ThZeal - The Zeal

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-22061

Name of Fund:

BlackRock Funds II

BlackRock 20/80 Target Allocation Fund

BlackRock 40/60 Target Allocation Fund

BlackRock 60/40 Target Allocation Fund

BlackRock 80/20 Target Allocation Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

(800) 441-7762

Date of fiscal year end:

09/30/2025

Date of reporting period:

03/31/2025

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

BlackRock 20/80 Target Allocation Fund

Institutional Shares | BICPX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$2(a)	0.04%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	(0.56	)%	5.59	%	3.90	%	3.39	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%)	(0.53	)	5.70		3.45		3.54

Key Fund statistics

Net Assets	$438,782,430
Number of Portfolio Holdings	18
Portfolio Turnover Rate	28%

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

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	76.5	%
Equity Funds	20.5	%
Short-Term Securities	3.0	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

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

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

BlackRock 20/80 Target Allocation Fund

Institutional Shares | BICPX

Semi-Annual Shareholder Report — March 31, 2025

BICPX-03/25-SAR

BlackRock 20/80 Target Allocation Fund

Investor A Shares | BACPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$19(a)	0.38%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	(0.84	)%	5.21	%	3.55	%	3.03	%
Investor A Shares (with sales charge)	(6.04	)	(0.31	)	2.43		2.48
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%)	(0.53	)	5.70		3.45		3.54

Key Fund statistics

Net Assets	$438,782,430
Number of Portfolio Holdings	18
Portfolio Turnover Rate	28%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	76.5	%
Equity Funds	20.5	%
Short-Term Securities	3.0	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 20/80 Target Allocation Fund

Investor A Shares | BACPX

Semi-Annual Shareholder Report — March 31, 2025

BACPX-03/25-SAR

BlackRock 20/80 Target Allocation Fund

Investor C Shares | BCCPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$55(a)	1.11%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	(1.11	)%	4.40	%	2.78	%	2.42	%
Investor C Shares (with sales charge)	(2.07	)	3.40		2.78		2.42
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%)	(0.53	)	5.70		3.45		3.54

Key Fund statistics

Net Assets	$438,782,430
Number of Portfolio Holdings	18
Portfolio Turnover Rate	28%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	76.5	%
Equity Funds	20.5	%
Short-Term Securities	3.0	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 20/80 Target Allocation Fund

Investor C Shares | BCCPX

Semi-Annual Shareholder Report — March 31, 2025

BCCPX-03/25-SAR

BlackRock 20/80 Target Allocation Fund

Class K Shares | BKCPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$1(a)	0.02%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	(0.54	)%	5.61	%	3.92	%	3.41	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%)	(0.53	)	5.70		3.45		3.54

Key Fund statistics

Net Assets	$438,782,430
Number of Portfolio Holdings	18
Portfolio Turnover Rate	28%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	76.5	%
Equity Funds	20.5	%
Short-Term Securities	3.0	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 20/80 Target Allocation Fund

Class K Shares | BKCPX

Semi-Annual Shareholder Report — March 31, 2025

BKCPX-03/25-SAR

BlackRock 20/80 Target Allocation Fund

Class R Shares | BRCPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$33(a)	0.66%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	(0.92	)%	4.96	%	3.24	%	2.73	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (14%)/MSCI USA Index (6%)/Bloomberg U.S. Universal Index (80%)	(0.53	)	5.70		3.45		3.54

Key Fund statistics

Net Assets	$438,782,430
Number of Portfolio Holdings	18
Portfolio Turnover Rate	28%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	76.5	%
Equity Funds	20.5	%
Short-Term Securities	3.0	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 20/80 Target Allocation Fund

Class R Shares | BRCPX

Semi-Annual Shareholder Report — March 31, 2025

BRCPX-03/25-SAR

BlackRock 40/60 Target Allocation Fund

Institutional Shares | BIMPX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$2(a)	0.05%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	(1.39	)%	5.37	%	7.02	%	5.17	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%)	(0.93	)	6.14		6.58		5.20
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84

Key Fund statistics

Net Assets	$703,203,094
Number of Portfolio Holdings	24
Portfolio Turnover Rate	23%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	56.8	%
Equity Funds	40.5	%
Short-Term Securities	2.7	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 40/60 Target Allocation Fund

Institutional Shares | BIMPX

Semi-Annual Shareholder Report — March 31, 2025

BIMPX-03/25-SAR

BlackRock 40/60 Target Allocation Fund

Investor A Shares | BAMPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$19(a)	0.39%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	(1.59	)%	4.99	%	6.67	%	4.81	%
Investor A Shares (with sales charge)	(6.76	)	(0.52	)	5.53		4.25
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%)	(0.93	)	6.14		6.58		5.20
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84

Key Fund statistics

Net Assets	$703,203,094
Number of Portfolio Holdings	24
Portfolio Turnover Rate	23%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	56.8	%
Equity Funds	40.5	%
Short-Term Securities	2.7	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 40/60 Target Allocation Fund

