitized <br> Bond Index Fund<br>| &nbsp;&nbsp; 789262190 | 184037832 | &nbsp;&nbsp; (50451992)<br>| &nbsp;&nbsp;&nbsp; (1620952)<br>| 37703395 | 958930473 | 99063065 | 32167957 | &nbsp;&nbsp; 1970200 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2040 Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; $5614914003 | $—<br> &nbsp;&nbsp; $(489356587)<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; $106843358 | $734420941 | $5966821715 | $5966821715 | $72021139 | &nbsp;&nbsp; $— |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 272694634 | —<br> &nbsp;&nbsp; (54553664 )<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 12961361 | 12839293 | 243941624 | $243941624 | 3089082 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp; $95151876 | $1766160837 | $14649472999 |  | $363820552 | &nbsp;&nbsp; $3283282 |

---

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

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

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

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

<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 |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $4698472311 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4698472311 |
| Fixed-Income Funds | &nbsp;&nbsp; 3719240014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3719240014 |
| Money Market Funds | &nbsp;&nbsp; 20997335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20997335 |
|  | &nbsp;&nbsp; $8438709660 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 8438709660 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6210763339 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $14649472999 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2045 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 85.1%** | **Equity Funds — 85.1%** | **Equity Funds — 85.1%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 39925595 | $3379302361 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 46973859 | 435917410 |
| iShares Global Infrastructure ETF | 1146300 | 70336968 |
| Large Cap Index Master Portfolio | $4935816807 | 4935816807 |
| Master Small Cap Index Series | $262277007 | 262277007 |
|  |  | 9083650553 |
| **Fixed-Income Funds — 14.9%** | **Fixed-Income Funds — 14.9%** | **Fixed-Income Funds — 14.9%** |
| iShares 0-5 Year TIPS Bond ETF | 39312 | 4025156 |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 22784642 | 233314736 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 38594074 | 387098567 |
| iShares U.S. Long Credit Bond Index Fund | 38506569 | 350794844 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 25558621 | 198079310 |
| iShares U.S. Securitized Bond Index Fund | 42750346 | 413823352 |
|  |  | 1587135965 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |  |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(b)</sup><br>| 2597912 | $2597912 |
| **Total Investments — 100.0%** <br>**(Cost: $6,791,618,767)** | **Total Investments — 100.0%** <br>**(Cost: $6,791,618,767)** | 10673384430 |
| **Liabilities in Excess of Other Assets — 0.0%** | **Liabilities in Excess of Other Assets — 0.0%** | (2991138)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $10670393292 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $132603317 | $— | &nbsp;&nbsp; $(132598601 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $(5109)<br>| $393 | $— |  | $33989 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<br>| &nbsp;&nbsp; — | 2597912 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 2597912 | 2597912 | 737984 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<br>| &nbsp;&nbsp; 1234966 | 2944569 | &nbsp;&nbsp; (176041)<br>| &nbsp;&nbsp;&nbsp; (259)<br>| 21921 | 4025156 | 39312 | 79566 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 2627401910 | 508194109 | &nbsp;&nbsp; (488516353)<br>| &nbsp;&nbsp;&nbsp; 4361991 | 727860704 | 3379302361 | 39925595 | 109644192 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index <br> Fund<br>| &nbsp;&nbsp; 384685767 | 85419367 | &nbsp;&nbsp; (28891441)<br>| &nbsp;&nbsp;&nbsp; (2144769)<br>| (3151514)<br>| 435917410 | 46973859 | 13217370 | &nbsp;&nbsp; 1158819 |
| iShares Global <br> Infrastructure ETF<br>| &nbsp;&nbsp; 25674449 | 41346531 | &nbsp;&nbsp; (1996015)<br>| &nbsp;&nbsp;&nbsp; (7571)<br>| 5319574 | 70336968 | 1146300 | 1528433 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 44689627 |  | &nbsp;&nbsp; (44753058)<br>| &nbsp;&nbsp;&nbsp; 317109 | (253678)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; 146734828 | 89754001 | &nbsp;&nbsp; (8559566)<br>| &nbsp;&nbsp;&nbsp; (71159)<br>| 5456632 | 233314736 | 22784642 | 8126238 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 126764768 | 268516698 | &nbsp;&nbsp; (13573012)<br>| &nbsp;&nbsp;&nbsp; (78943)<br>| 5469056 | 387098567 | 38594074 | 9139684 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 384727163 | 61632123 | &nbsp;&nbsp; (101015543)<br>| &nbsp;&nbsp;&nbsp; (14717247)<br>| 20168348 | 350794844 | 38506569 | 18807131 | &nbsp;&nbsp; — |
| iShares U.S. Long <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 163966155 | 59714065 | &nbsp;&nbsp; (27274988)<br>| &nbsp;&nbsp;&nbsp; (5920752)<br>| 7594830 | 198079310 | 25558621 | 7352495 | &nbsp;&nbsp; — |
| iShares U.S. Securitized <br> Bond Index Fund<br>| &nbsp;&nbsp; 290382257 | 125542310 | &nbsp;&nbsp; (17130313)<br>| &nbsp;&nbsp;&nbsp; (218940)<br>| 15248038 | 413823352 | 42750346 | 12858436 | &nbsp;&nbsp; 832029 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2045 Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| &nbsp;&nbsp; *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares/*<br> *Investment Value*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; $4507773962 | $—<br> &nbsp;&nbsp; $(254403289 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; $68490081 | $613956053 | $4935816807 | $4935816807 | $58591381 | &nbsp;&nbsp; $— |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 277002674 | —<br> &nbsp;&nbsp; (44449919 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 7614036 | 22110216 | 262277007 | $262277007 | 3355521 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp; $57618468 | $1419800573 | $10673384430 |  | $243472420 | &nbsp;&nbsp; $1990848 |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $3885556739 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3885556739 |
| Fixed-Income Funds | &nbsp;&nbsp; 1587135965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1587135965 |
| Money Market Funds | &nbsp;&nbsp; 2597912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2597912 |
|  | &nbsp;&nbsp; $5475290616 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 5475290616 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5198093814 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $10673384430 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2050 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 93.8%** | **Equity Funds — 93.8%** | **Equity Funds — 93.8%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 48224388 | $4081712200 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 32986139 | 306111371 |
| Large Cap Index Master Portfolio | $5884492699 | 5884492699 |
| Master Small Cap Index Series | $359719207 | 359719207 |
|  |  | 10632035477 |
| **Fixed-Income Funds — 6.3%** | **Fixed-Income Funds — 6.3%** | **Fixed-Income Funds — 6.3%** |
| iShares U.S. Intermediate Credit Bond Index <br> Fund<br>| 1612223 | 16509162 |
| iShares U.S. Intermediate Government Bond <br> Index Fund<br>| 3539764 | 35503834 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/*<br> *Investment Value*<br>| *Value* |
| **Fixed-Income Funds (continued)** | **Fixed-Income Funds (continued)** | **Fixed-Income Funds (continued)** |
| iShares U.S. Long Credit Bond Index Fund | 47691893 | $434473141 |
| iShares U.S. Long Government Bond Index <br> Fund<br>| 4866638 | 37716448 |
| iShares U.S. Securitized Bond Index Fund | 19267966 | 186513914 |
|  |  | 710716499 |
| **Total Investments — 100.1%** <br>**(Cost: $6,915,112,923)** | **Total Investments — 100.1%** <br>**(Cost: $6,915,112,923)** | 11342751976 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (14224371)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11328527605 |

---

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $156764565 | $— | $(156780330 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $12964 | $2801 | $— |  | $159313 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<sup>(a)</sup><br>| &nbsp;&nbsp; — | 678747827 | (678747827)<br>| &nbsp;&nbsp;&nbsp; — |  |  |  | 708500 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond <br> ETF<sup>(a)</sup><br>| &nbsp;&nbsp; — | 964189 | (968302)<br>| &nbsp;&nbsp;&nbsp; 4113 |  |  |  | 2824 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 3092357710 | 586037071 | (464458510)<br>| &nbsp;&nbsp;&nbsp; 2690595 | 865085334 | 4081712200 | 48224388 | 130536127 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index Fund<br>| &nbsp;&nbsp; 211915689 | 109658444 | (10950602)<br>| &nbsp;&nbsp;&nbsp; (878767)<br>| (3633393)<br>| 306111371 | 32986139 | 8355059 | &nbsp;&nbsp; 756824 |
| iShares Global Infrastructure <br> ETF<sup>(a)</sup><br>| &nbsp;&nbsp; — | 961684 | (996756)<br>| &nbsp;&nbsp;&nbsp; 35072 |  |  |  | 16499 | &nbsp;&nbsp; — |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 21234030 |  | (21264169)<br>| &nbsp;&nbsp;&nbsp; 235442 | (205303)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Credit Bond Index Fund<br>| &nbsp;&nbsp; — | 16730168 | (476367)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| 255496 | 16509162 | 1612223 | 447036 | &nbsp;&nbsp; — |
| iShares U.S. Intermediate <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; — | 36244828 | (911297)<br>| &nbsp;&nbsp;&nbsp; (3982)<br>| 174285 | 35503834 | 3539764 | 655956 | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 328448973 | 150934147 | (50689614)<br>| &nbsp;&nbsp;&nbsp; (7239432)<br>| 13019067 | 434473141 | 47691893 | 19270867 | &nbsp;&nbsp; — |
| iShares U.S. Long <br> Government Bond Index <br> Fund<br>| &nbsp;&nbsp; 18812847 | 19813642 | (1150075)<br>| &nbsp;&nbsp;&nbsp; (131388)<br>| 371422 | 37716448 | 4866638 | 1230892 | &nbsp;&nbsp; — |
| iShares U.S. Securitized Bond <br> Index Fund<br>| &nbsp;&nbsp; 117485946 | 68408949 | (6034241)<br>| &nbsp;&nbsp;&nbsp; 478480 | 6174780 | 186513914 | 19267966 | 5292138 | &nbsp;&nbsp; 360405 |
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; 5249414361 |  | (170667227 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 74558784 | 731186781 | 5884492699 | $5884492699 | 68844331 | &nbsp;&nbsp; — |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 356200664 |  | (38041052 )<sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 6173209 | 35386386 | 359719207 | $359719207 | 4558172 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $75934955 | $1647817656 | $11342751976 |  | $240077714 | &nbsp;&nbsp; $1117229 |

---

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

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2050 Fund** 

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $4387823571 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4387823571 |
| Fixed-Income Funds | &nbsp;&nbsp; 710716499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 710716499 |
|  | &nbsp;&nbsp; $5098540070 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 5098540070 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6244211906 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $11342751976 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2055 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 98.5%** | **Equity Funds — 98.5%** | **Equity Funds — 98.5%** |
| iShares Core MSCI Total International Stock <br> ETF<sup>(b)</sup><br>| 35537987 | $3007935220 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 10926767 | 101400397 |
| Large Cap Index Master Portfolio | $4309548882 | 4309548882 |
| Master Small Cap Index Series | $277703180 | 277703180 |
|  |  | 7696587679 |
| **Fixed-Income Funds — 1.9%** | **Fixed-Income Funds — 1.9%** | **Fixed-Income Funds — 1.9%** |
| iShares U.S. Long Credit Bond Index Fund | 15846882 | 144365094 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(c)(d)</sup><br>| 8717304 | $8721663 |
| **Total Investments — 100.5%** <br>**(Cost: $4,962,838,377)** | **Total Investments — 100.5%** <br>**(Cost: $4,962,838,377)** | 7849674436 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (35267961)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7814406475 |

---

&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 year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $28104251 | $— | &nbsp;&nbsp;&nbsp; $(19377147 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $(8276)<br>| $2835 | $8721663 | 8717304 | $18983 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash <br> Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| &nbsp;&nbsp; — | 458218466 | &nbsp;&nbsp;&nbsp; (458218466)<br>| &nbsp;&nbsp;&nbsp; — |  |  |  | 510873 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 2151864569 | 521129705 | &nbsp;&nbsp;&nbsp; (285019991)<br>| &nbsp;&nbsp;&nbsp; (148574)<br>| 620109511 | 3007935220 | 35537987 | 94634892 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All <br> Equity REITs Index Fund<br>| &nbsp;&nbsp; 75898060 | 30033496 | &nbsp;&nbsp;&nbsp; (3133822)<br>| &nbsp;&nbsp;&nbsp; (268395)<br>| (1128942)<br>| 101400397 | 10926767 | 2836630 | &nbsp;&nbsp; 250828 |
| iShares TIPS Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 7507726 |  | &nbsp;&nbsp;&nbsp; (7518382)<br>| &nbsp;&nbsp;&nbsp; 45697 | (35041)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Long Credit <br> Bond Index Fund<br>| &nbsp;&nbsp; 86658978 | 58662550 | &nbsp;&nbsp;&nbsp; (3313230)<br>| &nbsp;&nbsp;&nbsp; (78907)<br>| 2435703 | 144365094 | 15846882 | 5672722 | &nbsp;&nbsp; — |
| Large Cap Index Master <br> Portfolio<br>| &nbsp;&nbsp; 3654635475 | 72886714 <br><sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43308592 | 538718101 | 4309548882 | $4309548882 | 49299556 | &nbsp;&nbsp; — |
| Master Small Cap Index <br> Series<br>| &nbsp;&nbsp; 264412465 |  | &nbsp;&nbsp;&nbsp; (18956952 )<sup>(a)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1664639 | 30583028 | 277703180 | $277703180 | 3454153 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $44514776 | $1190685195 | $7849674436 |  | $156427809 | &nbsp;&nbsp; $250828 |

---

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

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

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

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

<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 |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $3109335617 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3109335617 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2055 Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Fixed-Income Funds | &nbsp;&nbsp; $144365094 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $144365094 |
| Money Market Funds | &nbsp;&nbsp; 8721663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8721663 |
|  | &nbsp;&nbsp; $3262422374 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 3262422374 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4587252062 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $7849674436 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2060 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 99.2%** | **Equity Funds — 99.2%** | **Equity Funds — 99.2%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 22514304 | $1905610691 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 5162830 | 47911063 |
| Large Cap Index Master Portfolio | $2742709709 | 2742709709 |
| Master Small Cap Index Series | $178435483 | 178435483 |
|  |  | 4874666946 |
| **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** |
| iShares U.S. Long Credit Bond Index Fund | 5408694 | 49273197 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |  |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(b)</sup><br>| 10985755 | $10985755 |
| **Total Investments — 100.4%** <br>**(Cost: $3,383,988,395)** | **Total Investments — 100.4%** <br>**(Cost: $3,383,988,395)** | 4934925898 |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (20197335)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4914728563 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $978436 | $— | &nbsp;&nbsp;&nbsp; $(983404 )<sup>(b)</sup><br>| &nbsp;&nbsp; $4936 | $32 | $— |  | $10289 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| &nbsp;&nbsp; — | 10985755 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 10985755 | 10985755 | 372754 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 1264688073 | 417293846 | &nbsp;&nbsp;&nbsp; (154139887)<br>| &nbsp;&nbsp; (1335420)<br>| 379104079 | 1905610691 | 22514304 | 59040909 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All Equity <br> REITs Index Fund<br>| &nbsp;&nbsp; 37384514 | 12261878 | &nbsp;&nbsp;&nbsp; (1054063)<br>| &nbsp;&nbsp; (94447)<br>| (586819)<br>| 47911063 | 5162830 | 1422169 | &nbsp;&nbsp; 126406 |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 1828931 |  | &nbsp;&nbsp;&nbsp; (1831527)<br>| &nbsp;&nbsp; 11588 | (8992)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Long Credit Bond <br> Index Fund<br>| &nbsp;&nbsp; 36106895 | 13962944 | &nbsp;&nbsp;&nbsp; (1796247)<br>| &nbsp;&nbsp; (57584)<br>| 1057189 | 49273197 | 5408694 | 2201405 | &nbsp;&nbsp; — |
| Large Cap Index Master Portfolio | &nbsp;&nbsp; 2146044022 | 234112747 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 19230248 | 343322692 | 2742709709 | $2742709709 | 30214737 | &nbsp;&nbsp; — |
| Master Small Cap Index Series | &nbsp;&nbsp; 155986278 | 1508927 <br><sup>(b)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (379529)<br>| 21319807 | 178435483 | $178435483 | 2154093 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $17379792 | $744207988 | $4934925898 |  | $95416356 | &nbsp;&nbsp; $126406 |

---

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

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

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

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

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $1953521754 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1953521754 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2060 Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Fixed-Income Funds | &nbsp;&nbsp; $49273197 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49273197 |
| Money Market Funds | &nbsp;&nbsp; 10985755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10985755 |
|  | &nbsp;&nbsp; $2013780706 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 2013780706 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2921145192 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4934925898 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2065 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 99.0%** | **Equity Funds — 99.0%** | **Equity Funds — 99.0%** |
| iShares Core MSCI Total International Stock <br> ETF<br>| 7016530 | $593879100 |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| 1668987 | 15488202 |
| Large Cap Index Master Portfolio | $858782006 | 858782006 |
| Master Small Cap Index Series | $55557684 | 55557684 |
|  |  | 1523706992 |
| **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** |
| iShares U.S. Long Credit Bond Index Fund | 1693789 | 15430419 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.72%<sup>(b)</sup><br>| 4110403 | $4110403 |
| **Total Investments — 100.3%** <br>**(Cost: $1,171,100,046)** | **Total Investments — 100.3%** <br>**(Cost: $1,171,100,046)** | 1543247814 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (4085342)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1539162472 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $160950000 | &nbsp;&nbsp;&nbsp; $(160950000)<br>| $— | $— | $— |  | $7398 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, <br> SL Agency Shares<br>| &nbsp;&nbsp; — | 4110403 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |  |  | 4110403 | 4110403 | 125818 | &nbsp;&nbsp; — |
| iShares Core MSCI Total <br> International Stock ETF<br>| &nbsp;&nbsp; 330955433 | 196656495 | &nbsp;&nbsp;&nbsp; (41641742)<br>| (822081)<br>| 108730995 | 593879100 | 7016530 | 17690471 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All Equity <br> REITs Index Fund<br>| &nbsp;&nbsp; 9638042 | 6340742 | &nbsp;&nbsp;&nbsp; (263706)<br>| (21334)<br>| (205542)<br>| 15488202 | 1668987 | 422779 | &nbsp;&nbsp; 40238 |
| iShares TIPS Bond ETF<sup>(a)</sup> | &nbsp;&nbsp; 289496 |  | &nbsp;&nbsp;&nbsp; (289907)<br>| 6679 | (6268)<br>|  |  |  | &nbsp;&nbsp; — |
| iShares U.S. Long Credit Bond <br> Index Fund<br>| &nbsp;&nbsp; 9620444 | 5943449 | &nbsp;&nbsp;&nbsp; (392591)<br>| (33627)<br>| 292744 | 15430419 | 1693789 | 664656 | &nbsp;&nbsp; — |
| Large Cap Index Master Portfolio | &nbsp;&nbsp; 561334765 | 190817861 <br><sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | 3196952 | 103432428 | 858782006 | $858782006 | 8716851 | &nbsp;&nbsp; — |
| Master Small Cap Index Series | &nbsp;&nbsp; 40328369 | 8726214 <br><sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | (900048)<br>| 7403149 | 55557684 | $55557684 | 636972 | &nbsp;&nbsp; — |
|  |  |  |  | $1426541 | $219647506 | $1543247814 |  | $28264945 | &nbsp;&nbsp; $40238 |

---

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

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

<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> Represents net amount purchased (sold).

