BlackRock Funds III
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-07332
Name of Fund:
BlackRock Funds III
BlackRock Diversified Fixed Income Fund
BlackRock LifePath® ESG Index 2030 Fund
BlackRock LifePath® ESG Index 2035 Fund
BlackRock LifePath® ESG Index 2040 Fund
BlackRock LifePath® ESG Index 2045 Fund
BlackRock LifePath® ESG Index 2050 Fund
BlackRock LifePath® ESG Index 2055 Fund
BlackRock LifePath® ESG Index 2060 Fund
BlackRock LifePath® ESG Index 2065 Fund
BlackRock LifePath® ESG Index 2070 Fund
BlackRock LifePath® ESG Index Retirement Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds III, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
10/31/2025
Date of reporting period:
4/30/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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BlackRock Diversified Fixed Income Fund
Institutional Shares | BDVIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537‑4942.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $12 0.24%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year Since Fund
Inception
Institutional Shares 2.35 % 7.45 % 2.81 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 2.75
Key Fund statistics
Net Assets $1,141,919,099
Number of Portfolio Holdings 4,032
Portfolio Turnover Rate 273%
The Fund commenced operations on January 18, 2023.
Performance shown prior to the Institutional Shares inception date of September 19, 2023 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Institutional Shares fees.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 36.2 %
Corporate Bonds 25.4 %
U.S. Treasury Obligations 19.5 %
Non-Agency Mortgage-Backed Securities 10.9 %
Asset-Backed Securities 5.4 %
Foreign Agency Obligations 1.7 %
Municipal Bonds 0.4 %
Common Stocks 0.3 %
Investment Companies 0.1 %
Floating Rate Loan Interests 0.1 %
Other* %(b)
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(a)
AAA/Aaa(d) 60.0 %
AA/Aa 2.5 %
A 9.1 %
BBB/Baa 18.5 %
BB/Ba 2.3 %
B 0.8 %
CCC/Caa 0.4 %
CC 0.1 %
C 0.2 %
D %(b)
N/R 6.1 %
(a)
Excludes short-term securities, short investments and options, if any.
(b)
Rounds to less than 0.1%.
(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
*
Ten largest investment types are presented. Additional investment types are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Diversified Fixed Income Fund
Institutional Shares | BDVIX
Semi-Annual Shareholder Report — April 30, 2025
BDVIX-04/25-SAR
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BlackRock Diversified Fixed Income Fund
Class K Shares | BDVFX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock Diversified Fixed Income Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537‑4942.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $7 0.14%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year Since Fund
Inception
Class K Shares 2.29 % 7.48 % 2.86 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 2.75
Key Fund statistics
Net Assets $1,141,919,099
Number of Portfolio Holdings 4,032
Portfolio Turnover Rate 273%
The Fund commenced operations on January 18, 2023.
On the close of business on September 18, 2023, all of the issued and outstanding shares of the Fund were redesignated as Class K Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Investment Type Percent of Total
Investments(a)
U.S. Government Sponsored Agency Securities 36.2 %
Corporate Bonds 25.4 %
U.S. Treasury Obligations 19.5 %
Non-Agency Mortgage-Backed Securities 10.9 %
Asset-Backed Securities 5.4 %
Foreign Agency Obligations 1.7 %
Municipal Bonds 0.4 %
Common Stocks 0.3 %
Investment Companies 0.1 %
Floating Rate Loan Interests 0.1 %
Other* %(b)
Credit quality allocation
Credit Rating(c) Percent of Total
Investments(a)
AAA/Aaa(d) 60.0 %
AA/Aa 2.5 %
A 9.1 %
BBB/Baa 18.5 %
BB/Ba 2.3 %
B 0.8 %
CCC/Caa 0.4 %
CC 0.1 %
C 0.2 %
D %(b)
N/R 6.1 %
(a)
Excludes short-term securities, short investments and options, if any.
(b)
Rounds to less than 0.1%.
(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(d)
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
*
Ten largest investment types are presented. Additional investment types are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Diversified Fixed Income Fund
Class K Shares | BDVFX
Semi-Annual Shareholder Report — April 30, 2025
BDVFX-04/25-SAR
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BlackRock LifePath® ESG Index 2030 Fund
Institutional Shares | LENIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $5(a) 0.10%(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 Since Fund
Inception
Institutional Shares 1.18 % 9.43 % 5.53 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2030 Fund Custom Benchmark 1.25 9.78 5.70
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,312,186
Number of Portfolio Holdings 12
Portfolio Turnover Rate 20%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 52.7 %
Fixed-Income Funds 47.1 %
Money Market Funds 16.1 %
Liabilities in Excess of Other Assets (15.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 39.9 %
iShares ESG Aware MSCI USA ETF 29.7 %
iShares ESG Aware MSCI EAFE ETF 9.4 %
iShares TIPS Bond ETF 7.2 %
iShares ESG Aware MSCI EM ETF 4.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.4 %
iShares Developed Real Estate Index Fund, Class K 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.2 %
iShares MSCI Emerging Markets Small-Cap ETF 0.7 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2030 Fund
Institutional Shares | LENIX
Semi-Annual Shareholder Report — April 30, 2025
LENIX-04/25-SAR
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BlackRock LifePath® ESG Index 2030 Fund
Investor A Shares | LENAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $17(a) 0.35%(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 Since Fund
Inception
Investor A Shares 0.95 % 9.11 % 5.25 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2030 Fund Custom Benchmark 1.25 9.78 5.70
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,312,186
Number of Portfolio Holdings 12
Portfolio Turnover Rate 20%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 52.7 %
Fixed-Income Funds 47.1 %
Money Market Funds 16.1 %
Liabilities in Excess of Other Assets (15.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 39.9 %
iShares ESG Aware MSCI USA ETF 29.7 %
iShares ESG Aware MSCI EAFE ETF 9.4 %
iShares TIPS Bond ETF 7.2 %
iShares ESG Aware MSCI EM ETF 4.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.4 %
iShares Developed Real Estate Index Fund, Class K 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.2 %
iShares MSCI Emerging Markets Small-Cap ETF 0.7 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2030 Fund
Investor A Shares | LENAX
Semi-Annual Shareholder Report — April 30, 2025
LENAX-04/25-SAR
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BlackRock LifePath® ESG Index 2030 Fund
Class K Shares | LENKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2030 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K 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 Since Fund
Inception
Class K Shares 1.21 % 9.46 % 5.58 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2030 Fund Custom Benchmark 1.25 9.78 5.70
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,312,186
Number of Portfolio Holdings 12
Portfolio Turnover Rate 20%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 52.7 %
Fixed-Income Funds 47.1 %
Money Market Funds 16.1 %
Liabilities in Excess of Other Assets (15.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 39.9 %
iShares ESG Aware MSCI USA ETF 29.7 %
iShares ESG Aware MSCI EAFE ETF 9.4 %
iShares TIPS Bond ETF 7.2 %
iShares ESG Aware MSCI EM ETF 4.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 3.4 %
iShares Developed Real Estate Index Fund, Class K 2.4 %
iShares MSCI EAFE Small-Cap ETF 1.6 %
iShares MSCI Canada ETF 1.2 %
iShares MSCI Emerging Markets Small-Cap ETF 0.7 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2030 Fund
Class K Shares | LENKX
Semi-Annual Shareholder Report — April 30, 2025
LENKX-04/25-SAR
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BlackRock LifePath® ESG Index 2035 Fund
Institutional Shares | LEJIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $4(a) 0.09%(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 Since Fund
Inception
Institutional Shares 0.98 % 10.29 % 6.85 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2035 Fund Custom Benchmark 0.95 10.14 6.94
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $5,520,624
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 64.7 %
Fixed-Income Funds 35.2 %
Money Market Funds 13.0 %
Liabilities in Excess of Other Assets (12.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 36.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 29.0 %
iShares ESG Aware MSCI EAFE ETF 11.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI EM ETF 5.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.1 %
iShares Developed Real Estate Index Fund, Class K 3.1 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares MSCI Canada ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 0.9 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2035 Fund
Institutional Shares | LEJIX
Semi-Annual Shareholder Report — April 30, 2025
LEJIX-04/25-SAR
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BlackRock LifePath® ESG Index 2035 Fund
Investor A Shares | LEJAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $17(a) 0.34%(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 Since Fund
Inception
Investor A Shares 0.79 % 9.91 % 6.57 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2035 Fund Custom Benchmark 0.95 10.14 6.94
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $5,520,624
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 64.7 %
Fixed-Income Funds 35.2 %
Money Market Funds 13.0 %
Liabilities in Excess of Other Assets (12.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 36.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 29.0 %
iShares ESG Aware MSCI EAFE ETF 11.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI EM ETF 5.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.1 %
iShares Developed Real Estate Index Fund, Class K 3.1 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares MSCI Canada ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 0.9 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2035 Fund
Investor A Shares | LEJAX
Semi-Annual Shareholder Report — April 30, 2025
LEJAX-04/25-SAR
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BlackRock LifePath® ESG Index 2035 Fund
Class K Shares | LEJKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2035 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Class K Shares 0.91 % 10.31 % 6.89 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2035 Fund Custom Benchmark 0.95 10.14 6.94
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $5,520,624
Number of Portfolio Holdings 12
Portfolio Turnover Rate 10%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 64.7 %
Fixed-Income Funds 35.2 %
Money Market Funds 13.0 %
Liabilities in Excess of Other Assets (12.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 36.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 29.0 %
iShares ESG Aware MSCI EAFE ETF 11.6 %
iShares TIPS Bond ETF 6.2 %
iShares ESG Aware MSCI EM ETF 5.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.1 %
iShares Developed Real Estate Index Fund, Class K 3.1 %
iShares MSCI EAFE Small-Cap ETF 1.9 %
iShares MSCI Canada ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 0.9 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2035 Fund
Class K Shares | LEJKX
Semi-Annual Shareholder Report — April 30, 2025
LEJKX-04/25-SAR
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BlackRock LifePath® ESG Index 2040 Fund
Institutional Shares | LEKIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Institutional Shares 0.55 % 10.12 % 8.13 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2040 Fund Custom Benchmark 0.66 10.48 8.07
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $12,124,890
Number of Portfolio Holdings 12
Portfolio Turnover Rate 11%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 76.0 %
Fixed-Income Funds 23.8 %
Money Market Funds 4.5 %
Liabilities in Excess of Other Assets (4.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 42.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 19.0 %
iShares ESG Aware MSCI EAFE ETF 13.7 %
iShares ESG Aware MSCI EM ETF 6.3 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 3.7 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares MSCI Canada ETF 1.8 %
iShares MSCI Emerging Markets Small-Cap ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2040 Fund
Institutional Shares | LEKIX
Semi-Annual Shareholder Report — April 30, 2025
LEKIX-04/25-SAR
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BlackRock LifePath® ESG Index 2040 Fund
Investor A Shares | LEKAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $16(a) 0.33%(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 Since Fund
Inception
Investor A Shares 0.46 % 9.86 % 7.86 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2040 Fund Custom Benchmark 0.66 10.48 8.07
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $12,124,890
Number of Portfolio Holdings 12
Portfolio Turnover Rate 11%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 76.0 %
Fixed-Income Funds 23.8 %
Money Market Funds 4.5 %
Liabilities in Excess of Other Assets (4.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 42.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 19.0 %
iShares ESG Aware MSCI EAFE ETF 13.7 %
iShares ESG Aware MSCI EM ETF 6.3 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 3.7 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares MSCI Canada ETF 1.8 %
iShares MSCI Emerging Markets Small-Cap ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2040 Fund
Investor A Shares | LEKAX
Semi-Annual Shareholder Report — April 30, 2025
LEKAX-04/25-SAR
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BlackRock LifePath® ESG Index 2040 Fund
Class K Shares | LEKKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2040 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Class K Shares 0.62 % 10.19 % 8.18 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2040 Fund Custom Benchmark 0.66 10.48 8.07
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $12,124,890
Number of Portfolio Holdings 12
Portfolio Turnover Rate 11%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 76.0 %
Fixed-Income Funds 23.8 %
Money Market Funds 4.5 %
Liabilities in Excess of Other Assets (4.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 42.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 19.0 %
iShares ESG Aware MSCI EAFE ETF 13.7 %
iShares ESG Aware MSCI EM ETF 6.3 %
iShares TIPS Bond ETF 4.8 %
iShares ESG Aware MSCI USA Small-Cap ETF 4.7 %
iShares Developed Real Estate Index Fund, Class K 3.7 %
iShares MSCI EAFE Small-Cap ETF 2.3 %
iShares MSCI Canada ETF 1.8 %
iShares MSCI Emerging Markets Small-Cap ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2040 Fund
Class K Shares | LEKKX
Semi-Annual Shareholder Report — April 30, 2025
LEKKX-04/25-SAR
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BlackRock LifePath® ESG Index 2045 Fund
Institutional Shares | LEHIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $3(a) 0.07%(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 Since Fund
Inception
Institutional Shares 0.45 % 11.07 % 8.98 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2045 Fund Custom Benchmark 0.38 10.79 9.02
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,357,955
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 86.6 %
Fixed-Income Funds 13.2 %
Money Market Funds 3.6 %
Liabilities in Excess of Other Assets (3.4 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 48.2 %
iShares ESG Aware MSCI EAFE ETF 15.7 %
iShares ESG Aware U.S. Aggregate Bond ETF 10.0 %
iShares ESG Aware MSCI EM ETF 7.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.4 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares TIPS Bond ETF 3.2 %
iShares MSCI EAFE Small-Cap ETF 2.6 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2045 Fund
Institutional Shares | LEHIX
Semi-Annual Shareholder Report — April 30, 2025
LEHIX-04/25-SAR
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BlackRock LifePath® ESG Index 2045 Fund
Investor A Shares | LEHAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $16(a) 0.32%(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 Since Fund
Inception
Investor A Shares 0.39 % 10.79 % 8.72 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2045 Fund Custom Benchmark 0.38 10.79 9.02
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,357,955
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 86.6 %
Fixed-Income Funds 13.2 %
Money Market Funds 3.6 %
Liabilities in Excess of Other Assets (3.4 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 48.2 %
iShares ESG Aware MSCI EAFE ETF 15.7 %
iShares ESG Aware U.S. Aggregate Bond ETF 10.0 %
iShares ESG Aware MSCI EM ETF 7.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.4 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares TIPS Bond ETF 3.2 %
iShares MSCI EAFE Small-Cap ETF 2.6 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2045 Fund
Investor A Shares | LEHAX
Semi-Annual Shareholder Report — April 30, 2025
LEHAX-04/25-SAR
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BlackRock LifePath® ESG Index 2045 Fund
Class K Shares | LEHKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2045 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Class K Shares 0.44 % 11.05 % 9.03 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2045 Fund Custom Benchmark 0.38 10.79 9.02
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,357,955
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 86.6 %
Fixed-Income Funds 13.2 %
Money Market Funds 3.6 %
Liabilities in Excess of Other Assets (3.4 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 48.2 %
iShares ESG Aware MSCI EAFE ETF 15.7 %
iShares ESG Aware U.S. Aggregate Bond ETF 10.0 %
iShares ESG Aware MSCI EM ETF 7.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.4 %
iShares Developed Real Estate Index Fund, Class K 4.2 %
iShares TIPS Bond ETF 3.2 %
iShares MSCI EAFE Small-Cap ETF 2.6 %
iShares MSCI Canada ETF 2.0 %
iShares MSCI Emerging Markets Small-Cap ETF 1.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2045 Fund
Class K Shares | LEHKX
Semi-Annual Shareholder Report — April 30, 2025
LEHKX-04/25-SAR
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BlackRock LifePath® ESG Index 2050 Fund
Institutional Shares | LEGIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Institutional Shares 0.16 % 11.06 % 9.47 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2050 Fund Custom Benchmark 0.19 10.98 9.58
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,384,305
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 94.5 %
Fixed-Income Funds 5.3 %
Money Market Funds 1.7 %
Liabilities in Excess of Other Assets (1.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 52.6 %
iShares ESG Aware MSCI EAFE ETF 17.3 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 3.8 %
iShares MSCI EAFE Small-Cap ETF 2.9 %
iShares MSCI Canada ETF 2.2 %
iShares TIPS Bond ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 1.3 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2050 Fund
Institutional Shares | LEGIX
Semi-Annual Shareholder Report — April 30, 2025
LEGIX-04/25-SAR
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BlackRock LifePath® ESG Index 2050 Fund
Investor A Shares | LEBAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $15(a) 0.31%(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 Since Fund
Inception
Investor A Shares (0.04 )% 10.79 % 9.19 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2050 Fund Custom Benchmark 0.19 10.98 9.58
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,384,305
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 94.5 %
Fixed-Income Funds 5.3 %
Money Market Funds 1.7 %
Liabilities in Excess of Other Assets (1.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 52.6 %
iShares ESG Aware MSCI EAFE ETF 17.3 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 3.8 %
iShares MSCI EAFE Small-Cap ETF 2.9 %
iShares MSCI Canada ETF 2.2 %
iShares TIPS Bond ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 1.3 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2050 Fund
Investor A Shares | LEBAX
Semi-Annual Shareholder Report — April 30, 2025
LEBAX-04/25-SAR
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BlackRock LifePath® ESG Index 2050 Fund
Class K Shares | LEPKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2050 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.01%(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 Since Fund
Inception
Class K Shares 0.15 % 11.13 % 9.52 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2050 Fund Custom Benchmark 0.19 10.98 9.58
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $9,384,305
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 94.5 %
Fixed-Income Funds 5.3 %
Money Market Funds 1.7 %
Liabilities in Excess of Other Assets (1.5 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 52.6 %
iShares ESG Aware MSCI EAFE ETF 17.3 %
iShares ESG Aware MSCI EM ETF 8.0 %
iShares ESG Aware MSCI USA Small-Cap ETF 5.9 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares ESG Aware U.S. Aggregate Bond ETF 3.8 %
iShares MSCI EAFE Small-Cap ETF 2.9 %
iShares MSCI Canada ETF 2.2 %
iShares TIPS Bond ETF 1.5 %
iShares MSCI Emerging Markets Small-Cap ETF 1.3 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2050 Fund
Class K Shares | LEPKX
Semi-Annual Shareholder Report — April 30, 2025
LEPKX-04/25-SAR
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BlackRock LifePath® ESG Index 2055 Fund
Institutional Shares | LEEIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Institutional Shares 0.03 % 11.20 % 9.65 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2055 Fund Custom Benchmark 0.09 11.04 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,566,948
Number of Portfolio Holdings 12
Portfolio Turnover Rate 15%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.3 %
Money Market Funds 6.0 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (5.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 54.8 %
iShares ESG Aware MSCI EAFE ETF 18.1 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.1 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.2 %
iShares TIPS Bond ETF 0.4 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2055 Fund
Institutional Shares | LEEIX
Semi-Annual Shareholder Report — April 30, 2025
LEEIX-04/25-SAR
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BlackRock LifePath® ESG Index 2055 Fund
Investor A Shares | LEVAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $15(a) 0.31%(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 Since Fund
Inception
Investor A Shares (0.11 )% 10.89 % 9.37 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2055 Fund Custom Benchmark 0.09 11.04 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,566,948
Number of Portfolio Holdings 12
Portfolio Turnover Rate 15%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.3 %
Money Market Funds 6.0 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (5.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 54.8 %
iShares ESG Aware MSCI EAFE ETF 18.1 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.1 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.2 %
iShares TIPS Bond ETF 0.4 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2055 Fund
Investor A Shares | LEVAX
Semi-Annual Shareholder Report — April 30, 2025
LEVAX-04/25-SAR
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BlackRock LifePath® ESG Index 2055 Fund
Class K Shares | LEVKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2055 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.01%(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 Since Fund
Inception
Class K Shares 0.11 % 11.28 % 9.70 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2055 Fund Custom Benchmark 0.09 11.04 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,566,948
Number of Portfolio Holdings 12
Portfolio Turnover Rate 15%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.3 %
Money Market Funds 6.0 %
Fixed-Income Funds 1.6 %
Liabilities in Excess of Other Assets (5.9 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 54.8 %
iShares ESG Aware MSCI EAFE ETF 18.1 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.1 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.2 %
iShares TIPS Bond ETF 0.4 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2055 Fund
Class K Shares | LEVKX
Semi-Annual Shareholder Report — April 30, 2025
LEVKX-04/25-SAR
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BlackRock LifePath® ESG Index 2060 Fund
Institutional Shares | LEZIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Institutional Shares (0.08 )% 11.10 % 9.61 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2060 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,797,347
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.8 %
Money Market Funds 7.5 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.0 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.9 %
iShares TIPS Bond ETF 0.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2060 Fund
Institutional Shares | LEZIX
Semi-Annual Shareholder Report — April 30, 2025
LEZIX-04/25-SAR
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BlackRock LifePath® ESG Index 2060 Fund
Investor A Shares | LEZAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $15(a) 0.31%(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 Since Fund
Inception
Investor A Shares (0.18 )% 10.86 % 9.35 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2060 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,797,347
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.8 %
Money Market Funds 7.5 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.0 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.9 %
iShares TIPS Bond ETF 0.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2060 Fund
Investor A Shares | LEZAX
Semi-Annual Shareholder Report — April 30, 2025
LEZAX-04/25-SAR
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BlackRock LifePath® ESG Index 2060 Fund
Class K Shares | LEZKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2060 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.01%(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 Since Fund
Inception
Class K Shares (0.03 )% 11.14 % 9.68 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2060 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $6,797,347
Number of Portfolio Holdings 12
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.8 %
Money Market Funds 7.5 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (7.3 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.0 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.3 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 0.9 %
iShares TIPS Bond ETF 0.2 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2060 Fund
Class K Shares | LEZKX
Semi-Annual Shareholder Report — April 30, 2025
LEZKX-04/25-SAR
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BlackRock LifePath® ESG Index 2065 Fund
Institutional Shares | LEWIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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 Since Fund
Inception
Institutional Shares (0.01 )% 11.20 % 9.68 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2065 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $4,505,292
Number of Portfolio Holdings 11
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 4.1 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (4.0 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.1 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.4 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2065 Fund
Institutional Shares | LEWIX
Semi-Annual Shareholder Report — April 30, 2025
LEWIX-04/25-SAR
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BlackRock LifePath® ESG Index 2065 Fund
Investor A Shares | LEWAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $15(a) 0.31%(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 Since Fund
Inception
Investor A Shares (0.15 )% 10.90 % 9.41 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2065 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $4,505,292
Number of Portfolio Holdings 11
Portfolio Turnover Rate 9%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 4.1 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (4.0 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.1 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.4 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2065 Fund
Investor A Shares | LEWAX
Semi-Annual Shareholder Report — April 30, 2025
LEWAX-04/25-SAR
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BlackRock LifePath® ESG Index 2065 Fund
Class K Shares | LEWKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2065 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.01%(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 Since Fund
Inception
Class K Shares 0.05 % 11.18 % 9.74 %
MSCI USA Index (1.62 ) 12.25 12.53
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
LifePath® ESG Index 2065 Fund Custom Benchmark 0.08 11.05 9.75
MSCI USA Extended ESG Focus Index (2.31 ) 11.27 11.80
Key Fund statistics
Net Assets $4,505,292
Number of Portfolio Holdings 11
Portfolio Turnover Rate 9%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 98.9 %
Money Market Funds 4.1 %
Fixed-Income Funds 1.0 %
Liabilities in Excess of Other Assets (4.0 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.1 %
iShares ESG Aware MSCI EAFE ETF 18.2 %
iShares ESG Aware MSCI EM ETF 8.4 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.3 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.3 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.0 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2065 Fund
Class K Shares | LEWKX
Semi-Annual Shareholder Report — April 30, 2025
LEWKX-04/25-SAR
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BlackRock LifePath® ESG Index 2070 Fund
Institutional Shares | LEYIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
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
Since Fund
Inception
Institutional Shares (0.01 )% (2.11 )%
MSCI USA Index (1.62 ) (1.86 )
Bloomberg U.S. Aggregate Bond Index 2.57 (0.30 )
LifePath® ESG Index 2070 Fund Custom Benchmark 0.08 (1.75 )
MSCI USA Extended ESG Focus Index (2.31 ) (2.90 )
Key Fund statistics
Net Assets $1,923,756
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 100.0 %
Money Market Funds 3.6 %
Fixed-Income Funds 1.1 %
Liabilities in Excess of Other Assets (4.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.6 %
iShares ESG Aware MSCI EAFE ETF 18.4 %
iShares ESG Aware MSCI EM ETF 8.5 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.4 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2070 Fund
Institutional Shares | LEYIX
Semi-Annual Shareholder Report — April 30, 2025
LEYIX-04/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® ESG Index 2070 Fund
Investor A Shares | LEYAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $15(a) 0.31%(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
Since Fund
Inception
Investor A Shares (0.18 )% (2.27 )%
MSCI USA Index (1.62 ) (1.86 )
Bloomberg U.S. Aggregate Bond Index 2.57 (0.30 )
LifePath® ESG Index 2070 Fund Custom Benchmark 0.08 (1.75 )
MSCI USA Extended ESG Focus Index (2.31 ) (2.90 )
Key Fund statistics
Net Assets $1,923,756
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 100.0 %
Money Market Funds 3.6 %
Fixed-Income Funds 1.1 %
Liabilities in Excess of Other Assets (4.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.6 %
iShares ESG Aware MSCI EAFE ETF 18.4 %
iShares ESG Aware MSCI EM ETF 8.5 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.4 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2070 Fund
Investor A Shares | LEYAX
Semi-Annual Shareholder Report — April 30, 2025
LEYAX-04/25-SAR
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BlackRock LifePath® ESG Index 2070 Fund
Class K Shares | LEYKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index 2070 Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $1(a) 0.01%(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
Since Fund
Inception
Class K Shares 0.01 % (2.09 )%
MSCI USA Index (1.62 ) (1.86 )
Bloomberg U.S. Aggregate Bond Index 2.57 (0.30 )
LifePath® ESG Index 2070 Fund Custom Benchmark 0.08 (1.75 )
MSCI USA Extended ESG Focus Index (2.31 ) (2.90 )
Key Fund statistics
Net Assets $1,923,756
Number of Portfolio Holdings 11
Portfolio Turnover Rate 8%
The Fund commenced operations on September 24, 2024.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Equity Funds 100.0 %
Money Market Funds 3.6 %
Fixed-Income Funds 1.1 %
Liabilities in Excess of Other Assets (4.7 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware MSCI USA ETF 55.6 %
iShares ESG Aware MSCI EAFE ETF 18.4 %
iShares ESG Aware MSCI EM ETF 8.5 %
iShares ESG Aware MSCI USA Small-Cap ETF 6.2 %
iShares Developed Real Estate Index Fund, Class K 4.4 %
iShares MSCI EAFE Small-Cap ETF 3.0 %
iShares MSCI Canada ETF 2.4 %
iShares MSCI Emerging Markets Small-Cap ETF 1.4 %
iShares ESG Aware U.S. Aggregate Bond ETF 1.1 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index 2070 Fund
Class K Shares | LEYKX
Semi-Annual Shareholder Report — April 30, 2025
LEYKX-04/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® ESG Index Retirement Fund
Institutional Shares | LERIX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $6(a) 0.12%(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 Since Fund
Inception
Institutional Shares 1.51 % 9.24 % 3.39 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
MSCI USA Index (1.62 ) 12.25 12.53
LifePath® ESG Index Retirement Fund Custom Benchmark 1.55 9.26 3.50
Bloomberg MSCI U.S. Aggregate ESG Focus Index 2.57 8.01 (1.11 )
Key Fund statistics
Net Assets $7,158,463
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.9 %
Equity Funds 39.9 %
Money Market Funds 25.0 %
Liabilities in Excess of Other Assets (24.8 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.9 %
iShares ESG Aware MSCI USA ETF 22.5 %
iShares TIPS Bond ETF 8.0 %
iShares ESG Aware MSCI EAFE ETF 6.8 %
iShares ESG Aware MSCI EM ETF 3.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.2 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
iShares MSCI Canada ETF 0.9 %
iShares MSCI Emerging Markets Small-Cap ETF 0.5 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® ESG Index Retirement Fund
Institutional Shares | LERIX
Semi-Annual Shareholder Report — April 30, 2025
LERIX-04/25-SAR
TSR - BLK Retail Logo
BlackRock LifePath® ESG Index Retirement Fund
Investor A Shares | LERAX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $18(a) 0.37%(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 Since Fund
Inception
Investor A Shares 1.35 % 9.03 % 3.14 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
MSCI USA Index (1.62 ) 12.25 12.53
LifePath® ESG Index Retirement Fund Custom Benchmark 1.55 9.26 3.50
Bloomberg MSCI U.S. Aggregate ESG Focus Index 2.57 8.01 (1.11 )
Key Fund statistics
Net Assets $7,158,463
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
Average annual total returns reflect reductions for service fees.
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.9 %
Equity Funds 39.9 %
Money Market Funds 25.0 %
Liabilities in Excess of Other Assets (24.8 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.9 %
iShares ESG Aware MSCI USA ETF 22.5 %
iShares TIPS Bond ETF 8.0 %
iShares ESG Aware MSCI EAFE ETF 6.8 %
iShares ESG Aware MSCI EM ETF 3.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.2 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
iShares MSCI Canada ETF 0.9 %
iShares MSCI Emerging Markets Small-Cap ETF 0.5 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK Retail Logo Footer
BlackRock LifePath® ESG Index Retirement Fund
Investor A Shares | LERAX
Semi-Annual Shareholder Report — April 30, 2025
LERAX-04/25-SAR
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BlackRock LifePath® ESG Index Retirement Fund
Class K Shares | LERKX
Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock LifePath® ESG Index Retirement Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $4(a) 0.07%(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 Since Fund
Inception
Class K Shares 1.52 % 9.29 % 3.44 %
Bloomberg U.S. Aggregate Bond Index 2.57 8.02 (1.11 )
MSCI USA Index (1.62 ) 12.25 12.53
LifePath® ESG Index Retirement Fund Custom Benchmark 1.55 9.26 3.50
Bloomberg MSCI U.S. Aggregate ESG Focus Index 2.57 8.01 (1.11 )
Key Fund statistics
Net Assets $7,158,463
Number of Portfolio Holdings 12
Portfolio Turnover Rate 14%
The Fund commenced operations on August 18, 2020.
The Fund compares its performance to that of a customized weighted index (the “Custom Reference Benchmark”) comprised of the Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series‑L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index, which are representative of the asset classes in which the Fund invests. The weightings of the indices in the Custom Reference Benchmark are adjusted periodically to reflect the investment adviser’s evaluation and adjustment of the Fund’s asset allocation strategy.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of April 30, 2025)
Portfolio composition
Asset Type Percent of
Net Assets
Fixed-Income Funds 59.9 %
Equity Funds 39.9 %
Money Market Funds 25.0 %
Liabilities in Excess of Other Assets (24.8 )
Ten largest holdings
Security(a) Percent of
Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF 51.9 %
iShares ESG Aware MSCI USA ETF 22.5 %
iShares TIPS Bond ETF 8.0 %
iShares ESG Aware MSCI EAFE ETF 6.8 %
iShares ESG Aware MSCI EM ETF 3.2 %
iShares ESG Aware MSCI USA Small-Cap ETF 2.6 %
iShares Developed Real Estate Index Fund, Class K 2.2 %
iShares MSCI EAFE Small-Cap ETF 1.2 %
iShares MSCI Canada ETF 0.9 %
iShares MSCI Emerging Markets Small-Cap ETF 0.5 %
(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, FTSE International Limited, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock LifePath® ESG Index Retirement Fund
Class K Shares | LERKX
Semi-Annual Shareholder Report — April 30, 2025
LERKX-04/25-SAR


(b) Not Applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.


April 30, 2025
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
BlackRock Funds III
BlackRock Diversified Fixed Income Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents 
Page
3
4
66
68
69
70
72
84
86
87
2

Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
BlackRock Diversified Fixed Income Fund
Derivative Financial Instruments
3

Schedule of Investments (unaudited)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)

Security
 
Par
(000)
Value
Asset-Backed Securities
1988 CLO Ltd., Series 2024-5A, Class A1, (3-mo.
CME Term SOFR + 1.54%), 5.80%, 07/15/37(a)(b)
USD
250
$ 250,280
610 Funding CLO Ltd., Series 2016-2RA,
Class A1R3, (3-mo. CME Term SOFR + 1.35%),
5.62%, 01/20/34(a)(b)
 
1,000
997,134
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-AG1, Class M2, (1 mo. Term SOFR +
0.80%), 5.13%, 08/25/35(a)
 
202
163,817
ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%,
04/25/31(b)
 
253
255,795
Affirm Asset Securitization Trust(b)
 
Series 2022-Z1, Class A, 4.55%, 06/15/27
 
26
25,901
Series 2023-B, Class D, 8.78%, 09/15/28
 
1,000
1,010,041
Series 2023-X1, Class C, 8.25%, 11/15/28
 
235
236,369
Series 2023-X1, Class D, 9.55%, 11/15/28
 
300
300,544
Series 2024-A, Class A, 5.61%, 02/15/29
 
100
100,415
Series 2024-A, Class B, 5.93%, 02/15/29
 
510
512,145
Series 2024-B, Class C, 5.06%, 09/15/29
 
2,250
2,240,059
Series 2024-X1, Class D, 7.29%, 05/15/29
 
100
100,909
Series 2024-X2, Class C, 5.62%, 12/17/29
 
700
702,382
Series 2024-X2, Class D, 6.08%, 12/17/29
 
525
524,841
Affirm Master Trust(b)
 
Series 2025-1A, Class A, 4.99%, 02/15/33
 
361
362,829
Series 2025-1A, Class B, 5.13%, 02/15/33
 
1,000
1,003,703
Series 2025-1A, Class C, 5.28%, 02/15/33
 
640
641,282
AGL CLO Ltd., Series 2024-32A, Class A1, (3-mo.
CME Term SOFR + 1.38%), 5.65%, 07/21/37(a)(b)
 
250
250,000
AGL Core CLO Ltd., Series 2019-2A, Class A1R,
(3-mo. CME Term SOFR + 1.46%), 5.73%,
07/20/37(a)(b)
 
250
250,249
Ajax Mortgage Loan Trust, Series 2023-B, Class A,
4.25%, 10/25/62(b)
 
102
99,454
AMSR Trust, Series 2020-SFR4, Class G2, 4.87%,
11/17/37(b)
 
150
147,412
Anchorage Capital CLO Ltd., Series 2015-6A,
Class BR3, (3-mo. CME Term SOFR + 2.10%),
6.37%, 04/22/34(a)(b)
 
250
249,925
ARES Loan Funding IV Ltd., Series 2023-ALF4A,
Class D, (3-mo. CME Term SOFR + 4.68%),
8.94%, 10/15/36(a)(b)
 
250
250,858
Argent Mortgage Loan Trust, Series 2005-W1,
Class A2, (1 mo. Term SOFR + 0.59%), 4.92%,
05/25/35(a)
 
153
121,703
Asset-Backed Securities Corp. Home Equity Loan
Trust, Series 2004-HE9, Class M1, (1 mo. Term
SOFR + 1.09%), 5.42%, 12/25/34(a)
 
157
143,806
Bain Capital Credit CLO Ltd., Series 2024-2A,
Class A1, (3-mo. CME Term SOFR + 1.52%),
5.78%, 07/15/37(a)(b)
 
480
480,491
Ballyrock CLO 15 Ltd., Series 2021-1A, Class A1R,
(3-mo. CME Term SOFR + 1.33%), 5.59%,
01/15/38(a)(b)
 
420
419,762
Barclays Mortgage Trust, Series 2021-NPL1, Class A,
5.00%, 11/25/51(b)
 
70
69,711
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE7, Class 1A2, (1 mo. Term SOFR +
0.45%), 4.78%, 09/25/36(a)
 
72
69,558
Bear Stearns Asset-Backed Securities Trust,
Series 2005-2, Class M5, (1 mo. Term SOFR +
5.36%), 6.55%, 06/25/35(a)
 
210
209,682
Bear Stearns Structured Products Trust, Series 2007-
EMX1, Class M1, (1 mo. Term SOFR + 2.11%),
6.44%, 03/25/37(a)(b)
 
66
64,963
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Benefit Street Partners CLO IV Ltd., Series 2014-IVA,
Class AR4, (3-mo. CME Term SOFR + 1.35%),
5.62%, 04/20/34(a)(b)
USD
500
$ 498,581
Benefit Street Partners CLO XX Ltd., Series 2020-
20A, Class AR, (3-mo. CME Term SOFR + 1.43%),
5.69%, 07/15/34(a)(b)
 
250
249,572
Benefit Street Partners CLO XXIX Ltd., Series 2022-
29A, Class AR, (3-mo. CME Term SOFR + 1.18%),
5.46%, 01/25/38(a)(b)
 
1,100
1,091,771
Benefit Street Partners CLO XXVII Ltd., Series 2022-
27A, Class AR, (3-mo. CME Term SOFR + 1.37%),
5.64%, 10/20/37(a)(b)
 
250
250,000
Betony CLO 2 Ltd., Series 2018-1A, Class A1, (3-mo.
CME Term SOFR + 1.34%), 5.62%, 04/30/31(a)(b)
 
91
91,409
Birch Grove CLO 3 Ltd., Series 2021-3A, Class BR,
(3-mo. CME Term SOFR + 1.60%), 5.87%,
01/19/38(a)(b)
 
550
542,630
Blue Bridge Funding LLC, Series 2023-1A, Class A,
7.37%, 11/15/30(b)
 
157
158,494
BlueMountain CLO Ltd., Series 2018-3A, Class BR,
(3-mo. CME Term SOFR + 1.85%), 6.13%,
10/25/30(a)(b)
 
250
249,450
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A,
Class A1AR, (3-mo. CME Term SOFR + 1.26%),
5.53%, 10/20/30(a)(b)
 
70
70,310
Brex Commercial Charge Card Master Trust,
Series 2024-1, Class A1, 6.05%, 07/15/27(b)
 
100
100,942
Canyon CLO Ltd., Series 2023-2A, Class B, (3-mo.
CME Term SOFR + 2.05%), 6.31%, 05/15/37(a)(b)
 
250
249,650
Carlyle Global Market Strategies CLO Ltd.,
Series 2012-3A, Class A1A2, (3-mo. CME Term
SOFR + 1.44%), 5.68%, 01/14/32(a)(b)
 
108
107,606
CARLYLE U.S. CLO Ltd.(a)(b)
 
Series 2017-3A, Class A1R2, (3-mo. CME Term
SOFR + 1.40%), 5.67%, 10/21/37
 
250
249,500
Series 2017-3A, Class BR2, (3-mo. CME Term
SOFR + 1.78%), 6.05%, 10/21/37
 
250
249,150
CFMT LLC, Series 2023-HB11, Class M2, 4.00%,
02/25/37(a)(b)
 
100
95,875
CIFC Funding II Ltd., Series 2025-2A, Class A, (3-mo.
CME Term SOFR + 1.13%), 5.41%, 04/15/38(a)(b)
 
250
248,375
CIFC Funding III Ltd., Series 2024-3A, Class A1, (3-
mo. CME Term SOFR + 1.48%), 5.75%,
07/21/37(a)(b)
 
250
250,277
CIFC Funding Ltd.(a)(b)
 
Series 2017-1A, Class ARR, (3-mo. CME Term
SOFR + 1.55%), 5.82%, 04/21/37
 
280
280,310
Series 2017-5A, Class AR, (3-mo. CME Term
SOFR + 1.41%), 5.69%, 07/17/37
 
250
250,000
Series 2018-3A, Class B, (3-mo. CME Term SOFR
+ 1.86%), 6.13%, 07/18/31
 
400
400,440
Series 2019-6A, Class A1R, (3-mo. CME Term
SOFR + 1.45%), 5.71%, 07/16/37
 
250
250,000
Series 2021-1A, Class A1R, (3-mo. CME Term
SOFR + 1.42%), 5.70%, 07/25/37
 
250
250,093
Series 2021-1A, Class BR, (3-mo. CME Term
SOFR + 1.75%), 6.03%, 07/25/37
 
250
248,375
Series 2021-4A, Class AR, (3-mo. CME Term
SOFR + 1.36%), 5.64%, 07/23/37
 
250
249,890
Series 2023-3A, Class A, (3-mo. CME Term SOFR
+ 1.60%), 5.87%, 01/20/37
 
250
250,308
Series 2023-3A, Class B, (3-mo. CME Term SOFR
+ 2.30%), 6.57%, 01/20/37
 
300
301,440
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
CIT Mortgage Loan Trust(a)(b)
 
Series 2007-1, Class 1M2, (1 mo. Term SOFR +
2.74%), 7.07%, 10/25/37
USD
150
$ 142,740
Series 2007-1, Class 2M2, (1 mo. Term SOFR +
2.74%), 7.07%, 10/25/37
 
676
623,439
College Avenue Student Loans LLC, Series 2023-B,
Class A1A, 6.50%, 06/25/54(b)
 
76
80,281
College Avenue Student Loans Trust, Series 2024-A,
Class A1B, (30-day Avg SOFR + 1.75%), 6.10%,
06/25/54(a)(b)
 
128
129,983
Concord Music Royalties LLC, Series 2024-1A,
Class A, 5.64%, 10/20/74(b)
 
100
98,519
Conseco Finance Corp., Series 1998-4, Class M1,
6.83%, 04/01/30(a)
 
89
90,583
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2004-CF2, Class 1B, 6.00%, 01/25/43(b)
 
15
11,562
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-MH1, Class B2, 6.75%, 10/25/36(b)
 
372
300,804
CWABS Asset-Backed Certificates Trust(a)
 
Series 2006-11, Class 1AF4, 6.30%, 12/25/35
 
201
194,359
Series 2006-13, Class 1AF4, 3.95%, 01/25/37
 
59
58,247
Series 2006-14, Class M1, (1 mo. Term SOFR +
0.55%), 4.88%, 02/25/37
 
21
17,633
CWABS Asset-Backed Notes Trust, Series 2007-
SEA2, Class 2A1, (1 mo. Term SOFR + 1.61%),
5.94%, 06/25/47(a)(b)
 
32
24,889
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1 mo. Term SOFR +
0.25%), 4.58%, 01/15/37(a)
 
1
876
Diameter Capital CLO Ltd.(a)(b)
 
Series 2021-1A, Class A1R, (3-mo. CME Term
SOFR + 1.39%), 5.65%, 10/15/37
 
250
250,009
Series 2024-8A, Class A1A, (3-mo. CME Term
SOFR + 1.40%), 5.67%, 10/20/37
 
460
460,071
Dowson PLC(a)(c)
 
Series 2024-1, Class E, (1-day SONIA GBP
3.95%), 8.42%, 08/20/31
GBP
110
145,676
Series 2024-1, Class F, (1-day SONIA GBP
6.95%), 11.42%, 08/20/31
 
162
214,580
Drive Auto Receivables Trust, Series 2024-2, Class C,
4.67%, 05/17/32
USD
450
449,925
Dryden CLO Ltd., Series 2022-104A, Class A1R,
(3-mo. CME Term SOFR + 1.29%), 5.61%,
08/20/34(a)(b)
 
250
249,330
Dryden Senior Loan Fund(a)(b)
 
Series 2015-41A, Class AR, (3-mo. CME Term
SOFR + 1.23%), 5.49%, 04/15/31
 
87
86,779
Series 2017-50A, Class B, (3-mo. CME Term
SOFR + 1.91%), 6.17%, 07/15/30
 
400
399,760
Elmwood CLO 30 Ltd., Series 2024-6A, Class A, (3-
mo. CME Term SOFR + 1.43%), 5.71%,
07/17/37(a)(b)
 
250
250,000
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR,
(3-mo. CME Term SOFR + 1.35%), 5.62%,
10/20/37(a)(b)
 
250
250,000
Elmwood CLO III Ltd., Series 2019-3A, Class ERR,
(3-mo. CME Term SOFR + 5.95%), 10.22%,
07/18/37(a)(b)
 
250
234,475
Equity One Mortgage Pass-Through Trust,
Series 2003-3, Class M2, 5.46%, 12/25/33(a)
 
288
245,420
Exeter Automobile Receivables Trust
 
Series 2022-2A, Class C, 3.85%, 07/17/28
 
147
147,315
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Exeter Automobile Receivables Trust(continued)
 
Series 2022-5A, Class D, 7.40%, 02/15/29
USD
100
$ 102,105
Series 2023-2A, Class D, 6.32%, 08/15/29
 
545
555,771
series 2023-3A, Class D, 6.68%, 04/16/29
 
400
408,682
Series 2023-4A, Class D, 6.95%, 12/17/29
 
350
359,576
First Franklin Mortgage Loan Trust, Series 2006-
FF13, Class A1, (1 mo. Term SOFR + 0.35%),
4.68%, 10/25/36(a)
 
28
18,111
FirstKey Homes Trust(b)
 
Series 2022-SFR1, Class E2, 5.00%, 05/19/39
 
590
581,631
Series 2022-SFR3, Class E2, 3.50%, 07/17/38
 
633
612,838
FNA 8 LLC, Series 2025-1, Class A, 5.62%,
03/15/45(a)(b)
 
144
144,535
Fort Greene Park CLO LLC, Series 2025-2A,
Class AR, (3-mo. CME Term SOFR + 0.95%),
5.22%, 04/22/34(a)(b)
 
480
475,538
Fortuna Consumer Loan ABS DAC, Series 2024-2,
Class E, (1-mo. EURIBOR + 4.10%), 6.30%,
10/18/34(a)
EUR
100
114,692
Galaxy XXVI CLO Ltd., Series 2018-26A, Class AR,
(3-mo. CME Term SOFR + 1.17%), 5.50%,
11/22/31(a)(b)
USD
125
125,355
Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1,
(3-mo. CME Term SOFR + 1.36%), 5.62%,
07/15/31(a)(b)
 
42
41,557
GoldenTree Loan Management U.S. CLO Ltd.,
Series 2021-11A, Class AR, (3-mo. CME Term
SOFR + 1.08%), 5.35%, 10/20/34(a)(b)
 
250
248,291
Goldman Home Improvement Trust Issuer Trust,
Series 2022-GRN1, Class A, 4.50%, 06/25/52(b)
 
82
81,398
Golub Capital Partners CLO Ltd.(a)(b)
 
Series 2019-41A, Class AR, (3-mo. CME Term
SOFR + 1.58%), 5.85%, 01/20/34
 
250
250,054
Series 2021-55A, Class A, (3-mo. CME Term
SOFR + 1.46%), 5.73%, 07/20/34
 
250
249,672
Series 2023-66A, Class A, (3-mo. CME Term
SOFR + 1.95%), 6.23%, 04/25/36
 
250
250,149
GoodLeap Home Improvement Solutions Trust(b)
 
Series 2024-1A, Class A, 5.35%, 10/20/46
 
318
319,813
Series 2025-1A, Class A, 5.38%, 02/20/49
 
268
270,021
Gracie Point International Funding LLC(a)(b)
 
Series 2023-1A, Class A, (90-day Avg SOFR +
1.95%), 6.37%, 09/01/26
 
140
139,929
Series 2023-2A, Class A, (90-day Avg SOFR +
2.25%), 6.67%, 03/01/27
 
42
42,046
Series 2024-1A, Class A, (90-day Avg SOFR +
1.70%), 6.12%, 03/01/28
 
110
109,497
GreenSky Home Improvement Issuer Trust(b)
 
Series 2024-2, Class A4, 5.15%, 10/27/59
 
81
81,915
Series 2024-2, Class B, 5.26%, 10/27/59
 
100
100,155
Series 2024-2, Class D, 6.43%, 10/27/59
 
323
326,850
GreenSky Home Improvement Trust, Series 2024-1,
Class A4, 5.67%, 06/25/59(b)
 
350
354,868
GSAMP Trust, Series 2006-HE4, Class M1, (1 mo.
Term SOFR + 0.56%), 4.89%, 06/25/36(a)
 
100
82,656
HIG RCP LLC, Series 2023-FL1, Class A, (1 mo.
Term SOFR + 2.27%), 6.60%, 09/19/38(a)(b)
 
4
3,728
Huntington Bank Auto Credit-Linked Notes(a)(b)
 
Series 2024-1, Class B2, (30-day Avg SOFR +
1.40%), 5.75%, 05/20/32
 
247
246,653
Series 2024-2, Class B2, (30-day Avg SOFR +
1.35%), 5.70%, 10/20/32
 
280
279,760
Schedule of Investments
5

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
INCREF LLC, Series 2025-FL1, Class A, 10/19/42(d)
USD
109
$ 108,727
Invesco CLO Ltd., Series 2021-3A, Class B, (3-mo.
CME Term SOFR + 1.91%), 6.18%, 10/22/34(a)(b)
 
250
249,525
Invesco Euro CLO VI DAC, Series 6A, Class D, (3-
mo. EURIBOR + 3.05%), 5.33%, 07/15/34(a)(b)
EUR
250
272,188
LCM 36 Ltd., Series 36A, Class A1R, (3-mo. CME
Term SOFR + 1.07%), 5.33%, 01/15/34(a)(b)
USD
250
248,158
Lendmark Funding Trust, Series 2022-1A, Class A,
5.12%, 07/20/32(b)
 