Investor A Shares | BAMPX

Semi-Annual Shareholder Report — March 31, 2025

BAMPX-03/25-SAR

BlackRock 40/60 Target Allocation Fund

Investor C Shares | BCMPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$56(a)	1.13%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	(1.88	)%	4.27	%	5.89	%	4.18	%
Investor C Shares (with sales charge)	(2.84	)	3.27		5.89		4.18
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%)	(0.93	)	6.14		6.58		5.20
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84

Key Fund statistics

Net Assets	$703,203,094
Number of Portfolio Holdings	24
Portfolio Turnover Rate	23%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	56.8	%
Equity Funds	40.5	%
Short-Term Securities	2.7	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 40/60 Target Allocation Fund

Investor C Shares | BCMPX

Semi-Annual Shareholder Report — March 31, 2025

BCMPX-03/25-SAR

BlackRock 40/60 Target Allocation Fund

Class K Shares | BKMPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$1(a)	0.03%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	(1.37	)%	5.38	%	7.06	%	5.19	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%)	(0.93	)	6.14		6.58		5.20
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84

Key Fund statistics

Net Assets	$703,203,094
Number of Portfolio Holdings	24
Portfolio Turnover Rate	23%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	56.8	%
Equity Funds	40.5	%
Short-Term Securities	2.7	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 40/60 Target Allocation Fund

Class K Shares | BKMPX

Semi-Annual Shareholder Report — March 31, 2025

BKMPX-03/25-SAR

BlackRock 40/60 Target Allocation Fund

Class R Shares | BRMPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$27(a)	0.55%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	(1.63	)%	4.80	%	6.51	%	4.64	%
Bloomberg U.S. Universal Index	(0.15	)	5.24		0.32		1.83
MSCI ACWI Index (28%)/MSCI USA Index (12%)/Bloomberg U.S. Universal Index (60%)	(0.93	)	6.14		6.58		5.20
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84

Key Fund statistics

Net Assets	$703,203,094
Number of Portfolio Holdings	24
Portfolio Turnover Rate	23%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Fixed-Income Funds	56.8	%
Equity Funds	40.5	%
Short-Term Securities	2.7	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 40/60 Target Allocation Fund

Class R Shares | BRMPX

Semi-Annual Shareholder Report — March 31, 2025

BRMPX-03/25-SAR

BlackRock 60/40 Target Allocation Fund

Institutional Shares | BIGPX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$3(a)	0.06%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	(1.93	)%	5.25	%	10.06	%	6.55	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%)	(1.34	)	6.56		9.73		6.79

Key Fund statistics

Net Assets	$1,728,814,161
Number of Portfolio Holdings	24
Portfolio Turnover Rate	26%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	59.8	%
Fixed-Income Funds	37.0	%
Short-Term Securities	3.2	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 60/40 Target Allocation Fund

Institutional Shares | BIGPX

Semi-Annual Shareholder Report — March 31, 2025

BIGPX-03/25-SAR

BlackRock 60/40 Target Allocation Fund

Investor A Shares | BAGPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$20(a)	0.40%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	(2.11	)%	4.95	%	9.70	%	6.20	%
Investor A Shares (with sales charge)	(7.25	)	(0.56	)	8.52		5.63
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%)	(1.34	)	6.56		9.73		6.79

Key Fund statistics

Net Assets	$1,728,814,161
Number of Portfolio Holdings	24
Portfolio Turnover Rate	26%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	59.8	%
Fixed-Income Funds	37.0	%
Short-Term Securities	3.2	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 60/40 Target Allocation Fund

Investor A Shares | BAGPX

Semi-Annual Shareholder Report — March 31, 2025

BAGPX-03/25-SAR

BlackRock 60/40 Target Allocation Fund

Investor C Shares | BCGPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$56(a)	1.13%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	(2.43	)%	4.18	%	8.89	%	5.56	%
Investor C Shares (with sales charge)	(3.34	)	3.22		8.89		5.56
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%)	(1.34	)	6.56		9.73		6.79

Key Fund statistics

Net Assets	$1,728,814,161
Number of Portfolio Holdings	24
Portfolio Turnover Rate	26%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	59.8	%
Fixed-Income Funds	37.0	%
Short-Term Securities	3.2	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 60/40 Target Allocation Fund

Investor C Shares | BCGPX

Semi-Annual Shareholder Report — March 31, 2025

BCGPX-03/25-SAR

BlackRock 60/40 Target Allocation Fund

Class K Shares | BKGPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$2(a)	0.04%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	(1.90	)%	5.28	%	10.09	%	6.57	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%)	(1.34	)	6.56		9.73		6.79

Key Fund statistics

Net Assets	$1,728,814,161
Number of Portfolio Holdings	24
Portfolio Turnover Rate	26%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	59.8	%
Fixed-Income Funds	37.0	%
Short-Term Securities	3.2	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 60/40 Target Allocation Fund

Class K Shares | BKGPX

Semi-Annual Shareholder Report — March 31, 2025

BKGPX-03/25-SAR

BlackRock 60/40 Target Allocation Fund

Class R Shares | BRGPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$29(a)	0.59%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	(2.23	)%	4.72	%	9.47	%	5.99	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (42%)/MSCI USA Index (18%)/Bloomberg U.S. Universal Index (40%)	(1.34	)	6.56		9.73		6.79