<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 |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $609367302 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $609367302 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock LifePath® Index 2065 Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Fixed-Income Funds | &nbsp;&nbsp; $15430419 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15430419 |
| Money Market Funds | &nbsp;&nbsp; 4110403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4110403 |
|  | &nbsp;&nbsp; $628908124 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 628908124 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 914339690 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1543247814 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

December 31, 2025

**BlackRock LifePath® Index 2070 Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/* <br>*Investment Value*<br>| *Value* |
| **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> | **Investment Companies**<sup>(a)</sup> |
| **Equity Funds — 97.8%** | **Equity Funds — 97.8%** | **Equity Funds — 97.8%** |
| iShares Core MSCI Total International Stock ETF | 243244 | $20588172 |
| iShares FTSE NAREIT All Equity REITs Index Fund | 57906 | 537365 |
| Large Cap Index Master Portfolio | $31049145 | 31049145 |
| Master Small Cap Index Series | $2082886 | 2082886 |
|  |  | 54257568 |
| **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** | **Fixed-Income Funds — 1.0%** |
| iShares U.S. Long Credit Bond Index Fund | 61055 | 556214 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |  |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.72%<sup>(b)</sup><br>| 237544 | $237544 |
| **Total Investments — 99.2%** <br>**(Cost: $50,927,971)** | **Total Investments — 99.2%** <br>**(Cost: $50,927,971)** | 55051326 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 436456 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $55487782 |

---

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

<sup>(a)</sup> Affiliate of the Fund. <br> <sup>(b)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year 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>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares/* <br>*Investment Value* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $5925869 | &nbsp;&nbsp;&nbsp; $(5925869)<br>| $— | $— | $— |  | $32 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp; 4146 | 233398 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — |  |  | 237544 | 237544 | 1012 | &nbsp;&nbsp; — |
| iShares Core MSCI Total International Stock ETF | &nbsp;&nbsp; 346243 | 19565138 | &nbsp;&nbsp;&nbsp; (706903)<br>| (4954)<br>| 1388648 | 20588172 | 243244 | 425035 | &nbsp;&nbsp; — |
| iShares FTSE NAREIT All Equity REITs Index <br> Fund<br>| &nbsp;&nbsp; 10065 | 548458 | &nbsp;&nbsp;&nbsp; (9191)<br>| (493)<br>| (11474)<br>| 537365 | 57906 | 9011 | &nbsp;&nbsp; 1188 |
| iShares U.S. Long Credit Bond Index Fund | &nbsp;&nbsp; 11460 | 560692 | &nbsp;&nbsp;&nbsp; (15301)<br>| (1164)<br>| 527 | 556214 | 61055 | 11076 | &nbsp;&nbsp; — |
| Large Cap Index Master Portfolio | &nbsp;&nbsp; 683635 | 28476541 <br><sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | (704974)<br>| 2593943 | 31049145 | $31049145 | 137662 | &nbsp;&nbsp; — |
| Master Small Cap Index Series | &nbsp;&nbsp; 50712 | 1887976 <br><sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | (19695)<br>| 163893 | 2082886 | $2082886 | 11716 | &nbsp;&nbsp; — |
|  |  |  |  | $(731280)<br>| $4135537 | $55051326 |  | $595544 | &nbsp;&nbsp; $1188 |

---

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

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

<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> Represents net amount purchased (sold).

<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 |  |  |  |  |
| Investments  |  |  |  |  |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; $21125537 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21125537 |
| Fixed-Income Funds | &nbsp;&nbsp; 556214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 556214 |
| Money Market Funds | &nbsp;&nbsp; 237544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237544 |
|  | &nbsp;&nbsp; $21919295 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 21919295 |
| Investments Valued at NAV<sup>(a)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33132031 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $55051326 |