100
99,948
Long Beach Mortgage Loan Trust, Series 2006-2,
Class 1A, (1 mo. Term SOFR + 0.47%), 4.80%,
03/25/46(a)
 
113
86,831
Lyra Music Assets Delaware LP, Series 2024-2A,
Class A2, 5.76%, 12/22/64(b)
 
150
147,458
Madison Park Funding LXII Ltd., Series 2022-62A,
Class AR, (3-mo. CME Term SOFR + 1.85%),
6.13%, 07/17/36(a)(b)
 
250
250,534
Madison Park Funding LXVII Ltd., Series 2024-67A,
Class B, (3-mo. CME Term SOFR + 2.05%),
6.33%, 04/25/37(a)(b)
 
250
250,450
Madison Park Funding XXXI Ltd.(a)(b)
 
Series 2018-31A, Class B1R, (3-mo. CME Term
SOFR + 1.80%), 6.08%, 07/23/37
 
250
248,800
Series 2018-31A, Class CR, (3-mo. CME Term
SOFR + 2.25%), 6.53%, 07/23/37
 
250
249,371
Madison Park Funding XXXVIII Ltd., Series 2021-
38A, Class A, (3-mo. CME Term SOFR + 1.38%),
5.66%, 07/17/34(a)(b)
 
250
250,000
Mariner Finance Issuance Trust(b)
 
Series 2024-AA, Class A, 5.13%, 09/22/36
 
178
180,639
Series 2024-BA, Class A, 4.91%, 11/20/38
 
304
307,119
Mastr Asset Backed Securities Trust, Series 2007-
NCW, Class A1, (1 mo. Term SOFR + 0.41%),
4.74%, 05/25/37(a)(b)
 
172
151,286
MFA Trust, Series 2024-NPL1, Class A1, 6.33%,
09/25/54
 
104
104,024
MidOcean Credit CLO XII Ltd., Series 2023-12A,
Class A1R, (3-mo. CME Term SOFR + 1.34%),
5.61%, 04/18/36(a)(b)
 
250
250,000
Morgan Stanley Mortgage Loan Trust
 
Series 2006-12XS, Class A4, 6.51%, 10/25/36
 
28
6,090
Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47
 
299
103,457
Myers Park CLO Ltd., Series 2018-1A, Class A2,
(3-mo. CME Term SOFR + 1.66%), 5.93%,
10/20/30(a)(b)
 
290
290,579
Navient Private Education Refi Loan Trust(b)
 
Series 2015-AA, Class B, 3.50%, 12/15/44
 
146
141,498
Series 2016-AA, Class B, 3.50%, 12/16/58(a)
 
144
139,242
Series 2019-CA, Class A2, 3.13%, 02/15/68
 
16
15,903
Series 2020-CA, Class A2B, (1 mo. Term SOFR +
1.71%), 6.04%, 11/15/68(a)
 
378
380,416
Series 2021-CA, Class A, 1.06%, 10/15/69
 
112
100,404
Series 2024-A, Class A, 5.66%, 10/15/72
 
144
146,764
Nelnet Student Loan Trust(b)
 
Series 2021-A, Class A1, (1 mo. Term SOFR +
0.91%), 5.23%, 04/20/62(a)
 
99
98,518
Series 2021-A, Class B1, 2.85%, 04/20/62
 
100
87,615
Series 2023-PL1A, Class A1A, (30-day Avg SOFR
+ 2.25%), 6.60%, 11/25/53(a)
 
60
60,810
Series 2025-AA, Class A1B, (30-day Avg SOFR +
1.10%), 5.44%, 03/15/57(a)
 
368
364,471
NetCredit Combined Receivables LLC(b)
 
Series 2024-A, Class A, 7.43%, 10/21/30
 
354
356,165
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
NetCredit Combined Receivables LLC(b)(continued)
 
Series 2024-A, Class B, 8.31%, 10/21/30
USD
500
$ 515,154
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021-40A, Class A, (3-mo. CME Term
SOFR + 1.32%), 5.58%, 04/16/33(a)(b)
 
468
467,990
NYMT Trust, Series 2024-RR1, Class A, 7.38%,
05/25/64(b)
 
141
139,571
OCP CLO Ltd.(a)(b)
 
Series 2014-5A, Class A1R, (3-mo. CME Term
SOFR + 1.34%), 5.62%, 04/26/31
 
72
71,825
Series 2019-17A, Class AR2, (3-mo. CME Term
SOFR + 1.40%), 5.67%, 07/20/37
 
250
249,625
Series 2020-8RA, Class AR, (3-mo. CME Term
SOFR + 1.25%), 5.53%, 10/17/36
 
331
330,338
Series 2025-40A, Class A, (3-mo. CME Term
SOFR + 1.14%), 5.46%, 04/16/38
 
250
246,453
Octagon 57 Ltd., Series 2021-1A, Class B1, (3-mo.
CME Term SOFR + 1.91%), 6.17%, 10/15/34(a)(b)
 
250
249,200
Octagon 66 Ltd., Series 2022-1A, Class A1R, (3-mo.
CME Term SOFR + 1.75%), 6.07%, 11/16/36(a)(b)
 
250
250,187
Octagon Investment Partners 35 Ltd., Series 2018-
1A, Class A1A, (3-mo. CME Term SOFR + 1.32%),
5.59%, 01/20/31(a)(b)
 
69
69,086
Octagon Investment Partners 37 Ltd., Series 2018-
2A, Class B, (3-mo. CME Term SOFR + 2.01%),
6.29%, 07/25/30(a)(b)
 
250
248,836
Octagon Investment Partners 39 Ltd., Series 2018-
3A, Class BR, (3-mo. CME Term SOFR + 1.80%),
6.07%, 10/20/30(a)(b)
 
250
249,925
Octagon Investment Partners XV Ltd., Series 2013-
1A, Class A1RR, (3-mo. CME Term SOFR +
1.23%), 5.50%, 07/19/30(a)(b)
 
31
31,458
OHA Credit Funding Ltd.(a)(b)
 
Series 2019-3A, Class AR2, (3-mo. CME Term
SOFR + 1.32%), 5.59%, 01/20/38
 
250
250,000
Series 2020-7A, Class AR, (3-mo. CME Term
SOFR + 1.30%), 5.57%, 02/24/37
 
500
500,000
Series 2024-17A, Class A, (3-mo. CME Term
SOFR + 1.48%), 5.75%, 04/20/37
 
250
249,750
Series 2024-19A, Class B1, (3-mo. CME Term
SOFR + 1.70%), 5.97%, 07/20/37
 
250
248,050
OHA Credit Partners XI Ltd., Series 2015-11A,
Class A1R2, (3-mo. CME Term SOFR + 1.46%),
5.73%, 04/20/37(a)(b)
 
500
500,298
OHA Credit Partners XVI, Series 2021-16A, Class AR,
(3-mo. CME Term SOFR + 1.35%), 5.62%,
10/18/37(a)(b)
 
500
499,702
OHA Loan Funding Ltd.(a)(b)
 
Series 2015-1A, Class AR3, (3-mo. CME Term
SOFR + 1.41%), 5.68%, 01/19/37
 
250
249,638
Series 2016-1A, Class A1R2, (3-mo. CME Term
SOFR + 1.46%), 5.73%, 07/20/37
 
250
250,207
OnDeck Asset Securitization Trust IV LLC,
Series 2023-1A, Class A, 7.00%, 08/19/30(b)
 
160
161,993
OneMain Financial Issuance Trust(b)
 
Series 2020-2A, Class A, 1.75%, 09/14/35
 
100
96,991
Series 2020-2A, Class B, 2.21%, 09/14/35
 
240
227,341
Series 2024-1A, Class A, 5.79%, 05/14/41
 
184
189,763
Option One Mortgage Loan Trust, Series 2007-FXD1,
Class 3A4, 5.86%, 01/25/37
 
10
9,828
Orchard Park CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.36%), 5.63%,
10/20/37(a)(b)
 
310
309,903
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Origen Manufactured Housing Contract Trust,
Series 2007-B, Class A1, (1-mo. SOFR US +
1.31%), 6.16%, 10/15/37(a)(b)
USD
37
$ 36,508
Owl Rock CLO XVIII LLC, Series 2024-18A, Class A,
(3-mo. CME Term SOFR + 1.70%), 5.98%,
07/24/36(a)(b)
 
250
249,529
OZLM XVIII Ltd., Series 2018-18A, Class A, (3-mo.
CME Term SOFR + 1.28%), 5.54%, 04/15/31(a)(b)
 
57
57,148
Palmer Square CLO Ltd.(a)(b)
 
Series 2019-1A, Class A1R, (3-mo. CME Term
SOFR + 1.41%), 5.73%, 11/14/34
 
250
249,687
Series 2024-2A, Class B, (3-mo. CME Term SOFR
+ 1.65%), 5.92%, 07/20/37
 
300
297,600
Palmer Square Loan Funding Ltd.(a)(b)
 
Series 2022-1A, Class A1, (3-mo. CME Term
SOFR + 1.05%), 5.31%, 04/15/30
 
66
65,674
Series 2022-3A, Class A2R, (3-mo. CME Term
SOFR + 1.60%), 5.86%, 04/15/31
 
250
250,334
PFS Financing Corp., Series 2022-D, Class B, 4.90%,
08/15/27(b)
 
241
240,845
PRET LLC(b)
 
Series 2024-NPL4, Class A1, 7.00%, 07/25/54
 
653
653,578
Series 2024-NPL5, Class A1, 5.96%, 09/25/54
 
103
102,694
Series 2024-RN2, Class A1, 7.12%, 04/25/54
 
95
95,806
Progress Residential Trust(b)
 
Series 2022-SFR3, Class F, 6.60%, 04/17/39
 
136
135,930
Series 2023-SFR1, Class E1, 6.15%, 03/17/40
 
690
696,033
Rad CLO Ltd., Series 2020-7A, Class B1R, (3-mo.
CME Term SOFR + 1.90%), 6.18%, 04/17/36(a)(b)
 
250
249,725
RCO VII Mortgage LLC, Series 2024-1, Class A1,
7.02%, 01/25/29(b)
 
73
73,407
Redwood Funding Trust, Series 2023-1, Class A,
7.50%, 07/25/59(b)
 
75
74,637
Regatta XI Funding Ltd., Series 2018-1A, Class AR,
(3-mo. CME Term SOFR + 1.40%), 5.68%,
07/17/37(a)(b)
 
250
250,019
Regatta XVIII Funding Ltd., Series 2021-1A,
Class A1R, (3-mo. CME Term SOFR + 1.16%),
5.42%, 04/15/38(a)(b)
 
250
248,750
Regatta XXVII Funding Ltd., Series 2024-1A,
Class A1, (3-mo. CME Term SOFR + 1.53%),
5.81%, 04/26/37(a)(b)
 
250
250,248
Regional Management Issuance Trust(b)
 
Series 2021-1, Class A, 1.68%, 03/17/31
 
11
11,156
Series 2021-2, Class A, 1.90%, 08/15/33
 
120
113,669
Series 2021-2, Class B, 2.35%, 08/15/33
 
300
276,016
Series 2022-1, Class A, 3.07%, 03/15/32
 
158
156,079
Republic Finance Issuance Trust(b)
 
Series 2024-A, Class B, 6.47%, 08/20/32
 
100
102,375
Series 2024-B, Class A, 5.42%, 11/20/37
 
200
202,411
Series 2024-B, Class B, 5.86%, 11/20/37
 
100
101,142
Residential Mortgage Loan Trust, Series 2020-1,
Class B1, 3.95%, 01/26/60(a)(b)
 
450
428,340
RR Ltd., Series 2020-8A, Class A1R, (3-mo. CME
Term SOFR + 1.35%), 5.61%, 07/15/37(a)(b)
 
1,250
1,247,343
Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A,
Class A1, (3-mo. CME Term SOFR + 1.39%),
5.70%, 01/30/38(a)(b)
 
1,110
1,103,649
Santander Drive Auto Receivables Trust
 
Series 2022-3, Class B, 4.13%, 08/16/27
 
67
67,154
Series 2022-4, Class B, 4.42%, 11/15/27
 
147
146,449
Series 2022-6, Class B, 4.72%, 06/15/27
 
27
27,234
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Santander Drive Auto Receivables Trust(continued)
 
Series 2022-7, Class B, 5.95%, 01/17/28
USD
623
$ 625,333
Series 2024-1, Class C, 5.45%, 03/15/30
 
240
242,549
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(b)
 
82
83,694
Sesac Finance LLC, Series 2019-1, Class A2, 5.22%,
07/25/49(b)
 
405
401,316
Silver Point CLO Ltd., Series 2024-4A, Class A1,
(3-mo. CME Term SOFR + 1.63%), 5.89%,
04/15/37(a)(b)
 
250
250,362
SMB Private Education Loan Trust(b)
 
Series 2017-A, Class A2B, (1 mo. Term SOFR +
1.01%), 5.34%, 09/15/34(a)
 
30
29,599
Series 2018-B, Class A2B, (1 mo. Term SOFR +
0.83%), 5.16%, 01/15/37(a)
 
111
111,072
Series 2019-B, Class B, 3.56%, 06/15/43
 
800
765,654
Series 2021-A, Class A2A1, (1 mo. Term SOFR +
0.84%), 5.17%, 01/15/53(a)
 
320
316,950
Series 2021-A, Class B, 2.31%, 01/15/53
 
466
450,477
Series 2024-A, Class A1B, (30-day Avg SOFR +
1.45%), 5.79%, 03/15/56(a)
 
267
267,648
Series 2024-A, Class B, 5.88%, 03/15/56
 
154
157,979
Series 2024-C, Class A1B, (30-day Avg SOFR +
1.10%), 5.45%, 06/17/52(a)
 
89
88,181
SoFi Consumer Loan Program Trust, Series 2025-1,
Class A, 4.80%, 02/27/34(b)
 
651
652,180
SoFi Personal Loan Term, Series 2024-1A, Class A,
6.06%, 02/12/31(b)
 
75
75,494
SoFi Professional Loan Program LLC(b)
 
Series 2017-D, Class BFX, 3.61%, 09/25/40
 
321
308,629
Series 2017-E, Class C, 4.16%, 11/26/40
 
500
482,543
Soundview Home Loan Trust(a)
 
Series 2005-OPT3, Class M4, (1 mo. Term SOFR
+ 1.13%), 5.46%, 11/25/35
 
25
19,375
Series 2007-NS1, Class M1, (1 mo. Term SOFR +
0.64%), 4.97%, 01/25/37
 
19
17,881
Subway Funding LLC, Series 2024-1A, Class A2II,
6.27%, 07/30/54(b)
 
85
85,995
Symphony CLO Ltd., Series 2023-38A, Class B1,
(3-mo. CME Term SOFR + 2.25%), 6.53%,
04/24/36(a)(b)
 
250
250,000
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo.
CME Term SOFR + 1.38%), 5.64%, 01/15/34(a)(b)
 
250
249,348
TICP CLO XI Ltd., Series 2018-11A, Class AR, (3-mo.
CME Term SOFR + 1.53%), 5.81%, 04/25/37(a)(b)
 
250
250,240
Trestles CLO Ltd., Series 2017-1A, Class A1RR, (3-
mo. CME Term SOFR + 1.46%), 5.74%,
07/25/37(a)(b)
 
250
249,875
Trimaran CAVU Ltd., Series 2024-1A, Class A, (3-mo.
CME Term SOFR + 1.38%), 5.64%, 01/25/38(a)(b)
 
250
250,000
Verdelite Static CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.13%), 5.40%,
07/20/32(a)(b)
 
210
209,427
Voya CLO Ltd.(a)(b)
 
Series 2014-1A, Class AAR2, (3-mo. CME Term
SOFR + 1.25%), 5.52%, 04/18/31
 
60
60,320
Series 2019-1A, Class A1RR, (3-mo. CME Term
SOFR + 1.37%), 5.63%, 10/15/37
 
330
330,000
WaMu Asset-Backed Certificates WaMu Trust(a)
 
Series 2007-HE1, Class 2A3, (1 mo. Term SOFR +
0.41%), 4.74%, 01/25/37
 
259
114,329
Schedule of Investments
7

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
WaMu Asset-Backed Certificates WaMu
Trust(a)(continued)
 
Series 2007-HE2, Class 2A2, (1 mo. Term SOFR +
0.30%), 4.63%, 04/25/37
USD
387
$ 137,996
Series 2007-HE2, Class 2A3, (1 mo. Term SOFR +
0.36%), 4.69%, 04/25/37
 
570
203,678
Series 2007-HE2, Class 2A4, (1 mo. Term SOFR +
0.47%), 4.80%, 04/25/37
 
263
93,946
Washington Mutual Asset-Backed Certificates
WMABS Trust, Series 2007-HE2, Class 2A1,
(1 mo. Term SOFR + 0.31%), 4.64%, 02/25/37(a)
 
494
150,127
Westlake Automobile Receivables Trust(b)
 
Series 2021-2A, Class D, 1.23%, 12/15/26
 
59
58,317
Series 2022-1A, Class D, 3.49%, 03/15/27
 
1,000
994,704
Series 2022-2A, Class C, 4.85%, 09/15/27
 
609
608,560
Series 2023-1A, Class D, 6.79%, 11/15/28
 
570
584,148
Series 2023-2A, Class B, 6.14%, 03/15/28
 
100
100,346
Series 2023-2A, Class C, 6.29%, 03/15/28
 
300
302,874
Series 2023-2A, Class D, 7.01%, 11/15/28
 
900
922,651
Series 2023-3A, Class C, 6.02%, 09/15/28
 
305
309,838
Series 2023-3A, Class D, 6.47%, 03/15/29
 
180
184,916
Series 2023-4A, Class C, 6.64%, 11/15/28
 
550
564,711
Series 2024-1A, Class D, 6.02%, 10/15/29
 
680
691,561
Series 2024-2A, Class D, 5.91%, 04/15/30
 
1,170
1,189,026
Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR,
(3-mo. CME Term SOFR + 1.32%), 5.60%,
07/24/36(a)(b)
 
250
249,375
Whitebox CLO II Ltd., Series 2020-2A, Class BR2,
(3-mo. CME Term SOFR + 1.75%), 6.03%,
10/24/37(a)(b)
 
400
393,360
Whitebox CLO III Ltd., Series 2021-3A, Class CR,
(3-mo. CME Term SOFR + 1.90%), 6.16%,
10/15/35(a)(b)
 
250
247,229
Wildwood Park CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.36%), 5.63%,
10/20/37(a)(b)
 
250
249,926
Total Asset-Backed Securities — 6.0%
(Cost: $67,455,227)
68,130,579
 
 

Shares
 
Common Stocks
Aerospace & Defense — 0.0%
Boeing Co.(e)
 
235
43,061
Howmet Aerospace, Inc.(f)
 
285
39,495
Lockheed Martin Corp.
 
74
35,354
TransDigm Group, Inc.
 
26
36,740
 
 
154,650
Banks — 0.1%
Bank of America Corp.
 
874
34,855
Citigroup, Inc.
 
517
35,352
Flagstar Financial, Inc.
 
25,843
302,622
JPMorgan Chase & Co.
 
1,456
356,167
Wells Fargo & Co.
 
522
37,067
 
 
766,063
Biotechnology — 0.0%
AbbVie, Inc.
 
160
31,216
Security
 
Shares
Value
Broadline Retail(e) — 0.0%
Amazon.com, Inc.
 
179
$ 33,011
MercadoLibre, Inc.
 
17
39,625
Rakuten Group, Inc.
 
7,900
46,581
 
 
119,217
Building Products — 0.0%
Trane Technologies PLC(f)
 
103
39,481
Capital Markets — 0.0%
S&P Global, Inc.
 
72
36,004
Communications Equipment — 0.0%
CommScope Holding Co., Inc.(e)
 
9,052
33,854
Consumer Finance — 0.0%
Capital One Financial Corp.(f)
 
212
38,215
Consumer Staples Distribution & Retail — 0.0%
Costco Wholesale Corp.
 
38
37,791
Walmart, Inc.
 
397
38,608
 
 
76,399
Diversified Telecommunication Services — 0.0%
Lumen Technologies, Inc.(e)
 
10,797
38,221
Electrical Equipment — 0.0%
GE Vernova, Inc.
 
151
55,994
Vertiv Holdings Co., Class A
 
447
38,165
 
 
94,159
Energy Equipment & Services — 0.1%
Flowco Holdings, Inc., Class A(e)
 
5,616
108,501
Solaris Energy Infrastructure, Inc., Class A
 
7,827
165,463
 
 
273,964
Entertainment(e) — 0.0%
Live Nation Entertainment, Inc.
 
284
37,616
Netflix, Inc.
 
40
45,269
Take-Two Interactive Software, Inc.
 
173
40,364
Warner Bros Discovery, Inc., Class A
 
3,488
30,241
 
 
153,490
Financial Services — 0.0%
Mastercard, Inc., Class A
 
64
35,076
Ground Transportation — 0.0%
Union Pacific Corp.
 
141
30,408
Health Care Equipment & Supplies — 0.0%
Boston Scientific Corp.(e)
 
371
38,165
Intuitive Surgical, Inc.(e)
 
73
37,653
Masimo Corp.(e)(f)
 
210
33,802
Stryker Corp.
 
93
34,774
 
 
144,394
Health Care Providers & Services — 0.0%
McKesson Corp.
 
53
37,778
Hotels, Restaurants & Leisure(e) — 0.1%
Caesars Entertainment, Inc.(f)
 
1,918
51,901
Genius Sports Ltd.
 
20,641
222,716
 
 
274,617
Household Durables — 0.0%
Landsea Homes Corp.(e)
 
4,564
27,840
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.
 
662
85,815
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Shares
Value
Insurance — 0.0%
Marsh & McLennan Cos., Inc.
 
147
$ 33,144
Progressive Corp.
 
125
35,218
 
 
68,362
Interactive Media & Services — 0.0%
Alphabet, Inc., Class C
 
208
33,465
Meta Platforms, Inc., Class A
 
58
31,842
 
 
65,307
IT Services — 0.0%
Snowflake, Inc., Class A(e)
 
237
37,799
Life Sciences Tools & Services — 0.0%
Thermo Fisher Scientific, Inc.
 
66
28,314
Machinery — 0.0%
Ingersoll Rand, Inc.
 
418
31,530
Media — 0.0%
AMC Networks, Inc., Class A(e)
 
4,080
26,112
Metals & Mining — 0.0%
Algoma Steel Group, Inc.
 
8,320
42,557
U.S. Steel Corp.
 
2,800
122,388
 
 
164,945
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., Class A(f)
 
13,606
259,194
Oil, Gas & Consumable Fuels — 0.0%
Kinder Morgan, Inc.(f)
 
1,792
47,129
New Fortress Energy, Inc., (Acquired 12/24/24, Cost:
$—)(e)(g)
 
1,746
9,481
Venture Global, Inc., Class A(f)
 
261
2,190
Viper Energy, Inc., Class A(f)
 
713
28,755
 
 
87,555
Pharmaceuticals — 0.0%
Eli Lilly & Co.
 
42
37,756
Professional Services — 0.0%
Amentum Holdings, Inc.(e)(f)
 
4,005
87,389
Residential REITs — 0.0%
Invitation Homes, Inc.
 
3,137
107,254
Semiconductors & Semiconductor Equipment — 0.0%
Lam Research Corp.
 
472
33,828
Micron Technology, Inc.
 
400
30,780
NVIDIA Corp.
 
325
35,399
 
 
100,007
Software — 0.0%
ANSYS, Inc.(e)(f)
 
109
35,085
Autodesk, Inc.(e)
 
141
38,669
Intuit, Inc.
 
59
37,021
IREN Ltd.(e)(f)
 
3,797
23,200
Microsoft Corp.
 
91
35,969
Samsara, Inc., Class A(e)
 
1,023
40,572
ServiceNow, Inc.(e)
 
45
42,975
 
 
253,491
Specialty Retail — 0.0%
Home Depot, Inc.
 
93
33,526
Security
 
Shares
Value
Wireless Telecommunication Services — 0.0%
T-Mobile U.S., Inc.
 
130
$        32,104
Total Common Stocks — 0.4%
(Cost: $3,949,778)
3,911,506
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc.
 
4.75%, 03/30/30
USD
50
50,086
3.38%, 03/01/41
 
5
3,609
 
 
53,695
Aerospace & Defense — 0.2%
Boeing Co.
 
5.71%, 05/01/40
 
75
72,807
5.81%, 05/01/50
 
130
121,851
5.93%, 05/01/60
 
100
92,234
7.01%, 05/01/64
 
49
52,383
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35
 
200
190,465
General Dynamics Corp.
 
2.25%, 06/01/31(f)
 
230
202,560
08/15/35(d)
 
75
75,248
General Electric Co., 6.75%, 03/15/32
 
25
27,992
L3Harris Technologies, Inc.
 
4.40%, 06/15/28
 
65
64,901
1.80%, 01/15/31
 
75
63,963
5.25%, 06/01/31
 
127
130,007
Lockheed Martin Corp.
 
4.07%, 12/15/42
 
150
124,167
4.09%, 09/15/52
 
100
77,449
Northrop Grumman Corp.
 
4.90%, 06/01/34
 
806
799,738
5.15%, 05/01/40
 
50
48,115
4.03%, 10/15/47
 
45
35,264
5.20%, 06/01/54
 
107
98,539
RTX Corp.
 
6.70%, 08/01/28
 
74
78,970
4.13%, 11/16/28
 
70
69,440
4.50%, 06/01/42
 
220
191,094
4.63%, 11/16/48
 
50
42,259
 
 
2,659,446
Automobile Components — 0.0%
Garrett Motion Holdings, Inc./Garrett LX I SARL,
7.75%, 05/31/32(b)
 
192
191,614
Lear Corp., 3.80%, 09/15/27
 
35
34,101
Phinia, Inc., 6.63%, 10/15/32(b)
 
118
115,786
Tenneco, Inc., 8.00%, 11/17/28(b)
 
49
46,810
 
 
388,311
Automobiles — 0.3%
American Honda Finance Corp.
 
1.20%, 07/08/25
 
75
74,515
3.50%, 02/15/28
 
50
48,951
4.90%, 03/13/29(f)
 
180
182,644
Aston Martin Capital Holdings Ltd., 10.00%,
03/31/29(b)
 
175
150,358
Schedule of Investments
9

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobiles (continued)
Carvana Co.(b)(h)
 
(13.00% PIK), 9.00%, 06/01/30(f)
USD
119
$ 125,256
(9.00% PIK), 9.00%, 12/01/28
 
168
172,978
Ford Motor Credit Co. LLC
 
3.82%, 11/02/27
 
200
189,374
7.20%, 06/10/30
 
200
205,910
General Motors Co., 6.60%, 04/01/36
 
50
51,349
General Motors Financial Co., Inc.
 
5.40%, 04/06/26
 
5
5,010
2.35%, 02/26/27
 
467
445,885
5.80%, 01/07/29
 
155
158,197
5.65%, 01/17/29
 
300
303,886
3.60%, 06/21/30
 
150
138,005
5.75%, 02/08/31
 
55
55,521
6.10%, 01/07/34
 
129
129,629
Honda Motor Co. Ltd., 2.53%, 03/10/27(f)
 
50
48,458
Toyota Motor Credit Corp.
 
3.65%, 08/18/25
 
95
94,796
5.25%, 09/11/28
 
75
77,347
3.38%, 04/01/30
 
75
71,442
5.35%, 01/09/35(f)
 
650
665,849
 
 
3,395,360
Banks — 5.6%
Associated Banc-Corp., (1-day SOFR + 3.03%),
6.46%, 08/29/30(a)
 
24
24,130
Banco Santander SA, 5.59%, 08/08/28
 
800
825,042
Bank of America Corp.
 
3.88%, 08/01/25
 
100
99,825
4.88%, 04/01/44
 
27
24,560
(1-day SOFR + 0.96%), 1.73%, 07/22/27(a)
 
110
106,348
(1-day SOFR + 1.00%), 5.16%, 01/24/31(a)
 
580
590,809
(1-day SOFR + 1.05%), 2.55%, 02/04/28(a)
 
70
67,726
(1-day SOFR + 1.15%), 1.32%, 06/19/26(a)
 
400
398,127
(1-day SOFR + 1.31%), 5.51%, 01/24/36(a)
 
895
907,178
(1-day SOFR + 1.33%), 2.97%, 02/04/33(a)
 
1,078
947,720
(1-day SOFR + 1.53%), 1.90%, 07/23/31(a)
 
330
286,179
(1-day SOFR + 1.58%), 3.31%, 04/22/42(a)
 
125
94,095
(1-day SOFR + 1.65%), 5.47%, 01/23/35(a)
 
275
278,936
(1-day SOFR + 1.83%), 4.57%, 04/27/33(a)
 
254
246,085
(1-day SOFR + 1.88%), 2.83%, 10/24/51(a)
 
271
165,286
(1-day SOFR + 1.91%), 5.29%, 04/25/34(a)
 
180
180,489
(1-day SOFR + 1.93%), 2.68%, 06/19/41(a)
 
340
240,947
(1-day SOFR + 1.99%), 6.20%, 11/10/28(a)
 
100
104,094
(1-day SOFR + 2.04%), 4.95%, 07/22/28(a)
 
235
237,520
(1-day SOFR + 2.15%), 2.59%, 04/29/31(a)
 
590
533,095
(3-mo. CME Term SOFR + 1.25%), 2.50%,
02/13/31(a)
 
656
593,803
(3-mo. CME Term SOFR + 1.30%), 3.42%,
12/20/28(a)
 
713
693,475
(3-mo. CME Term SOFR + 1.33%), 3.97%,
03/05/29(a)
 
95
93,664
(3-mo. CME Term SOFR + 1.44%), 3.19%,
07/23/30(a)
 
135
127,363
(3-mo. CME Term SOFR + 1.58%), 4.08%,
04/23/40(a)
 
65
55,872
(3-mo. CME Term SOFR + 1.77%), 3.71%,
04/24/28(a)
 
240
236,553
(3-mo. CME Term SOFR + 1.78%), 4.33%,
03/15/50(a)
 
191
154,734
(3-mo. CME Term SOFR + 3.41%), 4.08%,
03/20/51(a)
 
315
242,996
Security
 
Par
(000)
Value
Banks (continued)
Bank of America Corp.(continued)
 
Series L, 4.18%, 11/25/27
USD
80
$ 79,578
Series N, (1-day SOFR + 1.65%), 3.48%,
03/13/52(a)
 
50
34,940
Bank of Montreal
 
5.92%, 09/25/25
 
170
170,882
5.72%, 09/25/28
 
40
41,632
Series f2f, (1-day SOFR + 0.88%), 4.57%,
09/10/27(a)
 
160
160,136
Bank of New York Mellon Corp.(a)
 
(1-day SOFR + 0.84%), 4.89%, 07/21/28
 
25
25,301
(1-day SOFR + 1.03%), 4.95%, 04/26/27
 
5
5,028
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28
 
175
181,370
(3-mo. CME Term SOFR + 1.33%), 3.44%,
02/07/28
 
125
123,383
Bank of Nova Scotia
 
4.50%, 12/16/25
 
150
149,610
1.35%, 06/24/26
 
300
290,151
5.25%, 06/12/28
 
50
51,407
(5-year CMT + 2.05%), 4.59%, 05/04/37(a)
 
75
69,254
Barclays PLC
 
5.20%, 05/12/26
 
350
350,609
(1-day SOFR + 2.21%), 5.83%, 05/09/27(a)
 
250
252,603
Canadian Imperial Bank of Commerce, 5.26%,
04/08/29
 
150
153,941
Citigroup, Inc.
 
6.00%, 10/31/33
 
50
51,791
8.13%, 07/15/39
 
220
272,127
(1-day SOFR + 0.87%), 4.79%, 03/04/29(a)
 
254
255,253
(1-day SOFR + 1.18%), 2.52%, 11/03/32(a)
 
7
6,033
(1-day SOFR + 1.28%), 3.07%, 02/24/28(a)
 
75
73,158
(1-day SOFR + 1.35%), 3.06%, 01/25/33(a)
 
113
99,270
(1-day SOFR + 1.36%), 5.17%, 02/13/30(a)
 
179
181,632
(1-day SOFR + 1.45%), 5.45%, 06/11/35(a)
 
558
559,932
(1-day SOFR + 1.75%), 5.61%, 03/04/56(a)
 
102
97,468
(1-day SOFR + 1.83%), 6.02%, 01/24/36(a)
 
231
231,636
(1-day SOFR + 1.94%), 3.79%, 03/17/33(a)
 
562
516,575
(1-day SOFR + 2.09%), 4.91%, 05/24/33(a)
 
120
117,915
(1-day SOFR + 2.11%), 2.57%, 06/03/31(a)
 
859
769,107
(1-day SOFR + 2.66%), 6.17%, 05/25/34(a)
 
20
20,471
(1-day SOFR + 3.91%), 4.41%, 03/31/31(a)
 
895
878,699
(3-mo. CME Term SOFR + 1.41%), 3.52%,
10/27/28(a)
 
25
24,385
(3-mo. CME Term SOFR + 1.65%), 3.67%,
07/24/28(a)
 
45
44,165
(3-mo. CME Term SOFR + 2.10%), 4.28%,
04/24/48(a)
 
100
80,057
Citizens Financial Group, Inc., (1-day SOFR +
2.01%), 5.84%, 01/23/30(a)
 
100
102,365
Cooperatieve Rabobank UA, 4.80%, 01/09/29
 
250
254,045
Fifth Third Bancorp
 
3.95%, 03/14/28
 
75
74,028
(1-day SOFR + 2.34%), 6.34%, 07/27/29(a)
 
30
31,459
Freedom Mortgage Corp., 12.25%, 10/01/30(b)
 
44
48,412
Goldman Sachs Group, Inc.
 
2.60%, 02/07/30
 
180
164,402
6.75%, 10/01/37
 
300
322,338
6.25%, 02/01/41
 
200
208,713
5.15%, 05/22/45
 
50
44,346
(1-day SOFR + 0.79%), 1.09%, 12/09/26(a)
 
350
342,562
(1-day SOFR + 0.82%), 1.54%, 09/10/27(a)
 
30
28,806
(1-day SOFR + 0.91%), 1.95%, 10/21/27(a)
 
828
797,564
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Goldman Sachs Group, Inc.(continued)
 
(1-day SOFR + 1.09%), 1.99%, 01/27/32(a)
USD
821
$ 699,760
(1-day SOFR + 1.14%), 4.69%, 10/23/30(a)
 
155
154,621
(1-day SOFR + 1.21%), 5.05%, 07/23/30(a)
 
65
65,774
(1-day SOFR + 1.26%), 2.65%, 10/21/32(a)
 
730
633,469
(1-day SOFR + 1.27%), 5.73%, 04/25/30(a)
 
65
67,376
(1-day SOFR + 1.28%), 2.62%, 04/22/32(a)
 
787
691,816
(1-day SOFR + 1.32%), 4.94%, 04/23/28(a)
 
1,361
1,373,402
(1-day SOFR + 1.41%), 3.10%, 02/24/33(a)
 
75
66,141
(1-day SOFR + 1.42%), 5.02%, 10/23/35(a)
 
980
949,585
(1-day SOFR + 1.55%), 5.33%, 07/23/35(a)
 
680
675,806
(1-day SOFR + 1.58%), 5.22%, 04/23/31(a)
 
604
615,143
(1-day SOFR + 1.70%), 5.73%, 01/28/56(a)
 
14
13,635
HSBC Holdings PLC
 
6.50%, 09/15/37
 
300
311,132
(1-day SOFR + 1.29%), 5.29%, 11/19/30(a)
 
500
507,579
(1-day SOFR + 1.56%), 5.45%, 03/03/36(a)
 
395
392,515
(1-day SOFR + 1.57%), 5.89%, 08/14/27(a)
 
200
203,144
(1-day SOFR + 1.90%), 5.87%, 11/18/35(a)(f)
 
468
462,587
(1-day SOFR + 1.93%), 2.10%, 06/04/26(a)
 
500
498,662
(1-day SOFR + 2.65%), 6.33%, 03/09/44(a)
 
200
209,883
(1-day SOFR + 2.98%), 6.55%, 06/20/34(a)
 
200
208,983
(1-day SOFR + 3.35%), 7.39%, 11/03/28(a)
 
200
212,608
Huntington Bancshares, Inc., (1-day SOFR + 2.02%),
6.21%, 08/21/29(a)
 
100
103,983
ING Groep NV(a)
 
(1-day SOFR + 1.56%), 6.08%, 09/11/27
 
725
739,640
(1-day SOFR + 2.09%), 6.11%, 09/11/34
 
200
210,499
Inter-American Development Bank, 4.50%, 05/15/26
 
1,190
1,197,422
JPMorgan Chase & Co.
 
6.40%, 05/15/38
 
25
27,439
4.95%, 06/01/45
 
105
95,474
(1-day SOFR + 0.80%), 1.05%, 11/19/26(a)
 
330
323,558
(1-day SOFR + 0.80%), 4.92%, 01/24/29(a)
 
550
557,784
(1-day SOFR + 0.86%), 4.51%, 10/22/28(a)
 
2,217
2,223,265
(1-day SOFR + 0.93%), 4.98%, 07/22/28(a)
 
752
760,768
(1-day SOFR + 1.01%), 5.14%, 01/24/31(a)
 
95
97,017
(1-day SOFR + 1.04%), 4.60%, 10/22/30(a)
 
764
763,483
(1-day SOFR + 1.07%), 1.95%, 02/04/32(a)
 
396
339,993
(1-day SOFR + 1.13%), 5.00%, 07/22/30(a)
 
1,874
1,901,097
(1-day SOFR + 1.26%), 2.96%, 01/25/33(a)
 
734
650,630
(1-day SOFR + 1.34%), 4.95%, 10/22/35(a)
 
275
268,587
(1-day SOFR + 1.44%), 5.10%, 04/22/31(a)
 
794
808,383
(1-day SOFR + 1.46%), 5.29%, 07/22/35(a)
 
23
23,037
(1-day SOFR + 1.80%), 4.59%, 04/26/33(a)
 
130
127,034
(1-day SOFR + 1.81%), 6.25%, 10/23/34(a)
 
500
537,010
(1-day SOFR + 1.85%), 5.35%, 06/01/34(a)
 
267
271,140
(1-day SOFR + 1.89%), 2.18%, 06/01/28(a)
 
95
90,906
(1-day SOFR + 1.99%), 4.85%, 07/25/28(a)
 
125
126,348
(1-day SOFR + 2.08%), 4.91%, 07/25/33(a)
 
575
572,031
(1-day SOFR + 2.44%), 3.11%, 04/22/51(a)
 
220
145,310
(1-day SOFR + 2.58%), 5.72%, 09/14/33(a)
 
200
206,307
(3-mo. CME Term SOFR + 1.60%), 3.78%,
02/01/28(a)
 
100
98,868
KeyBank NA/Cleveland OH, 5.00%, 01/26/33
 
463
445,861
KeyCorp., (1-day SOFR Index + 2.42%), 6.40%,
03/06/35(a)
 
50
52,376
Lloyds Banking Group PLC(a)
 
(1-year CMT + 0.85%), 1.63%, 05/11/27
 
200
193,815
(3-mo. SOFR US + 1.47%), 3.57%, 11/07/28
 
200
194,822
M&T Bank Corp.(a)
 
(1-day SOFR + 2.26%), 6.08%, 03/13/32
 
330
343,378
(1-day SOFR + 2.80%), 7.41%, 10/30/29
 
1,235
1,328,541
Security
 
Par
(000)
Value
Banks (continued)
Mitsubishi UFJ Financial Group, Inc.(a)
 
(1-year CMT + 0.83%), 2.34%, 01/19/28
USD
200
$ 192,833
(1-year CMT + 1.38%), 5.42%, 02/22/29
 
250
256,409
Mizuho Financial Group, Inc.(a)
 
(1-year CMT + 0.90%), 2.65%, 05/22/26
 
200
199,749
(1-year CMT + 1.90%), 5.75%, 07/06/34
 
400
412,294
(1-year CMT + 2.05%), 5.41%, 09/13/28
 
200
204,148
Morgan Stanley
 
4.35%, 09/08/26
 
25
24,957
3.59%, 07/22/28(a)
 
25
24,469
4.38%, 01/22/47
 
45
37,470
(1-day SOFR + 0.88%), 1.59%, 05/04/27(a)
 
195
189,331
(1-day SOFR + 1.03%), 1.79%, 02/13/32(a)
 
144
121,452
(1-day SOFR + 1.11%), 5.23%, 01/15/31(a)
 
295
300,779
(1-day SOFR + 1.14%), 2.70%, 01/22/31(a)
 
429
391,853
(1-day SOFR + 1.18%), 2.24%, 07/21/32(a)(f)
 
347
295,878
(1-day SOFR + 1.20%), 2.51%, 10/20/32(a)
 
247
213,257
(1-day SOFR + 1.22%), 5.04%, 07/19/30(a)
 
219
221,701
(1-day SOFR + 1.26%), 5.66%, 04/18/30(a)
 
1,566
1,619,756
(1-day SOFR + 1.29%), 2.94%, 01/21/33(a)
 
691
606,958
(1-day SOFR + 1.30%), 5.05%, 01/28/27(a)
 
100
100,379
(1-day SOFR + 1.38%), 4.99%, 04/12/29(a)
 
1,262
1,279,215
(1-day SOFR + 1.42%), 5.59%, 01/18/36(a)
 
329
333,746
(1-day SOFR + 1.51%), 5.19%, 04/17/31(a)
 
1,210
1,231,936
(1-day SOFR + 1.58%), 5.83%, 04/19/35(a)
 
155
160,044
(1-day SOFR + 1.59%), 5.16%, 04/20/29(a)
 
85
86,537
(1-day SOFR + 1.73%), 5.47%, 01/18/35(a)
 
45
45,457
(1-day SOFR + 1.83%), 6.41%, 11/01/29(a)
 
146
154,558
(1-day SOFR + 1.87%), 5.25%, 04/21/34(a)
 
119
119,000
(1-day SOFR + 2.24%), 6.30%, 10/18/28(a)
 
424
441,524
(1-day SOFR + 2.56%), 6.34%, 10/18/33(a)
 
171
183,111
(3-mo. CME Term SOFR + 1.40%), 3.77%,
01/24/29(a)
 
167
163,983
(5-year CMT + 2.43%), 5.95%, 01/19/38(a)
 
245
246,985
Morgan Stanley Bank NA, Series BKNT, (1-day SOFR
+ 1.08%), 4.95%, 01/14/28(a)
 
319
321,578
NatWest Group PLC, (3-mo. SOFR US + 2.01%),
4.89%, 05/18/29(a)
 
225
226,302
PNC Financial Services Group, Inc.(a)
 
(1-day SOFR + 1.26%), 4.81%, 10/21/32
 
635
629,493
(1-day SOFR + 1.32%), 5.81%, 06/12/26
 
355
355,331
Regions Financial Corp., 2.25%, 05/18/25
 
75
74,956
Royal Bank of Canada
 
3.63%, 05/04/27
 
200
198,151
4.95%, 02/01/29
 
125
127,582
5.00%, 02/01/33
 
25
25,116
(1-day SOFR Index + 0.86%), 4.52%, 10/18/28(a)
 
225
225,458
Santander Holdings USA, Inc.(a)
 
(1-day SOFR + 2.33%), 5.81%, 09/09/26
 
50
50,150
(1-day SOFR + 2.50%), 6.17%, 01/09/30
 
100
102,965
Santander U.K. Group Holdings PLC(a)
 
(1-day SOFR + 2.60%), 6.53%, 01/10/29
 
200
208,362
(1-day SOFR + 2.75%), 6.83%, 11/21/26
 
200
202,017
(3-mo. SOFR US + 1.66%), 3.82%, 11/03/28
 
200
195,143
State Street Corp.(a)
 
(1-day SOFR + 1.00%), 2.62%, 02/07/33
 
75
65,085
(3-mo. CME Term SOFR + 1.29%), 4.14%,
12/03/29
 
125
124,011
Sumitomo Mitsui Financial Group, Inc.
 
1.47%, 07/08/25
 
600
596,572
2.17%, 01/14/27
 
200
192,965
Toronto-Dominion Bank, 5.10%, 01/09/26
 
130
130,520
Truist Bank, Series BKNT, 2.25%, 03/11/30
 
540
475,638
Schedule of Investments
11

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Truist Financial Corp.
 
3.70%, 06/05/25
USD
125
$ 124,863
1.20%, 08/05/25
 
200
198,188
(1-day SOFR + 2.05%), 6.05%, 06/08/27(a)
 
250
254,096
U.S. Bancorp(a)
 
(1-day SOFR + 1.41%), 5.42%, 02/12/36
 
675
677,175
(1-day SOFR + 1.86%), 5.68%, 01/23/35
 
75
76,422
(1-day SOFR + 2.02%), 5.78%, 06/12/29
 
115
118,961
UBS Group AG, (1-day SOFR + 1.73%), 3.09%,
05/14/32(a)(b)
 
200
179,069
Wells Fargo & Co.
 
4.40%, 06/14/46
 
75
59,456
(1-day SOFR + 1.07%), 5.71%, 04/22/28(a)
 
906
926,100
(1-day SOFR + 1.11%), 5.24%, 01/24/31(a)
 
660
673,687
(1-day SOFR + 1.50%), 5.15%, 04/23/31(a)
 
177
179,746
(1-day SOFR + 1.50%), 3.35%, 03/02/33(a)
 
242
217,286
(1-day SOFR + 1.78%), 5.50%, 01/23/35(a)
 
80
80,616
(1-day SOFR + 1.98%), 4.81%, 07/25/28(a)
 
100
100,627
(1-day SOFR + 1.99%), 5.56%, 07/25/34(a)
 
275
278,752
(1-day SOFR + 2.02%), 5.39%, 04/24/34(a)
 
225
225,919
(1-day SOFR + 2.06%), 6.49%, 10/23/34(a)
 
425
457,062
(1-day SOFR + 2.10%), 4.90%, 07/25/33(a)
 
182
178,805
(1-day SOFR + 2.13%), 4.61%, 04/25/53(a)
 
374
309,661
(1-day SOFR + 2.53%), 3.07%, 04/30/41(a)
 
160
117,689
(3-mo. CME Term SOFR + 1.26%), 2.57%,
02/11/31(a)
 
535
484,814
(3-mo. CME Term SOFR + 1.43%), 2.88%,
10/30/30(a)
 
50
46,329
(3-mo. CME Term SOFR + 4.03%), 4.48%,
04/04/31(a)
 
380
374,745
(3-mo. CME Term SOFR + 4.50%), 5.01%,
04/04/51(a)
 
400
351,875
Westpac Banking Corp., (5-year USD ICE Swap +
2.24%), 4.32%, 11/23/31(a)
 
265
262,946
 
 
63,576,670
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
 
4.70%, 02/01/36
 
15
14,501
4.90%, 02/01/46
 
72
65,642
Anheuser-Busch InBev Worldwide, Inc.
 
5.00%, 06/15/34
 
250
252,098
5.55%, 01/23/49
 
30
29,686
5.80%, 01/23/59
 
20
20,241
Coca-Cola Co.
 
1.65%, 06/01/30
 
75
66,218
2.25%, 01/05/32
 
60
52,782
5.30%, 05/13/54
 
280
270,481
2.75%, 06/01/60
 
100
58,404
5.40%, 05/13/64
 
200
193,967
Constellation Brands, Inc.
 
3.70%, 12/06/26
 
100
98,829
2.88%, 05/01/30
 
125
114,610
4.75%, 05/09/32(f)
 
105
102,874
Diageo Capital PLC, 5.88%, 09/30/36
 
150
159,718
Keurig Dr. Pepper, Inc.
 
3.40%, 11/15/25
 
35
34,806
4.50%, 11/15/45
 
20
16,593
Security
 
Par
(000)
Value
Beverages (continued)
PepsiCo, Inc.
 
4.80%, 07/17/34
USD
75
$ 75,014
3.88%, 03/19/60
 
375
279,346
 
 
1,905,810
Biotechnology — 0.2%
Amgen, Inc.
 
5.51%, 03/02/26
 
160
160,035
4.20%, 03/01/33
 
85
80,487
4.66%, 06/15/51
 
20
16,765
3.00%, 01/15/52
 
38
23,708
5.65%, 03/02/53
 
265
254,348
4.40%, 02/22/62
 
315
239,603
5.75%, 03/02/63
 
65
61,814
Biogen, Inc., 4.05%, 09/15/25
 
75
74,748
Gilead Sciences, Inc.
 
2.60%, 10/01/40
 
80
56,578
5.65%, 12/01/41
 
100
99,939
Regeneron Pharmaceuticals, Inc.
 
1.75%, 09/15/30
 
1,170
1,000,287
2.80%, 09/15/50
 
250
143,191
Royalty Pharma PLC, 2.20%, 09/02/30
 
200
173,518
 
 
2,385,021
Building Materials — 0.2%
Carrier Global Corp., 2.70%, 02/15/31
 
20
17,982
CRH America Finance, Inc., 5.50%, 01/09/35
 
950
964,425
Eagle Materials, Inc., 2.50%, 07/01/31
 
295
257,480
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA, 1.75%, 09/15/30
 
75
64,809
Martin Marietta Materials, Inc.
 