Key Fund statistics

Net Assets	$1,728,814,161
Number of Portfolio Holdings	24
Portfolio Turnover Rate	26%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	59.8	%
Fixed-Income Funds	37.0	%
Short-Term Securities	3.2	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 60/40 Target Allocation Fund

Class R Shares | BRGPX

Semi-Annual Shareholder Report — March 31, 2025

BRGPX-03/25-SAR

BlackRock 80/20 Target Allocation Fund

Institutional Shares | BIAPX

Semi-Annual Shareholder Report — March 31, 2025

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$4(a)	0.08%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	(2.70	)%	4.99	%	13.00	%	7.91	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%)	(1.76	)	6.97		12.89		8.30

Key Fund statistics

Net Assets	$1,936,617,945
Number of Portfolio Holdings	22
Portfolio Turnover Rate	24%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	81.9	%
Fixed-Income Funds	17.8	%
Short-Term Securities	0.3	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 80/20 Target Allocation Fund

Institutional Shares | BIAPX

Semi-Annual Shareholder Report — March 31, 2025

BIAPX-03/25-SAR

BlackRock 80/20 Target Allocation Fund

Investor A Shares | BAAPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$21(a)	0.42%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	(2.91	)%	4.60	%	12.63	%	7.55	%
Investor A Shares (with sales charge)	(8.01	)	(0.89	)	11.42		6.97
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%)	(1.76	)	6.97		12.89		8.30

Key Fund statistics

Net Assets	$1,936,617,945
Number of Portfolio Holdings	22
Portfolio Turnover Rate	24%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	81.9	%
Fixed-Income Funds	17.8	%
Short-Term Securities	0.3	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 80/20 Target Allocation Fund

Investor A Shares | BAAPX

Semi-Annual Shareholder Report — March 31, 2025

BAAPX-03/25-SAR

BlackRock 80/20 Target Allocation Fund

Investor C Shares | BCAPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$57(a)	1.16%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	(3.29	)%	3.83	%	11.78	%	6.90	%
Investor C Shares (with sales charge)	(4.19	)	2.87		11.78		6.90
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%)	(1.76	)	6.97		12.89		8.30

Key Fund statistics

Net Assets	$1,936,617,945
Number of Portfolio Holdings	22
Portfolio Turnover Rate	24%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	81.9	%
Fixed-Income Funds	17.8	%
Short-Term Securities	0.3	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 80/20 Target Allocation Fund

Investor C Shares | BCAPX

Semi-Annual Shareholder Report — March 31, 2025

BCAPX-03/25-SAR

BlackRock 80/20 Target Allocation Fund

Class K Shares | BKAPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$3(a)	0.06%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	(2.73	)%	4.95	%	13.02	%	7.93	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%)	(1.76	)	6.97		12.89		8.30

Key Fund statistics

Net Assets	$1,936,617,945
Number of Portfolio Holdings	22
Portfolio Turnover Rate	24%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	81.9	%
Fixed-Income Funds	17.8	%
Short-Term Securities	0.3	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 80/20 Target Allocation Fund

Class K Shares | BKAPX

Semi-Annual Shareholder Report — March 31, 2025

BKAPX-03/25-SAR

BlackRock 80/20 Target Allocation Fund

Class R Shares | BRAPX

Semi-Annual Shareholder Report — March 31, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$28(a)	0.58%^(a)(b)

^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(b)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	(2.99	)%	4.47	%	12.44	%	7.37	%
MSCI All Country World Index	(2.30	)	7.15		15.18		8.84
MSCI ACWI Index (56%)/MSCI USA Index (24%)/Bloomberg U.S. Universal Index (20%)	(1.76	)	6.97		12.89		8.30

Key Fund statistics

Net Assets	$1,936,617,945
Number of Portfolio Holdings	22
Portfolio Turnover Rate	24%

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

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Investment Type	Percent of Total Investments
Equity Funds	81.9	%
Fixed-Income Funds	17.8	%
Short-Term Securities	0.3	%

Ten largest holdings

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

^(a)	Excludes short-term securities.

Additional information

BlackRock 80/20 Target Allocation Fund

Class R Shares | BRAPX

Semi-Annual Shareholder Report — March 31, 2025

BRAPX-03/25-SAR

(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.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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.

BlackRock Funds II (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The Funds will generally invest in other registered investment companies, including exchange-traded funds (“ETFs”) (each an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

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

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

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

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

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

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

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

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

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:

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

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 Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.

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

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. The Manager does not receive any management fees from the Funds for its investment advisory services.

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

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

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

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

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

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

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended March 31, 2025, the Funds did not pay any amounts to affiliates in return for these services.

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

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

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

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

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

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2025, unless approved by the Board, including a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The contractual expense limitations exclude expenses allocated from the Underlying Funds and the Master Portfolio in which the Funds invest. For the six months ended March 31, 2025, the amounts included in fees waived and/or reimbursed by the Manager in the Statements of Operations were as follows:

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

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

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended March 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Funds participated in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

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

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

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.

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

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended March 31, 2025, the Funds did not borrow under the credit agreement.