---

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>Retirement Fund<br>| BlackRock <br>LifePath® Index <br>2030 Fund<br>| BlackRock <br>LifePath® Index <br>2035 Fund<br>| BlackRock <br>LifePath® Index <br>2040 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $13179894381 | $13542090594 | $11621252770 | $14649472999 |
| Cash | 1395 | 24871991 | 23323831 | 9254808 |
| Receivables: |  |  |  |  |
| Investments sold | 48136718 | 38896344 | 25207486 | 26903164 |
| Securities lending income — affiliated | 921 | 378 | 1357 | 4357 |
| Capital shares sold | 21573308 | 15169215 | 20261476 | 13346478 |
| Dividends — affiliated | 21416127 | 18077444 | 13870540 | 12075371 |
| Total assets | 13271022850 | 13639105966 | 11703917460 | 14711057177 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned |  | 8379000 |  | 762720 |
| Payables: |  |  |  |  |
| Investments purchased | 22092985 | 18651960 | 14295310 | 12419024 |
| Administration fees | 549722 | 561742 | 403227 | 605827 |
| Capital shares redeemed | 67016824 | 77587105 | 68722387 | 69497874 |
| Investment advisory fees | 286795 | 235669 | 158646 | 132413 |
| Trustees' and Officer's fees | 21670 | 21802 | 18667 | 23059 |
| Professional fees | 71846 | 31850 | 31844 | 31689 |
| Service fees | 441104 | 420204 | 36486 | 414271 |
| Total liabilities | 90480946 | 105889332 | 83666567 | 83886877 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $13180541904 | $13533216634 | $11620250893 | $14627170300 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $9342935692 | $9415554825 | $8104001221 | $9352464920 |
| Accumulated earnings | 3837606212 | 4117661809 | 3516249672 | 5274705380 |
| NET ASSETS | $13180541904 | $13533216634 | $11620250893 | $14627170300 |
| <sup>(a)</sup> Investments, at cost—affiliated | $9667612056 | $9578713962 | $8131828031 | $9310561306 |
| <sup>(b)</sup> Securities loaned, at value | $— | $8160880 | $— | $742456 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>Retirement Fund<br>| BlackRock <br>LifePath® Index <br>2030 Fund<br>| BlackRock <br>LifePath® Index <br>2035 Fund<br>| BlackRock <br>LifePath® Index <br>2040 Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $498128450 | $595667915 | $233476676 | $832737828 |
| Shares outstanding | 33407136 | 31527565 | 10957360 | 35751645 |
| Net asset value | $14.91 | $18.89 | $21.31 | $23.29 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $149695185 | $121296045 | $84850526 | $121811766 |
| Shares outstanding | 10046152 | 6415530 | 3989859 | 5238261 |
| Net asset value | $14.90 | $18.91 | $21.27 | $23.25 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor P** |  |  |  |  |
| Net assets | $1904696015 | $1857989003 | $86926532 | $1853216828 |
| Shares outstanding | 128041211 | 98451201 | 4103656 | 79827370 |
| Net asset value | $14.88 | $18.87 | $21.18 | $23.22 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $10628022254 | $10958263671 | $11214997159 | $11819403878 |
| Shares outstanding | 713249374 | 580602249 | 526883438 | 507534782 |
| Net asset value | $14.90 | $18.87 | $21.29 | $23.29 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2045 Fund<br>| BlackRock <br>LifePath® Index <br>2050 Fund<br>| BlackRock <br>LifePath® Index <br>2055 Fund<br>| BlackRock <br>LifePath® Index <br>2060 Fund<br>|
| **ASSETS** |  |  |  |  |
| Investments, at value — affiliated<sup>(a)(b)</sup> | $10673384430 | $11342751976 | $7849674436 | $4934925898 |
| Cash | 18784387 | 22999566 | 15861979 |  |
| Receivables: |  |  |  |  |
| Investments sold | 48815338 | 67947541 | 66000000 | 42449259 |
| Securities lending income — affiliated | 4134 | 10628 | 4166 | 1946 |
| Capital shares sold | 10624586 | 11271699 | 9247631 | 6850212 |
| Dividends — affiliated | 5251686 | 2601780 | 614232 | 244669 |
| Total assets | 10756864561 | 11447583190 | 7941402444 | 4984471984 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned |  |  | 8727110 |  |
| Payables: |  |  |  |  |
| Investments purchased | 5384897 | 2643609 | 596692 | 1296988 |
| Administration fees | 369192 | 421461 | 271805 | 167276 |
| Capital shares redeemed | 80543568 | 115692026 | 117290497 | 68191067 |
| Investment advisory fees | 98948 | 80899 | 39919 | 23242 |
| Trustees' and Officer's fees | 17166 | 18124 | 12915 | 10870 |
| Professional fees | 29561 | 28395 | 34792 | 42232 |
| Service fees | 27937 | 171071 | 22239 | 11746 |
| Total liabilities | 86471269 | 119055585 | 126995969 | 69743421 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $10670393292 | $11328527605 | $7814406475 | $4914728563 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $6893692749 | $7040036631 | $5016873779 | $3404022062 |
| Accumulated earnings | 3776700543 | 4288490974 | 2797532696 | 1510706501 |
| NET ASSETS | $10670393292 | $11328527605 | $7814406475 | $4914728563 |
| <sup>(a)</sup> Investments, at cost—affiliated | $6791618767 | $6915112923 | $4962838377 | $3383988395 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $8514784 | $— |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2045 Fund<br>| BlackRock <br>LifePath® Index <br>2050 Fund<br>| BlackRock <br>LifePath® Index <br>2055 Fund<br>| BlackRock <br>LifePath® Index <br>2060 Fund<br>|
| **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| Net assets | $210862831 | $216529776 | $163417707 | $102339057 |
| Shares outstanding | 8203201 | 7932591 | 5722530 | 3985051 |
| Net asset value | $25.70 | $27.30 | $28.56 | $25.68 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor A** |  |  |  |  |
| Net assets | $83410604 | $103383698 | $80021883 | $25527884 |
| Shares outstanding | 3250472 | 3796848 | 2808669 | 996199 |
| Net asset value | $25.66 | $27.23 | $28.49 | $25.63 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Investor P** |  |  |  |  |
| Net assets | $46698793 | $714668255 | $26367404 | $32093451 |
| Shares outstanding | 1826851 | 26288996 | 928082 | 1255173 |
| Net asset value | $25.56 | $27.19 | $28.41 | $25.57 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |
| **Class K** |  |  |  |  |
| Net assets | $10329421064 | $10293945876 | $7544599481 | $4754768171 |
| Shares outstanding | 401453929 | 377169394 | 264132956 | 185068741 |
| Net asset value | $25.73 | $27.29 | $28.56 | $25.69 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value | No par value | No par value | No par value | No par value |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2065 Fund<br>| BlackRock <br>LifePath® Index <br>2070 Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — affiliated<sup>(a)</sup> | $1543247814 | $55051326 |
| Receivables: |  |  |
| Investments sold | 12613023 |  |
| Securities lending income — affiliated | 7394 |  |
| Capital shares sold | 4864022 | 1634834 |
| Dividends — affiliated | 77658 | 3121 |
| Total assets | 1560809911 | 56689281 |
| **LIABILITIES** |  |  |
| Bank overdraft | 281797 | 324 |
| Payables: |  |  |
| Investments purchased | 768172 | 1150464 |
| Administration fees | 51768 | 1727 |
| Capital shares redeemed | 20500096 | 28886 |
| Investment advisory fees | 7278 | 233 |
| Trustees' and Officer's fees | 3529 | 1441 |
| Professional fees | 29693 | 18287 |
| Service fees | 5106 | 137 |
| Total liabilities | 21647439 | 1201499 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1539162472 | $55487782 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $1183732294 | $52088272 |
| Accumulated earnings | 355430178 | 3399510 |
| NET ASSETS | $1539162472 | $55487782 |
| <sup>(a)</sup> Investments, at cost—affiliated | $1171100046 | $50927971 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2065 Fund<br>| BlackRock <br>LifePath® Index <br>2070 Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $58253216 | $1398069 |
| Shares outstanding | 3210953 | 117393 |
| Net asset value | $18.14 | $11.91 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Investor A** |  |  |
| Net assets | $8148991 | $237762 |
| Shares outstanding | 450081 | 19990 |
| Net asset value | $18.11 | $11.89 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Investor P** |  |  |
| Net assets | $18195550 | $559129 |
| Shares outstanding | 1005297 | 47057 |
| Net asset value | $18.10 | $11.88 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |
| **Class K** |  |  |
| Net assets | $1454564715 | $53292822 |
| Shares outstanding | 80149404 | 4475095 |
| Net asset value | $18.15 | $11.91 |
| Shares authorized | Unlimited | Unlimited |
| Par value | No par value | No par value |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>Retirement Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2030 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2035 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2040 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $416899371 | &nbsp;&nbsp;&nbsp; $363873736 | &nbsp;&nbsp;&nbsp; $259405570 | &nbsp;&nbsp;&nbsp; $288655595 |
| Interest — unaffiliated | &nbsp;&nbsp; 29558 | &nbsp;&nbsp;&nbsp; 22658 | &nbsp;&nbsp;&nbsp; 20589 | &nbsp;&nbsp;&nbsp; 23238 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 98077 | &nbsp;&nbsp;&nbsp; 50590 | &nbsp;&nbsp;&nbsp; 22451 | &nbsp;&nbsp;&nbsp; 54736 |
| Other income — unaffiliated | &nbsp;&nbsp; 5699 | &nbsp;&nbsp;&nbsp; 10881 | &nbsp;&nbsp;&nbsp; 7177 | &nbsp;&nbsp;&nbsp; 11210 |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 38960519 | &nbsp;&nbsp;&nbsp; 49887108 | &nbsp;&nbsp;&nbsp; 50635907 | &nbsp;&nbsp;&nbsp; 74224731 |
| Interest — affiliated | &nbsp;&nbsp; 1415500 | &nbsp;&nbsp;&nbsp; 1803529 | &nbsp;&nbsp;&nbsp; 1884289 | &nbsp;&nbsp;&nbsp; 2816122 |
| Expenses | &nbsp;&nbsp; (1041481)<br>| &nbsp;&nbsp;&nbsp; (1335669)<br>| &nbsp;&nbsp;&nbsp; (1350591)<br>| &nbsp;&nbsp;&nbsp; (1972276)<br>|
| Fees waived | &nbsp;&nbsp; 21186 | &nbsp;&nbsp;&nbsp; 27083 | &nbsp;&nbsp;&nbsp; 28049 | &nbsp;&nbsp;&nbsp; 41644 |
| Total investment income | &nbsp;&nbsp; 456388429 | &nbsp;&nbsp;&nbsp; 414339916 | &nbsp;&nbsp;&nbsp; 310653441 | &nbsp;&nbsp;&nbsp; 363855000 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 6671030 | &nbsp;&nbsp;&nbsp; 6538927 | &nbsp;&nbsp;&nbsp; 5419759 | &nbsp;&nbsp;&nbsp; 6795123 |
| Administration — class specific | &nbsp;&nbsp; 6618936 | &nbsp;&nbsp;&nbsp; 6494471 | &nbsp;&nbsp;&nbsp; 4527164 | &nbsp;&nbsp;&nbsp; 6759473 |
| Service — class specific | &nbsp;&nbsp; 5171067 | &nbsp;&nbsp;&nbsp; 4882208 | &nbsp;&nbsp;&nbsp; 405060 | &nbsp;&nbsp;&nbsp; 4676113 |
| Trustees and Officer | &nbsp;&nbsp; 110013 | &nbsp;&nbsp;&nbsp; 96329 | &nbsp;&nbsp;&nbsp; 81614 | &nbsp;&nbsp;&nbsp; 100516 |
| Professional | &nbsp;&nbsp; 7419 | &nbsp;&nbsp;&nbsp; 23242 | &nbsp;&nbsp;&nbsp; 23089 | &nbsp;&nbsp;&nbsp; 23087 |
| Miscellaneous | &nbsp;&nbsp; 10999 | &nbsp;&nbsp;&nbsp; 8258 | &nbsp;&nbsp;&nbsp; 6760 | &nbsp;&nbsp;&nbsp; 8261 |
| Total expenses | &nbsp;&nbsp; 18589464 | &nbsp;&nbsp;&nbsp; 18043435 | &nbsp;&nbsp;&nbsp; 10463446 | &nbsp;&nbsp;&nbsp; 18362573 |
| Less fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (3353376)<br>| &nbsp;&nbsp;&nbsp; (4017671)<br>| &nbsp;&nbsp;&nbsp; (3816560)<br>| &nbsp;&nbsp;&nbsp; (5517028)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 15236088 | &nbsp;&nbsp;&nbsp; 14025764 | &nbsp;&nbsp;&nbsp; 6646886 | &nbsp;&nbsp;&nbsp; 12845545 |
| Net investment income | &nbsp;&nbsp; 441152341 | &nbsp;&nbsp;&nbsp; 400314152 | &nbsp;&nbsp;&nbsp; 304006555 | &nbsp;&nbsp;&nbsp; 351009455 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; (52827074)<br>| &nbsp;&nbsp;&nbsp; (65058534)<br>| &nbsp;&nbsp;&nbsp; (41814058)<br>| &nbsp;&nbsp;&nbsp; (24652843)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; 3854394 | &nbsp;&nbsp;&nbsp; 3685727 | &nbsp;&nbsp;&nbsp; 3092570 | &nbsp;&nbsp;&nbsp; 3283282 |
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange <br> contracts and foreign currency transactions allocated from the applicable affiliated Underlying <br> Master Portfolio<br>| &nbsp;&nbsp; 116728360 | &nbsp;&nbsp;&nbsp; 108486652 | &nbsp;&nbsp;&nbsp; 79789769 | &nbsp;&nbsp;&nbsp; 119804719 |
|  | &nbsp;&nbsp; 67755680 | &nbsp;&nbsp;&nbsp; 47113845 | &nbsp;&nbsp;&nbsp; 41068281 | &nbsp;&nbsp;&nbsp; 98435158 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 711119250 | &nbsp;&nbsp;&nbsp; 814448866 | &nbsp;&nbsp;&nbsp; 760715151 | &nbsp;&nbsp;&nbsp; 1018900603 |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward <br> foreign currency exchange contracts and foreign currency translations allocated from the <br> applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 337378752 | &nbsp;&nbsp;&nbsp; 474506380 | &nbsp;&nbsp;&nbsp; 514447365 | &nbsp;&nbsp;&nbsp; 747260234 |
|  | &nbsp;&nbsp; 1048498002 | &nbsp;&nbsp;&nbsp; 1288955246 | &nbsp;&nbsp;&nbsp; 1275162516 | &nbsp;&nbsp;&nbsp; 1766160837 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1116253682 | &nbsp;&nbsp;&nbsp; 1336069091 | &nbsp;&nbsp;&nbsp; 1316230797 | &nbsp;&nbsp;&nbsp; 1864595995 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1557406023 | &nbsp;&nbsp;&nbsp; $1736383243 | &nbsp;&nbsp;&nbsp; $1620237352 | &nbsp;&nbsp;&nbsp; $2215605450 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2045 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2050 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2055 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2060 Fund<br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $181491529 | &nbsp;&nbsp;&nbsp; $166515898 | &nbsp;&nbsp;&nbsp; $103655117 | &nbsp;&nbsp;&nbsp; $63037237 |
| Interest — unaffiliated | &nbsp;&nbsp; 20242 | &nbsp;&nbsp;&nbsp; 17904 | &nbsp;&nbsp;&nbsp; 10885 | &nbsp;&nbsp;&nbsp; 882 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 33989 | &nbsp;&nbsp;&nbsp; 159313 | &nbsp;&nbsp;&nbsp; 18983 | &nbsp;&nbsp;&nbsp; 10289 |
| Other income — unaffiliated | &nbsp;&nbsp; 6351 | &nbsp;&nbsp;&nbsp; 6772 | &nbsp;&nbsp;&nbsp; 4236 | &nbsp;&nbsp;&nbsp; — |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 61147417 | &nbsp;&nbsp;&nbsp; 72408033 | &nbsp;&nbsp;&nbsp; 52024489 | &nbsp;&nbsp;&nbsp; 31920101 |
| Interest — affiliated | &nbsp;&nbsp; 2382607 | &nbsp;&nbsp;&nbsp; 2862893 | &nbsp;&nbsp;&nbsp; 2070322 | &nbsp;&nbsp;&nbsp; 1271208 |
| Expenses | &nbsp;&nbsp; (1618059)<br>| &nbsp;&nbsp;&nbsp; (1910202)<br>| &nbsp;&nbsp;&nbsp; (1371253)<br>| &nbsp;&nbsp;&nbsp; (840981)<br>|
| Fees waived | &nbsp;&nbsp; 34937 | &nbsp;&nbsp;&nbsp; 41779 | &nbsp;&nbsp;&nbsp; 30151 | &nbsp;&nbsp;&nbsp; 18502 |
| Total investment income | &nbsp;&nbsp; 243499013 | &nbsp;&nbsp;&nbsp; 240102390 | &nbsp;&nbsp;&nbsp; 156442930 | &nbsp;&nbsp;&nbsp; 95417238 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 4876623 | &nbsp;&nbsp;&nbsp; 5141117 | &nbsp;&nbsp;&nbsp; 3500816 | &nbsp;&nbsp;&nbsp; 2129979 |
| Administration — class specific | &nbsp;&nbsp; 4057510 | &nbsp;&nbsp;&nbsp; 4587890 | &nbsp;&nbsp;&nbsp; 2924458 | &nbsp;&nbsp;&nbsp; 1773185 |
| Service — class specific | &nbsp;&nbsp; 302053 | &nbsp;&nbsp;&nbsp; 1890561 | &nbsp;&nbsp;&nbsp; 244342 | &nbsp;&nbsp;&nbsp; 126953 |
| Trustees and Officer | &nbsp;&nbsp; 74411 | &nbsp;&nbsp;&nbsp; 78256 | &nbsp;&nbsp;&nbsp; 55637 | &nbsp;&nbsp;&nbsp; 38990 |
| Professional | &nbsp;&nbsp; 23089 | &nbsp;&nbsp;&nbsp; 23242 | &nbsp;&nbsp;&nbsp; 23089 | &nbsp;&nbsp;&nbsp; 23119 |
| Miscellaneous | &nbsp;&nbsp; 6760 | &nbsp;&nbsp;&nbsp; 8262 | &nbsp;&nbsp;&nbsp; 7260 | &nbsp;&nbsp;&nbsp; 5258 |
| Total expenses | &nbsp;&nbsp; 9340446 | &nbsp;&nbsp;&nbsp; 11729328 | &nbsp;&nbsp;&nbsp; 6755602 | &nbsp;&nbsp;&nbsp; 4097484 |
| Less fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (3855195)<br>| &nbsp;&nbsp;&nbsp; (4358151)<br>| &nbsp;&nbsp;&nbsp; (3133604)<br>| &nbsp;&nbsp;&nbsp; (1936388)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 5485251 | &nbsp;&nbsp;&nbsp; 7371177 | &nbsp;&nbsp;&nbsp; 3621998 | &nbsp;&nbsp;&nbsp; 2161096 |
| Net investment income | &nbsp;&nbsp; 238013762 | &nbsp;&nbsp;&nbsp; 232731213 | &nbsp;&nbsp;&nbsp; 152820932 | &nbsp;&nbsp;&nbsp; 93256142 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; (18485649)<br>| &nbsp;&nbsp;&nbsp; (4797038)<br>| &nbsp;&nbsp;&nbsp; (458455)<br>| &nbsp;&nbsp;&nbsp; (1470927)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; 1990848 | &nbsp;&nbsp;&nbsp; 1117229 | &nbsp;&nbsp;&nbsp; 250828 | &nbsp;&nbsp;&nbsp; 126406 |
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange <br> contracts and foreign currency transactions allocated from the applicable affiliated Underlying Master <br> Portfolio<br>| &nbsp;&nbsp; 76104117 | &nbsp;&nbsp;&nbsp; 80731993 | &nbsp;&nbsp;&nbsp; 44973231 | &nbsp;&nbsp;&nbsp; 18850719 |
|  | &nbsp;&nbsp; 59609316 | &nbsp;&nbsp;&nbsp; 77052184 | &nbsp;&nbsp;&nbsp; 44765604 | &nbsp;&nbsp;&nbsp; 17506198 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — affiliated | &nbsp;&nbsp; 783734304 | &nbsp;&nbsp;&nbsp; 881244489 | &nbsp;&nbsp;&nbsp; 621384066 | &nbsp;&nbsp;&nbsp; 379565489 |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward <br> foreign currency exchange contracts and foreign currency translations allocated from the applicable <br> affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 636066269 | &nbsp;&nbsp;&nbsp; 766573167 | &nbsp;&nbsp;&nbsp; 569301129 | &nbsp;&nbsp;&nbsp; 364642499 |
|  | &nbsp;&nbsp; 1419800573 | &nbsp;&nbsp;&nbsp; 1647817656 | &nbsp;&nbsp;&nbsp; 1190685195 | &nbsp;&nbsp;&nbsp; 744207988 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1479409889 | &nbsp;&nbsp;&nbsp; 1724869840 | &nbsp;&nbsp;&nbsp; 1235450799 | &nbsp;&nbsp;&nbsp; 761714186 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1717423651 | &nbsp;&nbsp;&nbsp; $1957601053 | &nbsp;&nbsp;&nbsp; $1388271731 | &nbsp;&nbsp;&nbsp; $854970328 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2065 Fund<br>| &nbsp;&nbsp; BlackRock <br>LifePath® Index <br>2070 Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — affiliated | &nbsp;&nbsp; $18903724 | &nbsp;&nbsp;&nbsp; $446134 |
| Interest — unaffiliated | &nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 157 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 7398 | &nbsp;&nbsp;&nbsp; 32 |
| Net investment income allocated from the applicable affiliated Underlying Master Portfolio |  |  |
| Dividends — affiliated | &nbsp;&nbsp; 9224003 | &nbsp;&nbsp;&nbsp; 147416 |
| Interest — affiliated | &nbsp;&nbsp; 367328 | &nbsp;&nbsp;&nbsp; 5750 |
| Expenses | &nbsp;&nbsp; (242853)<br>| &nbsp;&nbsp;&nbsp; (3872)<br>|
| Fees waived | &nbsp;&nbsp; 5345 | &nbsp;&nbsp;&nbsp; 84 |
| Total investment income | &nbsp;&nbsp; 28265824 | &nbsp;&nbsp;&nbsp; 595701 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 615211 | &nbsp;&nbsp;&nbsp; 9828 |
| Administration — class specific | &nbsp;&nbsp; 525766 | &nbsp;&nbsp;&nbsp; 8075 |
| Service — class specific | &nbsp;&nbsp; 50684 | &nbsp;&nbsp;&nbsp; 764 |
| Professional | &nbsp;&nbsp; 23087 | &nbsp;&nbsp;&nbsp; 20836 |
| Trustees and Officer | &nbsp;&nbsp; 15583 | &nbsp;&nbsp;&nbsp; 7266 |
| Miscellaneous | &nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp; 57 |
| Total expenses | &nbsp;&nbsp; 1232466 | &nbsp;&nbsp;&nbsp; 46826 |
| Less fees waived and/or reimbursed by the Administrator/Manager | &nbsp;&nbsp; (580467)<br>| &nbsp;&nbsp;&nbsp; (36841)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 651999 | &nbsp;&nbsp;&nbsp; 9985 |
| Net investment income | &nbsp;&nbsp; 27613825 | &nbsp;&nbsp;&nbsp; 585716 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — affiliated | &nbsp;&nbsp; (870363)<br>| &nbsp;&nbsp;&nbsp; (6611)<br>|
| Capital gain distributions from underlying funds — affiliated | &nbsp;&nbsp; 40238 | &nbsp;&nbsp;&nbsp; 1188 |
| Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions allocated <br> from the applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 2296904 | &nbsp;&nbsp;&nbsp; (724669)<br>|
|  | &nbsp;&nbsp; 1466779 | &nbsp;&nbsp;&nbsp; (730092)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — affiliated | &nbsp;&nbsp; 108811929 | &nbsp;&nbsp;&nbsp; 1377701 |
| Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and foreign <br> currency translations allocated from the applicable affiliated Underlying Master Portfolio<br>| &nbsp;&nbsp; 110835577 | &nbsp;&nbsp;&nbsp; 2757836 |
|  | &nbsp;&nbsp; 219647506 | &nbsp;&nbsp;&nbsp; 4135537 |
| Net realized and unrealized gain | &nbsp;&nbsp; 221114285 | &nbsp;&nbsp;&nbsp; 3405445 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $248728110 | &nbsp;&nbsp;&nbsp; $3991161 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>Retirement Fund | BlackRock <br>LifePath® Index <br>Retirement Fund | BlackRock <br>LifePath® Index <br>2030 Fund | BlackRock <br>LifePath® Index <br>2030 Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $441152341 | &nbsp;&nbsp;&nbsp; $264520327 | &nbsp;&nbsp;&nbsp; $400314152 | &nbsp;&nbsp;&nbsp; $341295439 |
| Net realized gain | &nbsp;&nbsp; 67755680 | &nbsp;&nbsp;&nbsp; 21103484 | &nbsp;&nbsp;&nbsp; 47113845 | &nbsp;&nbsp;&nbsp; 37410887 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1048498002 | &nbsp;&nbsp;&nbsp; 110341109 | &nbsp;&nbsp;&nbsp; 1288955246 | &nbsp;&nbsp;&nbsp; 703019653 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1557406023 | &nbsp;&nbsp;&nbsp; 395964920 | &nbsp;&nbsp;&nbsp; 1736383243 | &nbsp;&nbsp;&nbsp; 1081725979 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (18417515)<br>| &nbsp;&nbsp;&nbsp; (12709314)<br>| &nbsp;&nbsp;&nbsp; (18736362)<br>| &nbsp;&nbsp;&nbsp; (15322778)<br>|
| Investor A | &nbsp;&nbsp; (5125579)<br>| &nbsp;&nbsp;&nbsp; (4015530)<br>| &nbsp;&nbsp;&nbsp; (3504955)<br>| &nbsp;&nbsp;&nbsp; (3458628)<br>|
| Investor P | &nbsp;&nbsp; (65986933)<br>| &nbsp;&nbsp;&nbsp; (50543640)<br>| &nbsp;&nbsp;&nbsp; (54385638)<br>| &nbsp;&nbsp;&nbsp; (43668456)<br>|
| Class K | &nbsp;&nbsp; (399534378)<br>| &nbsp;&nbsp;&nbsp; (212653371)<br>| &nbsp;&nbsp;&nbsp; (353907632)<br>| &nbsp;&nbsp;&nbsp; (279988524)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (489064405)<br>| &nbsp;&nbsp;&nbsp; (279921855)<br>| &nbsp;&nbsp;&nbsp; (430534587)<br>| &nbsp;&nbsp;&nbsp; (342438386)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1347372929)<br>| &nbsp;&nbsp;&nbsp; 5867774368 | &nbsp;&nbsp;&nbsp; (385058011)<br>| &nbsp;&nbsp;&nbsp; 22187014 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (279031311)<br>| &nbsp;&nbsp;&nbsp; 5983817433 | &nbsp;&nbsp;&nbsp; 920790645 | &nbsp;&nbsp;&nbsp; 761474607 |
| Beginning of year | &nbsp;&nbsp; 13459573215 | &nbsp;&nbsp;&nbsp; 7475755782 | &nbsp;&nbsp;&nbsp; 12612425989 | &nbsp;&nbsp;&nbsp; 11850951382 |
| End of year | &nbsp;&nbsp; $13180541904 | &nbsp;&nbsp;&nbsp; $13459573215 | &nbsp;&nbsp;&nbsp; $13533216634 | &nbsp;&nbsp;&nbsp; $12612425989 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2035 Fund | BlackRock <br>LifePath® Index <br>2035 Fund | BlackRock <br>LifePath® Index <br>2040 Fund | BlackRock <br>LifePath® Index <br>2040 Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $304006555 | &nbsp;&nbsp;&nbsp; $256035678 | &nbsp;&nbsp;&nbsp; $351009455 | &nbsp;&nbsp;&nbsp; $302590633 |