5.15%, 12/01/34
 
355
353,069
4.25%, 12/15/47
 
75
59,263
Trane Technologies Financing Ltd., 5.25%, 03/03/33
 
150
153,158
Vulcan Materials Co., 4.50%, 06/15/47
 
75
62,346
 
 
1,932,532
Building Products — 0.1%
Home Depot, Inc.
 
2.50%, 04/15/27
 
300
291,684
4.50%, 09/15/32
 
80
79,592
4.95%, 06/25/34
 
150
150,831
5.88%, 12/16/36
 
195
207,656
4.95%, 09/15/52
 
40
36,026
5.40%, 06/25/64
 
26
24,679
Lowes Cos., Inc.
 
3.38%, 09/15/25
 
60
59,721
3.35%, 04/01/27
 
300
294,701
5.00%, 04/15/33
 
225
224,254
5.63%, 04/15/53
 
115
107,706
5.80%, 09/15/62
 
40
37,722
Patrick Industries, Inc., 6.38%, 11/01/32(b)
 
115
111,645
 
 
1,626,217
Capital Markets — 0.8%
Ameriprise Financial, Inc.
 
5.70%, 12/15/28
 
350
366,528
5.15%, 05/15/33
 
410
414,982
Ares Capital Corp.
 
2.15%, 07/15/26
 
200
192,873
2.88%, 06/15/28
 
135
125,334
Ares Management Corp., 6.38%, 11/10/28
 
1,640
1,733,923
Blackstone Private Credit Fund, 3.25%, 03/15/27
 
75
72,240
Blackstone Secured Lending Fund, 2.85%, 09/30/28
 
75
68,551
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
Blue Owl Capital Corp., 5.95%, 03/15/29
USD
679
$ 673,892
Blue Owl Credit Income Corp., 7.75%, 01/15/29
 
75
78,806
Blue Owl Finance LLC, 3.13%, 06/10/31
 
670
585,186
Charles Schwab Corp.
 
0.90%, 03/11/26
 
20
19,419
5.88%, 08/24/26
 
300
305,826
2.45%, 03/03/27
 
5
4,849
3.20%, 01/25/28
 
3
2,926
1.65%, 03/11/31
 
2
1,692
2.30%, 05/13/31
 
9
7,925
1.95%, 12/01/31
 
74
62,155
2.90%, 03/03/32(f)
 
3
2,644
(1-day SOFR + 1.88%), 6.20%, 11/17/29(a)
 
180
191,066
(1-day SOFR + 2.01%), 6.14%, 08/24/34(a)
 
110
116,880
(1-day SOFR + 2.21%), 5.64%, 05/19/29(a)
 
66
68,446
(1-day SOFR + 2.50%), 5.85%, 05/19/34(a)
 
61
63,736
FS KKR Capital Corp.
 
2.63%, 01/15/27
 
110
104,163
3.25%, 07/15/27
 
150
142,430
3.13%, 10/12/28
 
220
198,595
6.88%, 08/15/29(f)
 
380
384,814
6.13%, 01/15/30
 
560
550,381
Invesco Finance PLC, 3.75%, 01/15/26
 
125
124,201
Jane Street Group/JSG Finance, Inc., 6.75%,
05/01/33(b)
 
110
110,518
Jefferies Financial Group, Inc.
 
4.85%, 01/15/27
 
20
20,106
5.88%, 07/21/28
 
30
30,788
Lazard Group LLC, 4.50%, 09/19/28
 
100
98,835
LPL Holdings, Inc., 5.65%, 03/15/35
 
655
647,689
Nomura Holdings, Inc., 5.10%, 07/03/25
 
200
200,091
StoneX Group, Inc., 7.88%, 03/01/31(b)
 
186
193,632
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%,
06/15/31(b)
 
70
71,851
Voya Financial, Inc.
 
3.65%, 06/15/26
 
100
99,040
5.00%, 09/20/34(f)
 
520
497,298
 
 
8,634,311
Chemicals — 0.2%
Air Products and Chemicals, Inc., 4.85%, 02/08/34
 
150
149,505
CVR Partners LP/CVR Nitrogen Finance Corp.,
6.13%, 06/15/28(b)(f)
 
104
100,513
DuPont de Nemours, Inc., 5.42%, 11/15/48
 
20
19,527
Eastman Chemical Co.
 
5.75%, 03/08/33
 
50
51,139
5.63%, 02/20/34(f)
 
370
368,680
Ecolab, Inc., 2.13%, 02/01/32
 
90
76,753
EIDP, Inc., 4.50%, 05/15/26
 
35
35,065
LYB International Finance III LLC
 
5.63%, 05/15/33
 
125
125,373
4.20%, 05/01/50
 
60
42,884
3.80%, 10/01/60
 
100
62,293
PPG Industries, Inc., 1.20%, 03/15/26
 
50
48,585
RPM International, Inc., 2.95%, 01/15/32
 
470
407,402
Sherwin-Williams Co.
 
3.45%, 06/01/27
 
150
147,425
2.95%, 08/15/29
 
35
32,751
4.50%, 06/01/47
 
225
186,436
 
 
1,854,331
Security
 
Par
(000)
Value
Commercial Services & Supplies — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 9.75%, 07/15/27(b)
USD
48
$ 48,170
Block, Inc.
 
3.50%, 06/01/31
 
417
372,199
6.50%, 05/15/32(b)
 
19
19,385
California Institute of Technology
 
4.32%, 08/01/45
 
100
85,555
4.70%, 11/01/2111
 
35
28,397
3.65%, 09/01/2119
 
50
31,203
Case Western Reserve University, Series 2022-C,
5.41%, 06/01/2122
 
95
86,299
Cornell University, 4.84%, 06/15/34
 
75
74,293
Emory University, Series 2020, 2.14%, 09/01/30
 
35
31,198
Equifax, Inc., 3.10%, 05/15/30
 
150
138,532
Fortress Transportation and Infrastructure Investors
LLC, 7.00%, 06/15/32(b)
 
96
97,277
GATX Corp., 4.00%, 06/30/30
 
100
96,336
GEO Group, Inc.
 
8.63%, 04/15/29
 
217
228,121
10.25%, 04/15/31
 
180
196,676
Global Payments, Inc.
 
4.80%, 04/01/26
 
50
49,971
5.30%, 08/15/29
 
125
125,968
5.40%, 08/15/32
 
40
39,773
Hertz Corp., 12.63%, 07/15/29(b)(f)
 
50
48,632
Massachusetts Institute of Technology, 3.96%,
07/01/38
 
50
45,502
PayPal Holdings, Inc., 2.30%, 06/01/30
 
75
67,877
President and Fellows of Harvard College
 
4.61%, 02/15/35
 
50
49,240
2.52%, 10/15/50(f)
 
150
89,789
Quanta Services, Inc.
 
2.90%, 10/01/30
 
1,260
1,140,558
2.35%, 01/15/32
 
220
185,119
5.25%, 08/09/34
 
90
88,788
3.05%, 10/01/41
 
50
34,640
RELX Capital, Inc., 5.25%, 03/27/35
 
85
85,820
S&P Global, Inc.
 
2.45%, 03/01/27
 
200
194,311
5.25%, 09/15/33
 
55
56,333
2.30%, 08/15/60
 
230
116,736
3.90%, 03/01/62
 
10
7,365
Trustees of the University of Pennsylvania, 3.61%,
02/15/2119
 
350
222,435
University of Notre Dame du Lac, Series 2017,
3.39%, 02/15/48
 
150
109,412
University of Southern California, 4.98%, 10/01/53(f)
 
10
9,225
Verisk Analytics, Inc.
 
4.13%, 03/15/29
 
530
522,456
5.75%, 04/01/33
 
50
51,768
5.25%, 06/05/34
 
620
624,253
5.50%, 06/15/45
 
40
38,340
3.63%, 05/15/50
 
35
24,428
 
 
5,562,380
Communications Equipment — 0.2%
CommScope LLC, 8.25%, 03/01/27(b)(f)
 
125
113,860
Juniper Networks, Inc., 5.95%, 03/15/41
 
20
19,712
Motorola Solutions, Inc.
 
4.60%, 02/23/28
 
90
90,531
2.30%, 11/15/30
 
400
352,405
2.75%, 05/24/31
 
650
577,332
Schedule of Investments
13

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Communications Equipment (continued)
Motorola Solutions, Inc.(continued)
 
5.60%, 06/01/32
USD
440
$ 455,062
5.40%, 04/15/34
 
565
570,875
 
 
2,179,777
Construction & Engineering — 0.1%
Brundage-Bone Concrete Pumping Holdings, Inc.,
7.50%, 02/01/32(b)(f)
 
92
89,777
IRB Infrastructure Developers Ltd., 7.11%,
03/11/32(c)
 
400
390,624
Tutor Perini Corp., 11.88%, 04/30/29(b)
 
127
137,004
Weekley Homes LLC/Weekley Finance Corp., 4.88%,
09/15/28(b)
 
49
45,829
 
 
663,234
Consumer Finance — 0.8%
American Express Co.
 
3.13%, 05/20/26
 
50
49,394
(1-day SOFR + 1.00%), 5.10%, 02/16/28(a)
 
665
673,429
(1-day SOFR + 1.33%), 6.34%, 10/30/26(a)
 
300
302,676
(1-day SOFR + 1.76%), 4.42%, 08/03/33(a)
 
50
48,340
(1-day SOFR + 1.84%), 5.04%, 05/01/34(a)
 
220
219,460
(1-day SOFR + 1.93%), 5.63%, 07/28/34(a)
 
150
151,073
(1-day SOFR Index + 1.32%), 5.44%, 01/30/36(a)
 
215
217,009
Capital One Financial Corp.(a)
 
(1-day SOFR + 1.56%), 5.46%, 07/26/30
 
610
619,897
(1-day SOFR + 2.04%), 6.18%, 01/30/36
 
290
286,388
(1-day SOFR + 2.37%), 5.27%, 05/10/33
 
50
49,142
(1-day SOFR + 2.44%), 7.15%, 10/29/27
 
25
25,869
(1-day SOFR + 2.64%), 6.31%, 06/08/29
 
44
45,848
Discover Financial Services, (1-day SOFR Index +
3.37%), 7.96%, 11/02/34(a)
 
410
470,303
EZCORP, Inc., 7.38%, 04/01/32(b)
 
35
36,641
goeasy Ltd.(b)
 
9.25%, 12/01/28
 
138
144,478
7.63%, 07/01/29(f)
 
70
70,559
7.38%, 10/01/30
 
75
73,704
6.88%, 05/15/30
 
95
92,652
Mastercard, Inc.
 
2.95%, 11/21/26
 
25
24,624
3.35%, 03/26/30
 
640
615,399
4.95%, 03/15/32
 
160
163,455
4.55%, 01/15/35
 
220
214,898
3.85%, 03/26/50
 
100
78,074
2.95%, 03/15/51
 
460
300,665
OneMain Finance Corp.
 
6.63%, 05/15/29
 
65
65,189
7.13%, 11/15/31(f)
 
5
5,021
SLM Corp., 6.50%, 01/31/30
 
80
82,583
Synchrony Financial
 
3.95%, 12/01/27
 
37
36,018
5.15%, 03/19/29
 
248
245,219
2.88%, 10/28/31
 
852
721,889
7.25%, 02/02/33(f)
 
1,019
1,039,110
(1-day SOFR + 1.68%), 5.45%, 03/06/31(a)(f)
 
632
630,256
(1-day SOFR Index + 2.13%), 5.94%, 08/02/30(a)(f)
 
716
725,144
Visa, Inc.
 
1.10%, 02/15/31
 
40
33,939
4.30%, 12/14/45
 
170
146,043
3.65%, 09/15/47
 
35
26,781
 
 
8,731,169
Security
 
Par
(000)
Value
Consumer Staples Distribution & Retail — 0.1%
Dollar General Corp., 5.20%, 07/05/28
USD
100
$ 101,609
Target Corp.
 
2.35%, 02/15/30
 
75
68,656
4.50%, 09/15/34
 
75
72,060
4.80%, 01/15/53
 
35
30,657
Walgreens Boots Alliance, Inc., 8.13%, 08/15/29
 
152
158,148
Walmart, Inc.
 
4.90%, 04/28/35
 
1,140
1,154,764
4.50%, 09/09/52
 
110
95,671
4.50%, 04/15/53
 
25
21,788
 
 
1,703,353
Containers & Packaging — 0.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 4.00%,
09/01/29(b)(f)
 
200
174,082
Berry Global, Inc.
 
1.57%, 01/15/26
 
25
24,376
5.65%, 01/15/34
 
4
4,030
Clydesdale Acquisition Holdings, Inc., 8.75%,
04/15/30(b)
 
46
47,395
Mauser Packaging Solutions Holding Co., 7.88%,
04/15/27(b)
 
46
46,121
Packaging Corp. of America
 
3.00%, 12/15/29
 
75
70,030
5.70%, 12/01/33
 
200
206,005
4.05%, 12/15/49
 
420
313,267
WRKCo, Inc., 3.00%, 06/15/33
 
80
68,334
 
 
953,640
Distributors — 0.0%
WW Grainger, Inc., 4.45%, 09/15/34
 
505
489,865
Diversified Consumer Services(i) — 0.0%
Andiron, Series B, 7.32%, 01/21/30
 
29
28,384
Flourishing Trade & Investment Ltd., (11.04% PIK),
11.04%, 04/02/28
 
498
502,980
 
 
531,364
Diversified REITs — 1.1%
American Tower Corp.
 
1.50%, 01/31/28
 
20
18,469
5.80%, 11/15/28
 
140
145,796
3.80%, 08/15/29
 
80
77,337
2.90%, 01/15/30
 
150
138,924
5.00%, 01/31/30
 
35
35,556
2.10%, 06/15/30
 
395
347,970
1.88%, 10/15/30
 
67
57,656
2.70%, 04/15/31
 
54
48,013
4.05%, 03/15/32
 
5
4,742
5.45%, 02/15/34
 
530
538,372
5.40%, 01/31/35(f)
 
40
40,457
2.95%, 01/15/51
 
100
62,168
Brixmor Operating Partnership LP, 4.05%, 07/01/30
 
20
19,201
Brookfield Capital Finance LLC, 6.09%, 06/14/33
 
15
15,567
Brookfield Finance, Inc.
 
4.35%, 04/15/30
 
125
122,020
5.68%, 01/15/35
 
400
404,020
Crown Castle, Inc.
 
1.05%, 07/15/26
 
65
62,217
4.30%, 02/15/29
 
25
24,574
5.60%, 06/01/29
 
254
260,948
3.10%, 11/15/29
 
100
92,954
3.30%, 07/01/30
 
125
115,647
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
Crown Castle, Inc.(continued)
 
2.10%, 04/01/31
USD
170
$ 144,480
2.50%, 07/15/31
 
86
74,105
2.90%, 04/01/41
 
50
35,115
Digital Realty Trust LP, 5.55%, 01/15/28
 
50
51,372
Equinix, Inc.
 
1.25%, 07/15/25
 
100
99,263
1.55%, 03/15/28
 
50
46,170
2.50%, 05/15/31
 
206
180,374
3.90%, 04/15/32
 
523
489,521
3.40%, 02/15/52
 
141
92,305
GLP Capital LP/GLP Financing II, Inc.
 
5.75%, 06/01/28
 
889
903,044
5.30%, 01/15/29
 
236
235,770
3.25%, 01/15/32
 
690
594,524
5.63%, 09/15/34
 
290
283,516
6.25%, 09/15/54
 
398
375,340
Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26
 
20
19,934
Kimco Realty OP LLC, 2.80%, 10/01/26
 
20
19,532
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 4.88%,
05/15/29(b)
 
50
46,808
Prologis LP
 
4.63%, 01/15/33
 
40
39,321
5.25%, 06/15/53
 
40
37,071
Regency Centers LP
 
3.60%, 02/01/27
 
20
19,765
3.70%, 06/15/30
 
100
96,213
Rithm Capital Corp., 8.00%, 04/01/29(b)
 
149
148,757
Service Properties Trust
 
5.50%, 12/15/27
 
50
47,631
8.38%, 06/15/29(f)
 
144
140,819
8.88%, 06/15/32(f)
 
148
143,000
Sun Communities Operating LP, 2.70%, 07/15/31
 
390
340,804
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC(b)
 
10.50%, 02/15/28
 
138
146,526
6.50%, 02/15/29
 
80
73,186
VICI Properties LP
 
4.75%, 04/01/28
 
65
64,998
4.95%, 02/15/30
 
600
595,766
5.13%, 11/15/31
 
612
605,438
5.13%, 05/15/32
 
1,308
1,280,089
6.13%, 04/01/54
 
80
76,637
VICI Properties LP/VICI Note Co., Inc.(b)
 
4.25%, 12/01/26
 
862
853,031
4.50%, 01/15/28
 
158
155,486
4.63%, 12/01/29
 
469
455,519
4.13%, 08/15/30
 
314
296,209
XHR LP, 4.88%, 06/01/29(b)
 
50
46,998
 
 
11,987,045
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
 
1.70%, 03/25/26
 
730
711,986
1.65%, 02/01/28(f)
 
260
242,677
3.10%, 02/01/43
 
125
88,182
4.35%, 06/15/45
 
45
36,376
5.45%, 03/01/47
 
172
159,428
4.50%, 03/09/48
 
56
45,673
3.50%, 09/15/53
 
589
394,233
3.80%, 12/01/57
 
275
189,299
3.65%, 09/15/59
 
1,019
673,996
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
AT&T, Inc.(continued)
 
3.50%, 02/01/61
USD
50
$ 31,808
British Telecommunications PLC, 9.63%, 12/15/30
 
120
146,860
Cisco Systems, Inc.
 
4.85%, 02/26/29
 
150
153,823
4.95%, 02/24/32
 
190
193,849
5.30%, 02/26/54
 
205
195,633
Deutsche Telekom International Finance BV, 9.25%,
06/01/32
 
20
24,764
Frontier Communications Holdings LLC
 
5.00%, 05/01/28(b)
 
140
138,555
6.75%, 05/01/29(b)
 
205
205,860
5.88%, 11/01/29
 
140
139,570
Level 3 Financing, Inc.(b)
 
4.25%, 07/01/28
 
259
222,756
10.50%, 04/15/29(f)
 
263
291,203
10.00%, 10/15/32
 
45
45,017
Lumen Technologies, Inc., 10.00%, 10/15/32(b)(f)
 
208
207,480
SoftBank Group Corp., 7.00%, 07/08/31(c)
 
450
457,171
Sprint Capital Corp., 8.75%, 03/15/32
 
570
684,163
TELUS Corp., 2.80%, 02/16/27
 
75
72,911
Verizon Communications, Inc.
 
5.05%, 05/09/33
 
100
100,828
4.40%, 11/01/34
 
385
363,239
5.25%, 04/02/35
 
535
537,747
5.85%, 09/15/35
 
297
310,242
4.75%, 11/01/41
 
45
39,919
4.86%, 08/21/46
 
45
39,624
3.55%, 03/22/51
 
610
430,520
 
 
7,575,392
Electric Utilities — 2.6%
AEP Texas, Inc.
 
4.70%, 05/15/32
 
105
101,899
5.40%, 06/01/33
 
35
34,990
5.70%, 05/15/34
 
24
24,146
3.45%, 05/15/51
 
198
130,320
5.25%, 05/15/52
 
120
104,510
Series G, 4.15%, 05/01/49
 
36
26,816
AEP Transmission Co. LLC
 
5.15%, 04/01/34
 
40
39,915
3.75%, 12/01/47
 
48
35,531
3.15%, 09/15/49
 
139
91,476
5.40%, 03/15/53
 
100
93,949
Series M, 3.65%, 04/01/50
 
41
29,713
Series N, 2.75%, 08/15/51
 
41
24,401
Alabama Power Co.
 
5.85%, 11/15/33
 
80
85,016
4.30%, 01/02/46
 
29
24,013
3.13%, 07/15/51
 
59
38,499
Ameren Corp., 5.70%, 12/01/26
 
110
111,919
Ameren Illinois Co.
 
4.95%, 06/01/33
 
135
134,953
5.90%, 12/01/52
 
20
20,457
American Electric Power Co., Inc., 5.63%, 03/01/33
 
50
51,235
Appalachian Power Co., Series BB, 4.50%, 08/01/32
 
30
28,769
Arizona Public Service Co.
 
2.20%, 12/15/31
 
45
38,067
5.55%, 08/01/33
 
170
171,898
Baltimore Gas and Electric Co.
 
2.25%, 06/15/31
 
25
21,995
3.75%, 08/15/47
 
49
36,469
5.40%, 06/01/53
 
150
139,857
Schedule of Investments
15

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Berkshire Hathaway Energy Co.
 
1.65%, 05/15/31
USD
75
$ 63,284
6.13%, 04/01/36
 
75
79,073
5.15%, 11/15/43
 
45
41,925
4.45%, 01/15/49
 
125
100,803
4.60%, 05/01/53
 
230
187,815
Black Hills Corp., 6.00%, 01/15/35
 
80
82,624
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/28
 
10
10,309
5.15%, 03/01/34
 
50
50,244
4.50%, 04/01/44
 
20
17,205
Series AJ, 4.85%, 10/01/52
 
40
35,249
CenterPoint Energy, Inc., 1.45%, 06/01/26
 
50
48,373
Commonwealth Edison Co., 5.65%, 06/01/54
 
135
131,367
Connecticut Light and Power Co., 4.95%, 01/15/30
 
130
132,958
Consolidated Edison Co. of New York, Inc.
 
6.15%, 11/15/52(f)
 
170
176,244
5.70%, 05/15/54
 
60
58,917
Series 2006-A, 5.85%, 03/15/36
 
100
104,908
Constellation Energy Generation LLC
 
5.80%, 03/01/33
 
15
15,541
6.50%, 10/01/53
 
25
25,867
Consumers Energy Co.
 
4.90%, 02/15/29
 
25
25,488
4.60%, 05/30/29
 
40
40,437
4.70%, 01/15/30
 
40
40,566
4.63%, 05/15/33
 
85
83,086
05/15/35(d)
 
90
90,254
4.35%, 04/15/49
 
25
20,674
2.50%, 05/01/60
 
30
16,133
Continuum Green Energy India Pvt./Co-Issuers,
7.50%, 06/26/33(c)
 
391
391,506
Diamond II Ltd., 7.95%, 07/28/26(c)
 
450
448,875
Dominion Energy, Inc.
 
Series A, 4.35%, 08/15/32
 
50
47,140
Series B, 5.95%, 06/15/35
 
100
103,471
Series F, 5.25%, 08/01/33
 
50
49,647
DTE Electric Co.
 
5.20%, 04/01/33
 
80
81,143
5.20%, 03/01/34
 
75
75,899
Series B, 3.65%, 03/01/52
 
20
14,392
DTE Energy Co., 4.88%, 06/01/28
 
125
126,220
Duke Energy Carolinas LLC
 
4.95%, 01/15/33
 
20
20,116
3.70%, 12/01/47
 
504
370,702
3.20%, 08/15/49
 
338
224,519
3.45%, 04/15/51
 
62
42,987
3.55%, 03/15/52
 
45
31,468
5.35%, 01/15/53
 
53
49,788
5.40%, 01/15/54
 
150
142,957
Duke Energy Corp.
 
4.85%, 01/05/29(f)
 
135
136,824
3.95%, 08/15/47
 
86
62,972
5.00%, 08/15/52(f)
 
80
68,392
6.10%, 09/15/53(f)
 
200
199,367
5.80%, 06/15/54
 
473
453,274
Duke Energy Florida LLC
 
3.00%, 12/15/51
 
299
187,434
5.95%, 11/15/52
 
45
45,526
Duke Energy Indiana LLC, 5.40%, 04/01/53
 
10
9,329
Duke Energy Progress LLC
 
3.40%, 04/01/32
 
320
292,199
5.25%, 03/15/33
 
50
50,986
Security
 
Par
(000)
Value
Electric Utilities (continued)
Duke Energy Progress LLC(continued)
 
5.05%, 03/15/35(f)
USD
216
$ 215,326
2.90%, 08/15/51
 
50
30,808
5.35%, 03/15/53
 
408
380,661
5.55%, 03/15/55
 
120
115,919
Edison International
 
5.75%, 06/15/27(f)
 
196
197,244
4.13%, 03/15/28
 
20
19,313
Entergy Arkansas LLC, 5.75%, 06/01/54
 
30
29,464
Entergy Corp., 2.80%, 06/15/30
 
20
18,202
Entergy Louisiana LLC, 4.20%, 09/01/48
 
250
196,794
Entergy Mississippi LLC
 
5.00%, 09/01/33
 
150
148,939
5.85%, 06/01/54
 
25
24,902
Entergy Texas, Inc.
 
1.75%, 03/15/31
 
50
42,725
5.80%, 09/01/53
 
100
98,106
Evergy Kansas Central, Inc.
 
5.90%, 11/15/33
 
20
21,063
5.70%, 03/15/53
 
40
38,877
Evergy Metro, Inc., 5.40%, 04/01/34
 
30
30,523
Eversource Energy
 
4.75%, 05/15/26
 
150
150,147
5.13%, 05/15/33
 
50
49,281
5.50%, 01/01/34
 
225
225,025
Exelon Corp.
 
3.35%, 03/15/32
 
110
99,619
5.60%, 03/15/53(f)
 
40
37,500
FirstEnergy Corp.
 
2.65%, 03/01/30
 
31
28,111
Series B, 3.90%, 07/15/27
 
554
547,597
Series C, 4.85%, 07/15/47
 
79
65,766
Series C, 3.40%, 03/01/50
 
926
609,612
FirstEnergy Transmission LLC
 
5.00%, 01/15/35
 
545
537,211
5.45%, 07/15/44(b)
 
185
176,463
4.55%, 04/01/49(b)
 
501
419,165
Florida Power & Light Co.
 
5.05%, 04/01/28
 
30
30,782
5.10%, 04/01/33
 
110
111,450
5.95%, 02/01/38
 
75
79,693
5.96%, 04/01/39
 
25
26,487
4.05%, 10/01/44
 
60
49,034
3.99%, 03/01/49
 
103
80,504
3.15%, 10/01/49
 
100
67,037
2.88%, 12/04/51
 
225
141,444
5.30%, 04/01/53
 
190
181,040
5.80%, 03/15/65
 
139
139,910
Georgia Power Co.
 
4.85%, 03/15/31
 
40
40,650
4.70%, 05/15/32
 
158
156,977
4.95%, 05/17/33
 
199
198,494
5.13%, 05/15/52(f)
 
257
235,511
Series 2010-C, 4.75%, 09/01/40
 
50
45,630
Series B, 3.70%, 01/30/50(f)
 
37
27,176
Idaho Power Co., 5.80%, 04/01/54
 
25
24,574
India Clean Energy Holdings, 4.50%, 04/18/27(c)
 
400
373,800
Indiana Michigan Power Co., 5.63%, 04/01/53
 
20
19,257
Interstate Power and Light Co., 4.10%, 09/26/28
 
50
49,481
JSW Hydro Energy Ltd., 4.13%, 05/18/31(c)
 
221
194,977
Kentucky Utilities Co., 3.30%, 06/01/50
 
25
16,708
MidAmerican Energy Co.
 
4.25%, 07/15/49
 
23
18,466
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
MidAmerican Energy Co.(continued)
 
5.85%, 09/15/54
USD
30
$ 30,330
5.30%, 02/01/55
 
45
41,952
Minejesa Capital BV, 5.63%, 08/10/37(c)
 
300
279,300
Mong Duong Finance Holdings BV, 5.13%, 05/07/29
 
381
364,428
National Grid PLC, 5.42%, 01/11/34
 
40
40,461
National Rural Utilities Cooperative Finance Corp.
 
5.60%, 11/13/26
 
40
40,766
5.05%, 09/15/28
 
70
71,604
5.15%, 06/15/29
 
85
87,312
Nevada Power Co.
 
6.00%, 03/15/54
 
15
15,185
Series CC, 3.70%, 05/01/29
 
35
34,276
NextEra Energy Capital Holdings, Inc.
 
4.95%, 01/29/26
 
135
135,285
2.25%, 06/01/30
 
25
22,258
5.05%, 02/28/33
 
150
149,188
5.55%, 03/15/54
 
65
60,766
Northern States Power Co.
 
5.10%, 05/15/53
 
120
109,356
5.40%, 03/15/54
 
50
47,478
5.65%, 06/15/54
 
35
34,642
NSTAR Electric Co., 4.95%, 09/15/52
 
50
44,516
Oglethorpe Power Corp.
 
5.05%, 10/01/48
 
10
8,724
6.20%, 12/01/53
 
75
75,141
Ohio Power Co.
 
5.65%, 06/01/34
 
240
243,276
4.00%, 06/01/49
 
64
47,559
Series P, 2.60%, 04/01/30
 
195
177,508
Series Q, 1.63%, 01/15/31
 
47
39,448
Series R, 2.90%, 10/01/51
 
130
78,215
Oklahoma Gas and Electric Co.
 
5.40%, 01/15/33
 
75
76,520
5.60%, 04/01/53
 
40
38,479
Oncor Electric Delivery Co. LLC
 
2.75%, 05/15/30
 
70
64,504
5.65%, 11/15/33
 
50
51,951
5.30%, 06/01/42
 
105
99,972
Pacific Gas and Electric Co.
 
3.15%, 01/01/26
 
55
54,314
2.95%, 03/01/26
 
65
63,933
3.30%, 03/15/27
 
150
146,426
6.10%, 01/15/29
 
50
51,672
3.25%, 06/01/31
 
100
89,180
6.15%, 01/15/33
 
149
151,950
6.40%, 06/15/33
 
135
139,587
6.95%, 03/15/34
 
443
475,075
5.80%, 05/15/34
 
186
185,657
5.70%, 03/01/35
 
155
152,857
4.50%, 07/01/40
 
145
120,219
3.75%, 08/15/42
 
33
23,583
4.75%, 02/15/44
 
100
80,938
4.95%, 07/01/50
 
320
257,769
3.50%, 08/01/50
 
115
73,545
5.25%, 03/01/52
 
241
200,481
6.75%, 01/15/53
 
538
541,594
6.70%, 04/01/53
 
323
326,594
5.90%, 10/01/54
 
141
129,044
6.15%, 03/01/55
 
142
133,080
PacifiCorp.
 
5.10%, 02/15/29
 
225
229,488
5.30%, 02/15/31
 
60
61,623
Security
 
Par
(000)
Value
Electric Utilities (continued)
PacifiCorp.(continued)
 
5.35%, 12/01/53
USD
20
$ 17,841
5.50%, 05/15/54
 
30
27,144
PECO Energy Co.
 
2.85%, 09/15/51
 
213
130,616
4.60%, 05/15/52
 
54
45,462
4.38%, 08/15/52
 
40
32,738
PG&E Corp., 5.25%, 07/01/30(f)
 
1,193
1,149,433
Potomac Electric Power Co., 5.20%, 03/15/34
 
140
141,304
PPL Electric Utilities Corp.
 
4.85%, 02/15/34
 
105
104,118
5.25%, 05/15/53
 
40
37,766
Public Service Co. of Colorado
 
1.88%, 06/15/31
 
75
63,653
5.25%, 04/01/53
 
20
18,080
5.75%, 05/15/54
 
65
63,210
Series 39, 4.50%, 06/01/52
 
60
48,752
Public Service Co. of Oklahoma, 5.25%, 01/15/33
 
50
50,063
Public Service Electric and Gas Co.
 
4.65%, 03/15/33
 
80
79,208
5.20%, 08/01/33
 
50
50,960
5.20%, 03/01/34
 
65
66,378
3.95%, 05/01/42
 
60
49,202
5.45%, 08/01/53
 
100
96,845
Public Service Enterprise Group, Inc., 2.45%,
11/15/31
 
100
86,942
Puget Sound Energy, Inc.
 
4.22%, 06/15/48
 
100
79,310
5.45%, 06/01/53
 
10
9,441
5.69%, 06/15/54
 
30
29,034
San Diego Gas & Electric Co.
 
5.35%, 04/01/53
 
90
82,914
Series VVV, 1.70%, 10/01/30
 
100
85,770
Sempra, 4.00%, 02/01/48
 
100
72,176
Sierra Pacific Power Co., 5.90%, 03/15/54
 
30
29,747
Southern California Edison Co.
 
5.30%, 03/01/28
 
602
610,312
2.25%, 06/01/30
 
204
178,627
5.45%, 06/01/31
 
165
166,863
5.63%, 02/01/36
 
34
33,353
5.50%, 03/15/40
 
35
32,471
3.45%, 02/01/52
 
80
50,781
5.70%, 03/01/53
 
150
134,179
5.88%, 12/01/53(f)
 
20
18,442
5.75%, 04/15/54
 
20
18,030
Series 2005-B, 5.55%, 01/15/36(f)
 
40
38,941
Series 2006-E, 5.55%, 01/15/37
 
33
31,813
Southern Co.
 
3.25%, 07/01/26
 
250
246,686
4.85%, 06/15/28
 
95
96,579
5.70%, 10/15/32
 
159
165,228
5.20%, 06/15/33
 
30
30,188
5.70%, 03/15/34
 
70
72,371
4.85%, 03/15/35(f)
 
301
291,689
4.25%, 07/01/36
 
21
19,025
Series 2021-A, (5-year CMT + 2.92%), 3.75%,
09/15/51(a)
 
100
96,820
Series B, (5-year CMT + 3.73%), 4.00%,
01/15/51(a)
 
60
59,120
Southwestern Electric Power Co.
 
5.30%, 04/01/33
 
10
9,955
Series M, 4.10%, 09/15/28
 
95
93,358
Series N, 1.65%, 03/15/26
 
50
48,753
Schedule of Investments
17

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
System Energy Resources, Inc., 5.30%, 12/15/34
USD
540
$ 533,372
Tampa Electric Co.
 
4.90%, 03/01/29
 
25
25,408
5.15%, 03/01/35
 
530
527,906
Tucson Electric Power Co., 5.50%, 04/15/53
 
10
9,414
Union Electric Co.
 
5.20%, 04/01/34
 
50
50,480
5.45%, 03/15/53
 
110
104,587
5.13%, 03/15/55
 
195
176,065
Virginia Electric and Power Co.
 
6.35%, 11/30/37
 
50
53,539
2.45%, 12/15/50
 
226
124,391
5.45%, 04/01/53
 
100
93,415
5.70%, 08/15/53
 
95
92,591
5.65%, 03/15/55
 
80
76,675
Series A, 3.80%, 04/01/28(f)
 
200
197,803
Series B, 3.75%, 05/15/27
 
100
99,241
Series D, 4.65%, 08/15/43
 
125
108,058
Vistra Operations Co. LLC(b)
 
5.05%, 12/30/26
 
115
115,496
6.88%, 04/15/32
 
45
46,610
6.95%, 10/15/33
 
86
92,346
6.00%, 04/15/34
 
562
566,977
5.70%, 12/30/34
 
1,035
1,030,142
WEC Energy Group, Inc., 5.60%, 09/12/26
 
21
21,286
Wisconsin Power and Light Co., 3.95%, 09/01/32
 
135
125,790
Xcel Energy, Inc.
 
4.60%, 06/01/32
 
55
52,976
5.50%, 03/15/34
 
100
100,210
 
 
29,926,213
Electrical Equipment — 0.0%
Regal Rexnord Corp., 6.40%, 04/15/33
 
50
50,950
Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., 2.20%, 09/15/31
 
120
104,251
Arrow Electronics, Inc., 3.88%, 01/12/28
 
95
93,005
Avnet, Inc., 6.25%, 03/15/28
 
45
46,578
CDW LLC/CDW Finance Corp.
 
3.25%, 02/15/29
 
670
624,075
3.57%, 12/01/31
 
370
333,080
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b)
 
15
15,617
Emerson Electric Co.
 
2.00%, 12/21/28
 
50
46,365
5.00%, 03/15/35(f)
 
345
350,048
Fortive Corp., 3.15%, 06/15/26
 
25
24,570
Honeywell International, Inc.
 
4.88%, 09/01/29
 
25
25,532
4.50%, 01/15/34
 
370
357,529
5.00%, 03/01/35
 
100
99,590
Jabil, Inc., 4.25%, 05/15/27(f)
 
100
99,584
Keysight Technologies, Inc., 4.95%, 10/15/34
 
185
179,853
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
178
191,506
TD SYNNEX Corp., 1.75%, 08/09/26
 
175
167,448
 
 
2,758,631
Energy Equipment & Services(b) — 0.0%
Helix Energy Solutions Group, Inc., 9.75%, 03/01/29
 
64
64,781
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29
 
97
97,940
 
 
162,721
Security
 
Par
(000)
Value
Entertainment — 0.3%
Odeon Finco PLC, 12.75%, 11/01/27(b)
USD
125
$ 127,015
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp., 5.63%, 09/01/29(b)
 
71
41,535
Warnermedia Holdings, Inc.
 
3.76%, 03/15/27
 
2,591
2,521,425
4.28%, 03/15/32
 
25
21,407
5.05%, 03/15/42
 
125
94,220
5.14%, 03/15/52
 
290
198,262
 
 
3,003,864
Environmental, Maintenance & Security Service — 0.1%
Republic Services, Inc.
 
2.30%, 03/01/30
 
50
45,494
5.20%, 11/15/34
 
335
340,853
3.05%, 03/01/50
 
380
252,769
Reworld Holding Corp., 4.88%, 12/01/29(b)
 
52
48,588
Waste Connections, Inc.
 
2.60%, 02/01/30
 
150
137,857
2.20%, 01/15/32
 
25
21,286
3.20%, 06/01/32
 
85
76,459
Waste Management, Inc.
 
4.95%, 07/03/31
 
535
547,675
4.88%, 02/15/34
 
50
50,220
 
 
1,521,201
Financial Services — 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust
 
2.45%, 10/29/26
 
240
232,123
3.30%, 01/30/32
 
150
132,536
4.95%, 09/10/34
 
900
862,519
Air Lease Corp.
 
3.63%, 12/01/27
 
50
49,031
4.63%, 10/01/28
 
100
99,944
Ally Financial, Inc.
 
8.00%, 11/01/31
 
200
221,480
(1-day SOFR + 2.82%), 6.85%, 01/03/30(a)
 
75
77,843
(1-day SOFR + 3.26%), 6.99%, 06/13/29(a)
 
20
20,775
(5-year CMT + 2.45%), 6.65%, 01/17/40(a)
 
140
133,319
AT&T Reign II Multi-Property Lease-Backed Pass-
Through Trust, 6.09%, 12/15/44(b)
 
415
415,846
Burford Capital Global Finance LLC(b)
 
6.88%, 04/15/30
 
15
14,970
9.25%, 07/01/31
 
130
136,961
Coinbase Global, Inc.(b)
 
3.38%, 10/01/28
 
180
165,670
3.63%, 10/01/31(f)
 
58
50,335
Credit Acceptance Corp.(b)
 
9.25%, 12/15/28
 
109
115,192
6.63%, 03/15/30
 
70
68,685
Freedom Mortgage Holdings LLC, 8.38%, 04/01/32(b)
 
30
29,341
Intercontinental Exchange, Inc.
 
3.75%, 09/21/28
 
20
19,649
4.95%, 06/15/52
 
75
66,487
Nasdaq, Inc.
 
5.65%, 06/28/25
 
20
20,024
5.35%, 06/28/28
 
18
18,501
Nationstar Mortgage Holdings, Inc., 6.50%,
08/01/29(b)
 
80
81,311
ORIX Corp., 5.20%, 09/13/32
 
50
50,613
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services (continued)
PennyMac Financial Services, Inc.(b)
 
7.13%, 11/15/30
USD
60
$ 61,016
6.88%, 02/15/33
 
95
94,867
UWM Holdings LLC, 6.63%, 02/01/30(b)
 
138
136,464
 
 
3,375,502
Food Products — 0.2%
Archer-Daniels-Midland Co.
 
2.50%, 08/11/26
 
50
48,864
4.50%, 08/15/33
 
20
19,348
Bunge Ltd. Finance Corp., 2.75%, 05/14/31
 
25
22,379
General Mills, Inc., 4.95%, 03/29/33
 
25
24,851
Hershey Co., 2.30%, 08/15/26
 
35
34,262
J.M. Smucker Co.
 
3.38%, 12/15/27
 
20
19,582
4.25%, 03/15/35
 
150
138,152
JBS USA Holding Lux SARL/JBS USA Food Co./JBS
Lux Co. SARL
 
2.50%, 01/15/27
 
75
72,352
5.13%, 02/01/28
 
50
50,531
5.75%, 04/01/33
 
116
118,403
Kraft Heinz Foods Co., 5.20%, 07/15/45
 
45
40,787
Kroger Co.
 
5.00%, 09/15/34
 
140
137,217
5.50%, 09/15/54
 
110
102,895
Pilgrims Pride Corp.
 
6.25%, 07/01/33
 
640
666,567
6.88%, 05/15/34
 
200
216,739
Post Holdings, Inc.(b)
 
6.38%, 03/01/33
 
108
106,786
6.25%, 10/15/34
 
73
72,394
Sysco Corp., 3.25%, 07/15/27
 
25
24,437
The Campbells Co., 5.20%, 03/19/27
 
25
25,401
Tyson Foods, Inc., 5.10%, 09/28/48
 
50
44,328
U.S. Foods, Inc., 7.25%, 01/15/32(b)
 
139
145,409
United Natural Foods, Inc., 6.75%, 10/15/28(b)(f)
 
126
123,712
 
 
2,255,396
Gas Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.38%, 06/01/28(b)
 
161
160,005
Atmos Energy Corp.
 
5.90%, 11/15/33
 
50
53,166
4.13%, 10/15/44
 
30
24,738
6.20%, 11/15/53
 
30
31,869
National Fuel Gas Co., 5.95%, 03/15/35
 
310
310,782
NiSource, Inc.
 
5.40%, 06/30/33
 
10
10,067
5.35%, 04/01/34
 
80
80,528
5.00%, 06/15/52
 
45
39,163
Piedmont Natural Gas Co., Inc.
 
3.50%, 06/01/29
 
50
48,111
2.50%, 03/15/31
 
52
45,914
5.40%, 06/15/33
 
100
101,281
Southern California Gas Co.
 
6.35%, 11/15/52
 
15
15,674
5.75%, 06/01/53
 
100
96,452
Southern Co. Gas Capital Corp.
 
5.75%, 09/15/33
 
25
25,787
4.95%, 09/15/34
 
30
29,151
5.88%, 03/15/41
 
20
19,989
Security
 
Par
(000)
Value
Gas Utilities (continued)
Southern Co. Gas Capital Corp.(continued)
 
Series 2020-A, 1.75%, 01/15/31
USD
60
$ 51,043
Southwest Gas Corp.
 
3.70%, 04/01/28
 
150
146,630
4.05%, 03/15/32
 
125
117,077
 
 
1,407,427
Ground Transportation — 0.1%
Burlington Northern Santa Fe LLC
 
4.90%, 04/01/44
 
45
41,273
4.45%, 01/15/53
 
50
41,789
5.20%, 04/15/54
 
460
430,444
Canadian National Railway Co., 6.20%, 06/01/36
 
125
134,708
CSX Corp.
 
6.22%, 04/30/40
 
175
186,252
4.90%, 03/15/55(f)
 
40
35,592
Norfolk Southern Corp.
 
2.90%, 06/15/26
 
25
24,616
4.84%, 10/01/41
 
150
136,132
2.90%, 08/25/51
 
50
30,883
Union Pacific Corp.
 
3.75%, 07/15/25
 
25
24,972
2.40%, 02/05/30
 
185
169,620
2.80%, 02/14/32
 
20
17,885
4.50%, 01/20/33
 
75
73,914
 
 
1,348,080
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories, 4.90%, 11/30/46
 
355
333,055
Bausch & Lomb Corp., 8.38%, 10/01/28(b)
 
147
152,703
Baxter International, Inc.
 
2.60%, 08/15/26
 
50
48,758
3.95%, 04/01/30
 
20
19,282
2.54%, 02/01/32
 
50
42,730
Boston Scientific Corp., 2.65%, 06/01/30
 
25
22,980
Insulet Corp., 6.50%, 04/01/33(b)
 
145
147,929
Revvity, Inc., 3.30%, 09/15/29
 
25
23,564
Zimmer Biomet Holdings, Inc.
 
4.70%, 02/19/27
 
90
90,358
5.35%, 12/01/28
 
80
82,061
 
 
963,420
Health Care Providers & Services — 0.7%
Adventist Health System, 5.43%, 03/01/32
 
50
50,344
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
 
75
69,075
Allina Health System, Series 2019, 3.89%, 04/15/49
 
50
37,946
Banner Health, 2.34%, 01/01/30
 
50
45,728
Baylor Scott & White Holdings, 4.19%, 11/15/45
 
50
41,484
Centene Corp., 4.63%, 12/15/29
 
75
72,300
Cigna Group
 
4.38%, 10/15/28
 
90
89,846
4.90%, 12/15/48
 
145
124,984
CommonSpirit Health
 
3.91%, 10/01/50
 
50
35,892
6.46%, 11/01/52
 
35
36,653
Dignity Health, 4.50%, 11/01/42
 
50
41,287
Elevance Health, Inc.
 
4.10%, 03/01/28
 
50
49,714
4.65%, 01/15/43
 
125
108,830
4.38%, 12/01/47
 
125
101,449
3.13%, 05/15/50
 
89
57,106
3.60%, 03/15/51
 
209
146,078
Schedule of Investments
19

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Hackensack Meridian Health, Inc., Series 2020,
2.68%, 09/01/41
USD
50
$ 34,257
HCA, Inc.
 
5.45%, 04/01/31
 
537
547,280
3.63%, 03/15/32
 
120
108,846
5.60%, 04/01/34
 
230
231,181
5.45%, 09/15/34
 
138
136,930
5.75%, 03/01/35
 
203
204,799
5.13%, 06/15/39
 
80
73,778
5.50%, 06/15/47
 
115
104,429
4.63%, 03/15/52
 
675
529,019
5.90%, 06/01/53
 
101
95,663
6.00%, 04/01/54
 
265
251,966
6.20%, 03/01/55
 
380
372,316
6.10%, 04/01/64
 
293
279,923
Humana, Inc.
 
1.35%, 02/03/27
 
35
33,109
4.88%, 04/01/30
 
50
49,955
IQVIA, Inc., 6.25%, 02/01/29
 
45
46,759
Kaiser Foundation Hospitals
 
4.88%, 04/01/42
 
50
45,907
4.15%, 05/01/47
 
50
40,478
Laboratory Corp. of America Holdings, 4.80%,
10/01/34
 
580
558,361
Memorial Sloan-Kettering Cancer Center,
Series 2020, 2.96%, 01/01/50
 
50
32,510
Mount Nittany Medical Center Obligated Group,
Series 2022, 3.80%, 11/15/52(f)
 
50
36,420
Nationwide Childrens Hospital, Inc., 4.56%, 11/01/52
 
35
29,697
Northwell Healthcare, Inc., 3.81%, 11/01/49
 
85
61,418
Novant Health, Inc., 2.64%, 11/01/36
 
50
39,276
Providence St. Joseph Health Obligated Group,
Series A, 3.93%, 10/01/48
 
50
37,565
Quest Diagnostics, Inc.
 
4.60%, 12/15/27
 
650
655,498
4.63%, 12/15/29
 
800
803,676
Select Medical Corp., 6.25%, 12/01/32(b)
 
49
48,655
Sharp HealthCare, Series 20B, 2.68%, 08/01/50
 
100
60,909
Sutter Health, 5.55%, 08/15/53
 
100
96,649
UnitedHealth Group, Inc.
 
4.25%, 03/15/43
 
120
99,968
5.88%, 02/15/53
 
100
99,481
5.63%, 07/15/54
 
230
221,182
Universal Health Services, Inc.
 
4.63%, 10/15/29
 
50
48,716
5.05%, 10/15/34
 
370
345,575
 
 
7,570,867
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc.
 
4.70%, 07/01/30
 
40
39,500
4.00%, 02/01/50
 
200
143,926
Healthpeak OP LLC, 4.00%, 06/01/25
 
20
19,988
MPT Operating Partnership LP/MPT Finance Corp.
 
5.00%, 10/15/27(f)
 
88
77,749
4.63%, 08/01/29(f)
 
96
73,121
8.50%, 02/15/32(b)
 
35
35,559
Omega Healthcare Investors, Inc., 3.38%, 02/01/31
 
100
90,576
Ventas Realty LP
 
4.13%, 01/15/26
 
20
19,879
Security
 
Par
(000)
Value
Health Care REITs (continued)
Ventas Realty LP(continued)
 
5.00%, 01/15/35
USD
385
$ 371,757
Welltower OP LLC, 3.85%, 06/15/32
 
20
18,760
 
 
890,815
Hotels, Restaurants & Leisure — 0.5%
Darden Restaurants, Inc.
 