In the normal course of business, through their investments in the Underlying Funds and the Master Portfolio, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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

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

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

Compensation to the independent trustees of the Fund and Trust, as applicable, is paid by the Fund and Trust, on behalf of the Funds.

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.

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.

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.

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.

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.

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.

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.

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

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.

(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.

(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.

(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)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

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.

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.


	Page


Schedules of Investments		3

Statements of Assets and Liabilities		16

Statements of Operations		18

Statements of Changes in Net Assets		19

Financial Highlights		21

Notes to Financial Statements		41

Additional Information		52

Glossary of Terms Used in these Financial Statements		54


Security	Shares		Value

Investment Companies^(a)

Equity Funds — 21.1%
iShares Core MSCI Emerging Markets ETF		160,005	$	8,635,470
iShares Core S&P 500 ETF		44,230		24,852,837
iShares MSCI EAFE Value ETF		158,998		9,371,342
iShares MSCI U.S.A. Quality Factor ETF		73,170		12,504,021
iShares S&P 500 Growth ETF		129,988		12,066,786
iShares S&P 500 Value ETF		68,044		12,967,826
iShares U.S. Equity Factor Rotation Active ETF		255,465		12,456,473


				92,854,755

Fixed-Income Funds — 78.9%
BlackRock Strategic Income Opportunities Portfolio, Class K		5,580,013		53,177,529
BlackRock Total Return Fund, Class K		7,707,671		76,074,714
BlackRock U.S. Mortgage Portfolio, Institutional Class		2,992,478		26,932,302
iShares 10-20 Year Treasury Bond ETF		470,691		48,834,191
iShares Convertible Bond ETF		205,547		17,185,785
iShares Core Total USD Bond Market ETF		1,443,417		66,512,655
iShares Flexible Income Active ETF		675,486		35,381,957
iShares High Yield Systematic Bond ETF		186,935		8,802,769
iShares J.P. Morgan USD Emerging Markets Bond ETF^(b)		145,749		13,203,402


				346,105,304


Total Long-Term Investments — 100.0% (Cost: $427,507,106)				438,960,059


Affiliated Issuer	Value at 09/30/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/25		Shares Held at 03/31/25		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,303,078	$	—	$	(6,188,864	)^(a)	$	(5,613	)	$	(5,547	)	$	13,103,054		13,096,505	$	66,734	^(b)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		980,501		—		(575,930	)^(a)		—			—			404,571		404,571		12,671			—

BlackRock Strategic Income Opportunities Portfolio, Class K		52,590,423		4,388,651		(3,165,592	)		10,051			(646,004	)		53,177,529		5,580,013		1,276,587			—
BlackRock Total Return Fund, Class K		74,491,285		7,468,785		(3,678,154	)		(108,037	)		(2,099,165	)		76,074,714		7,707,671		1,768,018			50,680


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



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Investment Companies	$	438,960,059	$	—	$	—	$	438,960,059
Short-Term Securities
Money Market Funds		13,507,625		—		—		13,507,625


	$	452,467,684	$	—	$	—	$	452,467,684


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 41.6%
BlackRock Unconstrained Equity Fund, Class K^(b)		925,751	$	12,071,794
International Tilts Master Portfolio	$	14,361,809		14,361,809
iShares Core MSCI Emerging Markets ETF		255,360		13,781,779
iShares Core S&P 500 ETF		96,405		54,169,969
iShares MSCI EAFE Growth ETF		139,733		13,973,300
iShares MSCI EAFE Value ETF		251,974		14,851,347
iShares MSCI Emerging Markets ex China ETF		260,526		14,352,377
iShares MSCI U.S.A. Momentum Factor ETF		65,743		13,288,633
iShares MSCI U.S.A. Quality Factor ETF		198,863		33,983,698
iShares S&P 500 Growth ETF^(c)		357,920		33,225,714
iShares S&P 500 Value ETF		144,065		27,455,908
iShares U.S. Equity Factor Rotation Active ETF		699,383		34,101,915
iShares U.S. Technology ETF		92,965		13,056,005


				292,674,248

Fixed-Income Funds — 58.3%
BlackRock Strategic Income Opportunities Portfolio, Class K		6,053,416		57,689,053
BlackRock Total Return Fund, Class K		10,241,036		101,079,021
BlackRock U.S. Mortgage Portfolio, Institutional Class		4,056,956		36,512,608
iShares 10-20 Year Treasury Bond ETF		485,001		50,318,854
iShares Convertible Bond ETF		246,338		20,596,320
iShares Core Total USD Bond Market ETF		1,576,259		72,634,015
iShares Flexible Income Active ETF		821,060		43,007,123
iShares High Yield Systematic Bond ETF		298,851		14,072,893
iShares J.P. Morgan USD Emerging Markets Bond ETF^(c)		156,478		14,175,342


				410,085,229


Total Long-Term Investments — 99.9% (Cost: $666,379,678)				702,759,477


	BlackRock 20/80 Target Allocation Fund			BlackRock 40/60 Target Allocation Fund		BlackRock 60/40 Target Allocation Fund		BlackRock 80/20 Target Allocation Fund