| Net realized gain | &nbsp;&nbsp; 41068281 | &nbsp;&nbsp;&nbsp; 43038620 | &nbsp;&nbsp;&nbsp; 98435158 | &nbsp;&nbsp;&nbsp; 88216900 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1275162516 | &nbsp;&nbsp;&nbsp; 684871330 | &nbsp;&nbsp;&nbsp; 1766160837 | &nbsp;&nbsp;&nbsp; 1044966249 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1620237352 | &nbsp;&nbsp;&nbsp; 983945628 | &nbsp;&nbsp;&nbsp; 2215605450 | &nbsp;&nbsp;&nbsp; 1435773782 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (6467496)<br>| &nbsp;&nbsp;&nbsp; (5594259)<br>| &nbsp;&nbsp;&nbsp; (26080482)<br>| &nbsp;&nbsp;&nbsp; (18523201)<br>|
| Investor A | &nbsp;&nbsp; (2126028)<br>| &nbsp;&nbsp;&nbsp; (1863739)<br>| &nbsp;&nbsp;&nbsp; (3521229)<br>| &nbsp;&nbsp;&nbsp; (2713707)<br>|
| Investor P | &nbsp;&nbsp; (2237796)<br>| &nbsp;&nbsp;&nbsp; (1587177)<br>| &nbsp;&nbsp;&nbsp; (53952660)<br>| &nbsp;&nbsp;&nbsp; (37893485)<br>|
| Class K | &nbsp;&nbsp; (318348317)<br>| &nbsp;&nbsp;&nbsp; (247839992)<br>| &nbsp;&nbsp;&nbsp; (376562346)<br>| &nbsp;&nbsp;&nbsp; (260980852)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (329179637)<br>| &nbsp;&nbsp;&nbsp; (256885167)<br>| &nbsp;&nbsp;&nbsp; (460116717)<br>| &nbsp;&nbsp;&nbsp; (320111245)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 241149102 | &nbsp;&nbsp;&nbsp; 578049992 | &nbsp;&nbsp;&nbsp; 154832925 | &nbsp;&nbsp;&nbsp; 354583433 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1532206817 | &nbsp;&nbsp;&nbsp; 1305110453 | &nbsp;&nbsp;&nbsp; 1910321658 | &nbsp;&nbsp;&nbsp; 1470245970 |
| Beginning of year | &nbsp;&nbsp; 10088044076 | &nbsp;&nbsp;&nbsp; 8782933623 | &nbsp;&nbsp;&nbsp; 12716848642 | &nbsp;&nbsp;&nbsp; 11246602672 |
| End of year | &nbsp;&nbsp; $11620250893 | &nbsp;&nbsp;&nbsp; $10088044076 | &nbsp;&nbsp;&nbsp; $14627170300 | &nbsp;&nbsp;&nbsp; $12716848642 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2045 Fund | BlackRock <br>LifePath® Index <br>2045 Fund | BlackRock <br>LifePath® Index <br>2050 Fund | BlackRock <br>LifePath® Index <br>2050 Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $238013762 | &nbsp;&nbsp;&nbsp; $201478611 | &nbsp;&nbsp;&nbsp; $232731213 | &nbsp;&nbsp;&nbsp; $198577549 |
| Net realized gain | &nbsp;&nbsp; 59609316 | &nbsp;&nbsp;&nbsp; 67656414 | &nbsp;&nbsp;&nbsp; 77052184 | &nbsp;&nbsp;&nbsp; 82203646 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1419800573 | &nbsp;&nbsp;&nbsp; 832480218 | &nbsp;&nbsp;&nbsp; 1647817656 | &nbsp;&nbsp;&nbsp; 966066665 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1717423651 | &nbsp;&nbsp;&nbsp; 1101615243 | &nbsp;&nbsp;&nbsp; 1957601053 | &nbsp;&nbsp;&nbsp; 1246847860 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (5693791)<br>| &nbsp;&nbsp;&nbsp; (4187093)<br>| &nbsp;&nbsp;&nbsp; (5827914)<br>| &nbsp;&nbsp;&nbsp; (4648590)<br>|
| Investor A | &nbsp;&nbsp; (2055276)<br>| &nbsp;&nbsp;&nbsp; (1485172)<br>| &nbsp;&nbsp;&nbsp; (2553863)<br>| &nbsp;&nbsp;&nbsp; (1998955)<br>|
| Investor P | &nbsp;&nbsp; (1177729)<br>| &nbsp;&nbsp;&nbsp; (618809)<br>| &nbsp;&nbsp;&nbsp; (17774315)<br>| &nbsp;&nbsp;&nbsp; (13434443)<br>|
| Class K | &nbsp;&nbsp; (285733144)<br>| &nbsp;&nbsp;&nbsp; (196167950)<br>| &nbsp;&nbsp;&nbsp; (285264825)<br>| &nbsp;&nbsp;&nbsp; (208392607)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (294659940)<br>| &nbsp;&nbsp;&nbsp; (202459024)<br>| &nbsp;&nbsp;&nbsp; (311420917)<br>| &nbsp;&nbsp;&nbsp; (228474595)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 265952112 | &nbsp;&nbsp;&nbsp; 618794355 | &nbsp;&nbsp;&nbsp; 286742690 | &nbsp;&nbsp;&nbsp; 581752483 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1688715823 | &nbsp;&nbsp;&nbsp; 1517950574 | &nbsp;&nbsp;&nbsp; 1932922826 | &nbsp;&nbsp;&nbsp; 1600125748 |
| Beginning of year | &nbsp;&nbsp; 8981677469 | &nbsp;&nbsp;&nbsp; 7463726895 | &nbsp;&nbsp;&nbsp; 9395604779 | &nbsp;&nbsp;&nbsp; 7795479031 |
| End of year | &nbsp;&nbsp; $10670393292 | &nbsp;&nbsp;&nbsp; $8981677469 | &nbsp;&nbsp;&nbsp; $11328527605 | &nbsp;&nbsp;&nbsp; $9395604779 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2055 Fund | BlackRock <br>LifePath® Index <br>2055 Fund | BlackRock <br>LifePath® Index <br>2060 Fund | BlackRock <br>LifePath® Index <br>2060 Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $152820932 | &nbsp;&nbsp;&nbsp; $127100509 | &nbsp;&nbsp;&nbsp; $93256142 | &nbsp;&nbsp;&nbsp; $72266986 |
| Net realized gain | &nbsp;&nbsp; 44765604 | &nbsp;&nbsp;&nbsp; 47681895 | &nbsp;&nbsp;&nbsp; 17506198 | &nbsp;&nbsp;&nbsp; 23036789 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1190685195 | &nbsp;&nbsp;&nbsp; 668340437 | &nbsp;&nbsp;&nbsp; 744207988 | &nbsp;&nbsp;&nbsp; 376458088 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1388271731 | &nbsp;&nbsp;&nbsp; 843122841 | &nbsp;&nbsp;&nbsp; 854970328 | &nbsp;&nbsp;&nbsp; 471761863 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (3954563)<br>| &nbsp;&nbsp;&nbsp; (3774508)<br>| &nbsp;&nbsp;&nbsp; (2159922)<br>| &nbsp;&nbsp;&nbsp; (1488337)<br>|
| Investor A | &nbsp;&nbsp; (1750295)<br>| &nbsp;&nbsp;&nbsp; (1421263)<br>| &nbsp;&nbsp;&nbsp; (479663)<br>| &nbsp;&nbsp;&nbsp; (390304)<br>|
| Investor P | &nbsp;&nbsp; (582020)<br>| &nbsp;&nbsp;&nbsp; (353798)<br>| &nbsp;&nbsp;&nbsp; (608285)<br>| &nbsp;&nbsp;&nbsp; (391390)<br>|
| Class K | &nbsp;&nbsp; (188873476)<br>| &nbsp;&nbsp;&nbsp; (139894139)<br>| &nbsp;&nbsp;&nbsp; (103673489)<br>| &nbsp;&nbsp;&nbsp; (70391567)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (195160354)<br>| &nbsp;&nbsp;&nbsp; (145443708)<br>| &nbsp;&nbsp;&nbsp; (106921359)<br>| &nbsp;&nbsp;&nbsp; (72661598)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 380218426 | &nbsp;&nbsp;&nbsp; 559841937 | &nbsp;&nbsp;&nbsp; 523884988 | &nbsp;&nbsp;&nbsp; 578597758 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1573329803 | &nbsp;&nbsp;&nbsp; 1257521070 | &nbsp;&nbsp;&nbsp; 1271933957 | &nbsp;&nbsp;&nbsp; 977698023 |
| Beginning of year | &nbsp;&nbsp; 6241076672 | &nbsp;&nbsp;&nbsp; 4983555602 | &nbsp;&nbsp;&nbsp; 3642794606 | &nbsp;&nbsp;&nbsp; 2665096583 |
| End of year | &nbsp;&nbsp; $7814406475 | &nbsp;&nbsp;&nbsp; $6241076672 | &nbsp;&nbsp;&nbsp; $4914728563 | &nbsp;&nbsp;&nbsp; $3642794606 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock <br>LifePath® Index <br>2065 Fund | BlackRock <br>LifePath® Index <br>2065 Fund | BlackRock <br>LifePath® Index <br>2070 Fund | BlackRock <br>LifePath® Index <br>2070 Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $27613825 | &nbsp;&nbsp;&nbsp; $17495273 | &nbsp;&nbsp;&nbsp; $585716 | &nbsp;&nbsp;&nbsp; $9460 |
| Net realized gain (loss) | &nbsp;&nbsp; 1466779 | &nbsp;&nbsp;&nbsp; 4655290 | &nbsp;&nbsp;&nbsp; (730092)<br>| &nbsp;&nbsp;&nbsp; (4898)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 219647506 | &nbsp;&nbsp;&nbsp; 84741782 | &nbsp;&nbsp;&nbsp; 4135537 | &nbsp;&nbsp;&nbsp; (12182)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 248728110 | &nbsp;&nbsp;&nbsp; 106892345 | &nbsp;&nbsp;&nbsp; 3991161 | &nbsp;&nbsp;&nbsp; (7620)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (1012018)<br>| &nbsp;&nbsp;&nbsp; (653979)<br>| &nbsp;&nbsp;&nbsp; (2016)<br>| &nbsp;&nbsp;&nbsp; (947)<br>|
| Investor A | &nbsp;&nbsp; (126048)<br>| &nbsp;&nbsp;&nbsp; (62632)<br>| &nbsp;&nbsp;&nbsp; (2098)<br>| &nbsp;&nbsp;&nbsp; (879)<br>|
| Investor P | &nbsp;&nbsp; (270543)<br>| &nbsp;&nbsp;&nbsp; (190336)<br>| &nbsp;&nbsp;&nbsp; (5612)<br>| &nbsp;&nbsp;&nbsp; (879)<br>|
| Class K | &nbsp;&nbsp; (26112738)<br>| &nbsp;&nbsp;&nbsp; (16670219)<br>| &nbsp;&nbsp;&nbsp; (564878)<br>| &nbsp;&nbsp;&nbsp; (6722)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (27521347)<br>| &nbsp;&nbsp;&nbsp; (17577166)<br>| &nbsp;&nbsp;&nbsp; (574604)<br>| &nbsp;&nbsp;&nbsp; (9427)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 365788376 | &nbsp;&nbsp;&nbsp; 312695629 | &nbsp;&nbsp;&nbsp; 50928361 | &nbsp;&nbsp;&nbsp; 1159911 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 586995139 | &nbsp;&nbsp;&nbsp; 402010808 | &nbsp;&nbsp;&nbsp; 54344918 | &nbsp;&nbsp;&nbsp; 1142864 |
| Beginning of period | &nbsp;&nbsp; 952167333 | &nbsp;&nbsp;&nbsp; 550156525 | &nbsp;&nbsp;&nbsp; 1142864 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $1539162472 | &nbsp;&nbsp;&nbsp; $952167333 | &nbsp;&nbsp;&nbsp; $55487782 | &nbsp;&nbsp;&nbsp; $1142864 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index Retirement Fund | BlackRock LifePath® Index Retirement Fund | BlackRock LifePath® Index Retirement Fund | BlackRock LifePath® Index Retirement Fund | BlackRock LifePath® Index Retirement Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $14.79 | &nbsp;&nbsp;&nbsp; $14.24 |
| Net investment income<sup>(a)</sup> | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net increase (decrease) from investment operations | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| From net realized gain | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $14.79 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.49<br> %<br>| &nbsp;&nbsp;&nbsp; (15.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Net investment income | 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $498128 | &nbsp;&nbsp;&nbsp; $510261 | &nbsp;&nbsp;&nbsp; $375484 | &nbsp;&nbsp;&nbsp; $380959 | &nbsp;&nbsp;&nbsp; $533068 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $14.77 | &nbsp;&nbsp;&nbsp; $14.22 |
| Net investment income<sup>(a)</sup> | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net increase (decrease) from investment operations | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| From net realized gain | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp;&nbsp; $13.76 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $14.77 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.22<br> %<br>| &nbsp;&nbsp;&nbsp; (15.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $149695 | &nbsp;&nbsp;&nbsp; $177458 | &nbsp;&nbsp;&nbsp; $148579 | &nbsp;&nbsp;&nbsp; $171553 | &nbsp;&nbsp;&nbsp; $232876 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $14.21 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net increase (decrease) from investment operations | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| From net realized gain | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp;&nbsp; $13.74 | &nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp; $14.76 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.15<br> %<br>| &nbsp;&nbsp;&nbsp; (15.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Net investment income | 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1904696 | &nbsp;&nbsp;&nbsp; $1901534 | &nbsp;&nbsp;&nbsp; $1882404 | &nbsp;&nbsp;&nbsp; $1912268 | &nbsp;&nbsp;&nbsp; $2580045 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) | BlackRock LifePath® Index Retirement Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $14.78 | &nbsp;&nbsp;&nbsp; $14.23 |
| Net investment income<sup>(a)</sup> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net increase (decrease) from investment operations | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp;&nbsp; $13.76 | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $12.20 | &nbsp;&nbsp;&nbsp; $14.78 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.47<br> %<br>| &nbsp;&nbsp;&nbsp; (15.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.92<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| Net investment income | 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $10628022 | &nbsp;&nbsp;&nbsp; $10870320 | &nbsp;&nbsp;&nbsp; $5069289 | &nbsp;&nbsp;&nbsp; $4712358 | &nbsp;&nbsp;&nbsp; $5739227 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2030 Fund | BlackRock LifePath® Index 2030 Fund | BlackRock LifePath® Index 2030 Fund | BlackRock LifePath® Index 2030 Fund | BlackRock LifePath® Index 2030 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp; $16.30 |
| Net investment income<sup>(a)</sup> | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net increase (decrease) from investment operations | 2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp;&nbsp; $17.68 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.58<br> %<br>| &nbsp;&nbsp;&nbsp; (16.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.35<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 3.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $595668 | &nbsp;&nbsp;&nbsp; $568682 | &nbsp;&nbsp;&nbsp; $555486 | &nbsp;&nbsp;&nbsp; $504974 | &nbsp;&nbsp;&nbsp; $661550 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp; $16.29 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net increase (decrease) from investment operations | 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.91 | &nbsp;&nbsp;&nbsp; $17.09 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $14.40 | &nbsp;&nbsp;&nbsp; $17.68 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>| &nbsp;&nbsp;&nbsp; (16.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.13<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $121296 | &nbsp;&nbsp;&nbsp; $143638 | &nbsp;&nbsp;&nbsp; $175082 | &nbsp;&nbsp;&nbsp; $180699 | &nbsp;&nbsp;&nbsp; $235293 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.39 | &nbsp;&nbsp;&nbsp; $17.66 | &nbsp;&nbsp;&nbsp; $16.28 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net increase (decrease) from investment operations | 2.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.39 | &nbsp;&nbsp;&nbsp; $17.66 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.23<br> %<br>| &nbsp;&nbsp;&nbsp; (16.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.08<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1857989 | &nbsp;&nbsp;&nbsp; $1784202 | &nbsp;&nbsp;&nbsp; $1791479 | &nbsp;&nbsp;&nbsp; $1683132 | &nbsp;&nbsp;&nbsp; $2196216 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) | BlackRock LifePath® Index 2030 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.39 | &nbsp;&nbsp;&nbsp; $17.66 | &nbsp;&nbsp;&nbsp; $16.28 |
| Net investment income<sup>(a)</sup> | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Net increase (decrease) from investment operations | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp; $14.39 | &nbsp;&nbsp;&nbsp; $17.66 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.57<br> %<br>| &nbsp;&nbsp;&nbsp; (16.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 3.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $10958264 | &nbsp;&nbsp;&nbsp; $10115904 | &nbsp;&nbsp;&nbsp; $9328904 | &nbsp;&nbsp;&nbsp; $7701495 | &nbsp;&nbsp;&nbsp; $8345340 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2035 Fund | BlackRock LifePath® Index 2035 Fund | BlackRock LifePath® Index 2035 Fund | BlackRock LifePath® Index 2035 Fund | BlackRock LifePath® Index 2035 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $17.07 |
| Net investment income<sup>(a)</sup> | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | 2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Net increase (decrease) from investment operations | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $15.36 | &nbsp;&nbsp;&nbsp; $18.96 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.51<br> %<br>| &nbsp;&nbsp;&nbsp; (17.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.78<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $233477 | &nbsp;&nbsp;&nbsp; $226250 | &nbsp;&nbsp;&nbsp; $210653 | &nbsp;&nbsp;&nbsp; $176179 | &nbsp;&nbsp;&nbsp; $197919 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.86 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $15.32 | &nbsp;&nbsp;&nbsp; $18.91 | &nbsp;&nbsp;&nbsp; $17.03 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Net increase (decrease) from investment operations | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $18.86 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $15.32 | &nbsp;&nbsp;&nbsp; $18.91 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26<br> %<br>| &nbsp;&nbsp;&nbsp; (17.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.46<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $84851 | &nbsp;&nbsp;&nbsp; $85774 | &nbsp;&nbsp;&nbsp; $128043 | &nbsp;&nbsp;&nbsp; $119861 | &nbsp;&nbsp;&nbsp; $154072 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.79 | &nbsp;&nbsp;&nbsp; $17.38 | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp;&nbsp; $18.88 | &nbsp;&nbsp;&nbsp; $17.00 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Net increase (decrease) from investment operations | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp;&nbsp; $18.79 | &nbsp;&nbsp;&nbsp; $17.38 | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp;&nbsp; $18.88 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.31<br> %<br>| &nbsp;&nbsp;&nbsp; (17.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.52<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $86927 | &nbsp;&nbsp;&nbsp; $69602 | &nbsp;&nbsp;&nbsp; $52819 | &nbsp;&nbsp;&nbsp; $41439 | &nbsp;&nbsp;&nbsp; $42291 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) | BlackRock LifePath® Index 2035 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.44 | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $18.95 | &nbsp;&nbsp;&nbsp; $17.06 |
| Net investment income<sup>(a)</sup> | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | 2.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Net increase (decrease) from investment operations | 3.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $17.44 | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $18.95 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.59<br> %<br>| &nbsp;&nbsp;&nbsp; (17.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $11214997 | &nbsp;&nbsp;&nbsp; $9706419 | &nbsp;&nbsp;&nbsp; $8391419 | &nbsp;&nbsp;&nbsp; $6457504 | &nbsp;&nbsp;&nbsp; $6914380 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2040 Fund | BlackRock LifePath® Index 2040 Fund | BlackRock LifePath® Index 2040 Fund | BlackRock LifePath® Index 2040 Fund | BlackRock LifePath® Index 2040 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $18.61 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp; $17.66 |
| Net investment income<sup>(a)</sup> | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Net increase (decrease) from investment operations | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| From net realized gain | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.29 | &nbsp;&nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $18.61 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $19.99 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.52<br> %<br>| &nbsp;&nbsp;&nbsp; (17.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $832738 | &nbsp;&nbsp;&nbsp; $742895 | &nbsp;&nbsp;&nbsp; $707256 | &nbsp;&nbsp;&nbsp; $592121 | &nbsp;&nbsp;&nbsp; $733350 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $18.57 | &nbsp;&nbsp;&nbsp; $16.05 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $17.63 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Net increase (decrease) from investment operations | 3.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| From net realized gain | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $18.57 | &nbsp;&nbsp;&nbsp; $16.05 | &nbsp;&nbsp;&nbsp; $19.95 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.20<br> %<br>| &nbsp;&nbsp;&nbsp; (17.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.67<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $121812 | &nbsp;&nbsp;&nbsp; $122201 | &nbsp;&nbsp;&nbsp; $147637 | &nbsp;&nbsp;&nbsp; $138977 | &nbsp;&nbsp;&nbsp; $179444 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.38 | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $16.04 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $17.61 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; (3.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Net increase (decrease) from investment operations | 3.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| From net realized gain | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.22 | &nbsp;&nbsp;&nbsp; $20.38 | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $16.04 | &nbsp;&nbsp;&nbsp; $19.94 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.21<br> %<br>| &nbsp;&nbsp;&nbsp; (17.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.75<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1853217 | &nbsp;&nbsp;&nbsp; $1671959 | &nbsp;&nbsp;&nbsp; $1580926 | &nbsp;&nbsp;&nbsp; $1411638 | &nbsp;&nbsp;&nbsp; $1794746 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) | BlackRock LifePath® Index 2040 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $18.61 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp; $17.66 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Net increase (decrease) from investment operations | 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| From net realized gain | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.29 | &nbsp;&nbsp;&nbsp; $20.44 | &nbsp;&nbsp;&nbsp; $18.61 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $19.99 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.58<br> %<br>| &nbsp;&nbsp;&nbsp; (17.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $11819404 | &nbsp;&nbsp;&nbsp; $10179794 | &nbsp;&nbsp;&nbsp; $8810783 | &nbsp;&nbsp;&nbsp; $6694192 | &nbsp;&nbsp;&nbsp; $7084966 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2045 Fund | BlackRock LifePath® Index 2045 Fund | BlackRock LifePath® Index 2045 Fund | BlackRock LifePath® Index 2045 Fund | BlackRock LifePath® Index 2045 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.19 | &nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp; $16.89 | &nbsp;&nbsp;&nbsp; $21.04 | &nbsp;&nbsp;&nbsp; $18.29 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | 3.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Net increase (decrease) from investment operations | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| From net realized gain | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.70 | &nbsp;&nbsp;&nbsp; $22.19 | &nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp; $16.89 | &nbsp;&nbsp;&nbsp; $21.04 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.24<br> %<br>| &nbsp;&nbsp;&nbsp; (18.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.76<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $210863 | &nbsp;&nbsp;&nbsp; $191214 | &nbsp;&nbsp;&nbsp; $171849 | &nbsp;&nbsp;&nbsp; $146616 | &nbsp;&nbsp;&nbsp; $159947 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