4.35%, 10/15/27
 
205
204,838
4.55%, 10/15/29
 
205
203,647
6.30%, 10/10/33
 
310
329,183
Genting New York LLC/GENNY Capital, Inc., 7.25%,
10/01/29(b)
 
200
199,866
Grupo Posadas SAB de CV, (5.00% Cash or 7.00%
PIK), 7.00%, 12/30/27
 
15
14,081
Hyatt Hotels Corp.
 
5.75%, 01/30/27
 
200
203,412
5.38%, 12/15/31
 
920
914,474
Las Vegas Sands Corp.
 
6.00%, 08/15/29
 
75
75,835
6.20%, 08/15/34
 
55
53,893
Marriott International, Inc.
 
5.45%, 09/15/26
 
100
101,064
5.55%, 10/15/28
 
250
258,293
5.30%, 05/15/34
 
370
364,642
5.35%, 03/15/35
 
500
491,735
Series HH, 2.85%, 04/15/31
 
355
317,387
McDonalds Corp.
 
3.80%, 04/01/28
 
50
49,571
3.63%, 09/01/49(f)
 
300
215,581
5.15%, 09/09/52
 
50
45,547
Melco Resorts Finance Ltd., 5.75%, 07/21/28(c)
 
200
189,000
MGM China Holdings Ltd., 7.13%, 06/26/31(c)
 
500
502,969
MGM Resorts International, 6.50%, 04/15/32(f)
 
3
2,956
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(b)
 
50
47,203
Starbucks Corp., 4.80%, 02/15/33
 
275
271,231
Studio City Co. Ltd., 7.00%, 02/15/27(c)
 
200
199,300
Wynn Macau Ltd., 5.63%, 08/26/28(c)
 
200
190,388
 
 
5,446,096
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance
Co.(b)
 
4.63%, 04/01/30
 
52
47,670
Series B, 6.63%, 01/15/28
 
96
95,821
Beazer Homes USA, Inc., 7.25%, 10/15/29
 
93
90,280
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 5.00%, 06/15/29(b)
 
51
45,395
D.R. Horton, Inc.
 
5.00%, 10/15/34
 
188
182,491
5.50%, 10/15/35(f)
 
28
28,029
Forestar Group, Inc., 5.00%, 03/01/28(b)
 
49
47,561
Lennar Corp., 4.75%, 11/29/27
 
10
10,036
LGI Homes, Inc.(b)
 
8.75%, 12/15/28
 
45
45,441
7.00%, 11/15/32
 
54
49,815
Mattamy Group Corp.(b)
 
5.25%, 12/15/27
 
49
47,597
4.63%, 03/01/30
 
51
46,655
MDC Holdings, Inc., 3.97%, 08/06/61(f)
 
15
11,274
NVR, Inc., 3.00%, 05/15/30
 
1,300
1,196,682
PulteGroup, Inc., 5.50%, 03/01/26
 
50
50,165
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Household Durables (continued)
STL Holding Co. LLC, 8.75%, 02/15/29(b)
USD
44
$ 44,686
Whirlpool Corp., 4.75%, 02/26/29
 
155
146,916
 
 
2,186,514
Household Products — 0.0%
Kimberly-Clark Corp., 2.88%, 02/07/50
 
15
9,596
Independent Power and Renewable Electricity Producers — 0.3%
Alexander Funding Trust II, 7.47%, 07/31/28(b)
 
100
106,174
Continuum Energy Pte. Ltd., (12.85% Cash or 7.85%
PIK), 5.00%, 09/11/27(i)
 
214
210,952
FIEMEX Energia - Banco Actinver SA Institucion de
Banca Multiple, 7.25%, 01/31/41(b)
 
199
196,911
Greenko Power II Ltd., 4.30%, 12/13/28(c)
 
250
228,531
Greenko Wind Projects Mauritius Ltd., 7.25%,
09/27/28(c)
 
200
192,500
India Green Power Holdings, 4.00%, 02/22/27(c)
 
217
205,818
NRG Energy, Inc.(b)
 
4.45%, 06/15/29
 
98
95,429
7.00%, 03/15/33
 
926
997,696
6.25%, 11/01/34(f)
 
427
426,344
ReNew Pvt Ltd., 5.88%, 03/05/27(c)
 
400
391,500
SCC Power PLC, (4.00% Cash and 4.00% PIK),
8.00%, 12/31/28(b)(h)
 
22
14,004
 
 
3,065,859
Industrial Conglomerates — 0.0%
3M Co., 3.38%, 03/01/29
 
75
72,292
Carlisle Cos., Inc., 2.75%, 03/01/30
 
25
22,867
Eaton Corp., 4.00%, 11/02/32
 
20
19,080
Parker-Hannifin Corp., 4.10%, 03/01/47
 
75
59,800
 
 
174,039
Insurance — 0.7%
Aflac, Inc., 4.75%, 01/15/49
 
10
8,493
Alleghany Corp., 3.63%, 05/15/30
 
25
24,209
Allstate Corp.
 
5.05%, 06/24/29
 
275
280,835
5.25%, 03/30/33
 
100
101,207
5.55%, 05/09/35
 
50
51,363
American International Group, Inc.
 
5.13%, 03/27/33
 
40
39,960
4.80%, 07/10/45
 
150
132,447
4.38%, 06/30/50
 
29
23,590
Aon Corp./Aon Global Holdings PLC, 3.90%,
02/28/52
 
25
18,265
Arthur J Gallagher & Co.
 
3.50%, 05/20/51
 
80
54,133
3.05%, 03/09/52
 
45
27,618
5.75%, 07/15/54
 
250
240,900
Assured Guaranty U.S. Holdings, Inc., 6.13%,
09/15/28
 
226
235,802
Athene Holding Ltd., 3.95%, 05/25/51
 
5
3,443
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance, 7.13%,
05/15/31(b)
 
57
57,997
Berkshire Hathaway Finance Corp.
 
1.85%, 03/12/30
 
80
72,452
3.85%, 03/15/52
 
190
145,266
Brighthouse Financial, Inc., 3.85%, 12/22/51
 
30
18,906
Brown & Brown, Inc., 4.95%, 03/17/52
 
430
356,819
Corebridge Financial, Inc.
 
3.90%, 04/05/32
 
20
18,414
4.35%, 04/05/42
 
40
32,639
Security
 
Par
(000)
Value
Insurance (continued)
Enstar Group Ltd., 3.10%, 09/01/31
USD
1,380
$ 1,200,935
Everest Reinsurance Holdings, Inc., 3.50%,
10/15/50(f)
 
400
264,496
Fairfax Financial Holdings Ltd.
 
6.35%, 03/22/54
 
140
140,271
6.10%, 03/15/55
 
172
164,412
Fidelity National Financial, Inc.
 
2.45%, 03/15/31
 
310
264,870
3.20%, 09/17/51
 
120
70,727
Lincoln National Corp.
 
3.80%, 03/01/28
 
100
98,010
3.40%, 01/15/31
 
20
18,422
Loews Corp., 3.75%, 04/01/26
 
75
74,527
Manulife Financial Corp.
 
2.48%, 05/19/27
 
20
19,358
(5-year USD ICE Swap + 1.65%), 4.06%,
02/24/32(a)
 
75
73,802
Markel Group, Inc., 6.00%, 05/16/54
 
245
242,696
Marsh & McLennan Cos., Inc.
 
4.38%, 03/15/29
 
100
100,218
2.38%, 12/15/31(f)
 
100
86,490
4.90%, 03/15/49
 
490
437,815
5.70%, 09/15/53
 
125
123,939
MetLife, Inc.
 
5.38%, 07/15/33
 
25
25,770
4.05%, 03/01/45
 
35
28,113
Old Republic International Corp., 3.88%, 08/26/26
 
75
74,149
Principal Financial Group, Inc.
 
5.38%, 03/15/33
 
39
39,719
5.50%, 03/15/53
 
110
105,183
Progressive Corp., 3.70%, 03/15/52
 
80
58,867
Prudential Financial, Inc.
 
3.94%, 12/07/49
 
125
93,717
3.70%, 03/13/51
 
170
123,141
Prudential Funding Asia PLC, 3.13%, 04/14/30
 
50
47,000
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33
 
505
515,394
Travelers Cos., Inc.
 
4.60%, 08/01/43
 
25
22,049
5.45%, 05/25/53
 
20
19,600
Unum Group
 
4.50%, 12/15/49
 
50
38,817
4.13%, 06/15/51
 
140
103,371
Willis North America, Inc.
 
5.35%, 05/15/33
 
400
403,311
5.90%, 03/05/54
 
650
629,615
 
 
7,653,562
Interactive Media & Services — 0.1%
Cogent Communications Group LLC, 7.00%,
06/15/27(b)
 
160
160,783
Cogent Communications Group, Inc./Cogent
Communications Finance, Inc., 7.00%, 06/15/27(b)
 
70
70,221
Meta Platforms, Inc.
 
4.45%, 08/15/52
 
20
16,637
5.60%, 05/15/53
 
170
168,670
5.40%, 08/15/54
 
75
72,166
4.65%, 08/15/62
 
490
409,509
5.75%, 05/15/63
 
250
249,941
Netflix, Inc.
 
5.88%, 11/15/28
 
75
79,110
Schedule of Investments
21

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
Netflix, Inc.(continued)
 
5.40%, 08/15/54
USD
60
$ 58,215
Snap, Inc., 6.88%, 03/01/33(b)
 
186
185,765
 
 
1,471,017
Internet Software & Services — 0.4%
Alphabet, Inc.
 
4.50%, 05/15/35
 
1,415
1,396,271
1.90%, 08/15/40
 
60
40,158
2.25%, 08/15/60
 
35
19,073
5.30%, 05/15/65
 
110
108,677
Amazon.com, Inc.
 
3.60%, 04/13/32
 
120
113,823
4.05%, 08/22/47
 
25
20,588
Booking Holdings, Inc., 3.55%, 03/15/28
 
20
19,695
eBay, Inc., 2.70%, 03/11/30
 
190
173,763
Expedia Group, Inc., 4.63%, 08/01/27
 
60
60,077
Match Group Holdings II LLC, 5.63%, 02/15/29(b)
 
83
80,987
Rakuten Group, Inc.
 
11.25%, 02/15/27(b)
 
175
187,025
9.75%, 04/15/29(c)
 
400
421,924
9.75%, 04/15/29(b)
 
212
223,620
Uber Technologies, Inc., 5.35%, 09/15/54
 
65
59,532
VeriSign, Inc.
 
2.70%, 06/15/31
 
1,140
1,007,208
5.25%, 06/01/32
 
155
156,267
Wayfair LLC(b)
 
7.25%, 10/31/29(f)
 
57
52,064
7.75%, 09/15/30
 
235
214,397
 
 
4,355,149
IT Services — 0.4%
Accenture Capital, Inc., 4.50%, 10/04/34
 
130
125,298
Broadridge Financial Solutions, Inc.
 
2.90%, 12/01/29
 
20
18,583
2.60%, 05/01/31
 
450
395,069
CGI, Inc., 1.45%, 09/14/26
 
25
23,972
Fidelity National Information Services, Inc.
 
1.15%, 03/01/26
 
35
33,988
1.65%, 03/01/28
 
25
23,120
Fiserv, Inc.
 
5.45%, 03/02/28
 
80
81,907
5.38%, 08/21/28
 
100
102,617
5.60%, 03/02/33
 
665
677,284
5.63%, 08/21/33
 
770
784,314
5.45%, 03/15/34
 
25
25,091
4.40%, 07/01/49
 
60
47,118
Gartner, Inc.(b)
 
4.50%, 07/01/28
 
454
447,500
3.63%, 06/15/29
 
839
786,867
IBM International Capital Pte. Ltd., 5.30%, 02/05/54
 
100
91,946
International Business Machines Corp.
 
2.20%, 02/09/27
 
815
786,430
5.88%, 11/29/32
 
40
42,718
4.25%, 05/15/49
 
235
186,619
5.10%, 02/06/53
 
430
387,411
Kyndryl Holdings, Inc., 2.05%, 10/15/26
 
25
24,113
 
 
5,091,965
Leisure Products — 0.0%
Amer Sports Co., 6.75%, 02/16/31(b)
 
147
148,618
Hasbro, Inc.
 
3.50%, 09/15/27
 
20
19,479
Security
 
Par
(000)
Value
Leisure Products (continued)
Hasbro, Inc.(continued)
 
3.90%, 11/19/29
USD
50
$ 47,546
Sabre GLBL, Inc.(b)
 
8.63%, 06/01/27
 
68
65,110
11.25%, 12/15/27
 
55
55,275
 
 
336,028
Machinery — 0.2%
Caterpillar, Inc., 3.25%, 09/19/49
 
92
63,814
CNH Industrial Capital LLC
 
4.55%, 04/10/28
 
20
19,963
5.50%, 01/12/29
 
50
51,387
IDEX Corp.
 
3.00%, 05/01/30
 
430
393,678
2.63%, 06/15/31
 
665
578,714
John Deere Capital Corp.
 
4.75%, 01/20/28
 
60
61,137
2.00%, 06/17/31
 
145
126,547
5.05%, 06/12/34
 
75
75,589
nVent Finance SARL, 5.65%, 05/15/33
 
320
316,931
Otis Worldwide Corp., 2.57%, 02/15/30
 
60
54,807
Stanley Black & Decker, Inc.
 
4.25%, 11/15/28
 
100
98,529
2.30%, 03/15/30
 
65
56,598
Westinghouse Air Brake Technologies Corp.
 
4.70%, 09/15/28
 
210
210,641
5.61%, 03/11/34
 
380
390,339
Xylem, Inc., 3.25%, 11/01/26
 
50
49,207
 
 
2,547,881
Media — 0.5%
AMC Networks, Inc.
 
10.25%, 01/15/29(b)(f)
 
56
57,536
4.25%, 02/15/29(f)
 
60
44,176
4.25%, 02/15/29(b)(j)
 
46
38,214
CCO Holdings LLC/CCO Holdings Capital Corp.(b)
 
6.38%, 09/01/29(f)
 
201
202,801
7.38%, 03/01/31
 
194
199,810
4.75%, 02/01/32(f)
 
6
5,430
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
6.48%, 10/23/45
 
315
293,405
3.70%, 04/01/51(f)
 
333
205,196
3.90%, 06/01/52
 
342
216,614
3.85%, 04/01/61
 
646
382,338
3.95%, 06/30/62
 
152
90,768
5.50%, 04/01/63
 
110
86,400
Comcast Corp.
 
4.15%, 10/15/28
 
300
299,234
4.65%, 02/15/33
 
105
103,145
3.75%, 04/01/40(f)
 
110
90,206
2.45%, 08/15/52
 
75
40,515
2.94%, 11/01/56
 
195
113,196
4.95%, 10/15/58
 
225
190,044
2.99%, 11/01/63
 
161
90,419
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(b)
 
5.88%, 08/15/27
 
109
105,346
10.00%, 02/15/31
 
513
485,809
Discovery Communications LLC, 4.90%, 03/11/26
 
34
33,972
FactSet Research Systems, Inc.
 
2.90%, 03/01/27
 
320
309,231
3.45%, 03/01/32
 
407
363,636
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Fox Corp., 6.50%, 10/13/33
USD
280
$ 297,849
Nexstar Media, Inc., 4.75%, 11/01/28(b)(f)
 
83
78,158
Paramount Global
 
3.70%, 10/04/26
 
211
206,251
2.90%, 01/15/27
 
200
194,294
3.38%, 02/15/28
 
54
52,232
4.20%, 05/19/32
 
90
80,525
5.85%, 09/01/43
 
254
215,315
4.60%, 01/15/45
 
24
17,413
Sinclair Television Group, Inc.(b)
 
5.50%, 03/01/30
 
218
156,960
4.38%, 12/31/32
 
122
73,816
8.13%, 02/15/33
 
65
64,341
TEGNA, Inc., 4.63%, 03/15/28
 
146
139,499
Time Warner Cable LLC, 4.50%, 09/15/42
 
135
101,101
 
 
5,725,195
Metals & Mining — 0.5%
Anglo American Capital PLC(b)
 
5.63%, 04/01/30
 
200
204,442
4.75%, 03/16/52
 
200
162,312
ArcelorMittal SA, 6.80%, 11/29/32
 
50
53,834
BHP Billiton Finance USA Ltd.
 
4.75%, 02/28/28
 
235
239,001
5.00%, 02/21/30
 
590
602,073
5.25%, 09/08/30
 
250
258,007
4.90%, 02/28/33
 
75
74,346
5.25%, 09/08/33
 
50
50,564
5.00%, 09/30/43
 
75
69,560
Cleveland-Cliffs, Inc., 7.38%, 05/01/33(b)(f)
 
165
155,111
First Quantum Minerals Ltd., 8.00%, 03/01/33(b)
 
200
198,250
Freeport-McMoRan, Inc., 5.45%, 03/15/43
 
50
46,228
Glencore Funding LLC(b)
 
6.38%, 10/06/30
 
158
168,300
2.85%, 04/27/31
 
270
240,082
Kinross Gold Corp., 4.50%, 07/15/27
 
20
19,965
Mineral Resources Ltd.(b)
 
9.25%, 10/01/28
 
45
42,557
8.50%, 05/01/30(f)
 
11
9,992
Novelis Corp., 6.88%, 01/30/30(b)
 
55
55,792
Nucor Corp., 3.13%, 04/01/32(f)
 
70
62,801
Precision Castparts Corp., 3.25%, 06/15/25
 
35
34,932
Reliance, Inc.
 
1.30%, 08/15/25
 
200
197,944
2.15%, 08/15/30
 
790
694,234
Rio Tinto Finance USA PLC
 
5.25%, 03/14/35
 
545
547,050
4.75%, 03/22/42
 
150
134,594
Samarco Mineracao SA(h)
 
(9.00% PIK), 9.50%, 06/30/31(c)
 
46
42,766
(9.00% PIK), 9.50%, 06/30/31(b)(f)
 
19
18,247
Southern Copper Corp.
 
5.25%, 11/08/42
 
350
317,317
5.88%, 04/23/45
 
520
497,900
Steel Dynamics, Inc., 3.25%, 10/15/50
 
140
90,335
SunCoke Energy, Inc., 4.88%, 06/30/29(b)
 
125
114,834
Taseko Mines Ltd., 8.25%, 05/01/30(b)
 
35
35,340
Vale Overseas Ltd., 6.40%, 06/28/54
 
4
3,848
Security
 
Par
(000)
Value
Metals & Mining (continued)
Vedanta Resources Finance II PLC, 10.88%,
09/17/29(b)
USD
200
$ 193,210
Volcan Cia Minera SAA, 8.75%, 01/24/30(b)
 
3
2,825
 
 
5,638,593
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.0%
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29(f)
 
25
25,966
Starwood Property Trust, Inc.
 
3.63%, 07/15/26
 
171
166,922
7.25%, 04/01/29
 
48
49,777
6.50%, 10/15/30(f)
 
60
60,539
 
 
303,204
Office REITs — 0.0%
Boston Properties LP, 2.45%, 10/01/33
 
25
19,564
Oil, Gas & Consumable Fuels — 4.0%
Antero Resources Corp.(b)
 
7.63%, 02/01/29
 
281
287,116
5.38%, 03/01/30
 
899
869,919
APA Corp., 4.75%, 04/15/43(b)
 
43
32,490
Boardwalk Pipelines LP
 
5.95%, 06/01/26
 
50
50,648
4.80%, 05/03/29
 
25
25,036
BP Capital Markets America, Inc.
 
5.23%, 11/17/34
 
100
99,919
3.06%, 06/17/41
 
80
57,614
California Resources Corp., 8.25%, 06/15/29(b)
 
238
226,911
Calumet Specialty Products Partners LP/Calumet
Finance Corp., 9.75%, 07/15/28(b)(f)
 
127
113,242
Cameron LNG LLC(b)
 
3.30%, 01/15/35
 
569
477,872
3.40%, 01/15/38
 
35
29,250
Canadian Natural Resources Ltd.
 
6.25%, 03/15/38
 
200
201,475
4.95%, 06/01/47
 
30
24,554
Cheniere Corpus Christi Holdings LLC
 
5.13%, 06/30/27
 
251
253,790
3.70%, 11/15/29
 
130
124,247
2.74%, 12/31/39
 
606
478,560
Cheniere Energy Partners LP
 
4.00%, 03/01/31
 
990
925,387
3.25%, 01/31/32
 
95
83,405
5.95%, 06/30/33
 
136
138,827
5.75%, 08/15/34
 
242
242,674
Cheniere Energy, Inc.
 
4.63%, 10/15/28
 
10
9,905
5.65%, 04/15/34
 
1,803
1,795,722
Chevron Corp.
 
3.33%, 11/17/25
 
50
49,763
2.95%, 05/16/26
 
25
24,682
Chevron USA, Inc.
 
4.98%, 04/15/35
 
1,500
1,501,890
2.34%, 08/12/50
 
40
22,367
Chord Energy Corp., 6.75%, 03/15/33(b)(f)
 
85
82,738
Civitas Resources, Inc.(b)
 
5.00%, 10/15/26
 
48
46,607
8.38%, 07/01/28
 
46
45,192
8.63%, 11/01/30
 
11
10,602
CNX Resources Corp., 7.25%, 03/01/32(b)
 
173
172,902
Comstock Resources, Inc., 6.75%, 03/01/29(b)(f)
 
99
94,366
ConocoPhillips, 5.90%, 05/15/38
 
50
51,771
Schedule of Investments
23

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips Co., 3.80%, 03/15/52
USD
5
$ 3,559
Continental Resources, Inc., 4.90%, 06/01/44(f)
 
5
3,861
Coterra Energy, Inc.
 
3.90%, 05/15/27
 
25
24,627
5.60%, 03/15/34
 
300
295,378
5.40%, 02/15/35
 
115
111,126
Crescent Energy Finance LLC, 7.38%, 01/15/33(b)
 
11
9,735
CVR Energy, Inc., 8.50%, 01/15/29(b)(f)
 
75
68,917
DCP Midstream Operating LP, 5.13%, 05/15/29
 
25
25,202
Delek Logistics Partners LP/Delek Logistics Finance
Corp., 8.63%, 03/15/29(b)
 
222
227,897
Devon Energy Corp.
 
5.20%, 09/15/34
 
140
131,266
5.60%, 07/15/41
 
125
109,835
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
 
197
188,334
Diamondback Energy, Inc.
 
3.25%, 12/01/26
 
1,127
1,107,706
3.50%, 12/01/29
 
1,577
1,497,451
3.13%, 03/24/31
 
887
801,861
6.25%, 03/15/33
 
260
271,453
4.40%, 03/24/51(f)
 
104
77,345
4.25%, 03/15/52
 
111
81,306
5.75%, 04/18/54
 
123
109,907
5.90%, 04/18/64
 
320
283,746
Ecopetrol SA, 8.88%, 01/13/33
 
8
8,005
Enbridge, Inc.
 
4.25%, 12/01/26
 
215
214,217
5.50%, 12/01/46
 
20
18,525
Energy Transfer LP
 
5.50%, 06/01/27
 
475
482,300
4.95%, 05/15/28
 
156
157,322
5.20%, 04/01/30
 
235
237,287
3.75%, 05/15/30
 
150
141,731
7.38%, 02/01/31(b)
 
613
641,582
5.60%, 09/01/34
 
370
366,695
7.50%, 07/01/38
 
30
33,348
6.05%, 06/01/41
 
20
19,201
5.40%, 10/01/47
 
290
249,680
5.95%, 05/15/54
 
541
491,827
6.05%, 09/01/54
 
203
185,421
Enterprise Products Operating LLC, 6.45%, 09/01/40
 
200
215,931
EOG Resources, Inc., 5.65%, 12/01/54
 
70
66,380
EQM Midstream Partners LP, 6.50%, 07/01/27(b)
 
275
279,614
EQT Corp.
 
3.13%, 05/15/26(b)
 
253
248,093
7.50%, 06/01/27(b)
 
231
234,522
6.50%, 07/01/27(b)
 
210
213,524
3.90%, 10/01/27
 
27
26,486
5.70%, 04/01/28
 
553
567,766
4.50%, 01/15/29(b)(f)
 
416
403,518
5.00%, 01/15/29
 
421
421,131
6.38%, 04/01/29(b)
 
699
715,238
7.00%, 02/01/30
 
862
919,283
7.50%, 06/01/30(b)
 
741
796,778
4.75%, 01/15/31(b)
 
1,806
1,744,153
3.63%, 05/15/31(b)
 
1,165
1,066,877
5.75%, 02/01/34(f)
 
837
836,783
Equinor ASA
 
1.75%, 01/22/26
 
200
196,302
3.70%, 04/06/50
 
55
40,443
Excelerate Energy LP, 05/15/30(b)(d)
 
49
49,776
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Expand Energy Corp.
 
5.38%, 02/01/29
USD
452
$ 449,956
5.88%, 02/01/29(b)
 
99
98,624
6.75%, 04/15/29(b)
 
382
384,776
5.38%, 03/15/30
 
241
239,254
4.75%, 02/01/32
 
555
520,713
5.70%, 01/15/35
 
1,235
1,218,342
Exxon Mobil Corp., 3.45%, 04/15/51
 
125
87,420
Genesis Energy LP/Genesis Energy Finance Corp.,
8.00%, 05/15/33
 
45
43,646
Global Partners LP/GLP Finance Corp., 8.25%,
01/15/32(b)(f)
 
154
156,775
Gran Tierra Energy, Inc., 9.50%, 10/15/29(b)
 
15
11,738
Greenfire Resources Ltd., 12.00%, 10/01/28(b)
 
91
95,676
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
 
121
119,244
Hess Corp.
 
7.30%, 08/15/31
 
30
33,730
5.60%, 02/15/41
 
185
182,383
Ithaca Energy North Sea PLC, 8.13%, 10/15/29(b)
 
200
200,191
Kinder Morgan Energy Partners LP
 
7.30%, 08/15/33
 
200
218,851
6.95%, 01/15/38
 
100
108,076
7.50%, 11/15/40
 
50
56,213
Kinder Morgan, Inc.
 
7.80%, 08/01/31
 
195
221,091
06/01/35(d)
 
50
50,624
5.95%, 08/01/54
 
420
397,027
Magnolia Oil & Gas Operating LLC/Magnolia Oil &
Gas Finance Corp., 6.88%, 12/01/32(b)
 
169
163,630
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28(c)
 
200
196,000
MPLX LP
 
4.25%, 12/01/27
 
25
24,852
4.00%, 03/15/28
 
200
197,160
5.00%, 03/01/33
 
190
183,553
5.20%, 12/01/47
 
35
29,629
4.70%, 04/15/48
 
450
352,089
NAK Naftogaz Ukraine via Kondor Finance PLC,
(7.13% PIK), 7.13%, 07/19/26(c)(h)
EUR
116
111,808
NFE Financing LLC, 12.00%, 11/15/29(b)
USD
108
74,116
NGPL PipeCo LLC, 3.25%, 07/15/31(b)
 
591
522,031
Noble Finance II LLC, 8.00%, 04/15/30(b)
 
143
136,246
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b)
 
186
183,628
Occidental Petroleum Corp.
 
6.63%, 09/01/30
 
125
129,286
4.20%, 03/15/48
 
220
146,253
ONEOK, Inc.
 
5.85%, 01/15/26
 
190
190,941
4.85%, 07/15/26
 
50
49,965
5.55%, 11/01/26
 
200
202,444
4.55%, 07/15/28
 
40
39,988
5.65%, 11/01/28
 
300
309,298
3.40%, 09/01/29
 
100
94,437
4.40%, 10/15/29
 
75
73,834
6.35%, 01/15/31
 
300
317,139
6.10%, 11/15/32
 
100
103,848
6.05%, 09/01/33
 
200
205,187
4.85%, 02/01/49
 
30
23,711
7.15%, 01/15/51
 
130
136,335
Ovintiv, Inc., 7.10%, 07/15/53
 
50
48,643
Patterson-UTI Energy, Inc., 5.15%, 11/15/29
 
35
33,835
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
 
93
76,508
24
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Permian Resources Operating LLC(b)
 
5.38%, 01/15/26
USD
4
$ 3,977
8.00%, 04/15/27
 
46
46,808
Petroleos de Venezuela SA(c)
 
6.00%, 11/15/26
 
27
3,124
9.75%, 05/17/35
 
17
2,092
9.75%, 05/17/35(e)(k)
 
9
1,197
Petroleos Mexicanos
 
3.63%, 11/24/25(c)
EUR
100
112,152
7.50%, 03/31/26
USD
409
400,820
6.50%, 03/13/27
 
64
62,426
8.75%, 06/02/29
 
10
9,814
5.95%, 01/28/31
 
10
8,264
7.69%, 01/23/50
 
52
37,960
Phillips 66 Co.
 
4.95%, 12/01/27
 
100
101,310
3.15%, 12/15/29
 
50
46,800
5.65%, 06/15/54
 
60
52,896
Plains All American Pipeline LP, 5.95%, 06/15/35
 
460
460,310
Plains All American Pipeline LP/PAA Finance Corp.
 
3.55%, 12/15/29(f)
 
150
141,908
5.70%, 09/15/34
 
70
69,231
4.90%, 02/15/45
 
45
36,758
Puma International Financing SA, 7.75%, 04/25/29(c)
 
200
198,562
Sabine Pass Liquefaction LLC
 
5.88%, 06/30/26
 
241
243,092
5.00%, 03/15/27
 
528
531,691
4.20%, 03/15/28
 
65
64,540
4.50%, 05/15/30
 
675
665,718
5.90%, 09/15/37
 
311
315,608
Seadrill Finance Ltd., 8.38%, 08/01/30(b)
 
125
117,056
Shell Finance U.S., Inc., 4.00%, 05/10/46
 
75
59,262
Shell International Finance BV
 
6.38%, 12/15/38
 
175
192,101
3.00%, 11/26/51
 
140
88,367
Sitio Royalties Operating Partnership LP/Sitio Finance
Corp., 7.88%, 11/01/28(b)
 
46
47,273
SM Energy Co., 6.75%, 08/01/29(b)
 
5
4,668
South Bow USA Infrastructure Holdings LLC(b)
 
4.91%, 09/01/27
 
115
115,595
5.58%, 10/01/34
 
50
48,345
Summit Midstream Holdings LLC, 8.63%, 10/31/29(b)
 
65
64,034
Talos Production, Inc.(b)(f)
 
9.00%, 02/01/29
 
212
203,232
9.38%, 02/01/31
 
204
191,806
Targa Resources Corp.
 
5.20%, 07/01/27
 
195
197,554
6.15%, 03/01/29
 
74
77,143
4.20%, 02/01/33
 
323
294,966
6.50%, 03/30/34
 
150
157,597
5.50%, 02/15/35
 
377
368,227
4.95%, 04/15/52
 
265
213,401
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
5.00%, 01/15/28
 
154
153,928
4.88%, 02/01/31
 
780
758,600
TotalEnergies Capital International SA, 3.13%,
05/29/50
 
275
178,774
TotalEnergies Capital SA, 5.49%, 04/05/54(f)
 
320
302,301
TransCanada PipeLines Ltd., 7.63%, 01/15/39
 
75
86,080
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
 
41
40,334
Transocean, Inc., 8.25%, 05/15/29(b)
 
47
37,894
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Valaris Ltd., 8.38%, 04/30/30(b)
USD
143
$ 133,989
Valero Energy Corp., 7.50%, 04/15/32
 
25
27,987
Venture Global LNG, Inc.(b)
 
8.13%, 06/01/28
 
25
24,827
7.00%, 01/15/30
 
11
10,362
8.38%, 06/01/31(f)
 
20
19,286
9.88%, 02/01/32(f)
 
46
46,707
Vermilion Energy, Inc., 7.25%, 02/15/33(b)
 
245
205,540
Viper Energy, Inc.(b)
 
5.38%, 11/01/27
 
1,305
1,298,164
7.38%, 11/01/31
 
293
304,172
Vista Energy Argentina SAU, 7.63%, 12/10/35(b)(f)
 
32
30,538
Western Midstream Operating LP, 5.25%, 02/01/50
 
170
135,887
Wildfire Intermediate Holdings LLC, 7.50%,
10/15/29(b)
 
48
43,920
Williams Cos., Inc., 5.80%, 11/15/43
 
35
33,714
YPF SA, 9.50%, 01/17/31(b)
 
19
19,656
 
 
45,572,783
Passenger Airlines — 0.1%
Allegiant Travel Co., 7.25%, 08/15/27(b)(f)
 
73
67,425
American Airlines, Inc., 8.50%, 05/15/29(b)
 
72
73,382
Azul Secured Finance LLP, 11.93%, 08/28/28
 
213
126,515
Delta Air Lines, Inc., 7.38%, 01/15/26
 
25
25,306
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)(f)
 
259
238,572
JetBlue Pass-Through Trust, Series 2019-1,
Class AA, 2.75%, 11/15/33
 
31
26,562
Mileage Plus Holdings LLC/Mileage Plus Intellectual
Property Assets Ltd., 6.50%, 06/20/27(b)
 
104
104,478
Southwest Airlines Co., 5.13%, 06/15/27
 
75
75,204
United Airlines Pass-Through Trust, Series 2019-1,
Class AA, 4.15%, 02/25/33
 
26
24,633
 
 
762,077
Personal Care Products — 0.0%
Colgate-Palmolive Co., 3.70%, 08/01/47
 
60
46,462
Estee Lauder Cos., Inc., 2.38%, 12/01/29
 
25
22,797
Kenvue, Inc., 5.05%, 03/22/53
 
175
162,451
Procter & Gamble Co., 3.60%, 03/25/50
 
25
18,808
 
 
250,518
Pharmaceuticals — 0.7%
AbbVie, Inc.
 
4.05%, 11/21/39
 
155
134,277
4.25%, 11/21/49
 
225
182,478
5.40%, 03/15/54
 
320
306,610
5.50%, 03/15/64
 
85
81,681
Astrazeneca Finance LLC, 1.75%, 05/28/28
 
150
139,912
AstraZeneca PLC, 6.45%, 09/15/37
 
145
161,748
Becton Dickinson & Co., 3.79%, 05/20/50
 
20
14,754
Bristol-Myers Squibb Co.
 
3.25%, 08/01/42
 
80
58,711
4.25%, 10/26/49
 
200
160,133
Cardinal Health, Inc.
 
3.75%, 09/15/25
 
50
49,857
5.45%, 02/15/34
 
133
134,366
5.35%, 11/15/34
 
430
431,606
5.75%, 11/15/54
 
100
95,768
Cencora, Inc.
 
4.85%, 12/15/29
 
610
616,981
2.70%, 03/15/31
 
350
313,164
5.13%, 02/15/34
 
275
275,574
Schedule of Investments
25

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Cencora, Inc.(continued)
 
5.15%, 02/15/35
USD
90
$ 90,157
CVS Health Corp.
 
2.70%, 08/21/40
 
91
61,751
5.13%, 07/20/45
 
400
346,875
5.05%, 03/25/48
 
125
106,236
Eli Lilly & Co.
 
4.90%, 02/12/32(f)
 
580
595,229
4.88%, 02/27/53
 
45
40,802
4.95%, 02/27/63
 
70
62,879
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38
 
50
55,041
Johnson & Johnson
 
3.63%, 03/03/37
 
25
22,207
5.95%, 08/15/37
 
50
54,971
3.40%, 01/15/38
 
125
106,878
2.45%, 09/01/60
 
45
24,689
McKesson Corp., 0.90%, 12/03/25
 
610
597,839
Merck & Co., Inc.
 
1.70%, 06/10/27
 
500
478,017
1.90%, 12/10/28(f)
 
220
204,563
4.15%, 05/18/43
 
80
67,514
5.00%, 05/17/53(f)
 
60
54,512
2.90%, 12/10/61
 
50
28,725
5.15%, 05/17/63
 
270
245,999
Mylan, Inc., 4.55%, 04/15/28
 
25
24,452
Novartis Capital Corp.
 
3.10%, 05/17/27
 
25
24,640
2.75%, 08/14/50(f)
 
25
15,824
Organon & Co./Organon Foreign Debt Co-Issuer BV,
7.88%, 05/15/34(b)
 
200
184,204
Pfizer Investment Enterprises Pte. Ltd.
 
5.30%, 05/19/53
 
195
180,573
5.34%, 05/19/63
 
85
77,135
Pfizer, Inc.
 
4.00%, 12/15/36(f)
 
35
31,662
7.20%, 03/15/39
 
125
146,101
2.70%, 05/28/50
 
98
59,514
Viatris, Inc., 2.30%, 06/22/27
 
20
18,847
Zoetis, Inc.
 
3.90%, 08/20/28
 
325
321,889
5.60%, 11/16/32
 
65
68,082
 
 
7,555,427
Real Estate Management & Development — 0.0%
CBRE Services, Inc.
 
2.50%, 04/01/31
 
50
43,730
5.95%, 08/15/34
 
290
299,562
Five Point Operating Co. LP/Five Point Capital Corp.,
10.50%, 01/15/28(b)(l)
 
47
47,564
Howard Hughes Corp., 5.38%, 08/01/28(b)
 
48
46,247
 
 
437,103
Residential REITs — 0.1%
ERP Operating LP, 4.65%, 09/15/34(f)
 
190
182,505
Invitation Homes Operating Partnership LP, 5.50%,
08/15/33
 
40
40,006
Mid-America Apartments LP, 3.60%, 06/01/27
 
25
24,673
NNN REIT, Inc., 5.60%, 10/15/33
 
100
101,256
Realty Income Corp.
 
3.00%, 01/15/27
 
20
19,561
3.40%, 01/15/28
 
100
97,552
Security
 
Par
(000)
Value
Residential REITs (continued)
Realty Income Corp.(continued)
 
4.75%, 02/15/29
USD
300
$ 302,960
1.80%, 03/15/33
 
40
31,471
 
 
799,984
Retail REITs — 0.1%
Simon Property Group LP
 
1.38%, 01/15/27
 
120
114,225
4.75%, 09/26/34(f)
 
70
66,927
6.75%, 02/01/40
 
100
111,282
4.75%, 03/15/42
 
400
352,720
4.25%, 11/30/46
 
400
320,130
3.25%, 09/13/49(f)
 
40
26,379
5.85%, 03/08/53
 
280
274,366
 
 
1,266,029
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.
 
2.10%, 10/01/31
 
20
17,290
2.80%, 10/01/41
 
60
43,233
2.95%, 10/01/51
 
35
22,298
Ap Grange Holdings LLC, (Acquired 07/21/24, Cost:
$258,522), 6.50%, 03/20/45(g)(i)
 
258
250,120
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.50%, 01/15/28
 
150
146,781
Broadcom, Inc.
 
3.15%, 11/15/25
 
75
74,415
4.00%, 04/15/29(b)
 
20
19,585
2.45%, 02/15/31(b)
 
181
159,928
5.20%, 04/15/32
 
566
575,091
3.42%, 04/15/33(b)
 
719
641,207
4.80%, 10/15/34
 
634
617,184
3.14%, 11/15/35(b)
 
132
109,370
3.19%, 11/15/36(b)
 
195
159,132
4.93%, 05/15/37(b)
 
231
221,239
4.55%, 02/15/32
 
25
24,502
Foundry JV Holdco LLC(b)
 
5.90%, 01/25/33
 
405
413,053
6.10%, 01/25/36
 
207
210,902
Intel Corp.
 
5.20%, 02/10/33
 
330
324,268
5.70%, 02/10/53
 
100
89,071
KLA Corp., 4.95%, 07/15/52
 
150
134,583
Marvell Technology, Inc.
 
5.75%, 02/15/29
 
50
51,744
5.95%, 09/15/33
 
180
186,269
Microchip Technology, Inc.
 
4.25%, 09/01/25
 
25
24,961
5.05%, 03/15/29
 
25
25,040
Micron Technology, Inc., 5.33%, 02/06/29
 
125
126,687
NVIDIA Corp.
 
3.50%, 04/01/40
 
40
33,177
3.50%, 04/01/50
 
100
73,960
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.15%, 05/01/27
 
50
48,611
2.50%, 05/11/31
 
63
54,237
2.65%, 02/15/32(f)
 
353
296,993
5.00%, 01/15/33
 
50
48,219
QUALCOMM, Inc.
 
3.45%, 05/20/25
 
100
99,936
3.25%, 05/20/27
 
50
49,216
Texas Instruments, Inc.
 
4.60%, 02/08/29
 
120
121,883
1.75%, 05/04/30
 
260
230,031
26
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.(continued)
 
4.90%, 03/14/33
USD
200
$ 202,563
4.15%, 05/15/48
 
50
40,678
5.15%, 02/08/54
 
140
130,152
5.05%, 05/18/63
 
25
22,364
 
 
6,119,973
Software — 0.9%
AppLovin Corp.
 
5.13%, 12/01/29
 
640
645,256
5.38%, 12/01/31
 
1,408
1,420,883
5.95%, 12/01/54
 
517
493,702
Cloud Software Group, Inc., 9.00%, 09/30/29(b)
 
46
46,342
Concentrix Corp., 6.60%, 08/02/28
 
20
20,925
Electronic Arts, Inc., 2.95%, 02/15/51(f)
 
25
15,562
Intuit, Inc.
 
5.20%, 09/15/33
 
500
514,000
5.50%, 09/15/53
 
100
97,749
Microsoft Corp.
 
2.53%, 06/01/50
 
175
108,412
2.92%, 03/17/52
 
100
66,367
3.95%, 08/08/56
 
200
158,525
2.68%, 06/01/60
 
260
153,490
Oracle Corp.
 
5.80%, 11/10/25
 
85
85,573
2.95%, 04/01/30(f)
 
40
36,976
4.65%, 05/06/30
 
185
185,438
2.88%, 03/25/31
 
215
193,442
4.90%, 02/06/33
 
70
68,814
5.50%, 08/03/35
 
1,115
1,119,592
3.60%, 04/01/40
 
160
124,710
3.65%, 03/25/41
 
590
450,925
4.50%, 07/08/44
 
65
53,451
4.00%, 07/15/46
 
32
24,022
3.60%, 04/01/50
 
335
227,863
3.95%, 03/25/51
 
6
4,332
5.55%, 02/06/53
 
137
125,477
5.38%, 09/27/54
 
80
70,905
6.00%, 08/03/55
 
428
416,320
3.85%, 04/01/60
 
385
257,631
4.10%, 03/25/61
 
430
301,282
6.13%, 08/03/65
 
1,752
1,709,122
Roper Technologies, Inc.
 
1.00%, 09/15/25
 
50
49,322
4.50%, 10/15/29(f)
 
380
378,360
VMware LLC
 
4.65%, 05/15/27
 
80
80,123
4.70%, 05/15/30
 
75
74,319
 
 
9,779,212
Specialized REITs — 0.0%
CubeSmart LP, 2.25%, 12/15/28
 
75
68,912
Extra Space Storage LP
 
5.50%, 07/01/30
 
100
102,855
2.35%, 03/15/32
 
100
83,140
Iron Mountain, Inc., 7.00%, 02/15/29(b)
 
49
50,328
Public Storage Operating Co., 5.10%, 08/01/33
 
50
50,784
 
 
356,019
Specialty Retail — 0.1%
AutoZone, Inc.
 
5.05%, 07/15/26
 
125
125,807
6.55%, 11/01/33
 
175
190,072
5.40%, 07/15/34
 
345
348,619
Security
 
Par
(000)
Value
Specialty Retail (continued)
FirstCash, Inc., 6.88%, 03/01/32(b)
USD
72
$ 73,665
Foot Locker, Inc., 4.00%, 10/01/29(b)(f)
 
116
94,010
OReilly Automotive, Inc., 4.20%, 04/01/30
 
100
98,120
Ross Stores, Inc., 0.88%, 04/15/26
 
50
48,268
 
 
978,561
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
 
2.38%, 02/08/41
 
105
72,725
3.85%, 05/04/43
 
50
41,453
4.65%, 02/23/46
 
225
204,558
4.85%, 05/10/53
 
40
37,676
4.10%, 08/08/62
 
180
142,479
Dell International LLC/EMC Corp.
 
6.10%, 07/15/27
 
65
67,091
6.20%, 07/15/30
 
100
105,927
5.75%, 02/01/33
 
20
20,680
HP, Inc., 3.00%, 06/17/27
 
75
72,643
NetApp, Inc.
 
1.88%, 06/22/25
 
50
49,786
5.70%, 03/17/35
 
725
728,301
 
 
1,543,319
Textiles, Apparel & Luxury Goods — 0.0%
NIKE, Inc., 2.85%, 03/27/30
 
100
93,572
VF Corp., 6.45%, 11/01/37
 
147
122,744
William Carter Co., 5.63%, 03/15/27(b)
 
108
105,146
 
 
321,462
Tobacco — 0.9%
Altria Group, Inc.
 
4.80%, 02/14/29
 
500
503,035
3.40%, 05/06/30
 
150
141,057
2.45%, 02/04/32
 
400
339,140
3.40%, 02/04/41
 
1,124
808,829
4.25%, 08/09/42
 
101
79,943
4.50%, 05/02/43
 
23
18,576
3.88%, 09/16/46
 
241
172,591
5.95%, 02/14/49(f)
 
1,080
1,047,126
4.45%, 05/06/50
 
219
167,925
3.70%, 02/04/51
 
290
195,377
4.00%, 02/04/61(f)
 
450
306,351
BAT Capital Corp.
 
3.46%, 09/06/29
 
150
142,927
5.83%, 02/20/31
 
100
104,107
2.73%, 03/25/31
 
25
22,237
6.00%, 02/20/34(f)
 
550
574,777
3.73%, 09/25/40
 
456
349,008
7.08%, 08/02/43
 
411
440,766
5.65%, 03/16/52
 
162
145,855
7.08%, 08/02/53
 
1,621
1,761,409
BAT International Finance PLC, 1.67%, 03/25/26
 
200
194,638
Philip Morris International, Inc.
 
4.88%, 02/15/28(f)
 
590
600,655
5.63%, 11/17/29
 
215
225,333
1.75%, 11/01/30
 
50
43,246
5.75%, 11/17/32
 
345
361,934
5.38%, 02/15/33
 
720
737,289
5.63%, 09/07/33
 
90
93,367
5.25%, 02/13/34
 
75
75,760
6.38%, 05/16/38
 
75
81,556
4.25%, 11/10/44(f)
 
380
315,150
Schedule of Investments
27

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tobacco (continued)
Reynolds American, Inc., 5.85%, 08/15/45
USD
110
$ 103,053
Turning Point Brands, Inc., 7.63%, 03/15/32(b)(f)
 
105
109,112
 
 
10,262,129
Transportation Infrastructure — 0.0%
FedEx Corp.
 
3.40%, 02/15/28
 
20
19,295
2.40%, 05/15/31
 
80
69,972
United Parcel Service, Inc., 5.30%, 04/01/50
 
25
23,352
 
 
112,619
Water Utilities — 0.0%
American Water Capital Corp.
 
2.30%, 06/01/31
 
35
30,545
4.45%, 06/01/32
 
90
87,653
4.20%, 09/01/48
 
20
16,004
5.45%, 03/01/54
 
30
28,565
Essential Utilities, Inc., 5.38%, 01/15/34
 
195
195,703
 
 
358,470
Wireless Telecommunication Services — 0.4%
Rogers Communications, Inc., 3.20%, 03/15/27
 
65
63,560
Sprint LLC, 7.63%, 03/01/26
 
20
20,262
T-Mobile USA, Inc.
 