ASSETS
Investments, at value — affiliated^(a)(b)	$	452,467,684		$	722,282,401	$	1,782,760,516	$	1,938,260,338
Receivables:
Securities lending income — affiliated		10,490			13,423		37,303		10,123
Capital shares sold		379,531			288,284		1,899,907		1,737,474
Dividends — affiliated		683,410			856,795		1,655,446		815,705
From the Manager		26,554			45,621		97,243		123,733
Prepaid expenses		51,525			58,048		62,672		63,441

Total assets		453,619,194			723,544,572		1,786,513,087		1,941,010,814


LIABILITIES
Collateral on securities loaned		13,110,282			18,039,833		53,993,885		1,094,977
Payables:
Investments purchased		681,167			925,093		1,773,417		1,362,094
Administration fees		1,144			15,325		63,059		72,930
Capital shares redeemed		807,533			1,061,972		1,278,235		1,280,551
Trustees’ and Officer’s fees		2,760			3,072		4,994		4,562
Other accrued expenses		43,177			44,191		52,050		46,061
Other affiliate fees		1,029			—		1,195		—
Professional fees		46,816			45,986		45,424		47,027
Registration fees		4,084			687		470		983
Service and distribution fees		61,254			100,277		202,263		155,559
Transfer agent fees		77,518			105,042		283,934		328,125

Total liabilities		14,836,764			20,341,478		57,698,926		4,392,869


Commitments and contingent liabilities

NET ASSETS	$	438,782,430		$	703,203,094	$	1,728,814,161	$	1,936,617,945


NET ASSETS CONSIST OF:
Paid-in capital	$	476,979,205		$	667,085,144	$	1,568,454,335	$	1,746,703,724
Accumulated earnings (loss)		(38,196,775	)		36,117,950		160,359,826		189,914,221

NET ASSETS	$	438,782,430		$	703,203,094	$	1,728,814,161	$	1,936,617,945

^(a)Investments at cost — affiliated	$	441,014,731		$	685,901,061	$	1,653,852,640	$	1,760,947,994
^(b)Securities loaned at value	$	12,882,894		$	17,732,185	$	53,021,440	$	1,070,236


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


	BlackRock 20/80 Target Allocation Fund						BlackRock 40/60 Target Allocation Fund
	Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,496,699		$	15,604,726		$	10,731,308		$	18,276,586
Net realized gain (loss)		(1,317,219	)		5,547,944			3,984,585			20,937,605
Net change in unrealized appreciation (depreciation)		(10,081,926	)		44,100,487			(24,736,553	)		71,546,744


Net increase (decrease) in net assets resulting from operations		(2,902,446	)		65,253,157			(10,020,660	)		110,760,935


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(2,775,930	)		(2,574,924	)		(4,421,808	)		(3,989,841	)
Investor A		(7,247,674	)		(6,241,192	)		(8,470,792	)		(7,290,167	)
Investor C		(748,191	)		(817,249	)		(891,748	)		(962,583	)
Class K		(5,908,549	)		(4,483,316	)		(6,049,652	)		(4,220,565	)
Class R		(211,327	)		(199,363	)		(339,066	)		(327,584	)


Decrease in net assets resulting from distributions to shareholders		(16,891,671	)		(14,316,044	)		(20,173,066	)		(16,790,740	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		17,801,693			(35,008,862	)		76,364,940			(27,727,483	)


NET ASSETS
Total increase (decrease) in net assets		(1,992,424	)		15,928,251			46,171,214			66,242,712
Beginning of period		440,774,854			424,846,603			657,031,880			590,789,168


End of period	$	438,782,430		$	440,774,854		$	703,203,094		$	657,031,880


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


	BlackRock 60/40 Target Allocation Fund						BlackRock 80/20 Target Allocation Fund
	Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	22,265,841		$	37,981,177		$	16,196,388		$	26,087,618
Net realized gain		25,988,459			98,382,313			10,270,844			108,414,555
Net change in unrealized appreciation (depreciation)		(83,342,645	)		188,843,079			(81,760,783	)		207,995,929


Net increase (decrease) in net assets resulting from operations		(35,088,345	)		325,206,569			(55,293,551	)		342,498,102


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(27,293,298	)		(10,015,656	)		(43,024,450	)		(19,290,585	)
Investor A		(53,722,352	)		(16,957,882	)		(31,143,422	)		(13,043,271	)
Investor C		(4,066,665	)		(1,321,573	)		(5,443,487	)		(2,301,879	)
Class K		(47,319,389	)		(13,785,791	)		(52,381,709	)		(19,210,051	)
Class R		(3,017,000	)		(646,703	)		(2,692,243	)		(839,116	)


Decrease in net assets resulting from distributions to shareholders		(135,418,704	)		(42,727,605	)		(134,685,311	)		(54,684,902	)


CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions		220,440,939			47,147,485			494,911,187			154,391,407


NET ASSETS
Total increase in net assets		49,933,890			329,626,449			304,932,325			442,204,607
Beginning of period		1,678,880,271			1,349,253,822			1,631,685,620			1,189,481,013