<sup>(c)</sup> Amount is greater than $(0.005) per share.

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

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

<sup>(f)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.15 | &nbsp;&nbsp;&nbsp; $19.80 | &nbsp;&nbsp;&nbsp; $16.85 | &nbsp;&nbsp;&nbsp; $20.99 | &nbsp;&nbsp;&nbsp; $18.25 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Net increase (decrease) from investment operations | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| From net realized gain | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.66 | &nbsp;&nbsp;&nbsp; $22.15 | &nbsp;&nbsp;&nbsp; $19.80 | &nbsp;&nbsp;&nbsp; $16.85 | &nbsp;&nbsp;&nbsp; $20.99 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.93<br> %<br>| &nbsp;&nbsp;&nbsp; (18.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.44<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $83411 | &nbsp;&nbsp;&nbsp; $79259 | &nbsp;&nbsp;&nbsp; $115975 | &nbsp;&nbsp;&nbsp; $102379 | &nbsp;&nbsp;&nbsp; $121865 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

<sup>(c)</sup> Amount is greater than $(0.005) per share.

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

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

<sup>(f)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $19.76 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp; $18.22 |
| Net investment income<sup>(a)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Net increase (decrease) from investment operations | 4.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| From net realized gain | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.56 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $19.76 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $20.95 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.00<br> %<br>| &nbsp;&nbsp;&nbsp; (18.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.44<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $46699 | &nbsp;&nbsp;&nbsp; $31232 | &nbsp;&nbsp;&nbsp; $23549 | &nbsp;&nbsp;&nbsp; $14413 | &nbsp;&nbsp;&nbsp; $12722 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

<sup>(c)</sup> Amount is greater than $(0.005) per share.

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

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

<sup>(f)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) | BlackRock LifePath® Index 2045 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.21 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $16.90 | &nbsp;&nbsp;&nbsp; $21.05 | &nbsp;&nbsp;&nbsp; $18.30 |
| Net investment income<sup>(a)</sup> | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) | 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Net increase (decrease) from investment operations | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| From net realized gain | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.73 | &nbsp;&nbsp;&nbsp; $22.21 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $16.90 | &nbsp;&nbsp;&nbsp; $21.05 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.29<br> %<br>| &nbsp;&nbsp;&nbsp; (18.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.81<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $10329421 | &nbsp;&nbsp;&nbsp; $8679973 | &nbsp;&nbsp;&nbsp; $7152354 | &nbsp;&nbsp;&nbsp; $5170776 | &nbsp;&nbsp;&nbsp; $5476173 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

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

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

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

<sup>(c)</sup> Amount is greater than $(0.005) per share.

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

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

<sup>(f)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2050 Fund | BlackRock LifePath® Index 2050 Fund | BlackRock LifePath® Index 2050 Fund | BlackRock LifePath® Index 2050 Fund | BlackRock LifePath® Index 2050 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.24 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $17.36 | &nbsp;&nbsp;&nbsp; $21.69 | &nbsp;&nbsp;&nbsp; $18.68 |
| Net investment income<sup>(a)</sup> | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (4.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Net increase (decrease) from investment operations | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.30 | &nbsp;&nbsp;&nbsp; $23.24 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $17.36 | &nbsp;&nbsp;&nbsp; $21.69 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.23<br> %<br>| &nbsp;&nbsp;&nbsp; (18.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.69<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $216530 | &nbsp;&nbsp;&nbsp; $194422 | &nbsp;&nbsp;&nbsp; $174129 | &nbsp;&nbsp;&nbsp; $132970 | &nbsp;&nbsp;&nbsp; $161630 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp;&nbsp; $20.54 | &nbsp;&nbsp;&nbsp; $17.31 | &nbsp;&nbsp;&nbsp; $21.63 | &nbsp;&nbsp;&nbsp; $18.63 |
| Net investment income<sup>(a)</sup> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Net increase (decrease) from investment operations | 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.23 | &nbsp;&nbsp;&nbsp; $23.19 | &nbsp;&nbsp;&nbsp; $20.54 | &nbsp;&nbsp;&nbsp; $17.31 | &nbsp;&nbsp;&nbsp; $21.63 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.00<br> %<br>| &nbsp;&nbsp;&nbsp; (18.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.38<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $103384 | &nbsp;&nbsp;&nbsp; $94463 | &nbsp;&nbsp;&nbsp; $117251 | &nbsp;&nbsp;&nbsp; $102124 | &nbsp;&nbsp;&nbsp; $119705 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp; $20.52 | &nbsp;&nbsp;&nbsp; $17.30 | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $18.62 |
| Net investment income<sup>(a)</sup> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Net increase (decrease) from investment operations | 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.40 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.19 | &nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp; $20.52 | &nbsp;&nbsp;&nbsp; $17.30 | &nbsp;&nbsp;&nbsp; $21.61 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.95<br> %<br>| &nbsp;&nbsp;&nbsp; (18.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.35<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $714668 | &nbsp;&nbsp;&nbsp; $618190 | &nbsp;&nbsp;&nbsp; $557747 | &nbsp;&nbsp;&nbsp; $470795 | &nbsp;&nbsp;&nbsp; $592827 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) | BlackRock LifePath® Index 2050 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.24 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $17.35 | &nbsp;&nbsp;&nbsp; $21.69 | &nbsp;&nbsp;&nbsp; $18.68 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (4.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| Net increase (decrease) from investment operations | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| From net realized gain | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.29 | &nbsp;&nbsp;&nbsp; $23.24 | &nbsp;&nbsp;&nbsp; $20.59 | &nbsp;&nbsp;&nbsp; $17.35 | &nbsp;&nbsp;&nbsp; $21.69 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.36<br> %<br>| &nbsp;&nbsp;&nbsp; (18.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.75<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $10293946 | &nbsp;&nbsp;&nbsp; $8488530 | &nbsp;&nbsp;&nbsp; $6946353 | &nbsp;&nbsp;&nbsp; $4892212 | &nbsp;&nbsp;&nbsp; $4988085 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2055 Fund | BlackRock LifePath® Index 2055 Fund | BlackRock LifePath® Index 2055 Fund | BlackRock LifePath® Index 2055 Fund | BlackRock LifePath® Index 2055 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp; $17.80 | &nbsp;&nbsp;&nbsp; $22.24 | &nbsp;&nbsp;&nbsp; $19.12 |
| Net investment income<sup>(a)</sup> | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) | 4.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp; (4.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Net increase (decrease) from investment operations | 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| From net realized gain | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.56 | &nbsp;&nbsp;&nbsp; $24.07 | &nbsp;&nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp; $17.80 | &nbsp;&nbsp;&nbsp; $22.24 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.61<br> %<br>| &nbsp;&nbsp;&nbsp; (18.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.76<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $163418 | &nbsp;&nbsp;&nbsp; $166215 | &nbsp;&nbsp;&nbsp; $144447 | &nbsp;&nbsp;&nbsp; $111511 | &nbsp;&nbsp;&nbsp; $114774 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $21.14 | &nbsp;&nbsp;&nbsp; $17.76 | &nbsp;&nbsp;&nbsp; $22.19 | &nbsp;&nbsp;&nbsp; $19.07 |
| Net investment income<sup>(a)</sup> | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 4.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Net increase (decrease) from investment operations | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.52 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| From net realized gain | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.49 | &nbsp;&nbsp;&nbsp; $24.02 | &nbsp;&nbsp;&nbsp; $21.14 | &nbsp;&nbsp;&nbsp; $17.76 | &nbsp;&nbsp;&nbsp; $22.19 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.31<br> %<br>| &nbsp;&nbsp;&nbsp; (18.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.51<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $80022 | &nbsp;&nbsp;&nbsp; $71246 | &nbsp;&nbsp;&nbsp; $85659 | &nbsp;&nbsp;&nbsp; $72842 | &nbsp;&nbsp;&nbsp; $84965 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.10 | &nbsp;&nbsp;&nbsp; $17.74 | &nbsp;&nbsp;&nbsp; $22.16 | &nbsp;&nbsp;&nbsp; $19.05 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain (loss) | 4.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| Net increase (decrease) from investment operations | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| From net realized gain | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.41 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.10 | &nbsp;&nbsp;&nbsp; $17.74 | &nbsp;&nbsp;&nbsp; $22.16 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.23<br> %<br>| &nbsp;&nbsp;&nbsp; (18.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.50<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $26367 | &nbsp;&nbsp;&nbsp; $17151 | &nbsp;&nbsp;&nbsp; $11623 | &nbsp;&nbsp;&nbsp; $7427 | &nbsp;&nbsp;&nbsp; $6407 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) | BlackRock LifePath® Index 2055 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp; $19.12 |
| Net investment income<sup>(a)</sup> | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain (loss) | 4.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Net increase (decrease) from investment operations | 5.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| From net realized gain | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.56 | &nbsp;&nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $21.19 | &nbsp;&nbsp;&nbsp; $17.81 | &nbsp;&nbsp;&nbsp; $22.25 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.60<br> %<br>| &nbsp;&nbsp;&nbsp; (18.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7544599 | &nbsp;&nbsp;&nbsp; $5986465 | &nbsp;&nbsp;&nbsp; $4741826 | &nbsp;&nbsp;&nbsp; $3178027 | &nbsp;&nbsp;&nbsp; $3128153 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2060 Fund | BlackRock LifePath® Index 2060 Fund | BlackRock LifePath® Index 2060 Fund | BlackRock LifePath® Index 2060 Fund | BlackRock LifePath® Index 2060 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.56 | &nbsp;&nbsp;&nbsp; $18.91 | &nbsp;&nbsp;&nbsp; $15.88 | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $17.02 |
| Net investment income<sup>(a)</sup> | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain (loss) | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Net increase (decrease) from investment operations | 4.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| From net realized gain | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.68 | &nbsp;&nbsp;&nbsp; $21.56 | &nbsp;&nbsp;&nbsp; $18.91 | &nbsp;&nbsp;&nbsp; $15.88 | &nbsp;&nbsp;&nbsp; $19.82 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.61<br> %<br>| &nbsp;&nbsp;&nbsp; (18.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.81<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Net investment income | 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $102339 | &nbsp;&nbsp;&nbsp; $76560 | &nbsp;&nbsp;&nbsp; $58804 | &nbsp;&nbsp;&nbsp; $37045 | &nbsp;&nbsp;&nbsp; $38667 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.52 | &nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $19.77 | &nbsp;&nbsp;&nbsp; $16.98 |
| Net investment income<sup>(a)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (3.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 |
| Net increase (decrease) from investment operations | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| From net realized gain | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.63 | &nbsp;&nbsp;&nbsp; $21.52 | &nbsp;&nbsp;&nbsp; $18.87 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $19.77 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.30<br> %<br>| &nbsp;&nbsp;&nbsp; (18.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.50<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $25528 | &nbsp;&nbsp;&nbsp; $23584 | &nbsp;&nbsp;&nbsp; $27943 | &nbsp;&nbsp;&nbsp; $18405 | &nbsp;&nbsp;&nbsp; $20045 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $18.85 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $19.76 | &nbsp;&nbsp;&nbsp; $16.97 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 4.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp; (3.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Net increase (decrease) from investment operations | 4.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| From net realized gain | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $18.85 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $19.76 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.26<br> %<br>| &nbsp;&nbsp;&nbsp; (18.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.53<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $32093 | &nbsp;&nbsp;&nbsp; $22498 | &nbsp;&nbsp;&nbsp; $15926 | &nbsp;&nbsp;&nbsp; $9663 | &nbsp;&nbsp;&nbsp; $7993 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) | BlackRock LifePath® Index 2060 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.57 | &nbsp;&nbsp;&nbsp; $18.92 | &nbsp;&nbsp;&nbsp; $15.89 | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $17.03 |
| Net investment income<sup>(a)</sup> | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) | 4.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.76 |
| Net increase (decrease) from investment operations | 4.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| From net realized gain | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.69 | &nbsp;&nbsp;&nbsp; $21.57 | &nbsp;&nbsp;&nbsp; $18.92 | &nbsp;&nbsp;&nbsp; $15.89 | &nbsp;&nbsp;&nbsp; $19.82 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.66<br> %<br>| &nbsp;&nbsp;&nbsp; (18.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Net investment income | 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4754768 | &nbsp;&nbsp;&nbsp; $3520153 | &nbsp;&nbsp;&nbsp; $2562424 | &nbsp;&nbsp;&nbsp; $1524706 | &nbsp;&nbsp;&nbsp; $1283329 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2065 Fund | BlackRock LifePath® Index 2065 Fund | BlackRock LifePath® Index 2065 Fund | BlackRock LifePath® Index 2065 Fund | BlackRock LifePath® Index 2065 Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $13.29 | &nbsp;&nbsp;&nbsp; $11.16 | &nbsp;&nbsp;&nbsp; $13.90 | &nbsp;&nbsp;&nbsp; $11.92 |
| Net investment income<sup>(a)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Net increase (decrease) from investment operations | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.14 | &nbsp;&nbsp;&nbsp; $15.17 | &nbsp;&nbsp;&nbsp; $13.29 | &nbsp;&nbsp;&nbsp; $11.16 | &nbsp;&nbsp;&nbsp; $13.90 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.57<br> %<br>| &nbsp;&nbsp;&nbsp; (18.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.74<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $58253 | &nbsp;&nbsp;&nbsp; $36228 | &nbsp;&nbsp;&nbsp; $20102 | &nbsp;&nbsp;&nbsp; $10487 | &nbsp;&nbsp;&nbsp; $6545 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $13.28 | &nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp; $13.90 | &nbsp;&nbsp;&nbsp; $11.92 |
| Net investment income<sup>(a)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| Net increase (decrease) from investment operations | 3.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $13.28 | &nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp; $13.90 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.33<br> %<br>| &nbsp;&nbsp;&nbsp; (18.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.48<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $8149 | &nbsp;&nbsp;&nbsp; $4090 | &nbsp;&nbsp;&nbsp; $2930 | &nbsp;&nbsp;&nbsp; $1068 | &nbsp;&nbsp;&nbsp; $523 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp; $13.89 | &nbsp;&nbsp;&nbsp; $11.91 |
| Net investment income<sup>(a)</sup> | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Net increase (decrease) from investment operations | 3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp; $13.27 | &nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp; $13.89 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.21<br> %<br>| &nbsp;&nbsp;&nbsp; (18.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.52<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Net investment income | 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $18196 | &nbsp;&nbsp;&nbsp; $11706 | &nbsp;&nbsp;&nbsp; $7200 | &nbsp;&nbsp;&nbsp; $4283 | &nbsp;&nbsp;&nbsp; $3022 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) | BlackRock LifePath® Index 2065 Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $13.29 | &nbsp;&nbsp;&nbsp; $11.16 | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp; $11.92 |
| Net investment income<sup>(a)</sup> | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88 |
| Net increase (decrease) from investment operations | 3.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $13.29 | &nbsp;&nbsp;&nbsp; $11.16 | &nbsp;&nbsp;&nbsp; $13.91 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.62<br> %<br>| &nbsp;&nbsp;&nbsp; (18.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.87<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1454565 | &nbsp;&nbsp;&nbsp; $900143 | &nbsp;&nbsp;&nbsp; $519925 | &nbsp;&nbsp;&nbsp; $234115 | &nbsp;&nbsp;&nbsp; $123833 |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

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

<sup>(e)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Index 2070 Fund | BlackRock LifePath® Index 2070 Fund |
|  | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net increase (decrease) from investment operations | 2.21 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp;&nbsp; $9.83 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 22.43<br> %<br>| &nbsp;&nbsp;&nbsp; (0.77 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(g)</sup><br>|
| Net investment income | 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1398 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 8.86%.

<sup>(i)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Index 2070 Fund (continued) | BlackRock LifePath® Index 2070 Fund (continued) |
|  | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 1.80 | &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net increase (decrease) from investment operations | 2.17 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp; $9.83 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 22.04<br> %<br>| &nbsp;&nbsp;&nbsp; (0.84 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(g)</sup><br>|
| Net investment income | 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.26 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $238 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 9.10%.

<sup>(i)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Index 2070 Fund (continued) | BlackRock LifePath® Index 2070 Fund (continued) |
|  | Investor P | Investor P |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) | 1.71 | &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net increase (decrease) from investment operations | 2.17 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp;&nbsp; $9.83 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 22.07<br> %<br>| &nbsp;&nbsp;&nbsp; (0.84 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>(g)</sup><br>|
| Net investment income | 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $559 | &nbsp;&nbsp;&nbsp; $98 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 9.10%.

<sup>(i)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock LifePath® Index 2070 Fund (continued) | BlackRock LifePath® Index 2070 Fund (continued) |
|  | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 1.88 | &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net increase (decrease) from investment operations | 2.21 | &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp;&nbsp; $9.83 |
| **Total Return**<sup>(d)</sup> <br>|  |  |
| Based on net asset value | 22.48<br> %<br>| &nbsp;&nbsp;&nbsp; (0.76 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23 %<sup>(g)(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>(g)</sup><br>|
| Net investment income | 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57 %<sup>(g)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $53293 | &nbsp;&nbsp;&nbsp; $848 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

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

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

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

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

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

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

<sup>(h)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 8.80%.

<sup>(i)</sup> Includes the purchases and sales share of the underlying funds and the Underlying Master Portfolios.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements

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

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

BlackRock Funds III (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock LifePath® Index Retirement Fund | LifePath Index Retirement Fund | Diversified |
| BlackRock LifePath® Index 2030 Fund | LifePath Index 2030 Fund | Diversified |
| BlackRock LifePath® Index 2035 Fund | LifePath Index 2035 Fund | Diversified |
| BlackRock LifePath® Index 2040 Fund | LifePath Index 2040 Fund | Diversified |
| BlackRock LifePath® Index 2045 Fund | LifePath Index 2045 Fund | Diversified |
| BlackRock LifePath® Index 2050 Fund | LifePath Index 2050 Fund | Diversified |
| BlackRock LifePath® Index 2055 Fund | LifePath Index 2055 Fund | Diversified |
| BlackRock LifePath® Index 2060 Fund | LifePath Index 2060 Fund | Diversified |
| BlackRock LifePath® Index 2065 Fund | LifePath Index 2065 Fund | Diversified |
| BlackRock LifePath® Index 2070 Fund | LifePath Index 2070 Fund | Diversified |

---

As of period end, the investment of LifePath Index Retirement Fund, LifePath Index 2030 Fund, LifePath Index 2035 Fund, LifePath Index 2040 Fund, LifePath Index 2045 Fund, LifePath Index 2050 Fund, LifePath Index 2055 Fund, LifePath Index 2060 Fund, LifePath Index 2065 Fund and LifePath Index 2070 Fund in Large Cap Index Master Portfolio represented 22.6%, 28.6%, 35.1%, 40.8%, 46.2%, 51.9%, 55.1%, 55.8%, 55.8% and 56.0%, respectively, of net assets. As such, financial statements of Large Cap Index Master Portfolio, including the Schedules of Investments, should be read in conjunction with each respective Fund's financial statements. Large Cap Index Master Portfolio's financial statements are available, without charge, on the U.S. Securities and Exchange Commission's ("SEC's") website at **sec.gov**.

The Funds will generally invest in other registered investment companies (each, an "Underlying Fund" and collectively, the "Underlying Funds") that are managed by subsidiaries of BlackRock, Inc. ("BlackRock") and its affiliates, which are affiliates of the Funds. The Funds may also invest in other master portfolios ("Underlying Master Portfolios") that are managed by subsidiaries of BlackRock.