4.80%, 07/15/28
 
100
101,027
3.88%, 04/15/30
 
1,254
1,209,993
2.55%, 02/15/31
 
40
35,494
5.13%, 05/15/32
 
215
217,380
5.20%, 01/15/33
 
248
249,387
5.15%, 04/15/34
 
35
35,022
5.30%, 05/15/35
 
785
788,145
5.75%, 01/15/54
 
270
260,639
5.50%, 01/15/55
 
75
69,894
5.25%, 06/15/55
 
270
241,586
3.60%, 11/15/60
 
230
150,452
5.80%, 09/15/62
 
455
438,521
Vodafone Group PLC, 6.25%, 11/30/32
 
300
323,234
Zegona Finance PLC, 8.63%, 07/15/29(b)
 
125
132,927
 
 
4,337,523
Total Corporate Bonds — 27.9%
(Cost: $316,815,783)
318,861,480
Floating Rate Loan Interests(a)
Entertainment — 0.1%
Ballys Corp., 2021 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28
 
258
222,811
ECL Entertainment LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.82%, 08/31/30
 
115
113,304
 
 
336,115
Media — 0.0%
Directv Financing LLC, 2025 Term Loan B,
02/15/31(m)
 
103
95,051
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels — 0.0%
CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.30%, 12/30/27
USD
259
$       257,405
Total Floating Rate Loan Interests — 0.1%
(Cost: $719,655)
688,571
Foreign Agency Obligations
Argentina — 0.0%
Argentine Republic Government International Bond
 
1.00%, 07/09/29
 
5
4,337
0.75%, 07/09/30(l)
 
16
12,145
4.75%, 07/09/35(l)
 
15
9,672
3.50%, 07/09/41(l)
 
7
4,443
 
 
30,597
Belgium — 0.1%
Kingdom of Belgium Government Bond, Series 98,
3.30%, 06/22/54(b)(c)
EUR
1,011
1,047,814
Brazil — 0.1%
Brazil Notas do Tesouro Nacional
 
10.00%, 01/01/29
BRL
2
318,144
10.00%, 01/01/35
 
5
739,308
 
 
1,057,452
Bulgaria — 0.0%
Bulgaria Government International Bond, 5.00%,
03/05/37(c)
USD
6
5,796
Canada — 0.0%
Province of Alberta Canada, 1.30%, 07/22/30(f)
 
10
8,733
Province of Ontario Canada
 
3.10%, 05/19/27(f)
 
15
14,796
2.13%, 01/21/32
 
35
30,735
Province of Quebec Canada
 
0.60%, 07/23/25
 
25
24,777
2.50%, 04/20/26
 
10
9,855
1.90%, 04/21/31
 
10
8,858
4.50%, 09/08/33
 
15
14,980
Series PD, 7.50%, 09/15/29
 
10
11,418
 
 
124,152
Chile — 0.0%
Chile Government International Bond
 
3.50%, 01/25/50
 
200
140,400
4.00%, 01/31/52
 
200
150,650
 
 
291,050
Colombia — 0.0%
Colombian TES
 
Series B, 5.75%, 11/03/27
COP
196,600
42,513
Series B, 6.00%, 04/28/28
 
535,300
113,617
Series B, 7.75%, 09/18/30
 
532,400
109,301
 
 
265,431
Czech Republic — 0.1%
Czech Republic Government Bond
 
0.95%, 05/15/30(c)
CZK
2,770
110,703
Series 105, 2.75%, 07/23/29
 
3,540
155,997
28
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Czech Republic (continued)
Czech Republic Government Bond(continued)
 
Series 150, 5.00%, 09/30/30
CZK
670
$ 32,417
Series 49, 4.20%, 12/04/36(c)
 
1,930
87,649
 
 
386,766
Dominican Republic — 0.0%
Dominican Republic International Bond, 5.95%,
01/25/27(c)
USD
100
100,312
Ecuador — 0.0%
Ecuador Government International Bond(c)(l)
 
5.50%, 07/31/35
 
14
8,400
5.00%, 07/31/40
 
19
10,019
 
 
18,419
Egypt — 0.0%
Egypt Government Bond
 
Series 3Y, 24.46%, 10/01/27
EGP
491
9,866
Series 3Y, 21.38%, 02/04/28
 
900
17,282
 
 
27,148
Germany — 0.1%
Bundesrepublik Deutschland Bundesanleihe, 2.50%,
08/15/54(c)
EUR
846
885,292
Ghana — 0.0%
Ghana Government International Bond, 5.00%,
07/03/35(b)(l)
USD
21
14,131
Hungary — 0.0%
Hungary Government International Bond(c)
 
Series 10Y, 5.38%, 09/12/33
EUR
85
100,472
Series 6Y, 4.00%, 07/25/29
 
16
18,489
 
 
118,961
Indonesia — 0.1%
Indonesia Government International Bond
 
2.85%, 02/14/30
USD
1,120
1,033,760
4.65%, 09/20/32
 
450
438,188
Indonesia Treasury Bond, Series 103, 6.75%,
07/15/35
IDR
836,000
49,894
 
 
1,521,842
Israel — 0.0%
Israel Government International Bond, Series 30Y,
5.75%, 03/12/54
USD
204
183,600
Ivory Coast — 0.0%
Ivory Coast Government International Bond, 6.63%,
03/22/48(c)
EUR
100
83,973
Japan — 0.2%
Japan Government Thirty Year Bond
 
2.40%, 03/20/55
JPY
63,800
423,749
Series 85, 2.30%, 12/20/54
 
193,800
1,259,402
 
 
1,683,151
Lebanon — 0.0%
Lebanon Government International Bond(c)
 
6.65%, 11/03/28
USD
41
6,908
Series 10Y, 6.85%, 03/23/27
 
16
2,696
 
 
9,604
Mexico — 0.4%
Mexican Bonos
 
Series M, 8.50%, 03/01/29
MXN
8
39,029
Security
 
Par
(000)
Value
Mexico (continued)
Mexican Bonos(continued)
 
Series M, 8.50%, 05/31/29
MXN
11
$ 55,669
Series M, 7.75%, 11/13/42
 
4
16,646
Series M, 8.00%, 11/07/47
 
6
25,379
Mexico Government International Bond
 
2.66%, 05/24/31
USD
1,190
1,010,012
3.50%, 02/12/34
 
405
854,613
6.35%, 02/09/35
 
1,057
1,049,072
6.88%, 05/13/37
 
800
810,400
4.50%, 01/31/50(f)
 
430
299,065
6.34%, 05/04/53
 
200
263,400
 
 
4,423,285
Panama — 0.1%
Panama Government International Bond
 
3.88%, 03/17/28
 
580
554,190
3.30%, 01/19/33
 
200
156,600
4.50%, 04/01/56
 
270
165,780
 
 
876,570
Peru — 0.0%
Peruvian Government International Bond
 
7.30%, 08/12/33(c)
PEN
203
58,536
3.55%, 03/10/51
USD
190
324,600
 
 
383,136
Philippines — 0.1%
Philippines Government International Bond
 
3.00%, 02/01/28
 
910
877,012
3.20%, 07/06/46
 
200
279,876
 
 
1,156,888
Poland — 0.1%
Republic of Poland Government Bond
 
2.00%, 08/25/36
PLN
75
17,831
Series 0130, 5.00%, 01/25/30
 
292
78,422
Series 0429, 5.75%, 04/25/29
 
727
199,910
Series 0729, 4.75%, 07/25/29
 
364
96,642
Series 1029, 2.75%, 10/25/29
 
274
67,241
Republic of Poland Government International Bond
 
4.88%, 10/04/33
USD
2
1,978
5.50%, 04/04/53
 
7
6,563
 
 
468,587
Romania — 0.0%
Romanian Government International Bond
 
5.25%, 11/25/27(b)
 
2
1,985
2.13%, 03/07/28(c)
EUR
18
19,467
6.63%, 09/27/29(c)
 
21
25,268
2.12%, 07/16/31(c)
 
3
2,766
5.88%, 07/11/32(b)
 
3
3,347
6.25%, 09/10/34(b)
 
4
4,433
 
 
57,266
South Africa — 0.0%
Republic of South Africa Government Bond
 
Series 2030, 8.00%, 01/31/30
ZAR
5,244
273,223
Series R213, 7.00%, 02/28/31
 
2,351
113,532
 
 
386,755
South Korea — 0.0%
Export-Import Bank of Korea, 5.13%, 09/18/33
USD
300
306,753
Schedule of Investments
29

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Sri Lanka — 0.0%
Sri Lanka Government International Bond, 4.00%,
04/15/28(c)
USD
20
$ 18,212
Supranational — 0.3%
European Union(c)
 
2.50%, 10/04/52
EUR
350
314,622
3.00%, 03/04/53
 
3,304
3,286,852
 
 
3,601,474
Turkey — 0.0%
Turkiye Government Bond
 
Series 10Y, 26.20%, 10/05/33
TRY
898
19,586
Series 5Y, 30.00%, 09/12/29
 
480
10,723
 
 
30,309
Ukraine — 0.0%
Ukraine Government International Bond
 
1.75%, 02/01/29(b)(l)
USD
20
12,045
1.75%, 02/01/36(c)(l)
 
11
5,464
7.75%, 08/01/41(a)(c)(e)(k)
 
10
7,000
 
 
24,509
United Kingdom — 0.1%
United Kingdom Gilt, 4.38%, 07/31/54(c)
GBP
1,292
1,504,884
Uruguay — 0.1%
Oriental Republic of Uruguay, 5.25%, 09/10/60
USD
6
5,406
Uruguay Government International Bond
 
4.38%, 10/27/27
 
500
501,000
5.75%, 10/28/34
 
4
4,431
5.10%, 06/18/50
 
253
232,288
 
 
743,125
Venezuela — 0.0%
Venezuela Government International Bond, 11.95%,
08/05/31(c)(e)(k)
 
30
4,966
Total Foreign Agency Obligations — 1.9%
(Cost: $21,804,130)
21,842,210
 
 

Shares
 
Investment Companies
Equity Funds — 0.0%
Financial Select Sector SPDR Fund
 
5,000
243,800
Financial Services — 0.1%
iShares 0-5 Year High Yield Corporate Bond ETF(f)(n)
 
26,898
1,138,324
Total Investment Companies — 0.1%
(Cost: $1,410,911)
1,382,124
 
 
Par
(000)
 
Municipal Bonds
California — 0.2%
Bay Area Toll Authority, RB, BAB
 
Series F-2, 6.26%, 04/01/49
USD
100
105,478
Series S-1, 7.04%, 04/01/50
 
190
218,885
Los Angeles Community College District, GO, BAB,
6.60%, 08/01/42
 
145
159,629
Security
 
Par
(000)
Value
California (continued)
Los Angeles Department of Water & Power, RB, BAB,
6.60%, 07/01/50
USD
100
$ 105,601
Regents of the University of California Medical Center
Pooled Revenue, RB, Series N, 3.26%, 05/15/60
 
50
31,250
State of California, GO, BAB
 
7.55%, 04/01/39
 
250
301,809
7.35%, 11/01/39
 
100
116,655
State of California, Refunding GO, 4.60%, 04/01/28(o)
 
370
376,181
University of California, RB, Series AD, 4.86%,
05/15/2112
 
270
223,631
 
 
1,639,119
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32
 
50
53,693
Georgia — 0.0%
Municipal Electric Authority of Georgia, Refunding RB,
BAB, 6.64%, 04/01/57
 
49
53,276
Illinois — 0.1%
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB, Series B, 6.90%, 12/01/40
 
47
52,116
State of Illinois, GO, 5.10%, 06/01/33(f)
 
621
620,912
 
 
673,028
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB,
Class A-2, 4.15%, 02/01/33
 
230
227,773
Massachusetts(f) — 0.0%
Commonwealth of Massachusetts, GOL, Series H,
2.90%, 09/01/49
 
50
33,974
Massachusetts School Building Authority, Refunding
RB, Series C, 2.95%, 05/15/43
 
50
37,494
 
 
71,468
Michigan — 0.0%
University of Michigan, RB, Series B, 2.56%,
04/01/50
 
100
61,600
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB, Series F,
7.41%, 01/01/40
 
224
269,582
New York — 0.1%
City of New York, GO, Series B-1, Sustainability
Bonds, 5.83%, 10/01/53
 
15
15,422
City of New York, GO, BAB, Series F-1, 6.27%,
12/01/37
 
75
81,017
Empire State Development Corp., RB, BAB, 5.77%,
03/15/39
 
40
41,220
Metropolitan Transportation Authority, RB, BAB,
6.67%, 11/15/39
 
130
140,197
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42
 
50
51,758
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44
 
60
61,297
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
 
60
62,379
Port Authority of New York & New Jersey, RB
 
Series 165, 5.65%, 11/01/40
 
50
52,503
Series 168, 4.93%, 10/01/51
 
110
101,719
 
 
607,512
30
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ohio — 0.0%
American Municipal Power, Inc., RB, Series B, 8.08%,
02/15/50
USD
150
$ 188,194
Pennsylvania — 0.0%
Commonwealth Financing Authority, RB, Series A,
3.86%, 06/01/38
 
50
45,509
Pennsylvania State University, Refunding RB,
Series D, 2.79%, 09/01/43
 
50
36,859
 
 
82,368
Texas — 0.0%
Board of Regents of the University of Texas System,
RB, BAB, Series C, 4.79%, 08/15/46
 
50
47,322
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41
 
50
50,823
Dallas Fort Worth International Airport, Refunding RB,
2.84%, 11/01/46
 
50
35,824
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(b)
 
200
205,653
State of Texas, GO, BAB, 5.52%, 04/01/39
 
115
117,754
 
 
457,376
Total Municipal Bonds — 0.4%
(Cost: $4,330,878)
4,384,989
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 8.7%
A&D Mortgage Trust(b)
 
Series 2023-NQM5, Class A1, 7.05%, 11/25/68
 
119
120,422
Series 2024-NQM5, Class A1, 5.70%, 11/25/69
 
94
94,333
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(b)
 
179
178,932
Ajax Mortgage Loan Trust(b)
 
Series 2021-C, Class A, 5.12%, 01/25/61
 
34
34,479
Series 2023-C, Class A1, 3.50%, 05/25/63
 
203
192,162
Alternative Loan Trust
 
Series 2005-29CB, 5.50%, 07/25/35
 
6
3,752
Series 2005-31, Class 1A1, (1 mo. Term SOFR +
0.67%), 5.00%, 08/25/35(a)
 
422
391,740
Series 2005-55CW, Class 2A3, (1 mo. Term SOFR
+ 0.46%), 4.78%, 11/25/35(a)
 
12
8,613
Series 2005-59, Class 1A1, (1 mo. Term SOFR +
0.77%), 5.09%, 11/20/35(a)
 
9
8,763
Series 2006-11CB, Class 2A1, 6.25%, 05/25/36
 
903
460,556
Series 2006-OA17, Class 1A1D, (1 mo. Term
SOFR + 0.40%), 4.72%, 12/20/46(a)
 
311
268,683
Series 2006-OA2, Class A5, (1 mo. Term SOFR +
0.57%), 4.89%, 05/20/46(a)
 
196
169,067
Series 2006-OC10, Class 2A3, (1 mo. Term SOFR
+ 0.57%), 4.90%, 11/25/36(a)
 
351
292,943
Series 2006-OC7, Class 2A3, (1 mo. Term SOFR +
0.61%), 4.94%, 07/25/46(a)
 
371
314,640
Series 2007-19, Class 1A34, 6.00%, 08/25/37
 
285
132,292
American Home Mortgage Investment Trust,
Series 2006-2, Class 2A2, (1 mo. Term SOFR +
1.74%), 6.06%, 05/25/36(a)
 
2,206
183,180
Angel Oak Mortgage Trust(b)
 
Series 2023-1, Class A1, 4.75%, 09/26/67
 
327
323,719
Series 2023-7, Class A1, 4.80%, 11/25/67
 
159
157,246
Series 2024-1, Class A1, 5.21%, 08/25/68
 
42
41,861
Series 2024-10, Class A1, 5.35%, 10/25/69
 
46
46,019
Series 2024-11, Class A1, 5.70%, 08/25/69
 
72
72,774
Series 2025-1, Class A1, 5.69%, 01/25/70
 
934
937,462
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Angel Oak Mortgage Trust(b)(continued)
 
Series 2025-2, Class A1, 5.64%, 02/25/70
USD
175
$ 175,651
AOMT, Series 2024-6, Class A3, 4.65%, 11/25/67(b)
 
289
283,323
Banc of America Alternative Loan Trust
 
Series 2003-8, Class 1CB1, 5.50%, 10/25/33
 
53
53,404
Series 2006-7, Class A4, 6.50%, 10/25/36
 
25
6,752
Banc of America Funding Trust
 
Series 2007-1, Class 1A6, 5.75%, 01/25/37
 
8
6,637
Series 2007-3, Class TA8, (1 mo. Term SOFR +
0.29%), 4.62%, 04/25/37(a)
 
209
173,711
Barclays Mortgage Loan Trust, Series 2025-NQM1,
Class A1, 5.66%, 01/25/65(b)
 
1,065
1,073,048
Bear Stearns Asset Backed Securities I Trust(a)
 
Series 2006-AC2, Class 1A1, (1 mo. Term SOFR +
0.46%), 4.79%, 03/25/36
 
46
11,859
Series 2006-IM1, Class A3, (1 mo. Term SOFR +
0.67%), 5.00%, 04/25/36
 
198
181,911
Braccan Mortgage Funding, Series 2024-1, Class X,
(1-day SONIA GBP 4.34%), 8.82%, 02/15/67(a)(c)
GBP
136
181,381
BRAVO Residential Funding Trust(b)
 
Series 2021-NQM1, Class B1, 3.17%, 02/25/49(a)
USD
265
213,099
Series 2024-NQM4, Class A3, 4.35%, 01/25/60
 
295
284,768
Series 2025-NQM2, Class A1, 5.68%, 11/25/64
 
213
213,610
Chase Mortgage Finance Trust
 
Series 2006-S2, Class 1A16, 6.25%, 10/25/36
 
400
147,948
Series 2007-A1, Class 3A1, 5.98%, 02/25/37(a)
 
115
111,627
Series 2007-S5, Class 1A10, 6.00%, 07/25/37
 
524
228,671
CHL Mortgage Pass-Through Trust
 
Series 2006-17, Class A6, 6.00%, 12/25/36
 
5
2,386
Series 2007-11, Class A1, 6.00%, 08/25/37
 
531
225,359
Series 2007-3, Class A17, 6.00%, 04/25/37
 
159
74,563
Series 2007-4, Class 1A47, 6.00%, 05/25/37
 
272
117,788
Series 2007-8, Class 1A12, 5.88%, 01/25/38
 
140
57,231
Series 2007-8, Class 1A24, 6.00%, 01/25/38
 
90
37,294
Series 2007-9, Class A1, 5.75%, 07/25/37
 
18
8,599
CIM Trust(b)
 
Series 2025-I1, Class A1, 5.66%, 10/25/69
 
511
516,069
Series 2025-I1, Class M1, 6.44%, 10/25/69(a)
 
540
546,262
Citigroup Mortgage Loan Trust, Series 2007-6,
Class 2A1, (1 mo. Term SOFR + 0.61%), 4.94%,
05/25/37(a)
 
25
22,809
COLT Mortgage Loan Trust(b)
 
Series 2022-5, Class B1, 4.68%, 03/25/67(a)
 
100
92,329
Series 2022-8, Class B1, 6.50%, 08/25/67(a)
 
483
480,649
Series 2024-6, Class A1, 5.39%, 11/25/69
 
93
93,474
Connecticut Avenue Securities Trust(a)(b)
 
Series 2020-SBT1, Class 1B1, (30-day Avg SOFR
+ 6.86%), 11.22%, 02/25/40
 
1,900
2,011,388
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR
+ 3.76%), 8.12%, 02/25/40
 
1,325
1,375,195
Series 2020-SBT1, Class 2M2, (30-day Avg SOFR
+ 3.76%), 8.12%, 02/25/40
 
2,550
2,645,625
Series 2021-R01, Class 1B1, (30-day Avg SOFR +
3.10%), 7.45%, 10/25/41
 
2,550
2,590,647
Series 2021-R03, Class 1B1, (30-day Avg SOFR +
2.75%), 7.10%, 12/25/41
 
2,250
2,277,427
Series 2022-R01, Class 1B1, (30-day Avg SOFR +
3.15%), 7.50%, 12/25/41
 
2,690
2,740,437
Series 2022-R01, Class 1M2, (30-day Avg SOFR +
1.90%), 6.25%, 12/25/41
 
350
351,527
Series 2022-R02, Class 2B1, (30-day Avg SOFR +
4.50%), 8.85%, 01/25/42
 
1,825
1,895,719
Schedule of Investments
31

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a)(b)(continued)
 
Series 2022-R02, Class 2M2, (30-day Avg SOFR +
3.00%), 7.35%, 01/25/42
USD
2,335
$ 2,381,700
Series 2022-R03, Class 1B1, (30-day Avg SOFR +
6.25%), 10.60%, 03/25/42
 
1,650
1,777,875
Series 2022-R04, Class 1B1, (30-day Avg SOFR +
5.25%), 9.60%, 03/25/42
 
1,900
2,011,625
Series 2022-R05, Class 2B1, (30-day Avg SOFR +
4.50%), 8.85%, 04/25/42
 
1,500
1,566,324
Series 2022-R05, Class 2M2, (30-day Avg SOFR +
3.00%), 7.35%, 04/25/42
 
1,500
1,533,750
Series 2023-R02, Class 1B1, (30-day Avg SOFR +
5.55%), 9.90%, 01/25/43
 
520
563,886
Series 2024-R01, Class 1B1, (30-day Avg SOFR +
2.70%), 7.05%, 01/25/44
 
1,950
1,974,375
Series 2024-R02, Class 1B1, (30-day Avg SOFR +
2.50%), 6.85%, 02/25/44
 
1,000
1,002,498
Series 2024-R05, Class 2M2, (30-day Avg SOFR +
1.70%), 6.05%, 07/25/44
 
1,960
1,951,450
Series 2024-R06, Class 1B1, (30-day Avg SOFR +
2.05%), 6.40%, 09/25/44
 
1,500
1,478,445
Series 2025-R02, Class 1M2, (30-day Avg SOFR +
1.60%), 5.95%, 02/25/45
 
1,750
1,741,250
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-11, Class 1A1, 6.50%, 12/25/35
 
84
37,166
Credit Suisse Mortgage Trust, Series 2022-NQM4,
Class A2, 4.82%, 06/25/67(b)
 
126
125,412
Cross Mortgage Trust(a)(b)
 
Series 2024-H7, Class A1, 5.59%, 11/25/69
 
143
143,219
Series 2025-H1, Class M1, 6.48%, 02/25/70
 
144
144,545
CSMC(b)
 
Series 2015-6R, Class 5A2, (1 mo. Term SOFR +
0.29%), 3.84%, 03/27/36(a)
 
21
16,471
Series 2019-NQM1, Class A3, 4.06%, 10/25/59
 
38
37,557
CSMC Trust(a)(b)
 
Series 2020-NQM6, Class PT, 8.62%, 12/25/67
 
158
157,856
Series 2022-NQM5, Class M1, 5.17%, 05/25/67
 
1,000
914,048
Deephaven Residential Mortgage Trust(b)
 
Series 2021-1, Class B1, 3.10%, 05/25/65(a)
 
400
355,564
Series 2022-2, Class M1, 4.31%, 03/25/67(a)
 
100
87,929
Series 2024-1, Class A1, 5.74%, 07/25/69
 
89
88,832
EFMT, Series 2025-INV1, Class A1, 5.63%,
03/25/70(b)
 
197
197,510
Ellington Financial Mortgage Trust(b)
 
5.93%, 09/25/67(a)
 
100
78,776
Series 2024-NQM1, Class A1A, 5.71%, 11/25/69
 
158
158,406
Fannie Mae Connecticut Avenue Securities(a)
 
Series 2015-C04, Class 1M2, (30-day Avg SOFR +
5.81%), 10.17%, 04/25/28
 
187
190,613
Series 2021-R02, Class 2B1, (30-day Avg SOFR +
3.30%), 7.65%, 11/25/41(b)
 
1,005
1,022,588
Series 2021-R02, Class 2M1, (30-day Avg SOFR +
0.90%), 5.25%, 11/25/41(b)
 
30
30,470
Series 2021-R02, Class 2M2, (30-day Avg SOFR +
2.00%), 6.35%, 11/25/41(b)
 
2,150
2,151,355
FIGRE Trust, Series 2024-SL1, Class A1, 5.75%,
07/25/53(a)(b)
 
129
130,125
First Horizon Alternative Mortgage Securities Trust(a)
 
Series 2005-AA12, Class 2A1, 4.97%, 02/25/36
 
8
4,733
Series 2006-AA7, Class A1, 5.04%, 01/25/37
 
504
394,245
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a)(b)
 
Series 2020-HQA5, Class B1, (30-day Avg SOFR +
4.00%), 8.35%, 11/25/50
USD
1,350
$ 1,483,224
Series 2021-DNA1, Class B1, (30-day Avg SOFR +
2.65%), 7.00%, 01/25/51
 
2,300
2,386,250
Series 2021-DNA2, Class B1, (30-day Avg SOFR +
3.40%), 7.75%, 08/25/33
 
2,255
2,475,611
Series 2021-DNA3, Class B1, (30-day Avg SOFR +
3.50%), 7.85%, 10/25/33
 
800
880,752
Series 2021-DNA5, Class B1, (30-day Avg SOFR +
3.05%), 7.40%, 01/25/34
 
2,130
2,263,551
Series 2021-DNA6, Class B1, (30-day Avg SOFR +
3.40%), 7.75%, 10/25/41
 
2,100
2,151,917
Series 2021-DNA7, Class B1, (30-day Avg SOFR +
3.65%), 8.00%, 11/25/41
 
2,394
2,459,835
Series 2021-HQA1, Class B1, (30-day Avg SOFR +
3.00%), 7.35%, 08/25/33
 
2,023
2,159,203
Series 2021-HQA2, Class B1, (30-day Avg SOFR +
3.15%), 7.50%, 12/25/33
 
795
857,606
Series 2021-HQA3, Class B1, (30-day Avg SOFR +
3.35%), 7.70%, 09/25/41
 
2,110
2,146,271
Series 2021-HQA3, Class M2, (30-day Avg SOFR
+ 2.10%), 6.45%, 09/25/41
 
1,500
1,503,750
Series 2021-HQA4, Class M2, (30-day Avg SOFR
+ 2.35%), 6.70%, 12/25/41
 
1,750
1,759,853
Series 2022-DNA1, Class B1, (30-day Avg SOFR +
3.40%), 7.75%, 01/25/42
 
750
765,885
Series 2022-DNA1, Class M2, (30-day Avg SOFR
+ 2.50%), 6.85%, 01/25/42
 
1,900
1,926,125
Series 2022-DNA2, Class M2, (30-day Avg SOFR
+ 3.75%), 8.10%, 02/25/42
 
2,004
2,078,295
Series 2022-DNA3, Class M2, (30-day Avg SOFR
+ 4.35%), 8.70%, 04/25/42
 
2,375
2,495,919
Series 2022-DNA4, Class M2, (30-day Avg SOFR
+ 5.25%), 9.60%, 05/25/42
 
1,000
1,067,500
Series 2022-DNA5, Class M2, (30-day Avg SOFR
+ 6.75%), 11.10%, 06/25/42
 
1,000
1,098,750
Series 2022-DNA7, Class M2, (30-day Avg SOFR
+ 7.00%), 11.35%, 03/25/52
 
1,500
1,675,785
Series 2022-HQA1, Class M2, (30-day Avg SOFR
+ 5.25%), 9.60%, 03/25/42
 
2,225
2,357,628
Series 2023-HQA1, Class M1B, (30-day Avg SOFR
+ 3.50%), 7.85%, 05/25/43
 
590
618,987
Gaea Mortgage Loan Trust, Series 2025-A, Class A,
6.75%, 02/25/30(a)(b)
 
97
94,864
GCAT Trust(a)(b)
 
Series 2021-NQM3, Class B1, 3.47%, 05/25/66
 
100
72,185
Series 2023-NQM3, Class A1, 4.25%, 05/25/67
 
143
135,086
GS Mortgage-Backed Securities Trust, Series 2022-
NQM1, Class A4, 4.00%, 05/25/62(a)(b)
 
69
62,608
GSMPS Mortgage Loan Trust, Series 2005-RP2,
Class 1AF, (1 mo. Term SOFR + 0.46%), 4.79%,
03/25/35(a)(b)
 
137
126,796
Homes Trust(b)
 
Series 2024-NQM2, Class A1, 5.72%, 10/25/69
 
96
95,821
Series 2025-NQM1, Class B1, 7.27%, 01/25/70(a)
 
392
389,509
Series 2025-NQM1, Class M1, 6.52%, 01/25/70(a)
 
200
201,216
Homeward Opportunities Fund I Trust, Series 2020-2,
Class B1, 5.45%, 05/25/65(a)(b)
 
570
578,704
Homeward Opportunities Fund Trust, Series 2022-1,
Class A1, 5.08%, 07/25/67(b)
 
78
77,795
32
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Impac CMB Trust, Series 2007-A, Class A, (1 mo.
Term SOFR + 0.61%), 4.94%, 05/25/37(a)(b)
USD
56
$ 53,165
Impac Secured Assets Trust, Series 2006-3,
Class A1, (1 mo. Term SOFR + 0.45%), 4.78%,
11/25/36(a)
 
19
16,838
JP Morgan Alternative Loan Trust, Series 2006-A1,
Class 2A1, 5.07%, 03/25/36(a)
 
713
526,429
JP Morgan Mortgage Trust(a)(b)
 
Series 2024-VIS2, Class B1, 7.73%, 11/25/64
 
25
25,029
Series 2025-VIS1, Class M1, 6.41%, 08/25/55
 
150
150,197
MASTR Reperforming Loan Trust, Series 2005-1,
Class 1A3, 7.00%, 08/25/34(b)
 
338
236,440
MFA Trust(b)
 
Series 2022-NQM1, Class M1, 4.26%, 12/25/66(a)
 
100
85,361
Series 2024-RTL1, Class A1, 7.09%, 02/25/29
 
100
100,470
Mill City Mortgage Loan Trust, Series 2023-NQM1,
Class A1, 6.05%, 10/25/67(b)
 
117
117,106
Morgan Stanley Resecuritization Trust, Series 2015-
R2, Class 1B, (12-mo. MTA + 0.71%), 4.18%,
12/27/46(a)(b)
 
318
279,492
Morgan Stanley Residential Mortgage Loan Trust(a)(b)
 
Series 2023-NQM1, Class B1, 7.42%, 09/25/68
 
536
533,440
Series 2025-NQM1, Class A1, 5.74%, 11/25/69
 
166
166,645
New Residential Mortgage Loan Trust(b)
 
Series 2025-NQM1, Class A1, 5.64%, 01/25/65
 
530
532,504
Series 2025-NQM1, Class B1, 6.92%, 01/25/65(a)
 
500
498,387
Series 2025-NQM1, Class M1, 6.47%, 01/25/65(a)
 
289
291,666
NMLT Trust, Series 2021-INV1, Class B1, 3.61%,
05/25/56(a)(b)
 
541
389,860
OBX Trust, Series 2025-NQM3, Class A1, 5.65%,
12/01/64(b)
 
131
131,631
PRKCM Trust(b)
 
Series 2022-AFC1, Class A1A, 4.10%, 04/25/57(a)
 
79
77,650
Series 2023-AFC1, Class A1, 6.60%, 02/25/58
 
90
89,939
Series 2025-NQM1, Class A1, 5.80%, 11/25/69
 
615
619,990
Series 2025-NQM1, Class M1A, 6.65%,
11/25/69(a)
 
113
115,562
RALI Trust(a)
 
Series 2005-QA6, Class NB21, 4.97%, 05/25/35
 
921
426,856
Series 2005-QO2, Class A1, (12-mo. MTA +
1.36%), 5.93%, 09/25/45
 
413
346,941
Series 2007-QH3, Class A1, (1 mo. Term SOFR +
0.43%), 4.76%, 04/25/37
 
143
134,887
Series 2007-QO2, Class A1, (1 mo. Term SOFR +
0.26%), 4.59%, 02/25/47
 
374
110,048
RCKT Mortgage Trust, Series 2024-CES8,
Class A1A, 5.49%, 11/25/44(b)
 
93
93,621
Reperforming Loan REMIC Trust(a)(b)
 
Series 2005-R1, Class 1AF1, (1 mo. Term SOFR +
0.47%), 4.80%, 03/25/35
 
25
23,989
Series 2005-R1, Class 1AF2, (1 mo. Term SOFR +
0.47%), 4.80%, 03/25/35
 
152
145,769
Series 2005-R2, Class 1AF1, (1 mo. Term SOFR +
0.45%), 4.78%, 06/25/35
 
14
13,139
Residential Asset Securitization Trust
 
Series 2006-A14C, Class 1A2, 6.25%, 12/25/36
 
342
237,192
Series 2007-A9, Class A1, (1 mo. Term SOFR +
0.66%), 4.99%, 09/25/37(a)
 
1,090
302,098
RFMSI Series, Series 2006-SA4, Class 2A1, 5.66%,
11/25/36(a)
 
4
3,263
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
RFMSI Trust, Series 2007-SA4, Class 3A1, 5.85%,
10/25/37(a)
USD
227
$ 136,083
Saluda Grade Alternative Mortgage Trust(b)
 
Series 2024-RTL4, Class A1, 7.50%, 02/25/30
 
140
140,201
Series 2024-RTL5, Class A1, 7.76%, 04/25/30
 
100
100,382
Sequoia Mortgage Trust, Series 2017-CH2, Class B3,
4.47%, 12/25/47(a)(b)
 
131
128,977
SG Residential Mortgage Trust(a)(b)
 
Series 2019-3, Class B1, 4.08%, 09/25/59
 
257
245,109
Series 2022-2, Class B1, 5.30%, 08/25/62
 
50
48,756
Series 2022-2, Class M1, 5.30%, 08/25/62
 
205
202,241
TRK Trust, Series 2021-INV2, Class B1, 4.10%,
11/25/56(a)(b)
 
125
99,568
Verus Securitization Trust(a)(b)
 
Series 2021-3, Class B1, 3.20%, 06/25/66
 
214
150,678
Series 2023-3, Class B1, 4.07%, 02/25/67
 
100
77,164
Series 2023-INV1, Class M1, 7.50%, 02/25/68
 
120
120,819
Visio Trust, Series 2022-1, Class B1, 6.01%,
08/25/57(a)(b)
 
100
84,325
Wachovia Mortgage Loan Trust, Series 2006-AMN1,
Class A2, (1 mo. Term SOFR + 0.41%), 1.76%,
08/25/36(a)
 
994
323,055
WaMu Mortgage Pass-Through Certificates Trust(a)
 
Series 2006-AR8, Class 1A4, 4.84%, 08/25/46
 
61
54,581
Series 2007-HY3, Class 4A1, 5.19%, 03/25/37
 
10
9,129
Series 2007-HY4, Class 1A1, 3.77%, 04/25/37
 
367
322,693
Series 2007-OA5, Class 1A, (12-mo. MTA +
0.75%), 5.32%, 06/25/47
 
84
68,185
Washington Mutual Mortgage Pass-Through
Certificates Trust
 
Series 2005-9, Class 5A1, 5.50%, 11/25/35
 
150
120,162
Series 2005-AR1, Class A1A, (1 mo. Term SOFR +
0.63%), 4.96%, 12/25/35(a)
 
158
135,492
Series 2006-6, Class 3CB1, 7.00%, 08/25/36
 
332
132,367
Series 2006-8, Class A4, 4.11%, 10/25/36
 
82
27,460
Series 2007-5, Class A6, 6.00%, 06/25/37
 
154
139,912
Series 2007-OA2, Class 2A, (12-mo. MTA +
0.70%), 5.27%, 01/25/47(a)
 
194
160,388
Series 2007-OA3, Class 5A, (12-mo. MTA +
1.25%), 5.82%, 04/25/47(a)
 
84
70,542
Series 2007-OC2, Class A3, (1 mo. Term SOFR +
0.73%), 5.06%, 06/25/37(a)
 
12
11,173
 
 
98,826,740
Commercial Mortgage-Backed Securities — 3.3%
280 Park Avenue Mortgage Trust(a)(b)
 
Series 2017-280P, Class B, (1 mo. Term SOFR +
1.38%), 5.68%, 09/15/34
 
283
270,619
Series 2017-280P, Class E, (1 mo. Term SOFR +
2.42%), 6.72%, 09/15/34
 
138
130,171
3650R 2021-PF1 Commercial Mortgage Trust,
Series 2022-PF2, Class A5, 5.47%, 11/15/55(a)
 
300
305,030
ACREC LLC, Series 2023-FL2, Class A, (1 mo. Term
SOFR + 2.23%), 6.55%, 02/19/38(a)(b)
 
145
144,896
AREIT Ltd.(a)(b)
 
Series 2024-CRE9, Class A, (1 mo. Term SOFR +
1.69%), 6.01%, 05/17/41
 
370
369,118
Series 2025-CRE10, Class A, (1 mo. Term SOFR +
1.39%), 5.72%, 12/17/29
 
795
787,014
Ares Commercial Mortgage Trust, Series 2024-IND,
Class A, (1 mo. Term SOFR + 1.69%), 6.01%,
07/15/41(a)(b)
 
370
370,000
Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Atrium Hotel Portfolio Trust(a)(b)
 
Series 2024-ATRM, Class A, 5.59%, 11/10/29
USD
160
$ 160,783
Series 2024-ATRM, Class E, 9.52%, 11/10/29
 
32
32,139
BAHA Trust(a)(b)
 
Series 2024-MAR, Class A, 6.17%, 12/10/41
 
560
578,109
Series 2024-MAR, Class B, 7.07%, 12/10/41
 
20
20,442
Series 2024-MAR, Class C, 7.77%, 12/10/41
 
789
808,595
BAMLL Trust(a)(b)
 
Series 2024-BHP, Class A, (1 mo. Term SOFR +
2.35%), 6.67%, 08/15/39
 
120
120,038
Series 2025-ASHF, Class A, (1 mo. Term SOFR +
1.85%), 6.17%, 02/15/42
 
802
784,223
Series 2025-ASHF, Class E, (1 mo. Term SOFR +
5.25%), 9.57%, 02/15/42
 
163
159,224
Bank
 
Series 2019-BN19, Class A3, 3.18%, 08/15/61
 
250
233,036
Series 2019-BN20, Class A3, 3.01%, 09/15/62
 
250
230,875
Series 2021-BN37, Class A4, 2.37%, 11/15/64
 
350
302,294
Series 2022-BNK41, Class A4, 3.92%, 04/15/65(a)
 
150
139,934
Series 2024-5YR6, Class A3, 6.23%, 05/15/57
 
10
10,545
BBCMS Mortgage Trust
 
Series 2023-C22, Class A5, 6.80%, 11/15/56(a)
 
530
593,974
Series 2025-5C34, Class A3, 05/15/58(d)
 
41
42,584
BDS LLC, Series 2024-FL13, Class A, (1 mo. Term
SOFR + 1.58%), 5.90%, 09/19/39(a)(b)
 
100
99,810
BFLD Commercial Mortgage Trust(a)(b)
 
Series 2024-UNIV, Class A, (1 mo. Term SOFR +
1.49%), 5.81%, 11/15/41
 
70
69,978
Series 2024-UNIV, Class E, (1 mo. Term SOFR +
3.64%), 7.96%, 11/15/41
 
47
46,574
BFLD Mortgage Trust, Series 2024-VICT, Class A,
(1 mo. Term SOFR + 1.89%), 6.21%, 07/15/41(a)(b)
 
173
172,784
BHMS, Series 2018-ATLS, Class A, (1 mo. Term
SOFR + 1.55%), 5.87%, 07/15/35(a)(b)
 
100
99,936
BLP Commercial Mortgage Trust, Series 2024-IND2,
Class A, (1 mo. Term SOFR + 1.34%), 5.66%,
03/15/41(a)(b)
 
366
365,332
BMO Mortgage Trust, Series 2023-C5, Class XA,
0.94%, 06/15/56(a)
 
346
16,517
BMP(a)(b)
 
Series 2024-MF23, Class D, (1 mo. Term SOFR +
2.39%), 6.71%, 06/15/41
 
220
218,350
Series 2024-MF23, Class E, (1 mo. Term SOFR +
3.39%), 7.71%, 06/15/41
 
39
38,535
BPR Trust, Series 2024-PMDW, Class A, 5.36%,
11/05/41(a)(b)
 
10
10,117
BWAY Trust, Series 2025-1535, Class A, 6.31%,
05/05/42(a)(b)
 
23
23,516
BX Commercial Mortgage Trust(a)(b)
 
Series 2021-VIV5, Class A, 2.84%, 03/09/44
 
240
215,450
Series 2022-CSMO, Class B, (1 mo. Term SOFR +
3.14%), 7.46%, 06/15/27
 
588
589,303
Series 2022-LP2, Class A, (1 mo. Term SOFR +
1.01%), 5.33%, 02/15/39
 
90
90,183
Series 2023-VLT3, Class A, (1 mo. Term SOFR +
1.94%), 6.26%, 11/15/28
 
200
199,759
Series 2023-XL3, Class A, (1 mo. Term SOFR +
1.76%), 6.08%, 12/09/40
 
276
276,552
Series 2023-XL3, Class D, (1 mo. Term SOFR +
3.59%), 7.91%, 12/09/40
 
238
238,505
Series 2024-AIR2, Class A, (1 mo. Term SOFR +
1.49%), 5.81%, 10/15/41
 
144
143,877
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Commercial Mortgage Trust(a)(b)(continued)
 
Series 2024-AIRC, Class A, (1 mo. Term SOFR +
1.69%), 6.01%, 08/15/39
USD
285
$ 285,392
Series 2024-BRBK, Class A, (1 mo. Term SOFR +
2.88%), 7.20%, 10/15/41
 
187
186,064
Series 2024-BRBK, Class B, (1 mo. Term SOFR +
3.93%), 8.25%, 10/15/41
 
43
42,569
Series 2024-BRBK, Class D, (1 mo. Term SOFR +
5.97%), 10.29%, 10/15/41
 
573
561,525
Series 2024-GPA3, Class B, (1 mo. Term SOFR +
1.64%), 5.96%, 12/15/39
 
94
92,951
Series 2024-KING, Class A, (1 mo. Term SOFR +
1.54%), 5.86%, 05/15/34
 
99
98,639
Series 2024-MDHS, Class A, (1 mo. Term SOFR +
1.64%), 5.96%, 05/15/41
 
247
246,810
Series 2024-MF, Class A, (1 mo. Term SOFR +
1.44%), 5.76%, 02/15/39
 
253
253,161
Series 2024-MF, Class E, (1 mo. Term SOFR +
3.74%), 8.06%, 02/15/39
 
89
88,121
Series 2024-PURE, Class A, 4.67%, 11/15/41
CAD
27
19,683
Series 2024-XL4, Class D, (1 mo. Term SOFR +
3.14%), 7.46%, 02/15/39
USD
165
165,087
Series 2024-XL4, Class E, (1 mo. Term SOFR +
4.19%), 8.51%, 02/15/39
 
107
103,896
BX Trust(b)
 
Series 2019-OC11, Class A, 3.20%, 12/09/41
 
37
34,328
Series 2021-ARIA, Class A, (1 mo. Term SOFR +
1.01%), 5.34%, 10/15/36(a)
 
45
44,663
Series 2021-LBA, Class AV, (1 mo. Term SOFR +
0.91%), 5.24%, 02/15/36(a)
 
198
195,973
Series 2021-VIEW, Class F, (1 mo. Term SOFR +
4.04%), 8.37%, 06/15/36(a)
 
21
19,781
Series 2022-IND, Class A, (1 mo. Term SOFR +
1.49%), 5.81%, 04/15/37(a)
 
87
87,413
Series 2022-LBA6, Class A, (1 mo. Term SOFR +
1.00%), 5.32%, 01/15/39(a)
 
450
447,750
Series 2023-DELC, Class A, (1 mo. Term SOFR +
2.69%), 7.01%, 05/15/38(a)
 
371
371,927
Series 2023-DELC, Class D, (1 mo. Term SOFR +
4.39%), 8.71%, 05/15/38(a)
 
262
263,310
Series 2024-CNYN, Class A, (1 mo. Term SOFR +
1.44%), 5.76%, 04/15/41(a)
 
87
87,010
Series 2024-CNYN, Class D, (1 mo. Term SOFR +
2.69%), 7.01%, 04/15/41(a)
 
85
83,894
Series 2024-CNYN, Class E, (1 mo. Term SOFR +
3.69%), 8.01%, 04/15/41(a)
 
85
83,316
Series 2024-PALM, Class A, (1 mo. Term SOFR +
1.54%), 5.86%, 06/15/37(a)
 
503
501,374
Series 2024-PAT, Class A, (1 mo. Term SOFR +
2.09%), 6.41%, 03/15/41(a)
 
60
60,159
Series 2024-PAT, Class C, (1 mo. Term SOFR +
4.44%), 8.76%, 03/15/41(a)
 
122
120,358
Series 2024-PAT, Class D, (1 mo. Term SOFR +
5.39%), 9.71%, 03/15/41(a)
 
56
54,977
Series 2024-VLT4, Class A, (1 mo. Term SOFR +
1.49%), 5.81%, 07/15/29(a)
 
284
281,869
Series 2024-VLT4, Class E, (1 mo. Term SOFR +
2.89%), 7.21%, 07/15/29(a)
 
60
57,598
Series 2024-VLT4, Class F, (1 mo. Term SOFR +
3.94%), 8.26%, 07/15/29(a)
 
150
143,615
Series 2025-ROIC, Class E, (1 mo. Term SOFR +
2.94%), 7.26%, 03/15/30(a)
 
263
252,490
34
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(b)(continued)
 
Series 2025-VLT6, Class A, (1 mo. Term SOFR +
1.44%), 5.77%, 03/15/42(a)
USD
136
$ 134,640
Cali, Series 2024-SUN, Class A, (1 mo. Term SOFR +
1.89%), 6.19%, 07/15/41(a)(b)
 
140
140,000
CAMB Commercial Mortgage Trust, Series 2019-
LIFE, Class A, (1 mo. Term SOFR + 1.37%),
5.69%, 12/15/37(a)(b)
 
100
99,875
CENT Trust, Series 2023-CITY, Class A, (1 mo. Term
SOFR + 2.62%), 6.94%, 09/15/38(a)(b)
 
474
473,704
CFCRE Commercial Mortgage Trust, Series 2016-C4,
Class AM, 3.69%, 05/10/58
 
560
550,691
CFK Trust, Series 2020-MF2, Class B, 2.79%,
03/15/39(b)
 
330
300,647
CFSP Mortgage Trust, Series 2024-AHP1, Class A,
6.50%, 04/15/37
 
199
192,019
Commercial Mortgage Trust
 
Series 2015-CR25, Class A4, 3.76%, 08/10/48
 
460
458,312
Series 2024-WCL1, Class A, (1 mo. Term SOFR +
1.84%), 6.16%, 06/15/41(a)(b)
 
170
169,467
Series 2024-WCL1, Class B, (1 mo. Term SOFR +
2.59%), 6.91%, 06/15/41(a)(b)
 
50
49,344
Series 2024-WCL1, Class E, (1 mo. Term SOFR +
4.49%), 8.81%, 06/15/41(a)(b)
 
66
64,813
CONE Trust(a)(b)
 
Series 2024-DFW1, Class A, (1 mo. Term SOFR +
1.64%), 5.96%, 08/15/41
 
70
69,650
Series 2024-DFW1, Class E, (1 mo. Term SOFR +
3.89%), 8.21%, 08/15/41
 
200
197,008
CSMC, Series 2020-NET, Class B, 2.82%,
08/15/37(b)
 
570
560,997
CSTL Commercial Mortgage Trust, Series 2024-
GATE, Class A, 4.92%, 11/10/41(a)(b)
 
170
169,124
DBGS, Series 2024-SBL, Class A, (1 mo. Term SOFR
+ 1.88%), 6.20%, 08/15/34(a)(b)
 
260
258,862
DBSG Mortgage Trust, Series 2024-ALTA, Class A,
6.14%, 06/10/37(a)(b)
 
100
101,062
DC Trust, Series 2024-HLTN, Class A, 5.93%,
04/13/40(a)(b)
 
10
10,089
DK Trust(a)(b)
 
Series 2024-SPBX, Class A, (1 mo. Term SOFR +
1.50%), 5.82%, 03/15/34
 
72
71,910
Series 2024-SPBX, Class E, (1 mo. Term SOFR +
4.00%), 8.32%, 03/15/34
 
204
203,182
ELM Trust(a)(b)
 
Series 2024-ELM, Class A10, 5.99%, 06/10/39
 
75
76,044
Series 2024-ELM, Class A15, 5.99%, 06/10/39
 
75
75,431
Series 2024-ELM, Class E10, 8.05%, 06/10/39
 
95
95,514
Series 2024-ELM, Class XP10, 0.24%, 06/10/39
 
1,000
2,495
Series 2024-ELM, Class XP15, 1.61%, 06/10/39
 
1,005
16,643
EQT Trust, Series 2024-EXTR, Class A, 5.33%,
07/05/41(a)(b)
 
350
357,475
Extended Stay America Trust, Series 2021-ESH,
Class F, (1 mo. Term SOFR + 3.81%), 8.14%,
07/15/38(a)(b)
 
620
611,940
Fashion Show Mall LLC, Series 2024-SHOW,
Class A, 5.27%, 10/10/41(a)(b)
 
17
17,162
Fontainebleau Miami Beach Mortgage Trust(a)(b)
 
Series 2024-FBLU, Class A, (1 mo. Term SOFR +
1.45%), 5.77%, 12/15/39
 
700
694,312
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Fontainebleau Miami Beach Mortgage
Trust(a)(b)(continued)
 
Series 2024-FBLU, Class G, (1 mo. Term SOFR +
5.65%), 9.97%, 12/15/39
USD
100
$ 99,209
FS Rialto Issuer LLC(a)(b)
 
Series 2024-FL9, Class A, (1 mo. Term SOFR +
1.63%), 5.95%, 10/19/39
 
100
99,807
Series 2025-FL10, Class A, (1 mo. Term SOFR +
1.39%), 5.71%, 08/19/42
 
780
770,964
Great Wolf Trust, Series 2024-WOLF, Class A, (1 mo.
Term SOFR + 1.54%), 5.86%, 03/15/39(a)(b)
 
100
99,781
GS Mortgage Securities Corp. Trust(a)(b)
 