End of period	$	1,728,814,161		$	1,678,880,271		$	1,936,617,945		$	1,631,685,620


	BlackRock 20/80 Target Allocation Fund (continued)

	Investor A

		Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Year Ended 09/30/23			Year Ended 09/30/22			Year Ended 09/30/21			Year Ended 09/30/20

Net asset value, beginning of period	$	11.48		$	10.21		$	10.13		$	12.63		$	12.26		$	11.68


Net investment income^(a)		0.21			0.37			0.33			0.29			0.21			0.25
Net realized and unrealized gain (loss)		(0.31	)		1.24			0.08			(2.22	)		0.68			0.59


Net increase (decrease) from investment operations		(0.10	)		1.61			0.41			(1.93	)		0.89			0.84


Distributions^(b)
From net investment income		(0.44	)		(0.34	)		(0.33	)		(0.23	)		(0.16	)		(0.25	)
From net realized gain		—			—			—			(0.34	)		(0.36	)		(0.01	)


Total distributions		(0.44	)		(0.34	)		(0.33	)		(0.57	)		(0.52	)		(0.26	)


Net asset value, end of period	$	10.94		$	11.48		$	10.21		$	10.13		$	12.63		$	12.26


Total Return^(c)
Based on net asset value		(0.84	)%^(d)		16.06	%		4.00	%		(16.06	)%		7.36	%		7.27	%


Ratios to Average Net Assets^(e)
Total expenses		0.50	%^(f)		0.54	%		0.49	%		0.48	%		0.47	%		0.51	%^(g)


Total expenses after fees waived and/or reimbursed		0.38	%^(f)		0.44	%		0.43	%		0.44	%		0.43	%		0.45	%


Net investment income		3.80	%^(f)		3.47	%		3.18	%		2.51	%		1.65	%		2.10	%


Supplemental Data
Net assets, end of period (000)	$	180,380		$	192,547		$	191,443		$	216,422		$	266,615		$	189,930


Portfolio turnover rate		28	%		94	%		105	%		65	%		72	%		88	%


	BlackRock 40/60 Target Allocation Fund (continued)

	Investor A

		Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Year Ended 09/30/23			Year Ended 09/30/22			Year Ended 09/30/21			Year Ended 09/30/20

Net asset value, beginning of period	$	13.24		$	11.38		$	10.83		$	13.73		$	12.73		$	11.83


Net investment income^(a)		0.20			0.35			0.32			0.31			0.20			0.22
Net realized and unrealized gain (loss)		(0.41	)		1.83			0.53			(2.39	)		1.36			0.96


Net increase (decrease) from investment operations		(0.21	)		2.18			0.85			(2.08	)		1.56			1.18


Distributions^(b)
From net investment income		(0.39	)		(0.32	)		(0.30	)		(0.26	)		(0.14	)		(0.28	)
From net realized gain		—			—			—			(0.56	)		(0.42	)		—


Total distributions		(0.39	)		(0.32	)		(0.30	)		(0.82	)		(0.56	)		(0.28	)


Net asset value, end of period	$	12.64		$	13.24		$	11.38		$	10.83		$	13.73		$	12.73


Total Return^(c)
Based on net asset value		(1.59	)%^(d)		19.47	%		7.92	%		(16.31	)%		12.48	%		10.15	%


Ratios to Average Net Assets^(e)
Total expenses		0.48	%^(f)		0.51	%		0.47	%		0.48	%		0.46	%		0.50	%^(g)


Total expenses after fees waived and/or reimbursed		0.39	%^(f)		0.44	%		0.43	%		0.44	%		0.44	%		0.46	%


Net investment income		3.06	%^(f)		2.85	%		2.78	%		2.46	%		1.51	%		1.80	%


Supplemental Data
Net assets, end of period (000)	$	275,186		$	287,736		$	260,121		$	259,984		$	306,177		$	222,510


Portfolio turnover rate		23	%		103	%		101	%		63	%		69	%		98	%


	BlackRock 60/40 Target Allocation Fund (continued)

	Investor A

		Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Year Ended 09/30/23			Year Ended 09/30/22			Year Ended 09/30/21			Year Ended 09/30/20

Net asset value, beginning of period	$	16.20		$	13.49		$	12.32		$	16.05		$	14.15		$	13.13


Net investment income^(a)		0.19			0.34			0.32			0.33			0.20			0.22
Net realized and unrealized gain (loss)		(0.51	)		2.77			1.14			(2.90	)		2.25			1.27


Net increase (decrease) from investment operations		(0.32	)		3.11			1.46			(2.57	)		2.45			1.49


Distributions^(b)
From net investment income		(0.37	)		(0.30	)		(0.29	)		(0.31	)		(0.16	)		(0.31	)
From net realized gain		(0.90	)		(0.10	)		—			(0.85	)		(0.39	)		(0.16	)


Total distributions		(1.27	)		(0.40	)		(0.29	)		(1.16	)		(0.55	)		(0.47	)


Net asset value, end of period	$	14.61		$	16.20		$	13.49		$	12.32		$	16.05		$	14.15


Total Return^(c)
Based on net asset value		(2.11	)%^(d)		23.41	%		11.98	%		(17.56	)%		17.58	%		11.54	%