The value of a Fund's investment in Large Cap Index Master Portfolio and Master Small Cap Index Series reflects that Fund's proportionate interest in the net assets of that master portfolio. As of period end, the Funds held interests in Underlying Master Portfolios as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Large Cap* <br>*Index* <br>*Master Portfolio*<br>| *Master* <br>*Small Cap* <br>*Index Series*<br>|
| LifePath Index Retirement Fund | 7.9<br> % <br>| 1.4<br> % <br>|
| LifePath Index 2030 Fund | 10.3 | 1.3 |
| LifePath Index 2035 Fund | 10.9 | 2.4 |
| LifePath Index 2040 Fund | 15.9 | 5.1 |
| LifePath Index 2045 Fund | 13.2 | 5.5 |
| LifePath Index 2050 Fund | 15.7 | 7.5 |
| LifePath Index 2055 Fund | 11.5 | 5.8 |
| LifePath Index 2060 Fund | 7.3 | 3.7 |
| LifePath Index 2065 Fund | 2.3 | 1.2 |
| LifePath Index 2070 Fund | 0.1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Amount is less than 0.1%.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company's broker-dealer that has entered into an agreement with the Fund's distributor to offer such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Investor A and Class K Shares | No | No |  |
| Investor P Shares | Yes | No<sup>(a)</sup> |  |

---

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

<sup>(a)</sup> Investor P 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.

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

**Prior Year Reorganization:** The Board of LifePath Index Retirement Fund (the "Acquiring Fund") and the Board of BlackRock LifePath Index 2025 Fund (the "Target Fund") approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Each shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate net asset value ("NAV") of such shareholder's Target Fund shares, as determined at the close of business on October 4, 2024, less the costs of the Target Fund's reorganization.

The reorganization was accomplished by a tax-free exchange of shares of the Acquiring Fund in the following amounts and at the following conversion ratios:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Target Fund's Share Class* | &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *Acquiring Fund's* <br>*Share* <br>*Class*<br>| &nbsp;&nbsp; *Shares of* <br>*the Acquiring Fund*<br>|
| Institutional | &nbsp;&nbsp; 9361734 | 1.12317897 | &nbsp;&nbsp; Institutional | &nbsp;&nbsp; 10514903 |
| Investor A | &nbsp;&nbsp; 3544496 | 1.12377052 | &nbsp;&nbsp; InvestorA | &nbsp;&nbsp; 3983200 |
| Investor P | &nbsp;&nbsp; 6518045 | 1.12117600 | &nbsp;&nbsp; InvestorP | &nbsp;&nbsp; 7307876 |
| Class K | &nbsp;&nbsp; 380811918 | 1.12421995 | &nbsp;&nbsp; ClassK | &nbsp;&nbsp; 428116355 |

---

The Target Fund's net assets and composition of net assets on October 4, 2024, the valuation date of the reorganization, were as follows:

---

| | |
|:---|:---|
|  | *Target Fund* |
| Net assets | &nbsp;&nbsp; $6351755945 |
| Paid-in-capital | &nbsp;&nbsp; 4912478254 |
| Accumulated earnings | &nbsp;&nbsp; 1439277691 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The net assets of the Acquiring Fund before the reorganization were $7,782,437,470. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $14,134,193,415. The Target Fund's fair value and cost of financial instruments prior to the reorganization were as follows:

---

| | | |
|:---|:---|:---|
| *Target Fund* | &nbsp;&nbsp; *Fair Value of* <br>*Investments*<br>| &nbsp;&nbsp; *Cost of* <br>*Investments*<br>|
| LifePath Index 2025 Fund | &nbsp;&nbsp; $6392699735 | &nbsp;&nbsp; $5078814692 |

---

The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives and strategies and identical investment policies, risks and restrictions. The reorganization was a tax-free event and was effective on October 7, 2024.

Assuming the reorganization had been completed on January 1, 2024, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended December 31, 2024, were as follows:

• Net investment income (loss): $431,720,624

• Net realized and change in unrealized gain/loss on investments: $581,797,217

• Net increase/decrease in net assets resulting from operations: $1,013,517,841

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund's Statements of Operations since October 7, 2024.

Reorganization costs incurred by LifePath Index Retirement Fund in connection with the reorganization were expensed by LifePath Index Retirement Fund.

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

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Each Fund records daily its proportionate share of the Large Cap Index Master Portfolio and Master Small Cap Index Series income, expenses and realized and unrealized gains and losses.

**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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

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

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

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

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

As of December 31, 2025, certain investments of the Funds were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| LifePath Index 2030 Fund |  |  |  |  |
| Wells Fargo Securities LLC | &nbsp;&nbsp; $8160880 | &nbsp;&nbsp; $(8160880)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Index 2040 Fund |  |  |  |  |
| UBS AG | &nbsp;&nbsp; $411112 | &nbsp;&nbsp; $(411112)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Virtu Americas LLC | &nbsp;&nbsp; 331344 | &nbsp;&nbsp; (331344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $742456 | &nbsp;&nbsp; $(742456)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| LifePath Index 2055 Fund |  |  |  |  |
| Toronto-Dominion Bank | &nbsp;&nbsp; $8514784 | &nbsp;&nbsp; $(8514784)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with BFA, the Funds' investment adviser and an indirect, majority-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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to 0.05% of the average daily value of each Fund's net assets.

**Service Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Fund's Investor A and Investor P Shares.

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

For the year ended December 31, 2025, the following table shows the class specific service fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor P* | *Total* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $421619 | &nbsp;&nbsp; $4749448 | &nbsp;&nbsp; $5171067 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 342307 | &nbsp;&nbsp; 4539901 | &nbsp;&nbsp; 4882208 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 210228 | &nbsp;&nbsp; 194832 | &nbsp;&nbsp; 405060 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 314914 | &nbsp;&nbsp; 4361199 | &nbsp;&nbsp; 4676113 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 204718 | &nbsp;&nbsp; 97335 | &nbsp;&nbsp; 302053 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 248101 | &nbsp;&nbsp; 1642460 | &nbsp;&nbsp; 1890561 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 190685 | &nbsp;&nbsp; 53657 | &nbsp;&nbsp; 244342 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 59769 | &nbsp;&nbsp; 67184 | &nbsp;&nbsp; 126953 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 14609 | &nbsp;&nbsp; 36075 | &nbsp;&nbsp; 50684 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 764 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL" or the "Administrator"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Funds' ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.09% based on the average daily net assets of each Fund's Institutional, Investor A and Investor P Shares and 0.04% of the average daily net assets of each Fund's Class K Shares.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance.

For the year ended December 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 P* | *Class K* | *Total* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $446218 | &nbsp;&nbsp; $151783 | &nbsp;&nbsp; $1709801 | &nbsp;&nbsp; $4311134 | &nbsp;&nbsp; $6618936 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 516398 | &nbsp;&nbsp; 123231 | &nbsp;&nbsp; 1634364 | &nbsp;&nbsp; 4220478 | &nbsp;&nbsp; 6494471 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 198620 | &nbsp;&nbsp; 75682 | &nbsp;&nbsp; 70140 | &nbsp;&nbsp; 4182722 | &nbsp;&nbsp; 4527164 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 698674 | &nbsp;&nbsp; 113369 | &nbsp;&nbsp; 1570032 | &nbsp;&nbsp; 4377398 | &nbsp;&nbsp; 6759473 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 172442 | &nbsp;&nbsp; 73698 | &nbsp;&nbsp; 35041 | &nbsp;&nbsp; 3776329 | &nbsp;&nbsp; 4057510 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 174392 | &nbsp;&nbsp; 89316 | &nbsp;&nbsp; 591286 | &nbsp;&nbsp; 3732896 | &nbsp;&nbsp; 4587890 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 134886 | &nbsp;&nbsp; 68646 | &nbsp;&nbsp; 19317 | &nbsp;&nbsp; 2701609 | &nbsp;&nbsp; 2924458 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 78861 | &nbsp;&nbsp; 21517 | &nbsp;&nbsp; 24186 | &nbsp;&nbsp; 1648621 | &nbsp;&nbsp; 1773185 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 42230 | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 12987 | &nbsp;&nbsp; 465290 | &nbsp;&nbsp; 525766 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 7693 | &nbsp;&nbsp; 8075 |

---

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

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $86048 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 97916 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 20074 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 112985 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 13891 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 59792 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 7421 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 9605 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 7914 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 158 |

---

For the year ended December 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $2631 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 869 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| *Fund Name*  | *Investor P* |
| LifePath Index 2040 Fund | &nbsp;&nbsp; $11 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 101 |

---

**Expense Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to BFA indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $12071 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 14080 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 15269 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 19221 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 15808 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 15215 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 10980 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 8001 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 2703 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 105 |

---

The Manager and the Administrator have contractually agreed to reimburse each Fund for acquired fund fees and expenses up to a maximum amount equal to the combined investment advisory fee and administration fee of each share class through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $3223873 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 3884020 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 3696588 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 5374204 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 3741887 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 4241437 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 3043898 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 1866278 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 539094 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 8634 |

---

The fees and expenses of the Funds' Independent Trustees, counsel to the Independent Trustees and the Funds' independent registered public accounting firm (together, the "independent expenses") are paid directly by the Funds. Each of BAL and BFA has contractually agreed to reimburse the Funds or provide an offsetting credit for such independent expenses through June 30, 2035. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Administrator/Manager*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $117432 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 119571 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 104703 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 123603 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 97500 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 101499 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 78726 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 62109 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 38670 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 28102 |

---

**Securities Lending:** The SEC has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2025, each Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $38561 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 19622 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 8527 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 21496 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 12988 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 62769 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 7319 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 4085 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 2392 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 14 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, each Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.

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 year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| LifePath Index 2030 Fund | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $56810542 | &nbsp;&nbsp;&nbsp; $2850694 |
| LifePath Index 2040 Fund | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13034740 | &nbsp;&nbsp;&nbsp; 151327 |
| LifePath Index 2045 Fund | &nbsp;&nbsp;&nbsp; 5348819 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| LifePath Index 2050 Fund | &nbsp;&nbsp;&nbsp; 22193181 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| LifePath Index 2055 Fund | &nbsp;&nbsp;&nbsp; 27985631 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| LifePath Index 2060 Fund | &nbsp;&nbsp;&nbsp; 14322189 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

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

For the year ended December 31, 2025, purchases and sales of investments in the Underlying Funds and the Underlying Master Portfolios, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $2263137296 | &nbsp;&nbsp;&nbsp; $3692537368 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 2733846590 | &nbsp;&nbsp;&nbsp; 3176688240 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| LifePath Index 2035 Fund | &nbsp;&nbsp; $2236685558 | &nbsp;&nbsp;&nbsp; $2056450168 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 2239533495 | &nbsp;&nbsp;&nbsp; 2262144491 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 1727379448 | &nbsp;&nbsp;&nbsp; 1576320466 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 1520752723 | &nbsp;&nbsp;&nbsp; 1370510453 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 1144579040 | &nbsp;&nbsp;&nbsp; 832233197 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 922488004 | &nbsp;&nbsp;&nbsp; 434392331 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 467388024 | &nbsp;&nbsp;&nbsp; 110832463 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 52343132 | &nbsp;&nbsp;&nbsp; 2185460 |

---

***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 December 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 the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| LifePath Index Retirement Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $460206143 | &nbsp;&nbsp;&nbsp; $266607114 |
| Long-term capital gains | &nbsp;&nbsp; 28858262 | &nbsp;&nbsp;&nbsp; 13314741 |
|  | &nbsp;&nbsp; $489064405 | &nbsp;&nbsp;&nbsp; $279921855 |
| LifePath Index 2030 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $430534587 | &nbsp;&nbsp;&nbsp; $342438386 |
| LifePath Index 2035 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $326619131 | &nbsp;&nbsp;&nbsp; $256885167 |
| Long-term capital gains | &nbsp;&nbsp; 2560506 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $329179637 | &nbsp;&nbsp;&nbsp; $256885167 |
| LifePath Index 2040 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $389171377 | &nbsp;&nbsp;&nbsp; $320111245 |
| Long-term capital gains | &nbsp;&nbsp; 70945340 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $460116717 | &nbsp;&nbsp;&nbsp; $320111245 |
| LifePath Index 2045 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $251703867 | &nbsp;&nbsp;&nbsp; $202459024 |
| Long-term capital gains | &nbsp;&nbsp; 42956073 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $294659940 | &nbsp;&nbsp;&nbsp; $202459024 |
| LifePath Index 2050 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $249036817 | &nbsp;&nbsp;&nbsp; $214078245 |
| Long-term capital gains | &nbsp;&nbsp; 62384100 | &nbsp;&nbsp;&nbsp; 14396350 |
|  | &nbsp;&nbsp; $311420917 | &nbsp;&nbsp;&nbsp; $228474595 |
| LifePath Index 2055 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $163216404 | &nbsp;&nbsp;&nbsp; $132884431 |
| Long-term capital gains | &nbsp;&nbsp; 31943950 | &nbsp;&nbsp;&nbsp; 12559277 |
|  | &nbsp;&nbsp; $195160354 | &nbsp;&nbsp;&nbsp; $145443708 |
| LifePath Index 2060 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $95601996 | &nbsp;&nbsp;&nbsp; $72661598 |
| Long-term capital gains | &nbsp;&nbsp; 11319363 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $106921359 | &nbsp;&nbsp;&nbsp; $72661598 |
| LifePath Index 2065 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $27521347 | &nbsp;&nbsp;&nbsp; $17577166 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended*<br> *12/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *12/31/24*<br>|
| LifePath Index 2070 Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $574604 | &nbsp;&nbsp;&nbsp; $9427 |

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term* <br>*Capital Gains*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $3290423 | &nbsp;&nbsp; $190915968 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3643399821 | &nbsp;&nbsp; $3837606212 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 3595060 | &nbsp;&nbsp; 27209400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4086857349 | &nbsp;&nbsp; 4117661809 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 7323518 | &nbsp;&nbsp; 5366671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3503559483 | &nbsp;&nbsp; 3516249672 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 7202666 | &nbsp;&nbsp; 8595724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5258906990 | &nbsp;&nbsp; 5274705380 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 4065832 | &nbsp;&nbsp; 6023741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3766610970 | &nbsp;&nbsp; 3776700543 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 2969113 | &nbsp;&nbsp; 6158149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4279363712 | &nbsp;&nbsp; 4288490974 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 1536244 | &nbsp;&nbsp; 3583988 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2792412464 | &nbsp;&nbsp; 2797532696 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 710239 | &nbsp;&nbsp; 1757298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1508238964 | &nbsp;&nbsp; 1510706501 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 63571 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11569193)<br>| &nbsp;&nbsp; 366935800 | &nbsp;&nbsp; 355430178 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; — | &nbsp;&nbsp; (707556)<br>| &nbsp;&nbsp; 4103819 | &nbsp;&nbsp; 3399510 |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains was attributable primarily to tax deferral of losses on wash sales and the timing and recognition of partnership income. 

During the year ended December 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name*  | *Utilized* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; $18971977 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 23664159 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 24520293 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 5045014 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 3013312 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 2109770 |

---

As of December 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $9536830596 | &nbsp;&nbsp; $3705194962 | &nbsp;&nbsp; $(62131177)<br>| &nbsp;&nbsp; $3643063785 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 9455233245 | &nbsp;&nbsp; 4144238191 | &nbsp;&nbsp; (57380842)<br>| &nbsp;&nbsp; 4086857349 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 8117693287 | &nbsp;&nbsp; 3563171103 | &nbsp;&nbsp; (59611620)<br>| &nbsp;&nbsp; 3503559483 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 9390566009 | &nbsp;&nbsp; 5336283379 | &nbsp;&nbsp; (77376389)<br>| &nbsp;&nbsp; 5258906990 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 6906773460 | &nbsp;&nbsp; 3805104717 | &nbsp;&nbsp; (38493747)<br>| &nbsp;&nbsp; 3766610970 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 7063388264 | &nbsp;&nbsp; 4298647850 | &nbsp;&nbsp; (19284138)<br>| &nbsp;&nbsp; 4279363712 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 5057261972 | &nbsp;&nbsp; 2799516760 | &nbsp;&nbsp; (7104296)<br>| &nbsp;&nbsp; 2792412464 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 3426686934 | &nbsp;&nbsp; 1512038494 | &nbsp;&nbsp; (3799530)<br>| &nbsp;&nbsp; 1508238964 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 1176312014 | &nbsp;&nbsp; 367892153 | &nbsp;&nbsp; (956353)<br>| &nbsp;&nbsp; 366935800 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 50947507 | &nbsp;&nbsp; 4116053 | &nbsp;&nbsp; (12234)<br>| &nbsp;&nbsp; 4103819 |

---

***8.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2025, the Funds did not borrow under the credit agreement.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

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

In the normal course of business, each Fund invests through their investments in the Underlying Funds in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