Series 2022-ECI, Class A, (1 mo. Term SOFR +
2.19%), 6.52%, 08/15/39
 
570
569,822
Series 2023-FUN, Class B, (1 mo. Term SOFR +
2.79%), 7.11%, 03/15/28
 
510
510,797
Series 2023-SHIP, Class C, 5.69%, 09/10/38
 
530
528,565
Series 2023-SHIP, Class E, 7.68%, 09/10/38
 
132
132,916
Series 2024-RVR, Class E, 7.72%, 08/10/41
 
37
36,889
GS Mortgage Securities Trust
 
Series 2015-GC32, Class C, 4.56%, 07/10/48(a)
 
56
54,601
Series 2017-GS8, Class A4, 3.47%, 11/10/50
 
300
291,091
Series 2019-GSA1, Class AS, 3.34%, 11/10/52
 
190
177,378
Series 2025-800D, Class A, (1 mo. Term SOFR +
2.65%), 6.97%, 11/25/41(a)(b)
 
210
209,198
GWT, Series 2024-WLF2, Class A, (1 mo. Term
SOFR + 1.69%), 6.01%, 05/15/41(a)(b)
 
197
196,938
HIH Trust(a)(b)
 
Series 2024-2061, Class A, (1 mo. Term SOFR +
1.84%), 6.16%, 10/15/41
 
70
69,825
Series 2024-2061, Class D, (1 mo. Term SOFR +
3.64%), 7.96%, 10/15/41
 
30
29,587
HILT Commercial Mortgage Trust(a)(b)
 
Series 2024-ORL, Class A, (1 mo. Term SOFR +
1.54%), 5.86%, 05/15/37
 
100
99,562
Series 2024-ORL, Class D, (1 mo. Term SOFR +
3.19%), 7.51%, 05/15/37
 
100
98,125
HLTN Commercial Mortgage Trust, Series 2024-
DPLO, Class A, (1 mo. Term SOFR + 1.64%),
5.96%, 06/15/41(a)(b)
 
37
36,769
Hono Lulu Mortgage Trust, Series 2021-LULU,
Class A, (1 mo. Term SOFR + 1.26%), 5.59%,
10/15/36(a)(b)
 
100
98,750
Houston Galleria Mall Trust, Series 2025-HGLR,
Class A, 5.64%, 02/05/45(a)(b)
 
158
160,746
HTL Commercial Mortgage Trust, Series 2024-T53,
Class E, 10.60%, 05/10/39(a)(b)
 
100
102,829
INV Mortgage Trust, Series 2024-IND, Class A, (1 mo.
Term SOFR + 1.74%), 6.06%, 11/15/41(a)(b)
 
100
99,750
JP Morgan Chase Commercial Mortgage Securities
Trust
 
Series 2016-JP2, Class A4, 2.82%, 08/15/49
 
133
129,884
Series 2021-MHC, Class E, (1 mo. Term SOFR +
2.81%), 7.14%, 04/15/38(a)(b)
 
10
9,931
Series 2024-IGLG, Class A, 5.35%, 11/09/39(a)(b)
 
160
161,487
Series 2024-IGLG, Class D, 6.70%, 11/09/39(a)(b)
 
41
41,071
Series 2024-IGLG, Class E, 7.50%, 11/09/39(a)(b)
 
137
137,077
Series 2024-IGLG, Class F, 8.49%, 11/09/39(a)(b)
 
118
116,831
Series 2025-BHR5, Class A, (1 mo. Term SOFR +
1.69%), 6.02%, 03/15/40(a)(b)
 
261
258,390
Schedule of Investments
35

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR5, Class A3, 3.12%, 06/13/52
USD
40
$ 38,251
JW Commercial Mortgage Trust(a)(b)
 
Series 2024-MRCO, Class A, (1 mo. Term SOFR +
1.62%), 5.94%, 06/15/39
 
119
118,331
Series 2024-MRCO, Class D, (1 mo. Term SOFR +
3.19%), 7.51%, 06/15/39
 
88
86,539
JW Trust, Series 2024-BERY, Class A, (1 mo. Term
SOFR + 1.59%), 5.91%, 11/15/39(a)(b)
 
600
597,000
KSL Commercial Mortgage Trust, Series 2024-HT2,
Class A, (1 mo. Term SOFR + 1.54%), 5.86%,
12/15/39(a)(b)
 
100
99,063
Last Mile Logistics Pan Euro Finance DAC,
Series 1X, Class E, (3-mo. EURIBOR + 2.70%),
5.26%, 08/17/33(a)(c)
EUR
459
511,940
Last Mile Securities, Series 2021-1X, Class D, (3-mo.
EURIBOR + 2.35%), 4.91%, 08/17/31(a)(c)
 
232
261,409
LBA Trust(a)(b)
 
Series 2024-7IND, Class A, (1 mo. Term SOFR +
1.44%), 5.76%, 10/15/41
USD
60
59,963
Series 2024-7IND, Class D, (1 mo. Term SOFR +
2.64%), 6.96%, 10/15/41
 
17
16,740
Series 2024-BOLT, Class F, (1 mo. Term SOFR +
4.44%), 8.76%, 06/15/39
 
16
15,718
Lehman Brothers Small Balance Commercial
Mortgage Trust, Series 2007-2A, Class M1, (1 mo.
Term SOFR + 0.51%), 4.84%, 06/25/37(a)(b)
 
12
11,568
LoanCore, Series 2025-CRE8, Class A, (1 mo. Term
SOFR + 1.39%), 5.71%, 08/17/42(a)(b)
 
427
422,098
MCR Mortgage Trust(b)
 
Series 2024-HF1, Class A, (1 mo. Term SOFR +
1.79%), 6.11%, 12/15/41(a)
 
100
99,875
Series 2024-HTL, Class C, (1 mo. Term SOFR +
3.11%), 7.43%, 02/15/37(a)
 
81
80,242
Series 2024-TWA, Class A, 5.92%, 06/12/39
 
70
70,737
Series 2024-TWA, Class E, 8.73%, 06/12/39
 
37
37,310
Series 2024-TWA, Class XA, 0.92%, 06/12/39
 
332
4,597
MHC Commercial Mortgage Trust, Series 2021-MHC,
Class A, (1 mo. Term SOFR + 0.92%), 5.24%,
04/15/38(a)(b)
 
49
49,296
MHP Trust, Series 2021-STOR, Class G, (1 mo. Term
SOFR + 2.86%), 7.19%, 07/15/38(a)(b)
 
250
246,562
MIC Trust, Series 2023-MIC, Class A, 8.73%,
12/05/38(a)(b)
 
31
33,703
Morgan Stanley Capital I Trust
 
Series 2016-UB11, Class A4, 2.78%, 08/15/49
 
305
297,180
Series 2019-H6, Class D, 3.00%, 06/15/52(b)
 
10
7,831
Series 2024-NSTB, Class A, 3.90%, 09/24/57(a)(b)
 
69
66,347
MSWF Commercial Mortgage Trust, Series 2023-2,
Class XA, 1.14%, 12/15/56(a)
 
1,113
67,056
MTN Commercial Mortgage Trust, Series 2022-LPFL,
Class A, (1 mo. Term SOFR + 1.40%), 5.73%,
03/15/39(a)(b)
 
100
99,875
NY Commercial Mortgage Trust, Series 2025-299P,
Class B, 6.13%, 02/10/47(a)(b)
 
271
274,634
NYC Trust, Series 2024-3ELV, Class A, (1 mo. Term
SOFR + 1.99%), 6.31%, 08/15/29(a)(b)
 
172
172,005
One New York Plaza Trust, Series 2020-1NYP,
Class A, (1 mo. Term SOFR + 1.06%), 5.39%,
01/15/36(a)(b)
 
112
108,080
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Open Trust, Series 2023-AIR, Class A, (1 mo. Term
SOFR + 3.09%), 7.41%, 11/15/40(a)(b)
USD
177
$ 176,884
ORL Trust, Series 2024-GLKS, Class A, (1 mo. Term
SOFR + 1.49%), 5.81%, 12/15/39(a)(b)
 
100
99,375
PGA Trust, Series 2024-RSR2, Class A, (1 mo. Term
SOFR + 1.89%), 6.21%, 06/15/39(a)(b)
 
38
37,846
PRKCM Trust, Series 2025-PRM5, Class D, 5.81%,
03/10/33(a)(b)
 
489
487,896
ROCK Trust, Series 2024-CNTR, Class E, 8.82%,
11/13/41(b)
 
100
104,541
SCG Commercial Mortgage Trust, Series 2025-DLFN,
Class E, (1 mo. Term SOFR + 2.95%), 7.27%,
03/15/35(a)(b)
 
109
100,815
SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term
SOFR + 2.44%), 6.74%, 04/15/42(a)(b)
 
100
99,875
SELF Commercial Mortgage Trust(a)(b)
 
Series 2024-STRG, Class A, (1 mo. Term SOFR +
1.54%), 5.86%, 11/15/34
 
70
70,136
Series 2024-STRG, Class E, (1 mo. Term SOFR +
4.19%), 8.51%, 11/15/34
 
100
99,065
SG Commercial Mortgage Securities Trust,
Series 2019-PREZ, Class E, 3.59%, 09/15/39(a)(b)
 
26
21,585
SHR Trust(a)(b)
 
Series 2024-LXRY, Class A, (1 mo. Term SOFR +
1.95%), 6.27%, 10/15/41
 
191
190,224
Series 2024-LXRY, Class D, (1 mo. Term SOFR +
3.60%), 7.92%, 10/15/41
 
100
98,969
SREIT Trust, Series 2021-MFP, Class A, (1 mo. Term
SOFR + 0.85%), 5.17%, 11/15/38(a)(b)
 
126
125,276
Taurus DAC, Series 2025-UK2X, Class D, (1-day
SONIA GBP 3.20%), 7.67%, 02/18/35(a)(c)
GBP
190
250,250
TTAN(a)(b)
 
Series 2021-MHC, Class A, (1 mo. Term SOFR +
0.96%), 5.29%, 03/15/38
USD
591
590,286
Series 2021-MHC, Class F, (1 mo. Term SOFR +
3.01%), 7.34%, 03/15/38
 
69
68,695
TYSN Mortgage Trust, Series 2023-CRNR, Class A,
6.80%, 12/10/33(a)(b)
 
376
396,441
UBS Commercial Mortgage Trust, Series 2017-C4,
Class AS, 3.84%, 10/15/50(a)
 
580
553,168
UK Logistics, Series 2025-1X, Class D, (1-day SONIA
GBP 4.00%), 8.46%, 05/17/35(a)(c)
GBP
190
252,939
VEGAS(a)(b)
 
Series 2024-GCS, Class C, 6.42%, 07/10/36
USD
140
137,067
Series 2024-GCS, Class D, 6.42%, 07/10/36
 
330
308,747
VEGAS Trust, Series 2024-TI, Class A, 5.52%,
11/10/39(b)
 
60
60,812
Velocity Commercial Capital Loan Trust(a)(b)
 
Series 2020-1, Class AFX, 2.61%, 02/25/50
 
481
433,438
Series 2022-3, Class A, 5.22%, 06/25/52
 
155
150,540
Series 2023-2, Class M1, 7.03%, 05/25/53
 
114
114,155
Series 2024-1, Class A, 6.55%, 01/25/54
 
95
95,231
Series 2024-5, Class A, 5.49%, 10/25/54
 
98
96,976
Series 2025-1, Class M2, 6.98%, 02/25/55
 
1,248
1,251,973
Series 2025-1, Class M3, 7.33%, 02/25/55
 
100
99,980
Wells Fargo Commercial Mortgage Trust
 
Series 2017-C40, Class A4, 3.58%, 10/15/50
 
200
195,045
Series 2019-C49, Class D, 3.00%, 03/15/52(b)
 
10
8,386
Series 2024-1CHI, Class A, 5.48%, 07/15/35(a)(b)
 
154
154,776
Series 2024-BPRC, Class B, 6.22%, 07/15/43(b)
 
176
181,487
36
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust(continued)
 
Series 2024-BPRC, Class C, 6.43%, 07/15/43(b)
USD
112
$ 112,895
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b)
 
50
50,297
Series 2024-BPRC, Class X, 0.31%, 07/15/43(a)(b)
 
1,390
12,880
WEST Trust, Series 2025-ROSE, Class A, 5.45%,
04/10/30(a)(b)
 
56
56,403
 
 
37,794,710
Interest Only Collateralized Mortgage Obligations(a) — 0.0%
JP Morgan Alternative Loan Trust, Series 2014-5,
Class 5C, 0.00%, 05/27/36(b)
 
1,369
231,928
Residential Asset Securitization Trust, Series 2007-
A9, Class A2, (1 mo. Term SOFR + 6.34%), 2.01%,
09/25/37
 
1,090
126,318
 
 
358,246
Total Non-Agency Mortgage-Backed Securities — 12.0%
(Cost: $137,250,627)
136,979,696
Preferred Securities
Capital Trusts — 0.0%(a)
Electric Utilities — 0.0%
Edison International, Series B, 5.00%(f)(p)
 
106
93,773
Insurance — 0.0%
Prudential Financial, Inc., 5.38%, 05/15/45
 
20
19,985
 
113,758
 
 

Shares
 
Preferred Stocks — 0.0%
Aerospace & Defense — 0.0%
Boeing Co., 6.00%
 
750
46,035
 
46,035
Total Preferred Securities — 0.0%
(Cost: $152,374)
159,793
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(a) — 0.4%
Freddie Mac REMICS
 
Series 5513, Class FD, (30-day Avg SOFR +
1.35%), 5.70%, 01/25/55
USD
1,483
1,480,657
Series 5516, Class FC, (30-day Avg SOFR +
1.40%), 5.75%, 03/25/55
 
3,506
3,502,019
 
 
4,982,676
Commercial Mortgage-Backed Securities — 0.0%
Fannie Mae-Aces, Series 2021-M4, Class A2, 1.51%,
02/25/31(a)
 
150
128,970
Freddie Mac, Series 2024-P015, Class A1, 4.45%,
11/25/32(a)
 
44
43,153
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Freddie Mac Multifamily Structured Pass Through
Certificates, Series KJ48, Class A2, 5.03%,
10/25/31
USD
33
$ 33,835
Ginnie Mae
 
Series 2023-119, Class AD, 2.25%, 04/16/65
 
40
31,994
Series 2023-50, Class AC, 3.25%, 09/16/63(a)
 
23
21,314
 
 
259,266
Mortgage-Backed Securities — 39.4%
Fannie Mae Mortgage-Backed Securities, 5.81%,
06/01/31
 
123
129,744
Freddie Mac Mortgage-Backed Securities
 
2.50%, 10/01/31
 
144
138,429
3.50%, 04/01/48
 
60
55,133
Ginnie Mae Mortgage-Backed Securities(q)
 
4.00%, 11/20/40 - 05/20/55
 
4,144
3,861,952
3.50%, 09/20/46 - 06/15/54
 
12,392
11,268,205
4.50%, 02/20/49 - 05/20/55
 
5,367
5,146,809
3.00%, 06/20/50 - 05/20/55
 
8,236
7,293,670
2.00%, 01/20/51 - 05/15/54
 
13,975
11,400,727
2.50%, 10/20/51 - 05/20/55
 
11,812
10,066,818
5.50%, 02/20/53 - 05/15/54
 
5,825
5,822,100
6.50%, 10/20/53 - 01/20/55
 
2,292
2,344,384
5.00%, 05/15/54
 
6,389
6,266,639
6.00%, 05/15/54 - 07/20/54
 
3,723
3,765,318
Uniform Mortgage-Backed Securities(q)
 
3.50%, 05/13/26 - 08/01/52
 
24,907
22,596,444
3.00%, 07/01/31 - 08/01/52
 
29,240
25,659,940
2.50%, 01/01/35 - 05/15/54
 
44,995
37,940,814
2.00%, 05/01/36 - 05/13/55
 
78,106
63,640,031
1.50%, 09/01/36 - 10/01/51
 
5,251
4,286,227
4.00%, 05/15/39 - 02/01/53
 
17,924
16,802,671
4.50%, 05/15/39 - 05/13/55
 
32,650
31,280,161
5.50%, 09/01/48 - 05/15/55(d)
 
55,864
55,784,974
5.00%, 06/01/52 - 05/15/54
 
18,906
18,521,098
6.00%, 10/01/52 - 05/15/55
 
81,637
82,846,908
6.50%, 08/01/53 - 05/15/55
 
22,057
22,733,546
 
 
449,652,742
Total U.S. Government Sponsored Agency Securities — 39.8%
(Cost: $452,430,459)
454,894,684
U.S. Treasury Obligations
U.S. Treasury Bonds
 
4.50%, 08/15/39
 
2,100
2,107,793
1.13%, 05/15/40 - 08/15/40
 
5,102
3,176,643
4.25%, 11/15/40
 
1,024
989,840
1.88%, 02/15/41 - 11/15/51
 
5,643
3,578,222
4.75%, 02/15/41 - 11/15/43
 
4,927
5,013,164
4.38%, 05/15/41 - 08/15/43
 
4,433
4,280,230
3.75%, 08/15/41 - 11/15/43
 
6,010
5,308,726
3.13%, 11/15/41 - 05/15/48
 
10,876
8,481,405
2.38%, 02/15/42 - 05/15/51
 
1,446
974,124
3.00%, 05/15/42 - 08/15/52
 
14,388
10,869,056
4.00%, 11/15/42 - 11/15/52
 
7,400
6,665,356
3.88%, 02/15/43
 
918
830,771
3.63%, 08/15/43 - 02/15/53
 
1,593
1,347,334
3.38%, 05/15/44 - 11/15/48
 
1,900
1,575,567
4.13%, 08/15/44 - 08/15/53
 
10,167
9,254,339
4.63%, 11/15/44 - 02/15/55
 
796
787,965
Schedule of Investments
37

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds(continued)
 
2.75%, 11/15/47
USD
686
$ 492,875
2.25%, 08/15/49
 
1,239
784,859
1.63%, 11/15/50
 
909
484,309
2.00%, 08/15/51
 
419
244,444
2.88%, 05/15/52
 
2,623
1,868,896
3.79%, 05/15/53
 
497
411,657
U.S. Treasury Notes
 
4.50%, 07/15/26 - 11/15/33
 
6,352
6,513,733
0.63%, 07/31/26 - 08/15/30
 
2,983
2,799,898
4.63%, 10/15/26 - 02/15/35
 
5,582
5,772,910
4.38%, 12/15/26 - 01/31/32
 
8,398
8,571,275
4.00%, 01/15/27 - 02/15/34(f)
 
23,357
23,573,043
4.13%, 02/15/27 - 11/15/32
 
8,856
8,988,391
4.25%, 03/15/27 - 06/30/31
 
4,369
4,446,513
0.50%, 04/30/27 - 08/31/27
 
7,684
7,197,055
2.25%, 08/15/27
 
1,504
1,460,114
3.38%, 09/15/27
 
37
36,829
0.38%, 09/30/27
 
1,103
1,021,568
3.88%, 11/30/27 - 08/15/34
 
8,296
8,314,962
1.25%, 03/31/28 - 05/31/28
 
3,484
3,252,477
3.63%, 03/31/28 - 09/30/31
 
9,180
9,146,881
3.75%, 04/15/28 - 12/31/28
 
4,168
4,185,430
2.88%, 08/15/28 - 05/15/32
 
23,713
23,069,027
1.13%, 08/31/28
 
1,596
1,472,185
4.88%, 10/31/28 - 10/31/30
 
37,399
39,299,688
2.38%, 03/31/29
 
1,427
1,361,136
2.13%, 04/15/29
 
1,895
1,956,454
3.25%, 06/30/29
 
1,009
992,683
3.13%, 08/31/29
 
4,693
4,588,789
1.63%, 10/15/29
 
5,119
5,203,095
1.50%, 02/15/30
 
1,102
995,933
3.50%, 04/30/30
 
21
20,972
2.75%, 08/15/32
 
1,074
991,814
Total U.S. Treasury Obligations — 21.4%
(Cost: $240,176,125)
244,760,430
Total Long-Term Investments — 110.0%
(Cost: $1,246,495,947)
1,255,996,062
Short-Term Securities
Foreign Agency Obligations — 0.0%
Egypt Treasury Bills(r)
 
26.37%, 11/18/25
EGP
900
15,513
26.90%, 12/16/25
 
1,400
23,610
Nigeria Treasury Bills, 0.00%, 12/11/25(r)
NGN
79,800
44,043
 
83,166
Security
 

Shares
Value
Money Market Funds — 20.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(n)(s)(t)
 
21,275,128
$ 21,283,638
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.21%(n)(s)
 
215,079,046
215,079,046
 
236,362,684
 
 
Par
(000)
 
U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes, 4.63%, 03/15/26
USD
3,023
3,040,123
Total Short-Term Securities — 21.0%
(Cost: $239,468,850)
239,485,973
Options Purchased — 0.1%
(Cost: $932,512)
1,011,457
Total Investments Before TBA Sale Commitments and
Options Written — 131.1%
(Cost: $1,486,897,309)
1,496,493,492
TBA Sale Commitments(q)
Mortgage-Backed Securities — (8.8)%
Ginnie Mae Mortgage-Backed Securities
 
2.00%, 05/15/54
 
(667
)
(543,934
)
2.50%, 05/20/55
 
(548
)
(466,785
)
3.00%, 05/20/55
 
(1,317
)
(1,165,546
)
3.50%, 03/20/52
 
(3,544
)
(3,219,468
)
4.00%, 05/20/55
 
(166
)
(154,487
)
4.50%, 05/20/55
 
(658
)
(629,777
)
5.00%, 05/15/54
 
(870
)
(853,338
)
5.50%, 05/15/54
 
(184
)
(183,902
)
6.00%, 05/15/54
 
(109
)
(110,239
)
6.50%, 05/15/54
 
(115
)
(117,556
)
Uniform Mortgage-Backed Securities
 
2.00%, 05/15/39 - 05/13/55
 
(4,644
)
(3,805,906
)
2.50%, 05/15/39 - 05/15/54
 
(6,161
)
(5,152,275
)
3.00%, 03/25/37 - 02/25/52
 
(1,838
)
(1,617,199
)
3.50%, 05/15/39 - 03/25/52
 
(6,165
)
(5,572,517
)
4.00%, 05/15/39 - 06/25/52
 
(1,501
)
(1,399,873
)
4.50%, 05/15/39 - 05/13/55
 
(32,939
)
(31,494,441
)
5.00%, 05/15/54
 
(844
)
(825,631
)
5.50%, 05/15/55
 
(2,929
)
(2,922,577
)
6.00%, 06/15/54 - 05/15/55
 
(24,508
)
(24,854,586
)
6.50%, 06/15/54 - 05/15/55
 
(14,757
)
(15,183,244
)
Total TBA Sale Commitments — (8.8)%
(Proceeds: $(100,002,938))
(100,273,281
)
Options Written — (0.0)%
(Premiums Received: $(81,665))
(78,883
)
Total Investments, Net of TBA Sale Commitments and
Options Written — 122.3%
(Cost: $1,386,812,706)
1,396,141,328
Liabilities in Excess of Other Assets — (22.3)%
(254,222,229
)
Net Assets — 100.0%
$ 1,141,919,099
38
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(d)
When-issued security.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan.
(g)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $259,601, representing less than 0.05% of its net assets
as of period end, and an original cost of $258,522.
(h)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(i)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(j)
Convertible security.
(k)
Issuer filed for bankruptcy and/or is in default.
(l)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(m)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(n)
Affiliate of the Fund.
(o)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(p)
Perpetual security with no stated maturity date.
(q)
Represents or includes a TBA transaction.
(r)
Zero-coupon bond.
(s)
Annualized 7-day yield as of period end.
(t)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 10,501,666
$ 10,785,952
(a)
$ 
$ (1,798
)
$ (2,182
)
$ 21,283,638
21,275,128
$ 32,310
(b)
$ 
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
131,729,503
83,349,543
(a)
215,079,046
215,079,046
3,592,916
iShares 0-5 Year High Yield Corporate Bond ETF
1,253,560
(92,111
)
(1,888
)
(21,237
)
1,138,324
26,898
28,514
 
$ (3,686
)
$ (23,419
)
$ 237,501,008
$ 3,653,740
$ 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro BOBL
1
06/06/25
$ 136
$ (12
)
10-Year Australian Treasury Bonds
104
06/16/25
7,659
120,060
10-Year U.S. Treasury Note
352
06/18/25
39,567
291,405
U.S. Long Bond
147
06/18/25
17,158
17,127
Ultra U.S. Treasury Bond
154
06/18/25
18,620
646,619
10-Year Canadian Bond
128
06/19/25
11,482
55,795
Long Gilt
511
06/26/25
63,688
792,661
2-Year U.S. Treasury Note
771
06/30/25
160,549
492,777
5-Year U.S. Treasury Note
825
06/30/25
90,209
1,438,769
 
3,855,201
Short Contracts
30-Year Euro Buxl Bond
8
06/06/25
1,125
(29,156
)
Schedule of Investments
39

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts(continued)
Euro Bund
247
06/06/25
$ 36,874
$ (745,961
)
10-Year Australian Treasury Bonds
62
06/16/25
4,566
(15,662
)
10-Year U.S. Treasury Note
109
06/18/25
12,252
(18,038
)
10-Year U.S. Ultra Long Treasury Note
246
06/18/25
28,275
(422,161
)
Ultra U.S. Treasury Bond
4
06/18/25
484
(119
)
10-Year Canadian Bond
33
06/19/25
2,960
20,155
E-mini Russell 2000 Index
7
06/20/25
689
(39,327
)
S&P 500 E-Mini Index
5
06/20/25
1,397
(119,264
)
2-Year U.S. Treasury Note
9
06/30/25
1,874
(1,582
)
5-Year U.S. Treasury Note
76
06/30/25
8,310
(41,114
)
 
(1,412,229
)
 
$ 2,442,972
Forward Foreign Currency Exchange Contracts
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
KRW
90,520,000
USD
62,000
Citibank N.A.
05/02/25
$ 1,679
BRL
136,500
USD
24,000
Citibank N.A.
05/05/25
52
BRL
137,952
USD
24,000
Citibank N.A.
05/05/25
308
BRL
218,781
USD
37,000
Citibank N.A.
05/05/25
1,551
BRL
217,745
USD
37,000
Goldman Sachs International
05/05/25
1,368
BRL
890,131
USD
154,400
Goldman Sachs International
05/05/25
2,447
TRY
938,000
USD
23,826
Barclays Bank PLC
05/05/25
541
USD
24,113
BRL
136,500
Citibank N.A.
05/05/25
61
USD
24,370
BRL
137,952
Citibank N.A.
05/05/25
62
USD
38,648
BRL
218,781
Citibank N.A.
05/05/25
98
USD
24,945
BRL
141,211
Goldman Sachs International
05/05/25
63
USD
38,465
BRL
217,745
Goldman Sachs International
05/05/25
97
USD
157,245
BRL
890,131
Goldman Sachs International
05/05/25
398
TRY
257,300
USD
6,651
Barclays Bank PLC
05/07/25
17
TRY
358,599
USD
9,195
Barclays Bank PLC
05/07/25
99
TRY
1,058,715
USD
27,263
Barclays Bank PLC
05/07/25
174
TRY
3,617,758
USD
92,763
Barclays Bank PLC
05/07/25
994
TRY
393,764
USD
10,066
UBS AG
05/07/25
138
TRY
433,793
USD
11,096
UBS AG
05/13/25
66
TRY
977,363
USD
25,000
UBS AG
05/13/25
149
USD
98,400
EUR
86,385
Morgan Stanley & Co. International PLC
05/14/25
486
USD
38,380
ZAR
703,258
UBS AG
05/14/25
600
USD
55,069
ZAR
1,001,759
UBS AG
05/14/25
1,253
ZAR
738,844
USD
37,306
UBS AG
05/14/25
2,386
EGP
1,242,798
USD
23,450
Societe Generale
05/27/25
747
TRY
246,960
USD
6,000
Barclays Bank PLC
05/27/25
250
TRY
583,000
USD
14,649
Barclays Bank PLC
05/27/25
105
TRY
1,757,763
USD
42,680
State Street Bank and Trust Co.
05/27/25
1,805
AUD
26,000
USD
16,567
Barclays Bank PLC
05/28/25
92
AUD
58,270
USD
37,134
Barclays Bank PLC
05/28/25
201
CAD
120,719
USD
87,120
Toronto-Dominion Bank
05/28/25
564
CNH
1,055,594
USD
145,000
Barclays Bank PLC
05/28/25
448
COP
216,809,465
GBP
37,480
BNP Paribas SA
05/28/25
1,181
GBP
140,520
USD
185,904
UBS AG
05/28/25
1,383
IDR
1,230,196,000
USD
73,000
Barclays Bank PLC
05/28/25
1,260
IDR
621,896,000
USD
37,000
Citibank N.A.
05/28/25
541
INR
4,414,471
USD
50,720
BNP Paribas SA
05/28/25
1,369
MXN
730,565
USD
37,000
Barclays Bank PLC
05/28/25
137
MXN
4,642,242
USD
231,110
UBS AG
05/28/25
4,868
MYR
216,358
USD
49,150
Royal Bank of Canada
05/28/25
1,039
40
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
NOK
250,071
USD
24,000
Goldman Sachs International
05/28/25
$ 38
NOK
253,730
USD
24,000
Morgan Stanley & Co. International PLC
05/28/25
389
PEN
545,485
USD
146,000
Barclays Bank PLC
05/28/25
2,677
USD
116,076
EUR
101,843
Toronto-Dominion Bank
05/28/25
543
ZAR
906,324
USD
48,000
Barclays Bank PLC
05/28/25
636
TRY
429,366
USD
10,441
Barclays Bank PLC
06/02/25
349
BRL
916,987
USD
159,900
Goldman Sachs International
06/03/25
490
AUD
290,000
USD
183,618
Citibank N.A.
06/18/25
2,237
AUD
260,000
USD
163,822
Goldman Sachs International
06/18/25
2,807
AUD
50,000
USD
30,215
Morgan Stanley & Co. International PLC
06/18/25
1,829
AUD
230,000
USD
139,340
Morgan Stanley & Co. International PLC
06/18/25
8,063
AUD
480,000
USD
303,327
Toronto-Dominion Bank
06/18/25
4,295
AUD
470,000
USD
284,590
UBS AG
06/18/25
16,624
AUD
3,820,000
USD
2,410,668
UBS AG
06/18/25
37,495
BRL
370,000
USD
63,735
Barclays Bank PLC
06/18/25
774
BRL
355,000
USD
60,996
Citibank N.A.
06/18/25
897
BRL
2,840,000
USD
481,609
Citibank N.A.
06/18/25
13,534
BRL
140,000
USD
23,427
Goldman Sachs International
06/18/25
981
BRL
290,000
USD
49,421
Goldman Sachs International
06/18/25
1,140
BRL
355,000
USD
60,939
Goldman Sachs International
06/18/25
954
BRL
380,000
USD
63,076
Goldman Sachs International
06/18/25
3,176
BRL
400,000
USD
66,920
Goldman Sachs International
06/18/25
2,819
BRL
470,000
USD
81,618
Goldman Sachs International
06/18/25
324
BRL
470,000
USD
80,742
Goldman Sachs International
06/18/25
1,201
BRL
180,000
USD
30,290
Societe Generale
06/18/25
1,093
BRL
3,718,565
USD
626,000
UBS AG
06/18/25
22,317
CAD
190,000
USD
133,114
Bank of America N.A.
06/18/25
5,039
CAD
360,000
USD
251,420
Bank of America N.A.
06/18/25
10,346
CAD
460,000
USD
326,876
Bank of America N.A.
06/18/25
7,601
CAD
90,000
USD
65,009
Barclays Bank PLC
06/18/25
432
CAD
70,000
USD
50,707
Citibank N.A.
06/18/25
192
CAD
240,000
USD
174,045
Citibank N.A.
06/18/25
465
CAD
4,441
USD
3,096
Goldman Sachs International
06/18/25
134
CAD
315,559
USD
219,995
Goldman Sachs International
06/18/25
9,456
CAD
370,000
USD
259,031
Goldman Sachs International
06/18/25
10,005
CAD
420,000
USD
304,605
Goldman Sachs International
06/18/25
788
CAD
240,000
USD
173,088
Morgan Stanley & Co. International PLC
06/18/25
1,422
CAD
290,000
USD
203,795
Morgan Stanley & Co. International PLC
06/18/25
7,072
CAD
280,000
USD
203,423
State Street Bank and Trust Co.
06/18/25
172
CAD
60,000
USD
41,917
Toronto-Dominion Bank
06/18/25
1,711
CAD
190,000
USD
132,302
Toronto-Dominion Bank
06/18/25
5,852
CAD
380,000
USD
275,129
Toronto-Dominion Bank
06/18/25
1,179
CHF
110,000
USD
125,802
Bank of America N.A.
06/18/25
8,186
CHF
130,000
USD
149,062
Bank of America N.A.
06/18/25
9,286
CHF
140,000
USD
161,424
Barclays Bank PLC
06/18/25
9,105
CHF
200,000
USD
237,662
Barclays Bank PLC
06/18/25
5,951
CHF
210,000
USD
240,618
BNP Paribas SA
06/18/25
15,176
CHF
60,000
USD
68,609
Goldman Sachs International
06/18/25
4,475
CHF
170,000
USD
194,290
Goldman Sachs International
06/18/25
12,781
CHF
220,000
USD
251,936
Morgan Stanley & Co. International PLC
06/18/25
16,038
CHF
100,000
USD
116,864
State Street Bank and Trust Co.
06/18/25
4,942
CHF
140,000
USD
160,011
State Street Bank and Trust Co.
06/18/25
10,519
CHF
130,000
USD
149,121
Toronto-Dominion Bank
06/18/25
9,228
CHF
140,000
USD
159,849
Toronto-Dominion Bank
06/18/25
10,681
CHF
170,000
USD
203,868
UBS AG
06/18/25
3,204
CLP
188,000,000
USD
197,127
Bank of America N.A.
06/18/25
1,356
COP
500,000,000
USD
114,641
Goldman Sachs International
06/18/25
2,942
CZK
1,100,000
USD
48,006
Bank of America N.A.
06/18/25
1,984
CZK
3,600,000
USD
163,521
Citibank N.A.
06/18/25
82
CZK
1,300,000
USD
56,421
Societe Generale
06/18/25
2,658
CZK
3,200,000
USD
139,136
State Street Bank and Trust Co.
06/18/25
6,289
CZK
1,700,000
USD
74,367
Toronto-Dominion Bank
06/18/25
2,890
Schedule of Investments
41

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
EUR
120,000
USD
133,119
Barclays Bank PLC
06/18/25
$ 3,190
EUR
280,000
USD
305,251
Barclays Bank PLC
06/18/25
12,804
EUR
210,000
USD
228,212
BNP Paribas SA
06/18/25
10,329
EUR
200,000
USD
219,431
Goldman Sachs International
06/18/25
7,751
EUR
110,000
USD
122,459
Morgan Stanley & Co. International PLC
06/18/25
2,491
EUR
4,385,000
USD
4,778,356
UBS AG
06/18/25
202,611
GBP
220,000
USD
283,916
Bank of America N.A.
06/18/25
9,330
GBP
410,000
USD
536,929
Bank of America N.A.
06/18/25
9,576
GBP
40,000
USD
53,065
Barclays Bank PLC
06/18/25
252
GBP
140,000
USD
181,301
Barclays Bank PLC
06/18/25
5,310
GBP
200,000
USD
258,384
Barclays Bank PLC
06/18/25
8,203
GBP
220,000
USD
291,158
Barclays Bank PLC
06/18/25
2,089
GBP
340,000
USD
436,099
Barclays Bank PLC
06/18/25
17,100
GBP
150,000
USD
193,943
BNP Paribas SA
06/18/25
5,997
GBP
10,000
USD
12,938
Citibank N.A.
06/18/25
392
GBP
120,000
USD
158,160
Citibank N.A.
06/18/25
1,793
GBP
170,000
USD
219,951
Citibank N.A.
06/18/25
6,649
GBP
130,000
USD
169,260
Goldman Sachs International
06/18/25
4,022
GBP
290,000
USD
369,288
Goldman Sachs International
06/18/25
17,264
GBP
50,000
USD
64,553
Morgan Stanley & Co. International PLC
06/18/25
2,094
GBP
110,000
USD
145,669
Morgan Stanley & Co. International PLC
06/18/25
955
GBP
110,000
USD
144,730
Morgan Stanley & Co. International PLC
06/18/25
1,894
GBP
660,000
USD
849,499
Royal Bank of Canada
06/18/25
30,240
GBP
634,000
USD
820,045
Societe Generale
06/18/25
25,038
GBP
70,000
USD
90,239
State Street Bank and Trust Co.
06/18/25
3,067
GBP
80,000
USD
103,611
Toronto-Dominion Bank
06/18/25
3,024
HUF
11,000,000
USD
29,494
Barclays Bank PLC
06/18/25
1,250
HUF
18,000,000
USD
50,144
Barclays Bank PLC
06/18/25
163
HUF
38,000,000
USD
104,880
Barclays Bank PLC
06/18/25
1,326
HUF
8,000,000
USD
22,140
Citibank N.A.
06/18/25
219
HUF
49,000,000
USD
131,602
Goldman Sachs International
06/18/25
5,347
HUF
13,000,000
USD
36,147
Morgan Stanley & Co. International PLC
06/18/25
186
HUF
18,000,000
USD
50,046
Morgan Stanley & Co. International PLC
06/18/25
262
HUF
7,000,000
USD
18,942
State Street Bank and Trust Co.
06/18/25
622
HUF
120,000,000
USD
320,321
State Street Bank and Trust Co.
06/18/25
15,065
IDR
870,000,000
USD
52,273
Barclays Bank PLC
06/18/25
202
IDR
1,040,000,000
USD
61,672
Barclays Bank PLC
06/18/25
1,058
IDR
1,850,000,000
USD
109,685
Barclays Bank PLC
06/18/25
1,902
IDR
1,980,000,000
USD
117,255
Barclays Bank PLC
06/18/25
2,172
IDR
2,010,000,000
USD
119,773
Barclays Bank PLC
06/18/25
1,465
IDR
2,080,000,000
USD
122,937
Barclays Bank PLC
06/18/25
2,522
IDR
2,440,000,000
USD
144,768
Barclays Bank PLC
06/18/25
2,406
IDR
2,090,000,000
USD
123,625
Goldman Sachs International
06/18/25
2,438
INR
1,100,000
USD
12,691
Citibank N.A.
06/18/25
268
INR
2,100,000
USD
24,427
Goldman Sachs International
06/18/25
312
INR
3,100,000
USD
35,574
Goldman Sachs International
06/18/25
947
INR
10,800,000
USD
123,433
Goldman Sachs International
06/18/25
3,799
INR
17,100,000
USD
194,495
State Street Bank and Trust Co.
06/18/25
6,956
JPY
40,000,000
USD
276,277
Goldman Sachs International
06/18/25
4,963
JPY
5,000,000
USD
34,332
State Street Bank and Trust Co.
06/18/25
823
JPY
10,000,000
USD
66,842
State Street Bank and Trust Co.
06/18/25
3,468
JPY
8,000,000
USD
53,813
Toronto-Dominion Bank
06/18/25
2,435
JPY
23,000,000
USD
157,761
Toronto-Dominion Bank
06/18/25
3,952
JPY
6,000,000
USD
40,163
UBS AG
06/18/25
2,023
JPY
280,000,000
USD
1,929,343
UBS AG
06/18/25
39,343
KRW
505,000,000
USD
344,472
Bank of America N.A.
06/18/25
10,983
KRW
65,000,000
USD
45,669
Barclays Bank PLC
06/18/25
83
KRW
105,000,000
USD
72,038
Barclays Bank PLC
06/18/25
1,868
KRW
165,000,000
USD
113,150
Barclays Bank PLC
06/18/25
2,989
KRW
190,000,000
USD
130,509
Barclays Bank PLC
06/18/25
3,227
KRW
465,000,000
USD
315,888
Barclays Bank PLC
06/18/25
11,412
KRW
100,000,000
USD
70,172
Citibank N.A.
06/18/25
215
42
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
KRW
125,000,000
USD
87,892
Citibank N.A.
06/18/25
$ 92
KRW
135,000,000
USD
92,783
Citibank N.A.
06/18/25
2,240
KRW
170,000,000
USD
117,887
Citibank N.A.
06/18/25
1,771
KRW
205,000,000
USD
143,314
Goldman Sachs International
06/18/25
980
KRW
110,000,000
USD
75,450
Morgan Stanley & Co. International PLC
06/18/25
1,976
MXN
700,000
USD
34,875
Barclays Bank PLC
06/18/25
610
MXN
1,500,000
USD
73,655
Barclays Bank PLC
06/18/25
2,383
MXN
1,600,000
USD
78,429
Barclays Bank PLC
06/18/25
2,679
MXN
2,000,000
USD
99,162
Barclays Bank PLC
06/18/25
2,223
MXN
2,500,000
USD
126,358
Barclays Bank PLC
06/18/25
373
MXN
600,000
USD
28,991
Goldman Sachs International
06/18/25
1,425
MXN
1,265,000
USD
62,365
Goldman Sachs International
06/18/25
1,761
MXN
3,100,000
USD
157,144
Goldman Sachs International
06/18/25
3
MXN
1,100,000
USD
53,543
Morgan Stanley & Co. International PLC
06/18/25
2,219
MXN
1,700,000
USD
82,377
Morgan Stanley & Co. International PLC
06/18/25
3,800
MXN
2,535,000
USD
125,137
Morgan Stanley & Co. International PLC
06/18/25
3,368
MXN
3,400,000
USD
171,931
Morgan Stanley & Co. International PLC
06/18/25
423
MXN
1,700,000
USD
83,944
Royal Bank of Canada
06/18/25
2,233
MXN
400,000
USD
19,515
State Street Bank and Trust Co.
06/18/25
762
MXN
400,000
USD
19,510
State Street Bank and Trust Co.
06/18/25
767
MXN
2,000,000
USD
98,488
State Street Bank and Trust Co.
06/18/25
2,897
NOK
1,900,000
USD
174,464
Bank of America N.A.
06/18/25
8,172
NOK
1,000,000
USD
96,051
Barclays Bank PLC
06/18/25
73
NOK
500,000
USD
45,565
Citibank N.A.
06/18/25
2,497
NOK
400,000
USD
37,844
Goldman Sachs International
06/18/25
606
NOK
6,000,000
USD
561,554
Morgan Stanley & Co. International PLC
06/18/25
15,190
NOK
800,000
USD
75,689
State Street Bank and Trust Co.
06/18/25
1,210
NOK
800,000
USD
73,071
State Street Bank and Trust Co.
06/18/25
3,828
NOK
4,100,000
USD
382,087
Toronto-Dominion Bank
06/18/25
12,022
NZD
160,000
USD
89,622
Bank of America N.A.
06/18/25
5,553
NZD
280,000
USD
159,202
Bank of America N.A.
06/18/25
7,355
NZD
70,000
USD
40,098
Goldman Sachs International
06/18/25
1,541
NZD
190,000
USD
110,495
Goldman Sachs International
06/18/25
2,525
NZD
330,000
USD
190,484
Goldman Sachs International
06/18/25
5,815
NZD
60,000
USD
34,301
Morgan Stanley & Co. International PLC
06/18/25
1,390
NZD
200,000
USD
111,977
Royal Bank of Canada
06/18/25
6,992
NZD
90,000
USD
51,829
State Street Bank and Trust Co.
06/18/25
1,707
NZD
620,000
USD
353,377
State Street Bank and Trust Co.
06/18/25
15,427
NZD
370,000
USD
214,669
Toronto-Dominion Bank
06/18/25
5,424
PHP
1,400,000
USD
24,544
Bank of America N.A.
06/18/25
529
PHP
1,900,000
USD
33,222
Bank of America N.A.
06/18/25
806
PHP
1,400,000
USD
24,687
Barclays Bank PLC
06/18/25
387
PHP
2,100,000
USD
36,619
Barclays Bank PLC
06/18/25
991
PHP
3,900,000
USD
67,890
Barclays Bank PLC
06/18/25
1,958
PHP
7,200,000
USD
126,787
Barclays Bank PLC
06/18/25
2,162
PHP
10,600,000
USD
186,880
Barclays Bank PLC
06/18/25
2,962
PHP
11,000,000
USD
191,987
Barclays Bank PLC
06/18/25
5,018
PHP
5,500,000
USD
95,936
Citibank N.A.
06/18/25
2,567
PHP
2,900,000
USD
51,888
Goldman Sachs International
06/18/25
50
PHP
2,900,000
USD
50,589
Goldman Sachs International
06/18/25
1,349
PLN
300,000
USD
76,439
Barclays Bank PLC
06/18/25
2,834
PLN
150,000
USD
38,090
Morgan Stanley & Co. International PLC
06/18/25
1,546
PLN
150,000
USD
38,868
Royal Bank of Canada
06/18/25
769
PLN
200,000
USD
51,738
State Street Bank and Trust Co.
06/18/25
1,111
SEK
800,000
USD
80,238
Bank of America N.A.
06/18/25
2,752
SEK
1,300,000
USD
131,100
Barclays Bank PLC
06/18/25
3,759
SEK
1,300,000
USD
129,850
Barclays Bank PLC
06/18/25
5,009
SEK
2,700,000
USD
268,595
Barclays Bank PLC
06/18/25
11,496
SEK
400,000
USD
40,041
BNP Paribas SA
06/18/25
1,454
SEK
100,000
USD
10,095
Goldman Sachs International
06/18/25
279
SEK
800,000
USD
80,355
Goldman Sachs International
06/18/25
2,635
SEK
1,100,000
USD
109,451
Goldman Sachs International
06/18/25
4,660
Schedule of Investments
43