Ratios to Average Net Assets^(e)
Total expenses		0.46	%^(f)		0.49	%		0.47	%		0.45	%		0.45	%		0.49	%


Total expenses after fees waived and/or reimbursed		0.40	%^(f)		0.44	%		0.44	%		0.44	%		0.44	%		0.47	%


Net investment income		2.43	%^(f)		2.29	%		2.37	%		2.27	%		1.28	%		1.66	%


Supplemental Data
Net assets, end of period (000)	$	651,029		$	687,425		$	588,797		$	564,789		$	699,130		$	576,079


Portfolio turnover rate		26	%		104	%		93	%		58	%		68	%		98	%


	BlackRock 80/20 Target Allocation Fund (continued)

	Investor A

		Six Months Ended 03/31/25 (unaudited)			Year Ended 09/30/24			Year Ended 09/30/23			Year Ended 09/30/22			Year Ended 09/30/21			Year Ended 09/30/20

Net asset value, beginning of period	$	17.96		$	14.68		$	12.90		$	16.72		$	13.85		$	12.56


Net investment income^(a)		0.14			0.26			0.27			0.31			0.18			0.18
Net realized and unrealized gain (loss)		(0.61	)		3.65			1.78			(3.15	)		2.97			1.40


Net increase (decrease) from investment operations		(0.47	)		3.91			2.05			(2.84	)		3.15			1.58


Distributions^(b)
From net investment income		(0.26	)		(0.26	)		(0.23	)		(0.27	)		(0.13	)		(0.23	)
From net realized gain		(1.16	)		(0.37	)		(0.04	)		(0.71	)		(0.15	)		(0.06	)


Total distributions		(1.42	)		(0.63	)		(0.27	)		(0.98	)		(0.28	)		(0.29	)


Net asset value, end of period	$	16.07		$	17.96		$	14.68		$	12.90		$	16.72		$	13.85


Total Return^(c)
Based on net asset value		(2.91	)%^(d)		27.34	%		16.07	%		(18.32	)%		22.93	%		12.72	%


Ratios to Average Net Assets^(e)
Total expenses		0.47	%^(f)		0.46	%		0.50	%		0.50	%		0.47	%		0.53	%


Total expenses after fees waived and/or reimbursed		0.42	%^(f)		0.43	%		0.44	%		0.44	%		0.44	%		0.48	%


Net investment income		1.60	%^(f)		1.62	%		1.88	%		2.03	%		1.10	%		1.41	%


Supplemental Data
Net assets, end of period (000)	$	380,904		$	392,981		$	302,881		$	255,281		$	283,943		$	203,561


Portfolio turnover rate		24	%		97	%		97	%		51	%		56	%		116	%


Fund Name	Herein Referred To As		Diversification Classification
BlackRock 20/80 Target Allocation Fund		20/80 Target Allocation	Diversified
BlackRock 40/60 Target Allocation Fund		40/60 Target Allocation	Diversified
BlackRock 60/40 Target Allocation Fund		60/40 Target Allocation	Diversified
BlackRock 80/20 Target Allocation Fund		80/20 Target Allocation	Diversified


Share Class	Initial Sales Charge		CDSC			Conversion Privilege
Institutional, Class K and Class R Shares		No		No		None
Investor A Shares		Yes		No	^(a)	None
Investor C Shares		No		Yes	^(b)	To Investor A Shares after approximately 8 years



Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received^(a)			Non-Cash Collateral Received, at Fair Value^(a)		Net Amount
20/80 Target Allocation
Citigroup Global Markets, Inc.	$	12,882,894	$	(12,882,894	)	$	—	$	—

40/60 Target Allocation
BofA Securities, Inc.	$	3,641,907	$	(3,641,907	)	$	—	$	—
Citigroup Global Markets, Inc.		14,072,613		(14,072,613	)		—		—
Goldman Sachs & Co. LLC		17,665		(17,665	)		—		—


	$	17,732,185	$	(17,732,185	)	$	—	$	—


60/40 Target Allocation
Barclays Capital, Inc.	$	60,639	$	(60,639	)	$	—	$	—
BNP Paribas SA		1,052,838		(1,052,838	)		—		—
BofA Securities, Inc.		17,150,003		(17,150,003	)		—		—
Citigroup Global Markets, Inc.		25,667,861		(25,667,861	)		—		—
Goldman Sachs & Co. LLC		8,848,741		(8,848,741	)		—		—
Morgan Stanley		241,358		(241,358	)		—		—


	$	53,021,440	$	(53,021,440	)	$	—	$	—


80/20 Target Allocation
Goldman Sachs & Co. LLC	$	646,024	$	(646,024	)	$	—	$	—
Morgan Stanley		424,212		(424,212	)		—		—


	$	1,070,236	$	(1,070,236	)	$	—	$	—


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


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


Fund Name	Amounts
20/80 Target Allocation	$	9,149
40/60 Target Allocation		10,478
60/40 Target Allocation		24,509
80/20 Target Allocation		29,546


Share Class	20/80 Target Allocation		40/60 Target Allocation		60/40 Target Allocation		80/20 Target Allocation
Investor A	$	5	$	24	$	66	$	13
Investor C		508		734		2,142		8,315