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

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index Retirement Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3970632 | &nbsp;&nbsp;&nbsp; $57922282 | &nbsp;&nbsp;&nbsp; 9009629 | &nbsp;&nbsp;&nbsp; $126433859 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1229248 | &nbsp;&nbsp;&nbsp; 18401381 | &nbsp;&nbsp;&nbsp; 903950 | &nbsp;&nbsp;&nbsp; 12709020 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10514903 | &nbsp;&nbsp;&nbsp; 148540016 |
| Shares redeemed | &nbsp;&nbsp; (8839304) | &nbsp;&nbsp;&nbsp; (127697977) | &nbsp;&nbsp;&nbsp; (11741628) | &nbsp;&nbsp;&nbsp; (162542119) |
|  | &nbsp;&nbsp; (3639424) | &nbsp;&nbsp;&nbsp; $(51374314) | &nbsp;&nbsp;&nbsp; 8686854 | &nbsp;&nbsp;&nbsp; $125140776 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2095143 | &nbsp;&nbsp;&nbsp; $30392091 | &nbsp;&nbsp;&nbsp; 3213223 | &nbsp;&nbsp;&nbsp; $44744709 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 341074 | &nbsp;&nbsp;&nbsp; 5102286 | &nbsp;&nbsp;&nbsp; 284160 | &nbsp;&nbsp;&nbsp; 3989907 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3983200 | &nbsp;&nbsp;&nbsp; 56209239 |
| Shares redeemed | &nbsp;&nbsp; (5287611) | &nbsp;&nbsp;&nbsp; (77567496) | &nbsp;&nbsp;&nbsp; (5817535) | &nbsp;&nbsp;&nbsp; (80177965) |
|  | &nbsp;&nbsp; (2851394) | &nbsp;&nbsp;&nbsp; $(42073119) | &nbsp;&nbsp;&nbsp; 1663048 | &nbsp;&nbsp;&nbsp; $24765890 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4376769 | &nbsp;&nbsp;&nbsp; $63244803 | &nbsp;&nbsp;&nbsp; 4264929 | &nbsp;&nbsp;&nbsp; $58343310 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4418122 | &nbsp;&nbsp;&nbsp; 65960666 | &nbsp;&nbsp;&nbsp; 3597583 | &nbsp;&nbsp;&nbsp; 50529138 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7307876 | &nbsp;&nbsp;&nbsp; 103005769 |
| Shares redeemed | &nbsp;&nbsp; (19120084) | &nbsp;&nbsp;&nbsp; (277109532) | &nbsp;&nbsp;&nbsp; (19290548) | &nbsp;&nbsp;&nbsp; (263743715) |
|  | &nbsp;&nbsp; (10325193) | &nbsp;&nbsp;&nbsp; $(147904063) | &nbsp;&nbsp;&nbsp; (4120160) | &nbsp;&nbsp;&nbsp; $(51865498) |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index Retirement Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 126090636 | &nbsp;&nbsp;&nbsp; $1827456287 | &nbsp;&nbsp;&nbsp; 134002075 | &nbsp;&nbsp;&nbsp; $1869160367 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 26679622 | &nbsp;&nbsp;&nbsp; 399116807 | &nbsp;&nbsp;&nbsp; 15159146 | &nbsp;&nbsp;&nbsp; 212372996 |
| Shares issued in reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 428116355 | &nbsp;&nbsp;&nbsp; 6044000921 |
| Shares redeemed | &nbsp;&nbsp; (229249238) | &nbsp;&nbsp;&nbsp; (3332594527) | &nbsp;&nbsp;&nbsp; (170680812) | &nbsp;&nbsp;&nbsp; (2355801084) |
|  | &nbsp;&nbsp; (76478980) | &nbsp;&nbsp;&nbsp; $(1106021433) | &nbsp;&nbsp;&nbsp; 406596764 | &nbsp;&nbsp;&nbsp; $5769733200 |
|  | &nbsp;&nbsp; (93294991) | &nbsp;&nbsp;&nbsp; $(1347372929) | &nbsp;&nbsp;&nbsp; 412826506 | &nbsp;&nbsp;&nbsp; $5867774368 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2030 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3225663 | &nbsp;&nbsp;&nbsp; $58493646 | &nbsp;&nbsp;&nbsp; 10151842 | &nbsp;&nbsp;&nbsp; $173378654 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 987006 | &nbsp;&nbsp;&nbsp; 18729792 | &nbsp;&nbsp;&nbsp; 888641 | &nbsp;&nbsp;&nbsp; 15318322 |
| Shares redeemed | &nbsp;&nbsp; (5966075) | &nbsp;&nbsp;&nbsp; (107453024) | &nbsp;&nbsp;&nbsp; (12307482) | &nbsp;&nbsp;&nbsp; (210210198) |
|  | &nbsp;&nbsp; (1753406) | &nbsp;&nbsp;&nbsp; $(30229586) | &nbsp;&nbsp;&nbsp; (1266999) | &nbsp;&nbsp;&nbsp; $(21513222) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1942796 | &nbsp;&nbsp;&nbsp; $35162466 | &nbsp;&nbsp;&nbsp; 3160571 | &nbsp;&nbsp;&nbsp; $53857526 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 184085 | &nbsp;&nbsp;&nbsp; 3494870 | &nbsp;&nbsp;&nbsp; 199973 | &nbsp;&nbsp;&nbsp; 3449028 |
| Shares redeemed | &nbsp;&nbsp; (4115632) | &nbsp;&nbsp;&nbsp; (75604142) | &nbsp;&nbsp;&nbsp; (5846612) | &nbsp;&nbsp;&nbsp; (99127029) |
|  | &nbsp;&nbsp; (1988751) | &nbsp;&nbsp;&nbsp; $(36946806) | &nbsp;&nbsp;&nbsp; (2486068) | &nbsp;&nbsp;&nbsp; $(41820475) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3841413 | &nbsp;&nbsp;&nbsp; $69296178 | &nbsp;&nbsp;&nbsp; 4460112 | &nbsp;&nbsp;&nbsp; $75444872 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2868627 | &nbsp;&nbsp;&nbsp; 54377379 | &nbsp;&nbsp;&nbsp; 2534444 | &nbsp;&nbsp;&nbsp; 43662248 |
| Shares redeemed | &nbsp;&nbsp; (12783531) | &nbsp;&nbsp;&nbsp; (231890152) | &nbsp;&nbsp;&nbsp; (14002665) | &nbsp;&nbsp;&nbsp; (236815011) |
|  | &nbsp;&nbsp; (6073491) | &nbsp;&nbsp;&nbsp; $(108216595) | &nbsp;&nbsp;&nbsp; (7008109) | &nbsp;&nbsp;&nbsp; $(117707891) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 101624126 | &nbsp;&nbsp;&nbsp; $1840279168 | &nbsp;&nbsp;&nbsp; 109177957 | &nbsp;&nbsp;&nbsp; $1849581720 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 18665745 | &nbsp;&nbsp;&nbsp; 353837852 | &nbsp;&nbsp;&nbsp; 16248829 | &nbsp;&nbsp;&nbsp; 279936191 |
| Shares redeemed | &nbsp;&nbsp; (132304056) | &nbsp;&nbsp;&nbsp; (2403782044) | &nbsp;&nbsp;&nbsp; (113587062) | &nbsp;&nbsp;&nbsp; (1926289309) |
|  | &nbsp;&nbsp; (12014185) | &nbsp;&nbsp;&nbsp; $(209665024) | &nbsp;&nbsp;&nbsp; 11839724 | &nbsp;&nbsp;&nbsp; $203228602 |
|  | &nbsp;&nbsp; (21829833) | &nbsp;&nbsp;&nbsp; $(385058011) | &nbsp;&nbsp;&nbsp; 1078548 | &nbsp;&nbsp;&nbsp; $22187014 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2035 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1938253 | &nbsp;&nbsp;&nbsp; $38664549 | &nbsp;&nbsp;&nbsp; 2575077 | &nbsp;&nbsp;&nbsp; $47286056 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 301965 | &nbsp;&nbsp;&nbsp; 6466507 | &nbsp;&nbsp;&nbsp; 292784 | &nbsp;&nbsp;&nbsp; 5594259 |
| Shares redeemed | &nbsp;&nbsp; (3258000) | &nbsp;&nbsp;&nbsp; (64361597) | &nbsp;&nbsp;&nbsp; (2956582) | &nbsp;&nbsp;&nbsp; (55768229) |
|  | &nbsp;&nbsp; (1017782) | &nbsp;&nbsp;&nbsp; $(19230541) | &nbsp;&nbsp;&nbsp; (88721) | &nbsp;&nbsp;&nbsp; $(2887914) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 980384 | &nbsp;&nbsp;&nbsp; $19875781 | &nbsp;&nbsp;&nbsp; 1355705 | &nbsp;&nbsp;&nbsp; $24924801 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 98567 | &nbsp;&nbsp;&nbsp; 2106767 | &nbsp;&nbsp;&nbsp; 96959 | &nbsp;&nbsp;&nbsp; 1849635 |
| Shares redeemed | &nbsp;&nbsp; (1637859) | &nbsp;&nbsp;&nbsp; (32948107) | &nbsp;&nbsp;&nbsp; (4255852) | &nbsp;&nbsp;&nbsp; (78540681) |
|  | &nbsp;&nbsp; (558908) | &nbsp;&nbsp;&nbsp; $(10965559) | &nbsp;&nbsp;&nbsp; (2803188) | &nbsp;&nbsp;&nbsp; $(51766245) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 868519 | &nbsp;&nbsp;&nbsp; $17335932 | &nbsp;&nbsp;&nbsp; 966077 | &nbsp;&nbsp;&nbsp; $17802240 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 104767 | &nbsp;&nbsp;&nbsp; 2229928 | &nbsp;&nbsp;&nbsp; 83180 | &nbsp;&nbsp;&nbsp; 1581024 |
| Shares redeemed | &nbsp;&nbsp; (573493) | &nbsp;&nbsp;&nbsp; (11372873) | &nbsp;&nbsp;&nbsp; (385091) | &nbsp;&nbsp;&nbsp; (7110828) |
|  | &nbsp;&nbsp; 399793 | &nbsp;&nbsp;&nbsp; $8192987 | &nbsp;&nbsp;&nbsp; 664166 | &nbsp;&nbsp;&nbsp; $12272436 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2035 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 99960965 | &nbsp;&nbsp;&nbsp; $2015297455 | &nbsp;&nbsp;&nbsp; 102942372 | &nbsp;&nbsp;&nbsp; $1913516235 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14877289 | &nbsp;&nbsp;&nbsp; 318298984 | &nbsp;&nbsp;&nbsp; 12981481 | &nbsp;&nbsp;&nbsp; 247783458 |
| Shares redeemed | &nbsp;&nbsp; (102227859) | &nbsp;&nbsp;&nbsp; (2070444224) | &nbsp;&nbsp;&nbsp; (82687611) | &nbsp;&nbsp;&nbsp; (1540867978) |
|  | &nbsp;&nbsp; 12610395 | &nbsp;&nbsp;&nbsp; $263152215 | &nbsp;&nbsp;&nbsp; 33236242 | &nbsp;&nbsp;&nbsp; $620431715 |
|  | &nbsp;&nbsp; 11433498 | &nbsp;&nbsp;&nbsp; $241149102 | &nbsp;&nbsp;&nbsp; 31008499 | &nbsp;&nbsp;&nbsp; $578049992 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2040 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3223109 | &nbsp;&nbsp;&nbsp; $70214589 | &nbsp;&nbsp;&nbsp; 6686855 | &nbsp;&nbsp;&nbsp; $134517240 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1114003 | &nbsp;&nbsp;&nbsp; 26068810 | &nbsp;&nbsp;&nbsp; 890713 | &nbsp;&nbsp;&nbsp; 18460463 |
| Shares redeemed | &nbsp;&nbsp; (4922762) | &nbsp;&nbsp;&nbsp; (106938025) | &nbsp;&nbsp;&nbsp; (9247122) | &nbsp;&nbsp;&nbsp; (186012652) |
|  | &nbsp;&nbsp; (585650) | &nbsp;&nbsp;&nbsp; $(10654626) | &nbsp;&nbsp;&nbsp; (1669554) | &nbsp;&nbsp;&nbsp; $(33034949) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1976058 | &nbsp;&nbsp;&nbsp; $42859184 | &nbsp;&nbsp;&nbsp; 2232996 | &nbsp;&nbsp;&nbsp; $44787901 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 150089 | &nbsp;&nbsp;&nbsp; 3505119 | &nbsp;&nbsp;&nbsp; 130494 | &nbsp;&nbsp;&nbsp; 2699282 |
| Shares redeemed | &nbsp;&nbsp; (2875518) | &nbsp;&nbsp;&nbsp; (63516597) | &nbsp;&nbsp;&nbsp; (4324651) | &nbsp;&nbsp;&nbsp; (86448736) |
|  | &nbsp;&nbsp; (749371) | &nbsp;&nbsp;&nbsp; $(17152294) | &nbsp;&nbsp;&nbsp; (1961161) | &nbsp;&nbsp;&nbsp; $(38961553) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3520874 | &nbsp;&nbsp;&nbsp; $76906700 | &nbsp;&nbsp;&nbsp; 3615241 | &nbsp;&nbsp;&nbsp; $72097649 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2313362 | &nbsp;&nbsp;&nbsp; 53943167 | &nbsp;&nbsp;&nbsp; 1834273 | &nbsp;&nbsp;&nbsp; 37887038 |
| Shares redeemed | &nbsp;&nbsp; (8037035) | &nbsp;&nbsp;&nbsp; (175121024) | &nbsp;&nbsp;&nbsp; (8619707) | &nbsp;&nbsp;&nbsp; (172238169) |
|  | &nbsp;&nbsp; (2202799) | &nbsp;&nbsp;&nbsp; $(44271157) | &nbsp;&nbsp;&nbsp; (3170193) | &nbsp;&nbsp;&nbsp; $(62253482) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 86164556 | &nbsp;&nbsp;&nbsp; $1895207347 | &nbsp;&nbsp;&nbsp; 90265267 | &nbsp;&nbsp;&nbsp; $1802624835 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 16095982 | &nbsp;&nbsp;&nbsp; 376521357 | &nbsp;&nbsp;&nbsp; 12597040 | &nbsp;&nbsp;&nbsp; 260959265 |
| Shares redeemed | &nbsp;&nbsp; (92755642) | &nbsp;&nbsp;&nbsp; (2044817702) | &nbsp;&nbsp;&nbsp; (78391963) | &nbsp;&nbsp;&nbsp; (1574750683) |
|  | &nbsp;&nbsp; 9504896 | &nbsp;&nbsp;&nbsp; $226911002 | &nbsp;&nbsp;&nbsp; 24470344 | &nbsp;&nbsp;&nbsp; $488833417 |
|  | &nbsp;&nbsp; 5967076 | &nbsp;&nbsp;&nbsp; $154832925 | &nbsp;&nbsp;&nbsp; 17669436 | &nbsp;&nbsp;&nbsp; $354583433 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2045 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1524013 | &nbsp;&nbsp;&nbsp; $36295582 | &nbsp;&nbsp;&nbsp; 1863806 | &nbsp;&nbsp;&nbsp; $39682554 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 220160 | &nbsp;&nbsp;&nbsp; 5693759 | &nbsp;&nbsp;&nbsp; 185814 | &nbsp;&nbsp;&nbsp; 4187092 |
| Shares redeemed | &nbsp;&nbsp; (2158906) | &nbsp;&nbsp;&nbsp; (50376146) | &nbsp;&nbsp;&nbsp; (2090767) | &nbsp;&nbsp;&nbsp; (45826216) |
|  | &nbsp;&nbsp; (414733) | &nbsp;&nbsp;&nbsp; $(8386805) | &nbsp;&nbsp;&nbsp; (41147) | &nbsp;&nbsp;&nbsp; $(1956570) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 799470 | &nbsp;&nbsp;&nbsp; $19237061 | &nbsp;&nbsp;&nbsp; 1160043 | &nbsp;&nbsp;&nbsp; $24878292 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 79629 | &nbsp;&nbsp;&nbsp; 2055267 | &nbsp;&nbsp;&nbsp; 65999 | &nbsp;&nbsp;&nbsp; 1485167 |
| Shares redeemed | &nbsp;&nbsp; (1206849) | &nbsp;&nbsp;&nbsp; (29141493) | &nbsp;&nbsp;&nbsp; (3504700) | &nbsp;&nbsp;&nbsp; (75092386) |
|  | &nbsp;&nbsp; (327750) | &nbsp;&nbsp;&nbsp; $(7849165) | &nbsp;&nbsp;&nbsp; (2278658) | &nbsp;&nbsp;&nbsp; $(48728927) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 580106 | &nbsp;&nbsp;&nbsp; $13603671 | &nbsp;&nbsp;&nbsp; 326083 | &nbsp;&nbsp;&nbsp; $6938226 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 45445 | &nbsp;&nbsp;&nbsp; 1168933 | &nbsp;&nbsp;&nbsp; 27330 | &nbsp;&nbsp;&nbsp; 612845 |
| Shares redeemed | &nbsp;&nbsp; (213226) | &nbsp;&nbsp;&nbsp; (5030536) | &nbsp;&nbsp;&nbsp; (130727) | &nbsp;&nbsp;&nbsp; (2786988) |
|  | &nbsp;&nbsp; 412325 | &nbsp;&nbsp;&nbsp; $9742068 | &nbsp;&nbsp;&nbsp; 222686 | &nbsp;&nbsp;&nbsp; $4764083 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2045 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 74378608 | &nbsp;&nbsp;&nbsp; $1785765268 | &nbsp;&nbsp;&nbsp; 80483218 | &nbsp;&nbsp;&nbsp; $1733473287 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 11039014 | &nbsp;&nbsp;&nbsp; 285713113 | &nbsp;&nbsp;&nbsp; 8696576 | &nbsp;&nbsp;&nbsp; 196147454 |
| Shares redeemed | &nbsp;&nbsp; (74813405) | &nbsp;&nbsp;&nbsp; (1799032367) | &nbsp;&nbsp;&nbsp; (58394703) | &nbsp;&nbsp;&nbsp; (1264904972) |
|  | &nbsp;&nbsp; 10604217 | &nbsp;&nbsp;&nbsp; $272446014 | &nbsp;&nbsp;&nbsp; 30785091 | &nbsp;&nbsp;&nbsp; $664715769 |
|  | &nbsp;&nbsp; 10274059 | &nbsp;&nbsp;&nbsp; $265952112 | &nbsp;&nbsp;&nbsp; 28687972 | &nbsp;&nbsp;&nbsp; $618794355 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2050 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1589994 | &nbsp;&nbsp;&nbsp; $39828339 | &nbsp;&nbsp;&nbsp; 3678353 | &nbsp;&nbsp;&nbsp; $83264687 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 212250 | &nbsp;&nbsp;&nbsp; 5826369 | &nbsp;&nbsp;&nbsp; 196610 | &nbsp;&nbsp;&nbsp; 4648589 |
| Shares redeemed | &nbsp;&nbsp; (2235722) | &nbsp;&nbsp;&nbsp; (54701228) | &nbsp;&nbsp;&nbsp; (3964335) | &nbsp;&nbsp;&nbsp; (90316188) |
|  | &nbsp;&nbsp; (433478) | &nbsp;&nbsp;&nbsp; $(9046520) | &nbsp;&nbsp;&nbsp; (89372) | &nbsp;&nbsp;&nbsp; $(2402912) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1065042 | &nbsp;&nbsp;&nbsp; $26895446 | &nbsp;&nbsp;&nbsp; 1263726 | &nbsp;&nbsp;&nbsp; $28262512 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 93040 | &nbsp;&nbsp;&nbsp; 2547862 | &nbsp;&nbsp;&nbsp; 84586 | &nbsp;&nbsp;&nbsp; 1995640 |
| Shares redeemed | &nbsp;&nbsp; (1435503) | &nbsp;&nbsp;&nbsp; (36472728) | &nbsp;&nbsp;&nbsp; (2982584) | &nbsp;&nbsp;&nbsp; (66957406) |
|  | &nbsp;&nbsp; (277421) | &nbsp;&nbsp;&nbsp; $(7029420) | &nbsp;&nbsp;&nbsp; (1634272) | &nbsp;&nbsp;&nbsp; $(36699254) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1668749 | &nbsp;&nbsp;&nbsp; $41826367 | &nbsp;&nbsp;&nbsp; 1611606 | &nbsp;&nbsp;&nbsp; $35917177 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 649886 | &nbsp;&nbsp;&nbsp; 17765258 | &nbsp;&nbsp;&nbsp; 569857 | &nbsp;&nbsp;&nbsp; 13427736 |
| Shares redeemed | &nbsp;&nbsp; (2730405) | &nbsp;&nbsp;&nbsp; (68363710) | &nbsp;&nbsp;&nbsp; (2659960) | &nbsp;&nbsp;&nbsp; (59357924) |
|  | &nbsp;&nbsp; (411770) | &nbsp;&nbsp;&nbsp; $(8772085) | &nbsp;&nbsp;&nbsp; (478497) | &nbsp;&nbsp;&nbsp; $(10013011) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 67656227 | &nbsp;&nbsp;&nbsp; $1708932753 | &nbsp;&nbsp;&nbsp; 73535673 | &nbsp;&nbsp;&nbsp; $1651502024 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 10390975 | &nbsp;&nbsp;&nbsp; 285239962 | &nbsp;&nbsp;&nbsp; 8813100 | &nbsp;&nbsp;&nbsp; 208381337 |
| Shares redeemed | &nbsp;&nbsp; (66201669) | &nbsp;&nbsp;&nbsp; (1682582000) | &nbsp;&nbsp;&nbsp; (54389448) | &nbsp;&nbsp;&nbsp; (1229015701) |
|  | &nbsp;&nbsp; 11845533 | &nbsp;&nbsp;&nbsp; $311590715 | &nbsp;&nbsp;&nbsp; 27959325 | &nbsp;&nbsp;&nbsp; $630867660 |
|  | &nbsp;&nbsp; 10722864 | &nbsp;&nbsp;&nbsp; $286742690 | &nbsp;&nbsp;&nbsp; 25757184 | &nbsp;&nbsp;&nbsp; $581752483 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2055 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1257624 | &nbsp;&nbsp;&nbsp; $32513480 | &nbsp;&nbsp;&nbsp; 1899656 | &nbsp;&nbsp;&nbsp; $43413014 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 137526 | &nbsp;&nbsp;&nbsp; 3954563 | &nbsp;&nbsp;&nbsp; 153976 | &nbsp;&nbsp;&nbsp; 3774509 |
| Shares redeemed | &nbsp;&nbsp; (2577862) | &nbsp;&nbsp;&nbsp; (65228609) | &nbsp;&nbsp;&nbsp; (1966297) | &nbsp;&nbsp;&nbsp; (46503756) |
|  | &nbsp;&nbsp; (1182712) | &nbsp;&nbsp;&nbsp; $(28760566) | &nbsp;&nbsp;&nbsp; 87335 | &nbsp;&nbsp;&nbsp; $683767 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 844211 | &nbsp;&nbsp;&nbsp; $21925192 | &nbsp;&nbsp;&nbsp; 1021328 | &nbsp;&nbsp;&nbsp; $23463853 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 61017 | &nbsp;&nbsp;&nbsp; 1750192 | &nbsp;&nbsp;&nbsp; 58098 | &nbsp;&nbsp;&nbsp; 1421262 |
| Shares redeemed | &nbsp;&nbsp; (1062775) | &nbsp;&nbsp;&nbsp; (27882439) | &nbsp;&nbsp;&nbsp; (2165929) | &nbsp;&nbsp;&nbsp; (50058638) |
|  | &nbsp;&nbsp; (157547) | &nbsp;&nbsp;&nbsp; $(4207055) | &nbsp;&nbsp;&nbsp; (1086503) | &nbsp;&nbsp;&nbsp; $(25173523) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 276223 | &nbsp;&nbsp;&nbsp; $7175925 | &nbsp;&nbsp;&nbsp; 257840 | &nbsp;&nbsp;&nbsp; $5968630 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 20055 | &nbsp;&nbsp;&nbsp; 573670 | &nbsp;&nbsp;&nbsp; 14230 | &nbsp;&nbsp;&nbsp; 347263 |
| Shares redeemed | &nbsp;&nbsp; (83907) | &nbsp;&nbsp;&nbsp; (2197498) | &nbsp;&nbsp;&nbsp; (107104) | &nbsp;&nbsp;&nbsp; (2495661) |
|  | &nbsp;&nbsp; 212371 | &nbsp;&nbsp;&nbsp; $5552097 | &nbsp;&nbsp;&nbsp; 164966 | &nbsp;&nbsp;&nbsp; $3820232 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2055 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 59022668 | &nbsp;&nbsp;&nbsp; $1544329827 | &nbsp;&nbsp;&nbsp; 59285345 | &nbsp;&nbsp;&nbsp; $1377269803 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6567869 | &nbsp;&nbsp;&nbsp; 188860523 | &nbsp;&nbsp;&nbsp; 5706266 | &nbsp;&nbsp;&nbsp; 139886812 |
| Shares redeemed | &nbsp;&nbsp; (50103387) | &nbsp;&nbsp;&nbsp; (1325556400) | &nbsp;&nbsp;&nbsp; (40105415) | &nbsp;&nbsp;&nbsp; (936645154) |
|  | &nbsp;&nbsp; 15487150 | &nbsp;&nbsp;&nbsp; $407633950 | &nbsp;&nbsp;&nbsp; 24886196 | &nbsp;&nbsp;&nbsp; $580511461 |
|  | &nbsp;&nbsp; 14359262 | &nbsp;&nbsp;&nbsp; $380218426 | &nbsp;&nbsp;&nbsp; 24051994 | &nbsp;&nbsp;&nbsp; $559841937 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2060 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1243115 | &nbsp;&nbsp;&nbsp; $28694166 | &nbsp;&nbsp;&nbsp; 1393645 | &nbsp;&nbsp;&nbsp; $28440506 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 83539 | &nbsp;&nbsp;&nbsp; 2159922 | &nbsp;&nbsp;&nbsp; 67776 | &nbsp;&nbsp;&nbsp; 1488337 |
| Shares redeemed | &nbsp;&nbsp; (892880) | &nbsp;&nbsp;&nbsp; (20486785) | &nbsp;&nbsp;&nbsp; (1019537) | &nbsp;&nbsp;&nbsp; (21270308) |
|  | &nbsp;&nbsp; 433774 | &nbsp;&nbsp;&nbsp; $10367303 | &nbsp;&nbsp;&nbsp; 441884 | &nbsp;&nbsp;&nbsp; $8658535 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 405821 | &nbsp;&nbsp;&nbsp; $9608611 | &nbsp;&nbsp;&nbsp; 420495 | &nbsp;&nbsp;&nbsp; $8670879 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 18576 | &nbsp;&nbsp;&nbsp; 479340 | &nbsp;&nbsp;&nbsp; 17807 | &nbsp;&nbsp;&nbsp; 390303 |
| Shares redeemed | &nbsp;&nbsp; (524313) | &nbsp;&nbsp;&nbsp; (12153271) | &nbsp;&nbsp;&nbsp; (823307) | &nbsp;&nbsp;&nbsp; (17244760) |
|  | &nbsp;&nbsp; (99916) | &nbsp;&nbsp;&nbsp; $(2065320) | &nbsp;&nbsp;&nbsp; (385005) | &nbsp;&nbsp;&nbsp; $(8183578) |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 330520 | &nbsp;&nbsp;&nbsp; $7609041 | &nbsp;&nbsp;&nbsp; 359121 | &nbsp;&nbsp;&nbsp; $7339603 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 23346 | &nbsp;&nbsp;&nbsp; 601047 | &nbsp;&nbsp;&nbsp; 17635 | &nbsp;&nbsp;&nbsp; 385850 |
| Shares redeemed | &nbsp;&nbsp; (146331) | &nbsp;&nbsp;&nbsp; (3402165) | &nbsp;&nbsp;&nbsp; (174108) | &nbsp;&nbsp;&nbsp; (3521226) |
|  | &nbsp;&nbsp; 207535 | &nbsp;&nbsp;&nbsp; $4807923 | &nbsp;&nbsp;&nbsp; 202648 | &nbsp;&nbsp;&nbsp; $4204227 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 51432402 | &nbsp;&nbsp;&nbsp; $1207353709 | &nbsp;&nbsp;&nbsp; 50221955 | &nbsp;&nbsp;&nbsp; $1040290711 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4007918 | &nbsp;&nbsp;&nbsp; 103666978 | &nbsp;&nbsp;&nbsp; 3203697 | &nbsp;&nbsp;&nbsp; 70383379 |
| Shares redeemed | &nbsp;&nbsp; (33598401) | &nbsp;&nbsp;&nbsp; (800245605) | &nbsp;&nbsp;&nbsp; (25649097) | &nbsp;&nbsp;&nbsp; (536755516) |
|  | &nbsp;&nbsp; 21841919 | &nbsp;&nbsp;&nbsp; $510775082 | &nbsp;&nbsp;&nbsp; 27776555 | &nbsp;&nbsp;&nbsp; $573918574 |
|  | &nbsp;&nbsp; 22383312 | &nbsp;&nbsp;&nbsp; $523884988 | &nbsp;&nbsp;&nbsp; 28036082 | &nbsp;&nbsp;&nbsp; $578597758 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2065 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1314679 | &nbsp;&nbsp;&nbsp; $21485156 | &nbsp;&nbsp;&nbsp; 1147815 | &nbsp;&nbsp;&nbsp; $16631323 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 55316 | &nbsp;&nbsp;&nbsp; 1010410 | &nbsp;&nbsp;&nbsp; 42211 | &nbsp;&nbsp;&nbsp; 652576 |
| Shares redeemed | &nbsp;&nbsp; (546500) | &nbsp;&nbsp;&nbsp; (8925703) | &nbsp;&nbsp;&nbsp; (315116) | &nbsp;&nbsp;&nbsp; (4658570) |
|  | &nbsp;&nbsp; 823495 | &nbsp;&nbsp;&nbsp; $13569863 | &nbsp;&nbsp;&nbsp; 874910 | &nbsp;&nbsp;&nbsp; $12625329 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 260072 | &nbsp;&nbsp;&nbsp; $4293912 | &nbsp;&nbsp;&nbsp; 145396 | &nbsp;&nbsp;&nbsp; $2129859 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 6837 | &nbsp;&nbsp;&nbsp; 124601 | &nbsp;&nbsp;&nbsp; 3977 | &nbsp;&nbsp;&nbsp; 61407 |
| Shares redeemed | &nbsp;&nbsp; (86701) | &nbsp;&nbsp;&nbsp; (1365951) | &nbsp;&nbsp;&nbsp; (100198) | &nbsp;&nbsp;&nbsp; (1479803) |
|  | &nbsp;&nbsp; 180208 | &nbsp;&nbsp;&nbsp; $3052562 | &nbsp;&nbsp;&nbsp; 49175 | &nbsp;&nbsp;&nbsp; $711463 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 394996 | &nbsp;&nbsp;&nbsp; $6564128 | &nbsp;&nbsp;&nbsp; 348560 | &nbsp;&nbsp;&nbsp; $5087089 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14766 | &nbsp;&nbsp;&nbsp; 269127 | &nbsp;&nbsp;&nbsp; 12255 | &nbsp;&nbsp;&nbsp; 189091 |
| Shares redeemed | &nbsp;&nbsp; (177327) | &nbsp;&nbsp;&nbsp; (2907536) | &nbsp;&nbsp;&nbsp; (130406) | &nbsp;&nbsp;&nbsp; (1900383) |
|  | &nbsp;&nbsp; 232435 | &nbsp;&nbsp;&nbsp; $3925719 | &nbsp;&nbsp;&nbsp; 230409 | &nbsp;&nbsp;&nbsp; $3375797 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2065 Fund (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 35807530 | &nbsp;&nbsp;&nbsp; $593800073 | &nbsp;&nbsp;&nbsp; 28779547 | &nbsp;&nbsp;&nbsp; $421741708 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1427028 | &nbsp;&nbsp;&nbsp; 26080895 | &nbsp;&nbsp;&nbsp; 1076694 | &nbsp;&nbsp;&nbsp; 16645656 |
| Shares redeemed | &nbsp;&nbsp; (16392808) | &nbsp;&nbsp;&nbsp; (274640736) | &nbsp;&nbsp;&nbsp; (9665137) | &nbsp;&nbsp;&nbsp; (142404324) |
|  | &nbsp;&nbsp; 20841750 | &nbsp;&nbsp;&nbsp; $345240232 | &nbsp;&nbsp;&nbsp; 20191104 | &nbsp;&nbsp;&nbsp; $295983040 |
|  | &nbsp;&nbsp; 22077888 | &nbsp;&nbsp;&nbsp; $365788376 | &nbsp;&nbsp;&nbsp; 21345598 | &nbsp;&nbsp;&nbsp; $312695629 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 | Period from <br>09/24/24<sup>(a)</sup> <br>to 12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| LifePath Index 2070 Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 107957 | &nbsp;&nbsp;&nbsp; $1284801 | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares redeemed | (628) | &nbsp;&nbsp;&nbsp; (7305) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; 107393 | &nbsp;&nbsp;&nbsp; $1278257 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10037 | &nbsp;&nbsp;&nbsp; $112850 | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares redeemed | (133) | &nbsp;&nbsp;&nbsp; (1536) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; 9990 | &nbsp;&nbsp;&nbsp; $112338 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Investor P |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 37409 | &nbsp;&nbsp;&nbsp; $442387 | &nbsp;&nbsp;&nbsp; 10010 | &nbsp;&nbsp;&nbsp; $100100 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 4409 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares redeemed | (720) | &nbsp;&nbsp;&nbsp; (8483) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(100) |
|  | &nbsp;&nbsp; 37057 | &nbsp;&nbsp;&nbsp; $438313 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $100000 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5032612 | &nbsp;&nbsp;&nbsp; $56487504 | &nbsp;&nbsp;&nbsp; 86277 | &nbsp;&nbsp;&nbsp; $860010 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 46346 | &nbsp;&nbsp;&nbsp; 555697 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; (690130) | &nbsp;&nbsp;&nbsp; (7943748) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;(99) |
|  | &nbsp;&nbsp; 4388828 | &nbsp;&nbsp;&nbsp; $49099453 | &nbsp;&nbsp;&nbsp; 86267 | &nbsp;&nbsp;&nbsp; $859911 |
|  | &nbsp;&nbsp; 4543268 | &nbsp;&nbsp;&nbsp; $50928361 | &nbsp;&nbsp;&nbsp; 116267 | &nbsp;&nbsp;&nbsp; $1159911 |