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
SEK
2,800,000
USD
279,460
Goldman Sachs International
06/18/25
$ 11,004
SEK
1,300,000
USD
132,979
Morgan Stanley & Co. International PLC
06/18/25
1,880
SEK
300,000
USD
30,850
State Street Bank and Trust Co.
06/18/25
271
SEK
400,000
USD
39,919
State Street Bank and Trust Co.
06/18/25
1,575
SEK
1,100,000
USD
109,351
State Street Bank and Trust Co.
06/18/25
4,760
SEK
1,400,000
USD
140,197
State Street Bank and Trust Co.
06/18/25
5,036
SEK
1,700,000
USD
168,580
State Street Bank and Trust Co.
06/18/25
7,774
SGD
70,000
USD
52,819
Royal Bank of Canada
06/18/25
907
SGD
140,000
USD
107,024
Societe Generale
06/18/25
429
SGD
80,000
USD
61,252
State Street Bank and Trust Co.
06/18/25
150
SGD
140,000
USD
107,323
State Street Bank and Trust Co.
06/18/25
130
SGD
730,000
USD
550,833
State Street Bank and Trust Co.
06/18/25
9,458
THB
4,000,000
USD
120,004
Barclays Bank PLC
06/18/25
120
THB
4,000,000
USD
119,951
Barclays Bank PLC
06/18/25
174
THB
600,000
USD
18,003
Citibank N.A.
06/18/25
16
THB
4,600,000
USD
136,585
Citibank N.A.
06/18/25
1,558
THB
3,500,000
USD
105,048
Morgan Stanley & Co. International PLC
06/18/25
61
TWD
10,100,000
USD
315,771
Bank of America N.A.
06/18/25
1,830
TWD
1,000,000
USD
31,309
Barclays Bank PLC
06/18/25
137
TWD
1,400,000
USD
43,699
Barclays Bank PLC
06/18/25
324
TWD
1,800,000
USD
55,176
Barclays Bank PLC
06/18/25
1,426
TWD
3,000,000
USD
90,717
Barclays Bank PLC
06/18/25
3,620
TWD
3,400,000
USD
103,956
Barclays Bank PLC
06/18/25
2,959
TWD
14,900,000
USD
452,695
Barclays Bank PLC
06/18/25
15,845
TWD
3,200,000
USD
98,075
BNP Paribas SA
06/18/25
2,551
TWD
1,500,000
USD
46,703
Citibank N.A.
06/18/25
466
TWD
3,600,000
USD
109,763
Citibank N.A.
06/18/25
3,441
TWD
1,100,000
USD
33,554
Goldman Sachs International
06/18/25
1,036
TWD
9,800,000
USD
307,178
State Street Bank and Trust Co.
06/18/25
989
USD
83,344
AUD
130,000
Citibank N.A.
06/18/25
30
USD
31,504
BRL
180,000
Goldman Sachs International
06/18/25
122
USD
329,046
CHF
270,000
Barclays Bank PLC
06/18/25
168
USD
49,270
CHF
40,000
Citibank N.A.
06/18/25
548
USD
36,542
CHF
30,000
Goldman Sachs International
06/18/25
USD
49,441
CHF
40,000
Goldman Sachs International
06/18/25
718
USD
122,441
CHF
100,000
Goldman Sachs International
06/18/25
634
USD
235,425
CHF
190,000
Morgan Stanley & Co. International PLC
06/18/25
3,993
USD
61,577
CHF
50,000
State Street Bank and Trust Co.
06/18/25
674
USD
36,840
CLP
34,000,000
Bank of America N.A.
06/18/25
944
USD
50,944
CLP
48,000,000
Bank of America N.A.
06/18/25
268
USD
62,021
CLP
57,000,000
Bank of America N.A.
06/18/25
1,842
USD
38,066
CLP
35,000,000
Citibank N.A.
06/18/25
1,114
USD
71,870
CLP
67,000,000
Goldman Sachs International
06/18/25
1,134
USD
149,204
CLP
140,000,000
Goldman Sachs International
06/18/25
1,398
USD
28,522
COP
120,000,000
Bank of America N.A.
06/18/25
302
USD
33,119
COP
140,000,000
Bank of America N.A.
06/18/25
195
USD
75,701
COP
320,000,000
Bank of America N.A.
06/18/25
448
USD
95,677
COP
400,000,000
Bank of America N.A.
06/18/25
1,610
USD
21,291
COP
90,000,000
Goldman Sachs International
06/18/25
126
USD
27,348
CZK
600,000
Goldman Sachs International
06/18/25
80
USD
34,285
EUR
30,000
Barclays Bank PLC
06/18/25
208
USD
307,896
EUR
270,000
Barclays Bank PLC
06/18/25
1,200
USD
309,073
EUR
270,000
Barclays Bank PLC
06/18/25
2,377
USD
11,385
EUR
10,000
Citibank N.A.
06/18/25
26
USD
170,853
EUR
150,000
Citibank N.A.
06/18/25
466
USD
171,295
EUR
150,000
Goldman Sachs International
06/18/25
908
USD
216,706
EUR
190,000
Morgan Stanley & Co. International PLC
06/18/25
884
USD
125,483
EUR
110,000
State Street Bank and Trust Co.
06/18/25
533
USD
71,956
EUR
63,000
UBS AG
06/18/25
394
USD
119,902
IDR
1,980,000,000
Bank of America N.A.
06/18/25
474
USD
44,036
IDR
730,000,000
Barclays Bank PLC
06/18/25
5
USD
38,633
IDR
640,000,000
Goldman Sachs International
06/18/25
30
44
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
66,936
JPY
9,426,000
Barclays Bank PLC
06/18/25
$ 661
USD
56,462
JPY
8,000,000
Goldman Sachs International
06/18/25
214
USD
84,580
JPY
12,000,000
Goldman Sachs International
06/18/25
207
USD
405,909
JPY
56,571,000
UBS AG
06/18/25
8,157
USD
28,329
KRW
40,000,000
Bank of America N.A.
06/18/25
174
USD
48,263
NOK
500,000
Goldman Sachs International
06/18/25
201
USD
281
NZD
471
Bank of America N.A.
06/18/25
1
USD
77,855
NZD
130,000
Barclays Bank PLC
06/18/25
525
USD
77,240
NZD
129,529
Goldman Sachs International
06/18/25
190
USD
150,315
NZD
250,000
Goldman Sachs International
06/18/25
1,604
USD
47,760
NZD
80,000
State Street Bank and Trust Co.
06/18/25
173
USD
66,337
PLN
250,000
Barclays Bank PLC
06/18/25
276
USD
66,207
PLN
250,000
Morgan Stanley & Co. International PLC
06/18/25
146
USD
79,786
PLN
300,000
State Street Bank and Trust Co.
06/18/25
513
USD
72,767
SEK
700,000
Goldman Sachs International
06/18/25
151
USD
125,714
SEK
1,200,000
Goldman Sachs International
06/18/25
1,229
USD
93,470
SEK
900,000
Morgan Stanley & Co. International PLC
06/18/25
106
USD
301,639
SEK
2,900,000
State Street Bank and Trust Co.
06/18/25
800
USD
94,208
SEK
900,000
UBS AG
06/18/25
845
USD
87,592
ZAR
1,600,000
Morgan Stanley & Co. International PLC
06/18/25
1,872
ZAR
200,000
USD
10,550
Goldman Sachs International
06/18/25
165
ZAR
200,000
USD
10,077
State Street Bank and Trust Co.
06/18/25
638
USD
4,898
EUR
4,301
Morgan Stanley & Co. International PLC
07/16/25
4
USD
110,832
CZK
2,434,086
Toronto-Dominion Bank
07/22/25
115
USD
274,073
CZK
6,017,010
Toronto-Dominion Bank
07/22/25
382
 
 
 
 
 
 
1,203,058
USD
62,927
KRW
90,520,000
Citibank N.A.
05/02/25
(753
)
BRL
111,272
USD
19,657
Barclays Bank PLC
05/05/25
(50
)
BRL
144,988
USD
25,613
Barclays Bank PLC
05/05/25
(65
)
BRL
212,706
USD
37,575
Barclays Bank PLC
05/05/25
(95
)
BRL
214,785
USD
37,943
Citibank N.A.
05/05/25
(96
)
BRL
141,211
USD
25,000
Goldman Sachs International
05/05/25
(118
)
BRL
910,631
USD
160,866
Goldman Sachs International
05/05/25
(407
)
BRL
145,000
USD
25,615
Societe Generale
05/05/25
(65
)
USD
18,500
BRL
111,272
Barclays Bank PLC
05/05/25
(1,107
)
USD
25,000
BRL
144,988
Barclays Bank PLC
05/05/25
(548
)
USD
36,000
BRL
212,706
Barclays Bank PLC
05/05/25
(1,480
)
USD
37,000
BRL
214,785
Citibank N.A.
05/05/25
(847
)
USD
159,900
BRL
910,631
Goldman Sachs International
05/05/25
(559
)
USD
25,000
BRL
145,000
Societe Generale
05/05/25
(550
)
USD
16,634
TRY
645,947
Barclays Bank PLC
05/07/25
(106
)
USD
36,474
TRY
1,414,640
UBS AG
05/07/25
(187
)
USD
37,807
TRY
1,466,260
UBS AG
05/07/25
(192
)
USD
144,598
TRY
5,609,608
UBS AG
05/07/25
(779
)
EUR
103,040
USD
117,313
Toronto-Dominion Bank
05/14/25
(521
)
USD
24,145
EUR
23,115
UBS AG
05/14/25
(2,055
)
USD
318,592
ZAR
5,944,319
UBS AG
05/14/25
(747
)
USD
247,805
COP
1,082,258,082
Citibank N.A.
05/16/25
(7,913
)
USD
72,000
TWD
2,319,120
Citibank N.A.
05/16/25
(552
)
AUD
57,000
USD
36,545
Goldman Sachs International
05/28/25
(24
)
CLP
22,713,600
USD
24,000
Barclays Bank PLC
05/28/25
(17
)
CZK
2,666,345
USD
121,360
Citibank N.A.
05/28/25
(251
)
EUR
6,640
USD
7,561
Barclays Bank PLC
05/28/25
(29
)
EUR
32,000
USD
36,879
Barclays Bank PLC
05/28/25
(578
)
EUR
236,970
USD
270,280
BNP Paribas SA
05/28/25
(1,456
)
JPY
5,261,912
USD
37,000
Barclays Bank PLC
05/28/25
(90
)
PLN
64,150
USD
17,000
Barclays Bank PLC
05/28/25
(40
)
PLN
169,562
USD
45,000
UBS AG
05/28/25
(171
)
THB
2,027,518
USD
61,000
Barclays Bank PLC
05/28/25
(205
)
THB
458,734
USD
13,920
Citibank N.A.
05/28/25
(165
)
USD
36,937
AUD
58,000
Citibank N.A.
05/28/25
(224
)
Schedule of Investments
45

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
87,120
CAD
120,865
State Street Bank and Trust Co.
05/28/25
$ (670
)
USD
25,000
CLP
24,055,000
Citibank N.A.
05/28/25
(399
)
USD
21,903
CLP
21,290,154
Societe Generale
05/28/25
(577
)
USD
93,730
COP
407,022,525
Morgan Stanley & Co. International PLC
05/28/25
(2,267
)
USD
88,758
GBP
67,000
Barclays Bank PLC
05/28/25
(541
)
USD
35,912
GBP
27,000
Goldman Sachs International
05/28/25
(74
)
USD
50,475
IDR
838,534,684
Bank of America N.A.
05/28/25
(143
)
USD
5,000
INR
429,510
Bank of America N.A.
05/28/25
(68
)
USD
37,000
PEN
136,438
Citibank N.A.
05/28/25
(187
)
USD
109,000
PEN
407,279
Citibank N.A.
05/28/25
(2,007
)
USD
61,000
SGD
79,981
Barclays Bank PLC
05/28/25
(316
)
USD
58,760
ZAR
1,108,788
State Street Bank and Trust Co.
05/28/25
(741
)
BRL
142,504
USD
25,000
Barclays Bank PLC
06/03/25
(75
)
USD
37,530
MXN
761,085
Morgan Stanley & Co. International PLC
06/06/25
(1,111
)
USD
33,886
MXN
719,619
State Street Bank and Trust Co.
06/06/25
(2,650
)
USD
57,258
MXN
1,128,168
State Street Bank and Trust Co.
06/06/25
(21
)
CHF
50,000
USD
61,021
Citibank N.A.
06/18/25
(118
)
CLP
58,000,000
USD
62,012
Bank of America N.A.
06/18/25
(777
)
CLP
162,000,000
USD
172,141
BNP Paribas SA
06/18/25
(1,108
)
CLP
19,000,000
USD
20,435
Citibank N.A.
06/18/25
(376
)
CLP
1,003,000,000
USD
1,077,556
Citibank N.A.
06/18/25
(18,629
)
CLP
81,000,000
USD
86,300
Goldman Sachs International
06/18/25
(783
)
COP
230,000,000
USD
54,846
Goldman Sachs International
06/18/25
(757
)
COP
2,240,000,000
USD
531,013
Morgan Stanley & Co. International PLC
06/18/25
(4,240
)
EUR
233,000
USD
264,888
Barclays Bank PLC
06/18/25
(221
)
EUR
450,000
USD
515,309
Goldman Sachs International
06/18/25
(4,149
)
GBP
170,000
USD
227,567
Goldman Sachs International
06/18/25
(968
)
GBP
40,000
USD
53,468
State Street Bank and Trust Co.
06/18/25
(150
)
IDR
450,000,000
USD
27,283
Barclays Bank PLC
06/18/25
(141
)
IDR
1,570,000,000
USD
95,650
Barclays Bank PLC
06/18/25
(952
)
IDR
1,660,000,000
USD
100,348
Barclays Bank PLC
06/18/25
(221
)
IDR
17,410,000,000
USD
1,059,260
Goldman Sachs International
06/18/25
(9,141
)
JPY
25,000,000
USD
179,226
Citibank N.A.
06/18/25
(3,451
)
JPY
18,000,000
USD
127,421
State Street Bank and Trust Co.
06/18/25
(862
)
JPY
26,000,000
USD
183,747
State Street Bank and Trust Co.
06/18/25
(941
)
KRW
95,000,000
USD
67,022
Citibank N.A.
06/18/25
(155
)
MXN
3,600,000
USD
182,558
Morgan Stanley & Co. International PLC
06/18/25
(65
)
NOK
1,600,000
USD
154,587
Goldman Sachs International
06/18/25
(789
)
PLN
150,000
USD
39,786
Barclays Bank PLC
06/18/25
(149
)
PLN
100,000
USD
26,825
Citibank N.A.
06/18/25
(401
)
PLN
300,000
USD
79,582
Societe Generale
06/18/25
(309
)
PLN
900,000
USD
238,288
Societe Generale
06/18/25
(469
)
PLN
350,000
USD
92,887
State Street Bank and Trust Co.
06/18/25
(401
)
SEK
1,400,000
USD
145,321
State Street Bank and Trust Co.
06/18/25
(88
)
THB
1,900,000
USD
57,095
Citibank N.A.
06/18/25
(36
)
THB
1,300,000
USD
39,244
UBS AG
06/18/25
(203
)
USD
170,037
AUD
270,000
Barclays Bank PLC
06/18/25
(3,001
)
USD
62,898
AUD
100,000
Goldman Sachs International
06/18/25
(1,190
)
USD
273,445
AUD
430,000
Goldman Sachs International
06/18/25
(2,133
)
USD
62,925
AUD
100,000
Morgan Stanley & Co. International PLC
06/18/25
(1,164
)
USD
76,334
AUD
120,000
Morgan Stanley & Co. International PLC
06/18/25
(572
)
USD
242,308
AUD
380,000
Morgan Stanley & Co. International PLC
06/18/25
(1,227
)
USD
183,501
AUD
290,000
Societe Generale
06/18/25
(2,355
)
USD
234,095
AUD
370,000
State Street Bank and Trust Co.
06/18/25
(3,031
)
USD
294,798
AUD
460,000
State Street Bank and Trust Co.
06/18/25
(7
)
USD
108,452
AUD
170,000
Toronto-Dominion Bank
06/18/25
(498
)
USD
127,126
AUD
200,000
Toronto-Dominion Bank
06/18/25
(1,050
)
USD
233,390
AUD
370,000
Toronto-Dominion Bank
06/18/25
(3,736
)
USD
52,034
BRL
300,000
Bank of America N.A.
06/18/25
(269
)
USD
134,133
BRL
800,000
Bank of America N.A.
06/18/25
(5,344
)
USD
38,078
BRL
220,000
Barclays Bank PLC
06/18/25
(278
)
USD
25,158
BRL
150,000
Citibank N.A.
06/18/25
(994
)
46
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
69,956
BRL
430,000
Citibank N.A.
06/18/25
$ (5,012
)
USD
86,302
BRL
500,000
Goldman Sachs International
06/18/25
(871
)
USD
111,864
BRL
660,000
Goldman Sachs International
06/18/25
(3,204
)
USD
90,995
BRL
530,000
Societe Generale
06/18/25
(1,408
)
USD
883,758
BRL
5,249,701
UBS AG
06/18/25
(31,506
)
USD
388,947
CAD
550,000
Bank of America N.A.
06/18/25
(10,972
)
USD
182,121
CAD
260,000
Barclays Bank PLC
06/18/25
(6,931
)
USD
267,456
CAD
380,000
Barclays Bank PLC
06/18/25
(8,852
)
USD
123,081
CAD
170,000
Citibank N.A.
06/18/25
(530
)
USD
160,533
CAD
230,000
Citibank N.A.
06/18/25
(6,706
)
USD
239,331
CAD
340,000
Citibank N.A.
06/18/25
(7,892
)
USD
302,443
CAD
420,000
Citibank N.A.
06/18/25
(2,950
)
USD
57,929
CAD
80,000
Goldman Sachs International
06/18/25
(241
)
USD
188,142
CAD
270,000
Royal Bank of Canada
06/18/25
(8,182
)
USD
137,302
CAD
190,000
State Street Bank and Trust Co.
06/18/25
(851
)
USD
50,734
CAD
70,000
Toronto-Dominion Bank
06/18/25
(164
)
USD
2,036,126
CHF
1,770,000
BNP Paribas SA
06/18/25
(119,852
)
USD
164,230
CHF
140,000
Citibank N.A.
06/18/25
(6,300
)
USD
57,319
CHF
50,000
Goldman Sachs International
06/18/25
(3,584
)
USD
63,220
CLP
60,000,000
Bank of America N.A.
06/18/25
(126
)
USD
95,391
CLP
93,000,000
Bank of America N.A.
06/18/25
(2,794
)
USD
150,144
CLP
148,000,000
Barclays Bank PLC
06/18/25
(6,109
)
USD
75,784
CLP
75,000,000
BNP Paribas SA
06/18/25
(3,398
)
USD
47,988
CLP
48,000,000
Citibank N.A.
06/18/25
(2,688
)
USD
94,904
CLP
90,000,000
Goldman Sachs International
06/18/25
(114
)
USD
122,292
CLP
116,000,000
Goldman Sachs International
06/18/25
(176
)
USD
296,432
CLP
292,000,000
Goldman Sachs International
06/18/25
(11,850
)
USD
3,076
COP
13,283,025
Bank of America N.A.
06/18/25
(48
)
USD
11,586
COP
50,000,000
Bank of America N.A.
06/18/25
(173
)
USD
25,121
COP
110,000,000
Bank of America N.A.
06/18/25
(748
)
USD
37,312
COP
160,000,000
Bank of America N.A.
06/18/25
(314
)
USD
68,539
COP
300,000,000
Bank of America N.A.
06/18/25
(2,011
)
USD
76,160
COP
330,000,000
Bank of America N.A.
06/18/25
(1,445
)
USD
131,620
COP
580,000,000
Bank of America N.A.
06/18/25
(4,777
)
USD
45,528
COP
196,716,975
BNP Paribas SA
06/18/25
(733
)
USD
85,698
COP
370,000,000
Goldman Sachs International
06/18/25
(1,314
)
USD
85,490
COP
370,000,000
Morgan Stanley & Co. International PLC
06/18/25
(1,522
)
USD
128,462
CZK
2,900,000
Goldman Sachs International
06/18/25
(3,330
)
USD
498,889
CZK
11,470,000
Toronto-Dominion Bank
06/18/25
(22,370
)
USD
606,987
EUR
540,000
Bank of America N.A.
06/18/25
(6,405
)
USD
33,223
EUR
30,000
Barclays Bank PLC
06/18/25
(854
)
USD
52,771
EUR
48,000
Barclays Bank PLC
06/18/25
(1,753
)
USD
99,359
EUR
90,000
Barclays Bank PLC
06/18/25
(2,873
)
USD
292,095
EUR
270,000
BNP Paribas SA
06/18/25
(14,601
)
USD
322,123
EUR
290,000
BNP Paribas SA
06/18/25
(7,291
)
USD
1,193,467
EUR
1,100,000
Morgan Stanley & Co. International PLC
06/18/25
(56,034
)
USD
341,126
EUR
310,000
State Street Bank and Trust Co.
06/18/25
(11,007
)
USD
619,930
EUR
565,420
State Street Bank and Trust Co.
06/18/25
(22,336
)
USD
699,580
EUR
640,274
State Street Bank and Trust Co.
06/18/25
(27,714
)
USD
4,322,827
EUR
3,956,400
State Street Bank and Trust Co.
06/18/25
(171,289
)
USD
252,214
EUR
230,000
Toronto-Dominion Bank
06/18/25
(9,045
)
USD
396,858
EUR
361,580
Toronto-Dominion Bank
06/18/25
(13,865
)
USD
103,518
GBP
80,000
Bank of America N.A.
06/18/25
(3,117
)
USD
90,577
GBP
70,000
Barclays Bank PLC
06/18/25
(2,728
)
USD
252,684
GBP
190,000
Barclays Bank PLC
06/18/25
(574
)
USD
199,720
GBP
150,000
Goldman Sachs International
06/18/25
(221
)
USD
3,626,151
GBP
2,810,000
Societe Generale
06/18/25
(119,405
)
USD
38,652
GBP
30,000
State Street Bank and Trust Co.
06/18/25
(1,336
)
USD
199,563
GBP
150,000
State Street Bank and Trust Co.
06/18/25
(378
)
USD
242,031
GBP
187,000
State Street Bank and Trust Co.
06/18/25
(7,228
)
USD
243,362
GBP
190,000
State Street Bank and Trust Co.
06/18/25
(9,897
)
USD
612,097
GBP
472,000
State Street Bank and Trust Co.
06/18/25
(17,050
)
Schedule of Investments
47

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
700,732
GBP
540,000
State Street Bank and Trust Co.
06/18/25
$ (19,054
)
USD
869,350
GBP
674,000
State Street Bank and Trust Co.
06/18/25
(29,050
)
USD
1,079,419
GBP
833,300
Toronto-Dominion Bank
06/18/25
(31,318
)
USD
51,704
GBP
40,000
UBS AG
06/18/25
(1,614
)
USD
399,715
GBP
300,000
UBS AG
06/18/25
(166
)
USD
83,684
HUF
31,000,000
Barclays Bank PLC
06/18/25
(2,958
)
USD
83,977
HUF
31,000,000
Barclays Bank PLC
06/18/25
(2,665
)
USD
35,215
HUF
13,000,000
BNP Paribas SA
06/18/25
(1,119
)
USD
130,762
HUF
49,000,000
Goldman Sachs International
06/18/25
(6,188
)
USD
142,633
HUF
52,000,000
Goldman Sachs International
06/18/25
(2,701
)
USD
290,929
HUF
108,000,000
Morgan Stanley & Co. International PLC
06/18/25
(10,919
)
USD
221,445
HUF
80,000,000
Societe Generale
06/18/25
(2,145
)
USD
111,241
HUF
41,000,000
State Street Bank and Trust Co.
06/18/25
(3,349
)
USD
75,869
IDR
1,300,000,000
Bank of America N.A.
06/18/25
(2,544
)
USD
170,698
IDR
2,910,000,000
BNP Paribas SA
06/18/25
(4,825
)
USD
49,288
IDR
820,000,000
Goldman Sachs International
06/18/25
(172
)
USD
52,954
IDR
890,000,000
Goldman Sachs International
06/18/25
(728
)
USD
97,221
IDR
1,620,000,000
Goldman Sachs International
06/18/25
(492
)
USD
246,998
IDR
4,140,000,000
Morgan Stanley & Co. International PLC
06/18/25
(2,715
)
USD
167,173
IDR
2,810,000,000
UBS AG
06/18/25
(2,317
)
USD
325,039
IDR
5,530,000,000
UBS AG
06/18/25
(8,514
)
USD
30,411
INR
2,600,000
Barclays Bank PLC
06/18/25
(219
)
USD
33,722
INR
2,900,000
Citibank N.A.
06/18/25
(442
)
USD
54,489
INR
4,700,000
Citibank N.A.
06/18/25
(880
)
USD
25,601
INR
2,200,000
Goldman Sachs International
06/18/25
(316
)
USD
134,963
JPY
20,000,000
Bank of America N.A.
06/18/25
(5,657
)
USD
176,601
JPY
26,000,000
Bank of America N.A.
06/18/25
(6,206
)
USD
724,371
JPY
106,064,000
Barclays Bank PLC
06/18/25
(21,367
)
USD
35,058
JPY
5,000,000
BNP Paribas SA
06/18/25
(97
)
USD
112,469
JPY
16,000,000
Morgan Stanley & Co. International PLC
06/18/25
(27
)
USD
135,002
JPY
20,000,000
Royal Bank of Canada
06/18/25
(5,618
)
USD
20,384
JPY
3,000,000
State Street Bank and Trust Co.
06/18/25
(710
)
USD
34,010
JPY
4,964,000
State Street Bank and Trust Co.
06/18/25
(892
)
USD
40,265
JPY
5,848,000
State Street Bank and Trust Co.
06/18/25
(853
)
USD
474,698
JPY
69,810,000
State Street Bank and Trust Co.
06/18/25
(16,138
)
USD
24,480
JPY
3,598,000
Toronto-Dominion Bank
06/18/25
(818
)
USD
116,175
JPY
17,200,000
Toronto-Dominion Bank
06/18/25
(4,759
)
USD
149,696
JPY
22,000,000
Toronto-Dominion Bank
06/18/25
(4,987
)
USD
645,926
JPY
94,000,000
UBS AG
06/18/25
(14,991
)
USD
2,184,731
KRW
3,163,600,000
Bank of America N.A.
06/18/25
(42,039
)
USD
290,005
KRW
415,000,000
Barclays Bank PLC
06/18/25
(2,102
)
USD
181,702
KRW
265,000,000
Goldman Sachs International
06/18/25
(4,824
)
USD
83,729
KRW
120,000,000
State Street Bank and Trust Co.
06/18/25
(736
)
USD
204,444
MXN
4,300,000
Citibank N.A.
06/18/25
(13,534
)
USD
19,235
MXN
400,000
Goldman Sachs International
06/18/25
(1,042
)
USD
64,208
MXN
1,300,000
Morgan Stanley & Co. International PLC
06/18/25
(1,692
)
USD
148,038
MXN
3,100,000
Morgan Stanley & Co. International PLC
06/18/25
(9,109
)
USD
79,161
MXN
1,600,000
Societe Generale
06/18/25
(1,947
)
USD
24,369
MXN
500,000
State Street Bank and Trust Co.
06/18/25
(978
)
USD
97,088
MXN
2,000,000
State Street Bank and Trust Co.
06/18/25
(4,297
)
USD
880,546
MXN
18,100,000
State Street Bank and Trust Co.
06/18/25
(36,988
)
USD
47,448
NOK
500,000
Bank of America N.A.
06/18/25
(614
)
USD
104,910
NOK
1,100,000
Bank of America N.A.
06/18/25
(827
)
USD
123,512
NOK
1,300,000
Bank of America N.A.
06/18/25
(1,449
)
USD
104,360
NOK
1,100,000
BNP Paribas SA
06/18/25
(1,376
)
USD
85,677
NOK
900,000
Citibank N.A.
06/18/25
(834
)
USD
278,591
NOK
3,000,000
Goldman Sachs International
06/18/25
(9,781
)
USD
293,344
NOK
3,100,000
Goldman Sachs International
06/18/25
(4,640
)
USD
28,128
NOK
300,000
Morgan Stanley & Co. International PLC
06/18/25
(709
)
USD
9,518
NOK
100,000
State Street Bank and Trust Co.
06/18/25
(95
)
USD
170,951
NOK
1,800,000
State Street Bank and Trust Co.
06/18/25
(2,072
)
USD
28,112
NOK
300,000
Toronto-Dominion Bank
06/18/25
(726
)
48
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
229,928
NZD
400,000
Goldman Sachs International
06/18/25
$ (8,010
)
USD
1,096,330
NZD
1,910,000
Goldman Sachs International
06/18/25
(39,825
)
USD
95,133
NZD
170,000
Morgan Stanley & Co. International PLC
06/18/25
(5,991
)
USD
41,532
NZD
70,000
State Street Bank and Trust Co.
06/18/25
(107
)
USD
5,256
PHP
300,000
Bank of America N.A.
06/18/25
(117
)
USD
101,098
PHP
5,800,000
Bank of America N.A.
06/18/25
(2,777
)
USD
48,726
PHP
2,800,000
Barclays Bank PLC
06/18/25
(1,421
)
USD
1,562,581
PHP
89,900,000
Morgan Stanley & Co. International PLC
06/18/25
(47,491
)
USD
90,460
PLN
350,000
Bank of America N.A.
06/18/25
(2,026
)
USD
115,919
PLN
450,000
Bank of America N.A.
06/18/25
(2,990
)
USD
130,967
PLN
500,000
Barclays Bank PLC
06/18/25
(1,155
)
USD
77,053
PLN
300,000
Goldman Sachs International
06/18/25
(2,220
)
USD
128,073
PLN
500,000
Goldman Sachs International
06/18/25
(4,048
)
USD
129,509
PLN
500,000
Goldman Sachs International
06/18/25
(2,613
)
USD
154,523
PLN
600,000
Goldman Sachs International
06/18/25
(4,023
)
USD
52,001
PLN
200,000
State Street Bank and Trust Co.
06/18/25
(848
)
USD
103,750
PLN
400,000
State Street Bank and Trust Co.
06/18/25
(1,947
)
USD
449,721
PLN
1,750,000
UBS AG
06/18/25
(12,705
)
USD
257,878
SEK
2,600,000
Citibank N.A.
06/18/25
(11,839
)
USD
479,723
SEK
4,700,000
Citibank N.A.
06/18/25
(7,843
)
USD
447,752
SEK
4,500,000
Goldman Sachs International
06/18/25
(19,066
)
USD
103,346
SEK
1,000,000
Morgan Stanley & Co. International PLC
06/18/25
(391
)
USD
192,313
SEK
1,900,000
Morgan Stanley & Co. International PLC
06/18/25
(4,788
)
USD
90,290
SGD
120,000
Bank of America N.A.
06/18/25
(1,813
)
USD
37,387
SGD
50,000
Barclays Bank PLC
06/18/25
(989
)
USD
150,830
SGD
200,000
Barclays Bank PLC
06/18/25
(2,674
)
USD
190,955
SGD
250,000
Barclays Bank PLC
06/18/25
(925
)
USD
220,708
SGD
290,000
Barclays Bank PLC
06/18/25
(1,873
)
USD
303,750
SGD
400,000
Barclays Bank PLC
06/18/25
(3,259
)
USD
218,100
SGD
290,000
Citibank N.A.
06/18/25
(4,482
)
USD
221,219
SGD
290,000
Citibank N.A.
06/18/25
(1,363
)
USD
22,517
SGD
30,000
Goldman Sachs International
06/18/25
(509
)
USD
133,689
SGD
180,000
Goldman Sachs International
06/18/25
(4,465
)
USD
14,967
SGD
20,000
Morgan Stanley & Co. International PLC
06/18/25
(384
)
USD
22,582
SGD
30,000
Morgan Stanley & Co. International PLC
06/18/25
(444
)
USD
38,223
SGD
50,000
Morgan Stanley & Co. International PLC
06/18/25
(153
)
USD
135,762
SGD
180,000
Morgan Stanley & Co. International PLC
06/18/25
(2,392
)
USD
37,480
SGD
50,000
Societe Generale
06/18/25
(896
)
USD
180,219
SGD
240,000
Societe Generale
06/18/25
(3,987
)
USD
160,085
SGD
210,000
State Street Bank and Trust Co.
06/18/25
(1,095
)
USD
256,964
THB
8,800,000
Bank of America N.A.
06/18/25
(7,310
)
USD
49,940
THB
1,700,000
Barclays Bank PLC
06/18/25
(1,113
)
USD
144,888
THB
5,000,000
Barclays Bank PLC
06/18/25
(5,267
)
USD
179,699
THB
6,000,000
Barclays Bank PLC
06/18/25
(488
)
USD
86,166
THB
2,900,000
Citibank N.A.
06/18/25
(924
)
USD
61,689
THB
2,100,000
Goldman Sachs International
06/18/25
(1,377
)
USD
148,236
THB
5,000,000
Goldman Sachs International
06/18/25
(1,920
)
USD
47,000
THB
1,600,000
Morgan Stanley & Co. International PLC
06/18/25
(1,049
)
USD
299,367
THB
10,400,000
UBS AG
06/18/25
(12,957
)
USD
6,104
TWD
200,000
Barclays Bank PLC
06/18/25
(185
)
USD
37,231
TWD
1,200,000
Barclays Bank PLC
06/18/25
(504
)
USD
288,140
TWD
9,400,000
Barclays Bank PLC
06/18/25
(7,449
)
USD
1,529,894
TWD
50,000,000
Citibank N.A.
06/18/25
(42,388
)
USD
200,497
ZAR
3,900,000
Citibank N.A.
06/18/25
(8,446
)
USD
52,792
ZAR
1,000,000
Goldman Sachs International
06/18/25
(783
)
USD
46,374
ZAR
900,000
Morgan Stanley & Co. International PLC
06/18/25
(1,843
)
ZAR
3,000,000
USD
163,604
Bank of America N.A.
06/18/25
(2,879
)
ZAR
1,900,000
USD
104,068
BNP Paribas SA
06/18/25
(2,275
)
ZAR
2,500,000
USD
136,218
BNP Paribas SA
06/18/25
(2,280
)
ZAR
1,800,000
USD
98,953
Morgan Stanley & Co. International PLC
06/18/25
(2,517
)
ZAR
1,700,000
USD
91,468
Societe Generale
06/18/25
(390
)
ZAR
1,200,000
USD
64,463
State Street Bank and Trust Co.
06/18/25
(173
)
Schedule of Investments
49

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
ZAR
1,700,000
USD
91,997
State Street Bank and Trust Co.
06/18/25
$ (919
)
ZAR
3,500,000
USD
190,162
State Street Bank and Trust Co.
06/18/25
(2,649
)
USD
78,958
PLN
298,999
Toronto-Dominion Bank
07/11/25
(11
)
USD
363,349
PLN
1,412,829
Toronto-Dominion Bank
07/11/25
(9,795
)
USD
25,000
TRY
1,097,250
Barclays Bank PLC
07/31/25
(763
)
USD
60,424
PEN
222,470
Citibank N.A.
08/04/25
(89
)
USD
21,023
TRY
938,000
Barclays Bank PLC
09/03/25
(184
)
NGN
15,201,924
USD
9,573
Citibank N.A.
09/04/25
(680
)
NGN
15,203,512
USD
9,574
Citibank N.A.
09/04/25
(680
)
NGN
15,739,350
USD
9,539
Morgan Stanley & Co. International PLC
09/04/25
(332
)
USD
25,000
TRY
1,174,188
Barclays Bank PLC
10/24/25
(169
)
 
 
 
 
 
 
(1,611,510
)
 
$ (408,452
)
Interest Rate Caps/Floors — Purchased
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount (000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2-Year Interest Rate Swap, Cap
0.40
%% 
Goldman Sachs International
08/19/25
USD
109,800
$ 192,267
$ 67,252
$ 125,015
 
 
 
 
 
$ 192,267
$ 67,252
$ 125,015
Exchange-Traded Options Purchased
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Put
 
 
U.S. Long Bond Future
1
05/23/25
USD
114.00
USD
117
$ 578
OTC Barrier Options Purchased
Description
Type of Option
Counterparty
 
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
Citibank N.A.
 
05/16/25
CAD
1.48
CAD
1.48
USD
4
$ 2
AUD Currency
One Touch
UBS AG
 
06/16/25
USD
0.67
USD
0.67
AUD
12
1,289
USD Currency
One Touch
Goldman Sachs International
 
06/20/25
CHF
0.85
CHF
0.85
USD
6
1,066
USD Currency
Up-and-out
Barclays Bank PLC
 
07/02/25
CNH
7.35
CNH
7.74
USD
99
196
USD Currency
One Touch
UBS AG
 
07/18/25
CAD
1.52
CAD
1.53
USD
6
30
USD Currency
One Touch
Bank of America N.A.
 
08/29/25
TWD
34.60
TWD
34.60
USD
10
247
USD Currency
One Touch
Barclays Bank PLC
 
09/29/25
CNH
7.50
CNH
7.50
USD
9
953
 
 
 
 
 
 
 
 
 
 
 
3,783
Put
 
 
 
 
 
 
 
 
 
 
USD Currency
Down-and-out
UBS AG
 
05/19/25
JPY
147.00
JPY
142.50
USD
73
401
USD Currency
Down-and-out
Bank of America N.A.
 
05/30/25
KRW
1,390.00
KRW
1,353.00
USD
293
354
AUD Currency
One Touch
UBS AG
 
06/02/25
USD
0.59
USD
0.59
AUD
46
534
USD Currency
Down-and-out
UBS AG
 
06/05/25
JPY
150.00
JPY
142.00
USD
72
1,022
EUR Currency
One Touch
Bank of America N.A.
 
06/06/25
CZK
24.50
CZK
24.50
EUR
11
567
USD Currency
Down-and-out
UBS AG
 
06/17/25
MXN
19.90
MXN
19.45
USD
74
174
USD Currency
One Touch
Goldman Sachs International
 
06/23/25
CNH
7.05
CNH
7.05
USD
8
615
EUR Currency
One Touch
Goldman Sachs International
 
07/14/25
USD
1.09
USD
1.09
EUR
8
1,206
USD Currency
One Touch
Morgan Stanley & Co.
International PLC
 
07/24/25
CAD
1.33
CAD
1.34
USD
10
1,703
USD Currency
Down-and-out
UBS AG
 
08/07/25
JPY
144.00
JPY
136.00
USD
123
1,033
 
 
 
 
 
 
 
 
 
 
 
7,609
 
 
 
 
 
 
 
 
 
 
 
$ 11,392
50
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
OTC Currency Options Purchased
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
EUR Currency
BNP Paribas SA
05/05/25
USD
1.08
EUR
116
$ 6,173
EUR Currency
Barclays Bank PLC
05/08/25
NOK
11.80
EUR
34
227
USD Currency
BNP Paribas SA
05/12/25
MXN
21.20
USD
73
12
USD Currency
Barclays Bank PLC
05/14/25
CAD
1.41
USD
121
53
USD Currency
Bank of America N.A.
05/23/25
PLN
3.80
USD
73
717
USD Currency
Barclays Bank PLC
05/29/25
MXN
22.00
USD
50
20
EUR Currency
Morgan Stanley & Co. International PLC
06/05/25
USD
1.12
EUR
56
1,228
USD Currency
Barclays Bank PLC
06/16/25
JPY
148.00
USD
256
861
 
 
 
9,291
Put
 
 
EUR Currency
Barclays Bank PLC
05/08/25
USD
1.01
EUR
55
EUR Currency
Goldman Sachs International
05/08/25
NOK
11.55
EUR
68
43
EUR Currency
UBS AG
05/08/25
USD
1.04
EUR
111
USD Currency
Bank of America N.A.
05/09/25
SGD
1.32
USD
73
1,127
USD Currency
Morgan Stanley & Co. International PLC
05/15/25
JPY
140.00
USD
341
1,467
USD Currency
Goldman Sachs International
05/29/25
TRY
40.00
USD
19
330
AUD Currency
Bank of America N.A.
06/13/25
USD
0.62
AUD
76
245
EUR Currency
Barclays Bank PLC
07/15/25
USD
1.02
EUR
170
38
EUR Currency
UBS AG
07/15/25
USD
1.06
EUR
113
101
 
 
 
3,351
 
 
 
$ 12,642
OTC Interest Rate Swaptions Purchased
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
1-Year Interest Rate Swap, 05/18/26
1-day SOFR,
4.41%
Annual
3.74%
Annual
Goldman Sachs
International
05/16/25
3.74
% 
USD
41,371
$ 46,865
1-Year Interest Rate Swap, 05/18/26
1-day SOFR,
4.41%
Annual
3.74%
Annual
Citibank N.A.
05/16/25
3.74
USD
20,819
23,584
1-Year Interest Rate Swap, 05/18/26
1-day SOFR,
4.41%
Annual
3.74%
Annual
Citibank N.A.
05/16/25
3.74
USD
10,410
11,792
1-Year Interest Rate Swap, 05/18/26
1-day SOFR,
4.41%
Annual
3.74%
Annual
Goldman Sachs
International
05/16/25
3.74
USD
16,368
20,507
10-Year Interest Rate Swap, 01/15/37
1-day SOFR,
4.41%
Annual
4.34%
Annual
Citibank N.A.
01/13/27
4.34
USD
722
49,556
10-Year Interest Rate Swap, 01/15/37
1-day SOFR,
4.41%
Annual
4.34%
Annual
Citibank N.A.
01/13/27
4.34
USD
723
49,556
10-Year Interest Rate Swap, 01/27/37
1-day SOFR,
4.41%
Annual
4.23%
Annual
Bank of America N.A.
01/25/27
4.22
USD
336
21,443
10-Year Interest Rate Swap, 03/31/37
1-day SOFR,
4.41%
Annual
3.93%
Annual
Morgan Stanley & Co.
International PLC
03/29/27
3.93
USD
1,508
74,668
10-Year Interest Rate Swap, 03/31/37
1-day SOFR,
4.41%
Annual
4.00%
Annual
BNP Paribas SA
03/29/27
4.00
USD
514
27,102
10-Year Interest Rate Swap, 04/07/37
1-day SOFR,
4.41%
Annual
3.66%
Annual
Bank of America N.A.
04/05/27
3.66
USD
1,627
62,399
10-Year Interest Rate Swap, 04/07/37
1-day SOFR,
4.41%
Annual
3.67%
Annual
Bank of America N.A.
04/05/27
3.67
USD
1,627
62,710
10-Year Interest Rate Swap, 04/14/37
1-day SOFR,
4.41%
Annual
4.05%
Annual
Citibank N.A.
04/12/27
4.05
USD
480
26,365
10-Year Interest Rate Swap, 04/16/37
1-day SOFR,
4.41%
Annual
4.01%
Annual
Bank of America N.A.
04/14/27
4.01
USD
241
12,807
 
 
 
 
 
 
 
 
489,354
Put 
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 01/15/37
4.34%
Annual
1-day SOFR,
4.41%
Annual
Citibank N.A.
01/13/27
4.34
USD
723
17,687
Schedule of Investments
51

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
OTC Interest Rate Swaptions Purchased (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 01/15/37
4.34%
Annual
1-day SOFR,
4.41%
Annual
Citibank N.A.
01/13/27
4.34
% 
USD
723
$ 17,688
10-Year Interest Rate Swap, 01/27/37
4.23%
Annual
1-day SOFR,
4.41%
Annual
Bank of America N.A.
01/25/27
4.22
USD
336
9,223
10-Year Interest Rate Swap, 03/31/37
3.93%
Annual
1-day SOFR,
4.41%
Annual
Morgan Stanley & Co.
International PLC
03/29/27
3.93
USD
1,508
58,051
10-Year Interest Rate Swap, 03/31/37
4.00%
Annual
1-day SOFR,
4.41%
Annual
BNP Paribas SA
03/29/27
4.00
USD
514
18,615
10-Year Interest Rate Swap, 04/07/37
3.66%
Annual
1-day SOFR,
4.41%
Annual
Bank of America N.A.
04/05/27
3.66
USD
1,627
79,260
10-Year Interest Rate Swap, 04/07/37
3.67%
Annual
1-day SOFR,
4.41%
Annual
Bank of America N.A.
04/05/27
3.67
USD
1,627
78,933
10-Year Interest Rate Swap, 04/14/37
4.05%
Annual
1-day SOFR,
4.41%
Annual
Citibank N.A.
04/12/27
4.04
USD
480
16,958
10-Year Interest Rate Swap, 04/16/37
4.01%
Annual
1-day SOFR,
4.41%
Annual
Bank of America N.A.
04/14/27
4.01
USD
241
8,809
 
 
 
 
 
 
 
 
305,224
 
 
 
 
 
 
 
 
$ 794,578
Interest Rate Caps/Floors Sold
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount (000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2-Year Interest Rate Swap, Cap
0.80
%% 
Goldman Sachs International
08/19/25
USD
109,800
$ (48,747
)
$ (15,207
)
$ (33,540
)
Exchange-Traded Options Written
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
United States Steel Corporation
28
05/16/25
USD
45.00
USD
122
$ (5,586
)
10-Year U.S. Treasury Note Future
1
05/23/25
USD
112.00
USD
112
(1,078
)
 
 
 
(6,664
)
Put 
 
 
2-Year U.S. Treasury Note Future
1
05/23/25
USD
103.25
USD
208
(31
)
 
 
 
$ (6,695
)
OTC Barrier Options Written
Description
Type of Option
Counterparty
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Put
 
 
 
 
 
 
 
 
 
 
USD Currency
Down-and-out
Bank of America N.A.
05/30/25
KRW
1,390.00
KRW
1,353.00
USD
220
$ (265)
AUD Currency
One Touch
BNP Paribas SA
06/02/25
USD
0.00
USD
0.59
AUD
35
(407)
 
 
 
 
 
 
 
 
 
 
$ (672)
OTC Currency Options Written
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
 
 
 
EUR Currency
BNP Paribas SA
05/05/25
USD
1.10
EUR
232
$ (7,714
)
EUR Currency
Goldman Sachs International
05/08/25
NOK
12.00
EUR
68
(108
)
USD Currency
Goldman Sachs International
05/13/25
NOK
10.80
USD
24
(29
)
52
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
OTC Currency Options Written (continued)
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
 
 
 
 
 
 
EUR Currency
Barclays Bank PLC
05/14/25
USD
1.15
EUR
43
$ (149
)
USD Currency
Bank of America N.A.
05/23/25
CLP
950.00
USD
50
(635
)
AUD Currency
Bank of America N.A.
05/28/25
USD
0.64
AUD
98
(950
)
USD Currency
Citibank N.A.
05/29/25
MXN
22.00
USD
50
(20
)
USD Currency
Goldman Sachs International
05/29/25
TRY
48.00
USD
10
(25
)
EUR Currency
BNP Paribas SA
06/05/25
USD
1.12
EUR
56
(1,228
)
USD Currency
Morgan Stanley & Co. International PLC
06/16/25
JPY
148.00
USD
341
(1,147
)
USD Currency
Bank of America N.A.
06/20/25
PLN
4.00
USD
36
(131
)
 
 
 
 
 
 
(12,136
)
Put
 
 
 
 
 
EUR Currency
UBS AG
05/08/25
USD
1.01
EUR
111
USD Currency
BNP Paribas SA
05/12/25
MXN
20.00
USD
73
(1,582
)
USD Currency
Goldman Sachs International
05/13/25
NOK
10.50
USD
24
(373
)
USD Currency
Barclays Bank PLC
05/15/25
JPY
140.00
USD
256
(1,102
)
USD Currency
Goldman Sachs International
05/16/25
TRY
39.50
USD
37
(464
)
USD Currency
Bank of America N.A.
05/23/25
PLN
3.60
USD
73
(67
)
USD Currency
UBS AG
05/28/25
MXN
20.10
USD
37
(1,021
)
USD Currency
Citibank N.A.
05/29/25
CLP
930.00
USD
74
(583
)
USD Currency
Morgan Stanley & Co. International PLC
05/29/25
BRL
5.75
USD
74
(1,359
)
AUD Currency
Bank of America N.A.
06/13/25
USD
0.60
AUD
76
(76
)
EUR Currency
UBS AG
07/15/25
USD
1.02
EUR
170
(38
)
 
 
 
 
 
 
(6,665
)
 
 
 
 
 
 
$ (18,801
)
OTC Interest Rate Swaptions Written
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
1-Year Interest Rate Swap, 05/18/26
2.94%
Annual
1-day SOFR,
4.41%
Annual
Goldman Sachs
International
05/16/25
2.94
% 
USD
41,371
$ (329
)
1-Year Interest Rate Swap, 05/18/26
2.94%
Annual
1-day SOFR,
4.41%
Annual
Citibank N.A.
05/16/25
2.94
USD
20,819
(166
)
1-Year Interest Rate Swap, 05/18/26
2.94%
Annual
1-day SOFR,
4.41%
Annual
Citibank N.A.
05/16/25
2.94
USD
10,410
(83
)
1-Year Interest Rate Swap, 05/18/26
2.94%
Annual
1-day SOFR,
4.41%
Annual
Goldman Sachs
International
05/16/25
2.94
USD
16,368
(150
)
5-Year Interest Rate Swap, 06/28/30
3.70%
Annual
6-mo.
PRIBOR,
3.52%
Semi-Annual
Morgan Stanley & Co.
International PLC
06/26/25
3.70
CZK
1,567
(1,523
)
5-Year Interest Rate Swap, 07/30/30
3.30%
Annual
1-day SOFR,
4.41%
Annual
Goldman Sachs
International
07/28/25
3.30
USD
166
(1,717
)
 
 
 
 
 
 
 
 
$ (3,968
)
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.44.V1
5.00
% 
Quarterly
06/20/30
USD
12,663
$ (532,125
)
$ (443,373
)
$ (88,752
)
iTraxx.XO.43.V1
5.00
Quarterly
06/20/30
EUR
173
(13,747
)
(11,197
)
(2,550
)
 
 
$ (545,872
)
$ (454,570
)
$ (91,302
)
Schedule of Investments
53

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.44.V1
5.00
% 
Quarterly
06/20/30
B
USD
20,214
$ 849,405
$ 958,826
$ (109,421
)
CDX.NA.IG.44.V1
1.00
Quarterly
06/20/30
BBB+
USD
20,582
327,744
337,604
(9,860
)
iTraxx.EUR.43.V1
1.00
Quarterly
06/20/30
BB+
EUR
6,630
124,103
107,683
16,420
iTraxx.XO.43.V1
5.00
Quarterly
06/20/30
B+
EUR
1,390
110,485
93,917
16,568
 
 
 
 
 
$ 1,411,737
$ 1,498,030
$ (86,293
)
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Centrally Cleared Inflation Swaps
Paid by the Fund
Received by the Fund
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Reference
Frequency
Rate
Frequency
 
2.69%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
785
$ 3,901
$ 108
$ 3,793
2.69%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
785
4,051
133
3,918
2.83%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
1,575
(3,537
)
19
(3,556
)
2.83%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
853
(1,840
)
10
(1,850
)
2.84%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
787
(1,838
)
9
(1,847
)
2.84%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
788
(1,820
)
9
(1,829
)
2.87%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/28
USD
1,575
(6,397
)
19
(6,416
)
2.53%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
394
1,461
(73
)
1,534
2.54%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
629
2,181
(91
)
2,272
2.65%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
841
(1,653
)
10
(1,663
)
2.67%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
825
(2,487
)
10
(2,497
)
2.68%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
630
(2,346
)
7
(2,353
)
2.69%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
1,260
(4,906
)
15
(4,921
)
2.69%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
630
(2,377
)
7
(2,384
)
2.72%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
04/15/29
USD
1,260
(7,123
)
15
(7,138
)
2.51%
At Termination
US CPI for All Urban
Consumers NSA
At Termination
03/31/35
USD
479
(4,676
)
10
(4,686
)
1.91%
At Termination
Eurostat Eurozone HICP Ex
Tobacco Unrevised
At Termination
04/15/35
EUR
510
(1,412
)
491
(1,903
)
3.27%
At Termination
UK RPI All Items NSA
At Termination
04/15/35
GBP
500
(700
)
59
(759
)
3.29%
At Termination
UK RPI All Items NSA
At Termination
04/15/35
GBP
500
(1,588
)
135
(1,723
)
3.01%
At Termination
UK RPI All Items NSA
At Termination
04/15/55
GBP
323
(2,062
)
16
(2,078
)
US CPI for All Urban
Consumers NSA
At Termination
2.33%
At Termination
04/28/55
USD
450
1,705
20
1,685
 