Fund Name	Amounts Waived
20/80 Target Allocation	$	116,993
40/60 Target Allocation		140,514
60/40 Target Allocation		284,197
80/20 Target Allocation		125,007


	Administration Fees Waived by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
20/80 Target Allocation	$	7,392	$	16,985	$	125	$	14,366	$	4	$	38,872
40/60 Target Allocation		15,385		28,222		67		18,597		1,451		63,722
60/40 Target Allocation		37,737		67,596		4		38,082		3,845		147,264
80/20 Target Allocation		66,177		38,307		80		37,339		3,465		145,368


	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Class R		Total
20/80 Target Allocation	$	33,373	$	8,274	$	2,757	$	4	$	44,408
40/60 Target Allocation		91,803		18,471		2,690		10,685		123,649
60/40 Target Allocation		230,464		39,007		6		26,530		296,007
80/20 Target Allocation		452,230		42,007		—		29,583		523,820


Fund Name	Purchases		Sales		Net Realized Gain (Loss)
20/80 Target Allocation	$	278,159	$	—	$	—
40/60 Target Allocation		—		104,301		6,908


Fund Name		Non-Expiring Capital Loss Carryforwards
20/80 Target Allocation		$ (48,663,042)
40/60 Target Allocation		(6,687,294)


Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
20/80 Target Allocation	$	443,897,666	$	11,052,795	$	(2,482,777	)	$ 8,570,018
40/60 Target Allocation		687,605,116		40,211,087		(5,533,802	)	34,677,285
60/40 Target Allocation		1,656,295,709		142,577,172		(16,112,365	)	126,464,807
80/20 Target Allocation		1,764,422,592		193,526,001		(19,688,255	)	173,837,746


	Six Months Ended 03/31/25						Year Ended 09/30/24
Fund Name/Share Class	Shares			Amount			Shares			Amount

20/80 Target Allocation

Institutional

Shares sold		2,845,925		$	31,531,359			2,150,446		$	23,656,095

Shares issued in reinvestment of distributions		250,326			2,758,592			237,636			2,559,342

Shares redeemed		(1,610,721	)		(18,109,405	)		(3,756,634	)		(40,896,523	)


		1,485,530		$	16,180,546			(1,368,552	)	$	(14,681,086	)


Investor A

Shares sold and automatic conversion of shares		922,365		$	10,225,648			1,929,988		$	20,666,505

Shares issued in reinvestment of distributions		649,275			7,044,634			570,999			6,058,303

Shares redeemed		(1,868,340	)		(20,676,762	)		(4,470,934	)		(48,035,486	)


		(296,700	)	$	(3,406,480	)		(1,969,947	)	$	(21,310,678	)


Investor C

Shares sold		54,217		$	603,377			236,883		$	2,521,669

Shares issued in reinvestment of distributions		69,021			748,191			77,317			817,249

Shares redeemed and automatic conversion of shares		(470,349	)		(5,217,680	)		(2,002,458	)		(21,168,856	)


		(347,111	)	$	(3,866,112	)		(1,688,258	)	$	(17,829,938	)


Class K

Shares sold		2,633,073		$	29,675,043			5,339,806		$	57,638,539

Shares issued in reinvestment of distributions		535,364			5,899,704			415,629			4,476,323

Shares redeemed		(2,289,949	)		(25,872,653	)		(3,946,539	)		(43,057,861	)


		878,488		$	9,702,094			1,808,896		$	19,057,001


Class R

Shares sold		30,661		$	338,118			82,616		$	875,041

Shares issued in reinvestment of distributions		19,513			211,327			18,844			199,362

Shares redeemed		(120,822	)		(1,357,800	)		(123,261	)		(1,318,564	)


		(70,648	)	$	(808,355	)		(21,801	)	$	(244,161	)


		1,649,559		$	17,801,693			(3,239,662	)	$	(35,008,862	)


40/60 Target Allocation

Institutional

Shares sold		4,733,467		$	61,005,881			3,135,843		$	39,244,306

Shares issued in reinvestment of distributions		340,809			4,393,023			326,618			3,948,804

Shares redeemed		(2,520,471	)		(33,118,898	)		(4,360,662	)		(53,455,010	)


		2,553,805		$	32,280,006			(898,201	)	$	(10,261,900	)


Investor A

Shares sold and automatic conversion of shares		1,281,196		$	16,628,428			2,883,203		$	35,180,208

Shares issued in reinvestment of distributions		645,424			8,229,160			590,878			7,066,903

Shares redeemed		(1,898,594	)		(24,574,946	)		(4,598,442	)		(56,385,305	)


		28,026		$	282,642			(1,124,361	)	$	(14,138,194	)


Investor C

Shares sold		101,809		$	1,304,187			368,716		$	4,412,248

Shares issued in reinvestment of distributions		70,335			891,140			81,053			962,100

Shares redeemed and automatic conversion of shares		(556,293	)		(7,143,762	)		(2,031,250	)		(24,342,270	)


		(384,149	)	$	(4,948,435	)		(1,581,481	)	$	(18,967,922	)


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