---

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

<sup>(a)</sup> Commencement of operations.

As of December 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Investor A* | *Investor P* | *Class K* |
| LifePath Index Retirement Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49242 | &nbsp;&nbsp; — |
| LifePath Index 2030 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14524 | &nbsp;&nbsp; — |
| LifePath Index 2035 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14025 | &nbsp;&nbsp; — |
| LifePath Index 2040 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13661 | &nbsp;&nbsp; — |
| LifePath Index 2045 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13289 | &nbsp;&nbsp; — |
| LifePath Index 2050 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13072 | &nbsp;&nbsp; — |
| LifePath Index 2055 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12821 | &nbsp;&nbsp; — |
| LifePath Index 2060 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14482 | &nbsp;&nbsp; — |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 85000 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 70000 |

---

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

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds III and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the series constituting BlackRock Funds III, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index Retirement Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2030 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2035 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2040 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2045 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2050 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2055 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2060 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2065 Fund <sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock LifePath Index 2070 Fund <sup>(2)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for each of the two years in the period ended December 31, 2025

<sup>(2)</sup> Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 and the period September 24, 2024 (commencement of operations) through December 31, 2024

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $61343885 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 83628840 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 87498842 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 128973013 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 98326316 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 115742119 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 84014863 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 52265790 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 15573994 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 319697 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $23737949 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 31092184 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 32420667 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 48699761 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 40703147 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 38575544 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 22847918 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 12998899 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 3322119 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 19026 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $28858262 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 2560506 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 70945340 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 42956073 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 62384100 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 31943950 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 11319363 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $49364104 | &nbsp;&nbsp; $3814763 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 69096524 | &nbsp;&nbsp; 5342306 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 73659996 | &nbsp;&nbsp; 5695817 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 109912189 | &nbsp;&nbsp; 8500280 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $183224827 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 128232419 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 60491169 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 48990892 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 16743484 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 2850981 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 773674 |

---

Important Tax Information

------

Important Tax Information (unaudited) (continued)

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation*<br> *Interest*<br>|
| LifePath Index 2060 Fund | &nbsp;&nbsp; $502400 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 153736 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 2079 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| LifePath Index Retirement Fund | 5.99<br> % <br>|
| LifePath Index 2030 Fund | 8.09 |
| LifePath Index 2035 Fund | 10.78 |
| LifePath Index 2040 Fund | 13.17 |
| LifePath Index 2045 Fund | 16.42 |
| LifePath Index 2050 Fund | 19.49 |
| LifePath Index 2055 Fund | 21.38 |
| LifePath Index 2060 Fund | 22.40 |
| LifePath Index 2065 Fund | 22.49 |
| LifePath Index 2070 Fund | 17.25 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $317345714 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 250561406 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 154928092 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 132798345 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 57806359 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 28668925 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 7441796 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 3334389 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 980484 |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 14856 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| LifePath Index Retirement Fund | &nbsp;&nbsp; $304922645 | &nbsp;&nbsp; $15730686 |
| LifePath Index 2030 Fund | &nbsp;&nbsp; 237943964 | &nbsp;&nbsp; 25195933 |
| LifePath Index 2035 Fund | &nbsp;&nbsp; 145379237 | &nbsp;&nbsp; 18903435 |
| LifePath Index 2040 Fund | &nbsp;&nbsp; 124512916 | &nbsp;&nbsp; 35500671 |
| LifePath Index 2045 Fund | &nbsp;&nbsp; 53757915 | &nbsp;&nbsp; 11530357 |
| LifePath Index 2050 Fund | &nbsp;&nbsp; 26122662 | &nbsp;&nbsp; 15427655 |
| LifePath Index 2055 Fund | &nbsp;&nbsp; 6688852 | &nbsp;&nbsp; 10086837 |
| LifePath Index 2060 Fund | &nbsp;&nbsp; 3042533 | &nbsp;&nbsp; 2321391 |
| LifePath Index 2065 Fund | &nbsp;&nbsp; 896394 | &nbsp;&nbsp; — |
| LifePath Index 2070 Fund | &nbsp;&nbsp; 13526 | &nbsp;&nbsp; — |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds' allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

**Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Funds**

400 Howard Street

San Francisco, CA 94105

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |

---

Glossary of Terms Used in these Financial Statements

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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.

![](g821456imgcc68d13a2.jpg)

![](g821456img0eeef6411.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 (the "Exchange Act").

&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.

#### 5

------

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 – See Item 2](#code)

(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](d821456dex99cert.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](d821456dex99906cert.htm)

#### 6

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds III

---

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

---

Date: February 24, 2026

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: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds III |

---

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u>  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds III |

---

Date: February 24, 2026

#### 7

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds III certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds III, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 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: February 24, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds III

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds III (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 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: February 24, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds III

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**