$ (33,463
)
$ 938
$ (34,401
)
54
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Interest Rate Swaps
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
5.14%
At Termination
6-mo. WIBOR, 5.10%
Semi-Annual
N/A
12/20/25
PLN
358
$ 232
$ 
$ 232
9.31%
Monthly
1-day TIIEFONDEO, 9.08%
Monthly
N/A
01/09/26
MXN
741
(361
)
(361
)
1-day TIIEFONDEO, 9.08%
Monthly
8.47%
Monthly
N/A
02/25/26
MXN
5,451
1,368
1,368
8.15%
Quarterly
3-mo. JIBAR, 7.54%
Quarterly
05/07/25
05/07/26
ZAR
2,237
(1,138
)
(1,138
)
1-day SOFR, 4.41%
At Termination
3.78%
At Termination
05/16/25
05/16/26
USD
38,526
37,672
69
37,603
3.79%
At Termination
1-day SOFR, 4.41%
At Termination
05/16/25
05/16/26
USD
12,634
(13,675
)
(4,032
)
(9,643
)
1-day SOFR, 4.41%
At Termination
3.80%
At Termination
05/16/25
05/16/26
USD
8,984
10,279
16
10,263
3.81%
At Termination
1-day SOFR, 4.41%
At Termination
05/16/25
05/16/26
USD
6,894
(8,834
)
4,976
(13,810
)
1-day SOFR, 4.41%
At Termination
3.90%
At Termination
05/16/25
05/16/26
USD
6,894
14,649
13
14,636
7.97%
Quarterly
3-mo. JIBAR, 7.54%
Quarterly
06/06/25
06/06/26
ZAR
2,089
(915
)
(915
)
5.16%
At Termination
6-mo. WIBOR, 5.10%
Semi-Annual
N/A
09/19/26
PLN
559
(1,318
)
1
(1,319
)
1.00%
At Termination
Tokyo Overnight Average
Rate, 0.48%
At Termination
03/12/26
03/12/27
JPY
641,920
(13,131
)
14
(13,145
)
1.02%
At Termination
Tokyo Overnight Average
Rate, 0.48%
At Termination
03/12/26
03/12/27
JPY
1,455,298
(31,877
)
32
(31,909
)
1.03%
At Termination
Tokyo Overnight Average
Rate, 0.48%
At Termination
03/12/26
03/12/27
JPY
1,570,899
(35,282
)
34
(35,316
)
5.13%
At Termination
6-mo. WIBOR, 5.10%
Semi-Annual
N/A
03/19/27
PLN
324
(1,347
)
(1,347
)
5.14%
At Termination
6-mo. WIBOR, 5.10%
Semi-Annual
N/A
03/19/27
PLN
539
(2,279
)
1
(2,280
)
6-mo. BUBOR, 6.50%
Semi-Annual
6.50%
At Termination
N/A
03/19/27
HUF
38,025
1,029
1,029
0.68%
At Termination
Tokyo Overnight Average
Rate, 0.48%
At Termination
04/21/26
04/21/27
JPY
616,006
1,180
14
1,166
0.69%
At Termination
Tokyo Overnight Average
Rate, 0.48%
At Termination
04/21/26
04/21/27
JPY
623,208
1,107
14
1,093
1.89%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/27
EUR
3,090
(2,130
)
(1,211
)
(919
)
2.29%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/27
EUR
17,275
(166,957
)
7,947
(174,904
)
3.44%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/27
USD
14,090
(45,613
)
(24,383
)
(21,230
)
3.64%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/27
USD
13,100
(93,763
)
(10,939
)
(82,824
)
3.64%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/27
USD
4,185
(29,178
)
(11,905
)
(17,273
)
3.73%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/27
USD
18,350
(161,162
)
(14,498
)
(146,664
)
3.74%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/27
USD
51,160
(462,092
)
(142,729
)
(319,363
)
1-day SONIA, 4.46%
At Termination
3.94%
At Termination
06/18/25
06/18/27
GBP
5,644
57,162
(9,519
)
66,681
1-day SONIA, 4.46%
At Termination
4.04%
At Termination
06/18/25
06/18/27
GBP
4,401
55,160
9,149
46,011
6-mo. BUBOR, 6.50%
Semi-Annual
5.76%
At Termination
09/17/25
09/17/27
HUF
35,319
170
170
1-day TIIEFONDEO, 9.08%
Monthly
8.08%
Monthly
N/A
03/07/28
MXN
2,943
2,075
1
2,074
China Fixing Repo Rates
7-day, 1.83%
Quarterly
1.58%
Quarterly
N/A
03/19/28
CNY
1,079
710
1
709
6-mo. EURIBOR, 2.13%
Semi-Annual
2.12%
At Termination
06/18/25
06/18/28
EUR
1,440
8,340
6,062
2,278
6-mo. EURIBOR, 2.13%
Semi-Annual
2.23%
At Termination
06/18/25
06/18/28
EUR
3,350
31,091
15,296
15,795
1-day CORRA, 2.75%
Semi-Annual
2.30%
Semi-Annual
06/18/25
06/18/28
CAD
4,920
(1,076
)
7,978
(9,054
)
1-day CORRA, 2.75%
Semi-Annual
2.32%
Semi-Annual
06/18/25
06/18/28
CAD
3,990
1,116
(6,874
)
7,990
6-mo. EURIBOR, 2.13%
Semi-Annual
2.39%
At Termination
06/18/25
06/18/28
EUR
6,180
90,067
(4,004
)
94,071
1-day CORRA, 2.75%
Semi-Annual
2.45%
Semi-Annual
06/18/25
06/18/28
CAD
10,020
30,963
1,206
29,757
3.49%
Quarterly
3-mo. BBSW, 3.87%
Quarterly
06/18/25
06/18/28
AUD
2,510
(14,217
)
(8,791
)
(5,426
)
3.68%
Quarterly
3-mo. BBSW, 3.87%
Quarterly
06/18/25
06/18/28
AUD
5,690
(51,133
)
(13,885
)
(37,248
)
1-day SONIA, 4.46%
At Termination
3.93%
At Termination
06/18/25
06/18/28
GBP
2,890
42,796
31,805
10,991
1-day SONIA, 4.46%
At Termination
3.94%
At Termination
06/18/25
06/18/28
GBP
5,110
76,895
(12,872
)
89,767
1-day SOFR, 4.41%
At Termination
3.37%
At Termination
06/18/25
06/18/28
USD
5,260
20,069
52,210
(32,141
)
3.66%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/28
USD
8,530
(101,479
)
10,422
(111,901
)
3-mo. KRW CDC, 2.71%
Quarterly
2.29%
Quarterly
09/17/25
09/17/28
KRW
182,100
487
2
485
8.97%
Monthly
1-day TIIEFONDEO, 9.08%
Monthly
N/A
12/14/29
MXN
790
(2,074
)
(2,074
)
6-mo. WIBOR, 5.10%
Semi-Annual
4.88%
Annual
N/A
03/19/30
PLN
182
1,833
1
1,832
6-mo. WIBOR, 5.10%
Semi-Annual
4.91%
At Termination
N/A
03/19/30
PLN
165
1,706
1,706
6-mo. BUBOR, 6.50%
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
5,438
425
425
7.94%
Monthly
3-mo. JIBAR, 7.54%
Monthly
N/A
03/19/30
ZAR
2,362
(2,496
)
1
(2,497
)
1-day MIBOR, 6.00%
Semi-Annual
6.00%
Semi-Annual
N/A
03/19/30
INR
12,491
2,436
2
2,434
1-day SOFR, 4.41%
At Termination
3.40%
At Termination
05/02/25
05/02/30
USD
683
1,774
916
858
6-mo. EURIBOR, 2.13%
Semi-Annual
2.16%
At Termination
06/18/25
06/18/30
EUR
1,220
2,823
1,987
836
6-mo. EURIBOR, 2.13%
Semi-Annual
2.24%
At Termination
06/18/25
06/18/30
EUR
5,770
39,022
7,686
31,336
6-mo. EURIBOR, 2.13%
Semi-Annual
2.41%
At Termination
06/18/25
06/18/30
EUR
4,860
75,246
22,286
52,960
6-mo. EURIBOR, 2.13%
Semi-Annual
2.45%
At Termination
06/18/25
06/18/30
EUR
4,870
85,722
(8,099
)
93,821
Schedule of Investments
55

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. EURIBOR, 2.13%
Semi-Annual
2.49%
At Termination
06/18/25
06/18/30
EUR
2,650
$ 53,576
$ (8,617
)
$ 62,193
6-mo. EURIBOR, 2.13%
Semi-Annual
2.50%
At Termination
06/18/25
06/18/30
EUR
2,364
48,049
5,204
42,845
6-mo. EURIBOR, 2.13%
Semi-Annual
2.54%
At Termination
06/18/25
06/18/30
EUR
9,630
218,712
(2,519
)
221,231
6-mo. EURIBOR, 2.13%
Semi-Annual
2.55%
At Termination
06/18/25
06/18/30
EUR
2,325
54,474
148
54,326
1-day SOFR, 4.41%
At Termination
3.49%
At Termination
06/18/25
06/18/30
USD
11,216
88,017
46,223
41,794
1-day SOFR, 4.41%
At Termination
3.65%
At Termination
06/18/25
06/18/30
USD
5,455
81,387
15,754
65,633
1-day SOFR, 4.41%
At Termination
3.70%
At Termination
06/18/25
06/18/30
USD
7,497
130,341
49,623
80,718
1-day SOFR, 4.41%
At Termination
3.71%
At Termination
06/18/25
06/18/30
USD
8,270
145,242
(15,191
)
160,433
1-day SOFR, 4.41%
At Termination
3.74%
At Termination
06/18/25
06/18/30
USD
4,198
79,654
27,198
52,456
1-day SOFR, 4.41%
At Termination
3.76%
At Termination
06/18/25
06/18/30
USD
7,850
155,945
15,698
140,247
1-day SOFR, 4.41%
At Termination
3.77%
At Termination
06/18/25
06/18/30
USD
21,620
442,854
173,308
269,546
3.96%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/30
GBP
2,386
(49,808
)
9,965
(59,773
)
4.02%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/30
GBP
1,873
(45,880
)
(5,654
)
(40,226
)
1-day TIIEFONDEO, 9.08%
Monthly
7.69%
Monthly
09/17/25
09/11/30
MXN
35,000
617
17
600
1-day TIIEFONDEO, 9.08%
Monthly
7.75%
Monthly
09/17/25
09/11/30
MXN
31,000
4,077
15
4,062
1-day TIIEFONDEO, 9.08%
Monthly
7.79%
Monthly
09/17/25
09/11/30
MXN
2,000
449
1
448
1-day TIIEFONDEO, 9.08%
Monthly
7.81%
Monthly
09/17/25
09/11/30
MXN
8,360
2,138
4
2,134
1-day TIIEFONDEO, 9.08%
Monthly
7.82%
Monthly
09/17/25
09/11/30
MXN
50,000
13,824
23
13,801
1-day TIIEFONDEO, 9.08%
Monthly
7.90%
Monthly
09/17/25
09/11/30
MXN
24,000
10,611
11
10,600
1-day TIIEFONDEO, 9.08%
Monthly
8.01%
Monthly
09/17/25
09/11/30
MXN
10,190
6,827
5
6,822
1-day TIIEFONDEO, 9.08%
Monthly
8.12%
Monthly
09/17/25
09/11/30
MXN
138,000
126,025
64
125,961
1-day TIIEFONDEO, 9.08%
Monthly
8.13%
Monthly
09/17/25
09/11/30
MXN
10,000
9,184
5
9,179
1-day TIIEFONDEO, 9.08%
Monthly
8.24%
Monthly
09/17/25
09/11/30
MXN
8,780
10,063
4
10,059
1-day TIIEFONDEO, 9.08%
Monthly
8.25%
Monthly
09/17/25
09/11/30
MXN
30,000
35,317
14
35,303
1-day TIIEFONDEO, 9.08%
Monthly
8.30%
Monthly
09/17/25
09/11/30
MXN
19,000
24,335
9
24,326
1-day SSARON, 0.20%
At Termination
0.22%
At Termination
09/17/25
09/17/30
CHF
340
2,356
72
2,284
0.29%
Annual
1-day SSARON, 0.20%
Annual
09/17/25
09/17/30
CHF
2,000
(22,228
)
(12,346
)
(9,882
)
1-day SSARON, 0.20%
At Termination
0.56%
At Termination
09/17/25
09/17/30
CHF
480
13,179
(1,243
)
14,422
1-day SSARON, 0.20%
At Termination
0.63%
At Termination
09/17/25
09/17/30
CHF
280
8,986
590
8,396
3-mo. STIBOR, 2.32%
Quarterly
1.00%
Annual
09/17/25
09/17/30
SEK
112,000
(720,008
)
(773,037
)
53,029
1-day THOR, 1.74%
Quarterly
1.36%
Quarterly
09/17/25
09/17/30
THB
28,000
(2,336
)
9
(2,345
)
1-day THOR, 1.74%
Quarterly
1.37%
Quarterly
09/17/25
09/17/30
THB
47,000
(2,901
)
16
(2,917
)
1-day THOR, 1.74%
Quarterly
1.39%
Quarterly
09/17/25
09/17/30
THB
22,000
(754
)
7
(761
)
1-day THOR, 1.74%
Quarterly
1.43%
Quarterly
09/17/25
09/17/30
THB
31,000
644
10
634
1.43%
Quarterly
China Fixing Repo Rates
7-day, 1.83%
Quarterly
09/17/25
09/17/30
CNY
9,000
(2,701
)
14
(2,715
)
1-day THOR, 1.74%
Quarterly
1.49%
Quarterly
09/17/25
09/17/30
THB
7,000
802
2
800
1.52%
Quarterly
1-day THOR, 1.74%
Quarterly
09/17/25
09/17/30
THB
11,180
(1,789
)
4
(1,793
)
1.52%
Quarterly
1-day THOR, 1.74%
Quarterly
09/17/25
09/17/30
THB
8,630
(1,350
)
3
(1,353
)
1.55%
Quarterly
China Fixing Repo Rates
7-day, 1.83%
Quarterly
09/17/25
09/17/30
CNY
1,000
(1,086
)
2
(1,088
)
1.57%
Quarterly
China Fixing Repo Rates
7-day, 1.83%
Quarterly
09/17/25
09/17/30
CNY
6,000
(7,195
)
9
(7,204
)
1.59%
Quarterly
China Fixing Repo Rates
7-day, 1.83%
Quarterly
09/17/25
09/17/30
CNY
7,000
(9,182
)
11
(9,193
)
1.61%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
17,000
(1,315
)
6
(1,321
)
1.62%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
33,000
(3,078
)
11
(3,089
)
1.64%
Quarterly
China Fixing Repo Rates
7-day, 1.83%
Quarterly
09/17/25
09/17/30
CNY
28,000
(46,374
)
43
(46,417
)
1.69%
Quarterly
1-day THOR, 1.74%
Quarterly
09/17/25
09/17/30
THB
13,470
(5,469
)
4
(5,473
)
1.80%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
62,000
(24,406
)
21
(24,427
)
1.86%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
19,000
(9,261
)
6
(9,267
)
1.86%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
21,000
(10,286
)
7
(10,293
)
1.87%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
48,000
(23,777
)
16
(23,793
)
1-day SORA, 2.17%
Semi-Annual
1.92%
Semi-Annual
09/17/25
09/17/30
SGD
2,000
2,494
17
2,477
1.93%
Semi-Annual
1-day SORA, 2.17%
Semi-Annual
09/17/25
09/17/30
SGD
1,050
(1,654
)
9
(1,663
)
1.96%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
129,000
(82,761
)
44
(82,805
)
1.97%
Quarterly
3-mo. TAIBOR, 1.68%
Quarterly
09/17/25
09/17/30
TWD
2,000
(1,324
)
1
(1,325
)
2.13%
Semi-Annual
1-day SORA, 2.17%
Semi-Annual
09/17/25
09/17/30
SGD
420
(3,753
)
4
(3,757
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.18%
Annual
09/17/25
09/17/30
EUR
3,000
6,589
1,953
4,636
1-day SORA, 2.17%
Semi-Annual
2.21%
Semi-Annual
09/17/25
09/17/30
SGD
2,000
23,412
17
23,395
56
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. EURIBOR, 2.13%
Semi-Annual
2.22%
Annual
09/17/25
09/17/30
EUR
4,000
$ 17,261
$ 901
$ 16,360
3-mo. KRW CDC, 2.71%
Quarterly
2.25%
Quarterly
09/17/25
09/17/30
KRW
589,910
269
5
264
2.27%
Semi-Annual
1-day SORA, 2.17%
Semi-Annual
09/17/25
09/17/30
SGD
300
(4,221
)
3
(4,224
)
2.27%
Semi-Annual
1-day SORA, 2.17%
Semi-Annual
09/17/25
09/17/30
SGD
410
(5,831
)
3
(5,834
)
1-day SORA, 2.17%
Semi-Annual
2.29%
Semi-Annual
09/17/25
09/17/30
SGD
1,688
24,826
14
24,812
1-day SORA, 2.17%
Semi-Annual
2.29%
Semi-Annual
09/17/25
09/17/30
SGD
1,313
19,573
11
19,562
2.29%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
5,347,000
(10,467
)
42
(10,509
)
1-day SORA, 2.17%
Semi-Annual
2.30%
Semi-Annual
09/17/25
09/17/30
SGD
1,000
15,331
8
15,323
2.30%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
2,725,000
(6,381
)
21
(6,402
)
2.31%
Semi-Annual
1-day CORRA, 2.75%
Semi-Annual
09/17/25
09/17/30
CAD
730
3,000
(2,411
)
5,411
1-day SORA, 2.17%
Semi-Annual
2.32%
Semi-Annual
09/17/25
09/17/30
SGD
1,000
15,969
8
15,961
3-mo. KRW CDC, 2.71%
Quarterly
2.33%
Quarterly
09/17/25
09/17/30
KRW
171,745
566
2
564
1-day SORA, 2.17%
Semi-Annual
2.34%
Semi-Annual
09/17/25
09/17/30
SGD
1,500
25,157
13
25,144
1-day SORA, 2.17%
Semi-Annual
2.34%
Semi-Annual
09/17/25
09/17/30
SGD
1,500
24,993
13
24,980
3-mo. STIBOR, 2.32%
Quarterly
2.35%
Annual
09/17/25
09/17/30
SEK
2,000
186
2
184
2.36%
Semi-Annual
1-day SORA, 2.17%
Semi-Annual
09/17/25
09/17/30
SGD
540
(9,371
)
5
(9,376
)
3-mo. KRW CDC, 2.71%
Quarterly
2.37%
Quarterly
09/17/25
09/17/30
KRW
462,165
2,101
4
2,097
1-day SORA, 2.17%
Semi-Annual
2.38%
Semi-Annual
09/17/25
09/17/30
SGD
1,000
18,010
8
18,002
6-mo. EURIBOR, 2.13%
Semi-Annual
2.39%
Annual
09/17/25
09/17/30
EUR
26,000
346,732
19,712
327,020
2.40%
Semi-Annual
1-day CORRA, 2.75%
Semi-Annual
09/17/25
09/17/30
CAD
580
715
670
45
3-mo. KRW CDC, 2.71%
Quarterly
2.40%
Quarterly
09/17/25
09/17/30
KRW
850,420
4,717
6
4,711
2.40%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
12,845,000
(72,875
)
100
(72,975
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.42%
Annual
09/17/25
09/17/30
EUR
3,000
45,559
3,895
41,664
6-mo. EURIBOR, 2.13%
Semi-Annual
2.43%
At Termination
09/17/25
09/17/30
EUR
180
2,798
532
2,266
6-mo. EURIBOR, 2.13%
Semi-Annual
2.43%
Annual
09/17/25
09/17/30
EUR
2,000
31,012
5,034
25,978
6-mo. EURIBOR, 2.13%
Semi-Annual
2.49%
Annual
09/17/25
09/17/30
EUR
2,000
37,389
(111
)
37,500
2.50%
Semi-Annual
1-day CORRA, 2.75%
Semi-Annual
09/17/25
09/17/30
CAD
2,500
(5,627
)
(6,592
)
965
6-mo. EURIBOR, 2.13%
Semi-Annual
2.53%
Annual
09/17/25
09/17/30
EUR
2,000
42,405
(225
)
42,630
6-mo. EURIBOR, 2.13%
Semi-Annual
2.54%
Annual
09/17/25
09/17/30
EUR
9,000
195,717
2,621
193,096
6-mo. EURIBOR, 2.13%
Semi-Annual
2.56%
Annual
09/17/25
09/17/30
EUR
5,000
113,419
596
112,823
2.57%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
2,439,000
(27,574
)
19
(27,593
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.57%
Annual
09/17/25
09/17/30
EUR
1,000
23,012
(377
)
23,389
2.58%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
4,893,000
(57,115
)
38
(57,153
)
3-mo. KRW CDC, 2.71%
Quarterly
2.58%
Quarterly
09/17/25
09/17/30
KRW
655,080
7,537
5
7,532
2.58%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
238,000
(2,762
)
2
(2,764
)
3-mo. KRW CDC, 2.71%
Quarterly
2.58%
Quarterly
09/17/25
09/17/30
KRW
828,940
9,621
6
9,615
6-mo. EURIBOR, 2.13%
Semi-Annual
2.58%
Annual
09/17/25
09/17/30
EUR
4,000
94,245
483
93,762
6-mo. EURIBOR, 2.13%
Semi-Annual
2.58%
Annual
09/17/25
09/17/30
EUR
2,000
47,089
2,111
44,978
3-mo. KRW CDC, 2.71%
Quarterly
2.62%
Quarterly
09/17/25
09/17/30
KRW
582,930
7,505
4
7,501
1-day CORRA, 2.75%
Semi-Annual
2.63%
Semi-Annual
09/17/25
09/17/30
CAD
2,000
13,067
5,468
7,599
2.63%
Quarterly
3-mo. KRW CDC, 2.71%
Quarterly
09/17/25
09/17/30
KRW
2,749,000
(36,678
)
21
(36,699
)
3-mo. KRW CDC, 2.71%
Quarterly
2.63%
Quarterly
09/17/25
09/17/30
KRW
410,920
5,503
4
5,499
3-mo. STIBOR, 2.32%
Quarterly
2.68%
At Termination
09/17/25
09/17/30
SEK
15,300
25,941
(4,732
)
30,673
3-mo. STIBOR, 2.32%
Quarterly
2.69%
Annual
09/17/25
09/17/30
SEK
18,000
30,957
32
30,925
3-mo. STIBOR, 2.32%
Quarterly
2.73%
Annual
09/17/25
09/17/30
SEK
20,000
38,923
(793
)
39,716
3-mo. STIBOR, 2.32%
Quarterly
2.74%
Annual
09/17/25
09/17/30
SEK
10,000
19,993
3,546
16,447
3-mo. STIBOR, 2.32%
Quarterly
2.74%
Annual
09/17/25
09/17/30
SEK
11,000
22,046
393
21,653
2.88%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
3,230
480
5
475
2.92%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
7,000
(688
)
10
(698
)
3.08%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
6,000
(6,419
)
9
(6,428
)
3.09%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
2,000
(2,260
)
3
(2,263
)
3.14%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
3,000
(4,248
)
4
(4,252
)
3.14%
Quarterly
3-mo. HIBOR, 3.99%
Quarterly
09/17/25
09/17/30
HKD
4,000
(5,723
)
6
(5,729
)
3.40%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
2,000
(9,416
)
(6,382
)
(3,034
)
3.52%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(10,287
)
811
(11,098
)
3.56%
Annual
6-mo. PRIBOR, 3.52%
Semi-Annual
09/17/25
09/17/30
CZK
83,000
(53,471
)
39
(53,510
)
3.58%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(12,964
)
(1,257
)
(11,707
)
3.60%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
5,000
(68,674
)
(20,168
)
(48,506
)
3.62%
Semi-Annual
6-mo. BBSW, 3.89%
Semi-Annual
09/17/25
09/17/30
AUD
2,000
(2,130
)
14
(2,144
)
3.64%
Annual
6-mo. PRIBOR, 3.52%
Semi-Annual
09/17/25
09/17/30
CZK
6,000
(4,813
)
3
(4,816
)
3.64%
Annual
6-mo. PRIBOR, 3.52%
Semi-Annual
09/17/25
09/17/30
CZK
3,000
(2,432
)
1
(2,433
)
Schedule of Investments
57

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.66%
Annual
1-day SONIA, 4.46%
Annual
09/17/25
09/17/30
GBP
1,000
$ (3,485
)
$ 15
$ (3,500
)
3.68%
Annual
6-mo. PRIBOR, 3.52%
Semi-Annual
09/17/25
09/17/30
CZK
9,000
(8,110
)
4
(8,114
)
6-mo. PRIBOR, 3.52%
Semi-Annual
3.69%
At Termination
09/17/25
09/17/30
CZK
21,440
19,454
10
19,444
3.70%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
14,000
(251,152
)
25,865
(277,017
)
3.70%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(18,167
)
402
(18,569
)
6-mo. BBSW, 3.89%
Semi-Annual
3.71%
Semi-Annual
09/17/25
09/17/30
AUD
700
2,472
5
2,467
3.73%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
2,000
(39,326
)
238
(39,564
)
3.73%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
7,000
(136,689
)
(11,844
)
(124,845
)
3.74%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(19,995
)
(473
)
(19,522
)
3.75%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
12,000
(243,033
)
(29,197
)
(213,836
)
3.76%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
3,000
(63,208
)
(3,287
)
(59,921
)
3.76%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
7,000
(145,897
)
(19,081
)
(126,816
)
3.76%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(20,857
)
(8,610
)
(12,247
)
3.78%
At Termination
1-day SOFR, 4.41%
At Termination
09/17/25
09/17/30
USD
2,470
(53,834
)
(14,524
)
(39,310
)
3.79%
Annual
1-day SOFR, 4.41%
Annual
09/17/25
09/17/30
USD
1,000
(22,294
)
(589
)
(21,705
)
3-mo. BBR, 3.98%
Quarterly
3.80%
Semi-Annual
09/17/25
09/17/30
NZD
2,200
19,374
14
19,360
6-mo. WIBOR, 5.10%
Semi-Annual
3.87%
Annual
09/17/25
09/17/30
PLN
3,000
795
9
786
6-mo. WIBOR, 5.10%
Semi-Annual
3.91%
Annual
09/17/25
09/17/30
PLN
2,000
1,516
6
1,510
6-mo. WIBOR, 5.10%
Semi-Annual
3.93%
Annual
09/17/25
09/17/30
PLN
3,000
2,831
9
2,822
6-mo. WIBOR, 5.10%
Semi-Annual
3.96%
Annual
09/17/25
09/17/30
PLN
6,000
7,681
17
7,664
6-mo. BBSW, 3.89%
Semi-Annual
4.00%
Semi-Annual
09/17/25
09/17/30
AUD
2,120
25,279
15
25,264
1-day SONIA, 4.46%
At Termination
4.02%
At Termination
09/17/25
09/17/30
GBP
350
8,740
(287
)
9,027
1-day SONIA, 4.46%
At Termination
4.03%
At Termination
09/17/25
09/17/30
GBP
190
4,784
(252
)
5,036
1-day SONIA, 4.46%
At Termination
4.05%
At Termination
09/17/25
09/17/30
GBP
220
5,880
(470
)
6,350
4.85%
At Termination
6-mo. WIBOR, 5.10%
Semi-Annual
09/17/25
09/17/30
PLN
10,530
(122,215
)
31
(122,246
)
1-day MIBOR, 6.00%
Semi-Annual
5.62%
Semi-Annual
09/17/25
09/17/30
INR
171,000
1,335
23
1,312
1-day MIBOR, 6.00%
Semi-Annual
5.66%
Semi-Annual
09/17/25
09/17/30
INR
41,500
1,016
5
1,011
1-day MIBOR, 6.00%
Semi-Annual
5.67%
Semi-Annual
09/17/25
09/17/30
INR
41,500
1,220
5
1,215
1-day MIBOR, 6.00%
Semi-Annual
5.68%
Semi-Annual
09/17/25
09/17/30
INR
153,000
5,778
20
5,758
1-day MIBOR, 6.00%
Semi-Annual
5.68%
Semi-Annual
09/17/25
09/17/30
INR
67,000
2,366
9
2,357
1-day MIBOR, 6.00%
Semi-Annual
5.69%
Semi-Annual
09/17/25
09/17/30
INR
86,000
3,437
11
3,426
3-mo. JIBAR, 7.54%
Quarterly
7.84%
Quarterly
09/17/25
09/17/30
ZAR
16,130
8,301
10
8,291
3-mo. JIBAR, 7.54%
Quarterly
7.89%
Quarterly
09/17/25
09/17/30
ZAR
6,850
4,261
4
4,257
3-mo. JIBAR, 7.54%
Quarterly
7.92%
Quarterly
09/17/25
09/17/30
ZAR
226,000
154,734
139
154,595
3-mo. JIBAR, 7.54%
Quarterly
7.92%
Quarterly
09/17/25
09/17/30
ZAR
5,000
3,417
3
3,414
3-mo. JIBAR, 7.54%
Quarterly
7.93%
Quarterly
09/17/25
09/17/30
ZAR
18,150
12,880
11
12,869
3-mo. JIBAR, 7.54%
Quarterly
7.95%
Quarterly
09/17/25
09/17/30
ZAR
36,850
27,766
22
27,744
3-mo. JIBAR, 7.54%
Quarterly
8.12%
Quarterly
09/17/25
09/17/30
ZAR
51,000
56,866
30
56,836
1-day SONIA, 4.46%
At Termination
3.71%
At Termination
06/17/26
06/17/31
GBP
2,300
5,506
4,508
998
1-day SONIA, 4.46%
At Termination
3.73%
At Termination
06/17/26
06/17/31
GBP
6,510
22,137
17,762
4,375
1-day SONIA, 4.46%
At Termination
3.76%
At Termination
06/17/26
06/17/31
GBP
3,410
18,172
7,027
11,145
1-day SONIA, 4.46%
At Termination
4.00%
At Termination
06/17/26
06/17/31
GBP
2,260
43,546
15,639
27,907
1-day SONIA, 4.46%
At Termination
4.07%
At Termination
06/17/26
06/17/31
GBP
4,400
102,531
10,770
91,761
1-day SONIA, 4.46%
At Termination
4.12%
At Termination
06/17/26
06/17/31
GBP
4,360
113,414
28,579
84,835
9.45%
Monthly
1-day TIIEFONDEO, 9.08%
Monthly
N/A
01/03/35
MXN
1,663
(7,594
)
1
(7,595
)
6.07%
Semi-Annual
1-day MIBOR, 6.00%
Semi-Annual
N/A
03/19/35
INR
1,446
(409
)
(409
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.48%
At Termination
06/18/25
06/18/35
EUR
840
3,670
2,506
1,164
2.54%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
3,065
(32,503
)
2,016
(34,519
)
2.65%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
1,480
(31,990
)
16,896
(48,886
)
2.66%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
2,610
(59,176
)
(18,921
)
(40,255
)
2.67%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
2,605
(62,100
)
11,325
(73,425
)
2.70%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
1,267
(33,927
)
(4,923
)
(29,004
)
2.75%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/35
EUR
1,265
(40,960
)
4,067
(45,027
)
6-mo. EURIBOR, 2.13%
At Termination
2.77%
Semi-Annual
06/18/25
06/18/35
EUR
11,693
347,472
12,699
334,773
3.74%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/35
USD
3,076
(32,387
)
(18,618
)
(13,769
)
3.83%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/35
USD
6,070
(106,895
)
22,227
(129,122
)
3.87%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/35
USD
3,172
(66,402
)
(23,826
)
(42,576
)
3.93%
At Termination
1-day SOFR, 4.41%
At Termination
06/18/25
06/18/35
USD
2,330
(61,724
)
(17,737
)
(43,987
)
1-day SONIA, 4.46%
At Termination
3.98%
At Termination
06/18/25
06/18/35
GBP
650
3,002
2,373
629
1-day SONIA, 4.46%
At Termination
3.99%
At Termination
06/18/25
06/18/35
GBP
1,300
6,682
1,957
4,725
1-day SONIA, 4.46%
At Termination
4.05%
At Termination
06/18/25
06/18/35
GBP
1,870
22,640
12,029
10,611
58
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day SONIA, 4.46%
At Termination
4.09%
At Termination
06/18/25
06/18/35
GBP
2,885
$ 47,858
$ (16,278
)
$ 64,136
1-day SONIA, 4.46%
At Termination
4.17%
At Termination
06/18/25
06/18/35
GBP
3,533
88,861
19,490
69,371
1-day SONIA, 4.46%
At Termination
4.23%
At Termination
06/18/25
06/18/35
GBP
4,690
146,293
(952
)
147,245
1-day SONIA, 4.46%
At Termination
4.25%
At Termination
06/18/25
06/18/35
GBP
2,340
80,231
(4,343
)
84,574
1-day SONIA, 4.46%
At Termination
4.28%
At Termination
06/18/25
06/18/35
GBP
2,320
85,746
26,177
59,569
4.08%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
3,580
(15,732
)
(13,077
)
(2,655
)
4.08%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
1,290
(5,853
)
(4,316
)
(1,537
)
4.17%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
1,940
(25,858
)
(14,636
)
(11,222
)
4.23%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
1,230
(24,114
)
(12,099
)
(12,015
)
4.28%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
2,450
(61,843
)
(7,426
)
(54,417
)
4.34%
At Termination
1-day SONIA, 4.46%
At Termination
06/17/26
06/17/36
GBP
2,430
(77,290
)
(27,801
)
(49,489
)
2.30%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
01/23/54
EUR
1,020
35,158
2,309
32,849
2.49%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
02/19/54
EUR
613
(6,964
)
23
(6,987
)
2.51%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
02/20/54
EUR
613
(9,209
)
23
(9,232
)
2.51%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
02/20/54
EUR
628
(10,545
)
24
(10,569
)
2.51%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
03/01/54
EUR
305
(5,085
)
12
(5,097
)
2.46%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
03/22/54
EUR
128
(449
)
5
(454
)
2.54%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
04/22/54
EUR
496
(12,418
)
(1,014
)
(11,404
)
2.64%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
05/31/54
EUR
580
(36,659
)
(4,847
)
(31,812
)
2.43%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
06/19/54
EUR
168
(1,770
)
6
(1,776
)
2.43%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
N/A
06/20/54
EUR
163
(1,730
)
6
(1,736
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.44%
At Termination
N/A
06/24/54
EUR
114
1,575
4
1,571
6-mo. EURIBOR, 2.13%
Semi-Annual
2.26%
At Termination
N/A
10/22/54
EUR
120
(3,424
)
(578
)
(2,846
)
6-mo. EURIBOR, 2.13%
Semi-Annual
2.18%
At Termination
N/A
11/07/54
EUR
115
(7,162
)
4
(7,166
)
2.46%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/55
EUR
370
(3,555
)
(2,404
)
(1,151
)
2.50%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/55
EUR
170
(3,043
)
3,078
(6,121
)
2.65%
At Termination
6-mo. EURIBOR, 2.13%
Semi-Annual
06/18/25
06/18/55
EUR
4,605
(254,752
)
(1,297
)
(253,455
)
1-day SOFR, 4.41%
At Termination
3.81%
At Termination
06/18/25
06/18/55
USD
720
411
(5,969
)
6,380
4.38%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
490
(3,047
)
796
(3,843
)
4.40%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
380
(3,828
)
(2,880
)
(948
)
4.43%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
1,721
(29,710
)
(15,920
)
(13,790
)
4.45%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
1,475
(33,848
)
26,170
(60,018
)
4.46%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
2,300
(54,046
)
10,451
(64,497
)
4.50%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
1,160
(39,248
)
3,581
(42,829
)
4.50%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
1,060
(35,332
)
(23,775
)
(11,557
)
4.53%
At Termination
1-day SONIA, 4.46%
At Termination
06/18/25
06/18/55
GBP
1,190
(46,737
)
(24,378
)
(22,359
)
 
 
$ 142,286
$ (626,944
)
$ 769,230
OTC Credit Default Swaps — Buy Protection
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
American Electric Power Co., Inc.
1.00
% 
Quarterly
Bank of America N.A.
12/20/29
USD
176
$ (5,056
)
$ (4,595
)
$ (461
)
American Express Co.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
90
(2,355
)
(2,398
)
43
Dominion Energy Inc.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
87
(2,348
)
(2,200
)
(148
)
Federal Republic of Brazil
1.00
Quarterly
Morgan Stanley & Co. International PLC
06/20/30
USD
269
9,526
11,429
(1,903
)
Republic of Turkey
1.00
Quarterly
Bank of America N.A.
06/20/30
USD
12
1,288
1,205
83
Republic of Turkey
1.00
Quarterly
Bank of America N.A.
06/20/30
USD
12
1,287
1,209
78
Republic of Turkey
1.00
Quarterly
Goldman Sachs International
06/20/30
USD
75
8,306
5,824
2,482
United Mexican States
1.00
Quarterly
Barclays Bank PLC
06/20/30
USD
66
1,142
1,056
86
United Mexican States
1.00
Quarterly
BNP Paribas SA
06/20/30
USD
32
548
791
(243
)
United Mexican States
1.00
Quarterly
BNP Paribas SA
06/20/30
USD
42
723
1,044
(321
)
United Mexican States
1.00
Quarterly
Citibank N.A.
06/20/30
USD
30
515
717
(202
)
United Mexican States
1.00
Quarterly
Citibank N.A.
06/20/30
USD
30
515
750
(235
)
 
 
 
 
 
$ 14,091
$ 14,832
$ (741
)
Schedule of Investments
59

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
OTC Interest Rate Swaps
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
9.73%
At Termination
1-day COOIS,
8.95%
At Termination
Morgan Stanley & Co.
International PLC
N/A
05/12/25
COP
237,498
$ 234
$ 
$ 234
9.81%
At Termination
1-day COOIS,
8.95%
At Termination
Morgan Stanley & Co.
International PLC
N/A
05/12/25
COP
355,023
281
281
1-day BZDIOVER,
0.05%
At Termination
10.81%
At Termination
BNP Paribas SA
N/A
07/01/25
BRL
919
(2,180
)
(2,180
)
1-day BZDIOVER,
0.05%
At Termination
10.98%
At Termination
BNP Paribas SA
N/A
07/01/25
BRL
575
(1,196
)
(1,196
)
7.76%
At Termination
1-day COOIS,
8.95%
At Termination
Citibank N.A.
N/A
11/05/25
COP
624,054
2,115
2,115
1-day BZDIOVER,
0.05%
At Termination
10.32%
At Termination
Bank of America N.A.
N/A
01/04/27
BRL
9
(113
)
(113
)
10.97%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/04/27
BRL
743
6,954
6,954
1-day BZDIOVER,
0.05%
At Termination
13.09%
At Termination
Bank of America N.A.
N/A
01/04/27
BRL
766
(1,406
)
(1,406
)
1-day BZDIOVER,
0.05%
At Termination
14.11%
At Termination
Goldman Sachs
International
N/A
01/04/27
BRL
433
264
264
1-day BZDIOVER,
0.05%
At Termination
14.55%
At Termination
Bank of America N.A.
N/A
01/04/27
BRL
422
818
818
15.41%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Citibank N.A.
N/A
01/04/27
BRL
472
(2,661
)
(2,661
)
1-day BZDIOVER,
0.05%
At Termination
9.79%
At Termination
BNP Paribas SA
N/A
01/04/27
BRL
606
(9,495
)
(9,495
)
1-day COOIS,
8.95%
Quarterly
7.77%
Quarterly
Goldman Sachs
International
N/A
09/17/27
COP
1,843,400
(1,570
)
(1,570
)
1-day BZDIOVER,
0.05%
At Termination
13.02%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
376
(957
)
(957
)
1-day BZDIOVER,
0.05%
At Termination
13.15%
At Termination
Goldman Sachs
International
N/A
01/02/29
BRL
272
(429
)
(429
)
13.50%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
7,000
(2,098
)
(2,098
)
13.55%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
3,000
(1,817
)
(1,817
)
13.94%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
5,000
(14,857
)
(14,857
)
14.12%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
7,000
(28,468
)
(28,468
)
14.32%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
7,000
(37,162
)
(37,162
)
14.36%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
2,000
(11,233
)
(11,233
)
14.38%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
1,000
(5,904
)
(5,904
)
14.43%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
6,000
(36,807
)
(36,807
)
14.45%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
19,000
(124,833
)
(124,833
)
14.48%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
8,000
(50,967
)
(50,967
)
14.63%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
8,000
(61,668
)
(61,668
)
14.66%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
10,000
(79,796
)
(79,796
)
14.69%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
9,000
(73,102
)
(73,102
)
14.87%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Morgan Stanley & Co.
International PLC
N/A
01/02/29
BRL
2,000
(18,586
)
(18,586
)
60
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
14.96%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
4,000
$ (40,807
)
$ 
$ (40,807
)
15.00%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
9,000
(93,844
)
(93,844
)
15.05%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Barclays Bank PLC
N/A
01/02/29
BRL
6,000
(63,712
)
(63,712
)
15.12%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Citibank N.A.
N/A
01/02/29
BRL
4,000
(44,758
)
(44,758
)
15.25%
At Termination
1-day BZDIOVER,
0.05%
At Termination
Bank of America N.A.
N/A
01/02/29
BRL
6,000
(73,905
)
(73,905
)
8.73%
Quarterly
1-day COOIS,
8.95%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
01/14/30
COP
125,579
(504
)
(504
)
8.78%
Quarterly
1-day COOIS,
8.95%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
01/14/30
COP
43,238
(191
)
(191
)
8.64%
Quarterly
1-day COOIS,
8.95%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
04/04/30
COP
261,600
(805
)
(805
)
8.34%
Quarterly
1-day COOIS,
8.95%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
09/17/30
COP
328,133
(85
)
(85
)
 
 
$ (875,250
)
$ 
$ (875,250
)
OTC Total Return Swaps
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
FIXED, 0.00%(a)
Quarterly
Goldman Sachs
Intraday Delta
Replication VX
Series 5 Excess
Return Strategy
Index
Quarterly
Goldman Sachs
International
N/A
05/06/25
USD
1,055
$ (29,603
)
$ 
$ (29,603
)
FIXED, 0.00%(a)
Quarterly
Goldman Sachs
Intraday Delta
Replication VX
Series 5 Excess
Return Strategy
Index
Quarterly
Goldman Sachs
International
N/A
05/06/25
USD
860
(24,124
)
(24,124
)
FIXED, 0.00%(a)
At Termination
Goldman Sachs
Intraday Delta
Replication VX
Series 5 Excess
Return Strategy
Index
At Termination
Goldman Sachs
International
N/A
05/06/25
USD
479
(13,447
)
(13,447
)
Markit iBoxx $ Liquid
High Yield Index
At Termination
1-day SOFR , 4.41%
At Termination
BNP Paribas SA
N/A
06/20/25
USD
280
(10,709
)
709
(11,418
)
 
 
 
 
 
 
 
$ (77,883
)
$ 709
$ (78,592
)
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written
Description

Premiums
Paid

Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally Cleared Swaps(a)
$ 2,364,213
$ (1,946,759
)
$ 4,929,916
$ (4,372,682
)
$ 
Schedule of Investments
61

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written (continued)
Description
Premiums
Paid
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
OTC Swaps
$ 24,734
$ (9,193
)
$ 13,438
$ (968,021
)
$ 
Options Written
N/A
(81,665
)
47,077
(44,295
)
(78,883
)
(a)
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the
Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ 
$ 
$ 
$ 
$ 3,875,368
$ 
$ 3,875,368
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange
contracts
1,203,058
1,203,058
Options purchased
Investments at value — unaffiliated(b)
24,034
987,423
1,011,457
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)
32,988
4,883,726
13,202
4,929,916
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
26,797
11,375
38,172
 
$ 
$ 59,785
$ 
$ 1,227,092
$ 9,757,892
$ 13,202
$ 11,057,971
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$ 
$ 
$ 158,591
$ 
$ 1,273,805
$ 
$ 1,432,396
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange
contracts
1,611,510
1,611,510
Options written
Options written at value
5,586
19,473
53,824
78,883
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)
210,583
4,114,496
47,603
4,372,682
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received
12,706
67,174
897,334
977,214
 
$ 
$ 223,289
$ 231,351
$ 1,630,983
$ 6,339,459
$ 47,603
$ 8,472,685
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets
and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated
earnings (loss).
(b)
Includes options purchased at value as reported in the Schedule of Investments.
For the period ended April 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ 
$ 
$ (102,211
)
$ 
$ (2,741,364
)
$ (19,965
)
$ (2,863,540
)
Forward foreign currency exchange contracts
329,835
329,835
Options purchased(a)
(5,733
)
39,172
(121,741
)
(446,854
)
(535,156
)
Options written
2,803
16,390
100,478
(16,358
)
103,313
Swaps
(1,217,481
)
(35,553
)
(3,172
)
(82,906
)
(1,339,112
)
 
$ 
$ (1,220,411
)
$ (82,202
)
$ 308,572
$ (3,207,748
)
$ (102,871
)
$ (4,304,660
)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ 
$ 
$ (158,591
)
$ 
$ 5,496,825
$ 
$ 5,338,234
62
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Forward foreign currency exchange contracts
$ 
$ 
$ 
$ (735,639
)
$ 
$ 
$ (735,639
)
Options purchased(b)
1,054
11,010
90,966
103,030
Options written
(608
)
1,662
1,057
65,800
67,911
Swaps
(182,960
)
(50,642
)
(55,891
)
(1,224
)
(290,717
)
 
$ 
$ (182,514
)
$ (207,571
)
$ (723,572
)
$ 5,597,700
$ (1,224
)
$ 4,482,819
(a)
Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b)
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts:
Average notional value of contracts — long
$331,819,636
Average notional value of contracts — short
122,014,430
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
56,223,685
Average amounts sold — in USD
43,798,448
Options:
Average value of option contracts purchased
163,492
Average value of option contracts written
62,543
Average notional value of swaption contracts purchased
165,492,747
Average notional value of swaption contracts written
160,937,838
Credit default swaps:
Average notional value — buy protection
32,352,521
Average notional value — sell protection
56,326,998
Interest rate swaps:
Average notional value — pays fixed rate
360,073,186
Average notional value — receives fixed rate
416,481,691
Inflation swaps:
Average notional value — pays fixed rate
12,438,989
Average notional value — receives fixed rate
538,600
Total return swaps:
Average notional value
2,534,459
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
 
Assets
Liabilities
Derivative Financial Instruments
Futures contracts
$ 725,134
$ 463,578
Forward foreign currency exchange contracts
1,203,058
1,611,510
Options
1,011,457
(a)
78,883
Swaps — centrally cleared
90,528
Swaps — OTC(b)
38,172
977,214
Total derivative assets and liabilities in the Statement of Assets and Liabilities
3,068,349
3,131,185
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)
(816,240
)
(470,273
)
Total derivative assets and liabilities subject to an MNA
$ 2,252,109
$ 2,660,912
(a)
Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.
(b)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.
Schedule of Investments
63

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received(b)
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$ 449,176
$ (449,176
)
$ 
$ 
$ 
Barclays Bank PLC
192,621
(192,621
)
BNP Paribas SA
92,503
(92,503
)
Citibank N.A.
264,897
(212,764
)
52,133
Goldman Sachs International
422,019
(291,601
)
130,418
Morgan Stanley & Co. International PLC
231,100
(187,251
)
43,849
Royal Bank of Canada
42,180
(13,800
)
28,380
Societe Generale
29,965
(29,965
)
State Street Bank and Trust Co.
114,911
(114,911
)
Toronto-Dominion Bank
64,297
(64,297
)
UBS AG
348,440
(90,163
)
258,277
 
$ 2,252,109
$ (1,739,052
)
$ 
$ 
$ 513,057
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged(b)
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(c)(e)
Bank of America N.A.
$ 605,818
$ (449,176
)
$ 
$ 
$ 156,642
Barclays Bank PLC
423,556
(192,621
)
230,935
BNP Paribas SA
196,195
(92,503
)
103,692
Citibank N.A.
212,764
(212,764
)
Goldman Sachs International
291,601
(291,601
)
Morgan Stanley & Co. International PLC
187,251
(187,251
)
Royal Bank of Canada
13,800
(13,800
)
Societe Generale
134,503
(29,965
)
104,538
State Street Bank and Trust Co.
401,598
(114,911
)
286,687
Toronto-Dominion Bank
103,663
(64,297
)
39,366
UBS AG
90,163
(90,163
)
 
$ 2,660,912
$ (1,739,052
)
$ 
$ 
$ 921,860
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount receivable from the counterparty in the event of default.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.  Net amount may be offset further by the options written receivable/payable on the
Statement of Assets and Liabilities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities
$ 
$ 68,130,579
$ 
$ 68,130,579
Common Stocks
Australia
23,200
23,200
Brazil
39,625
39,625
Canada
42,557
42,557
64
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Diversified Fixed Income Fund
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Japan
$ 
$ 46,581
$ 
$ 46,581
United Kingdom
222,716
222,716
United States
3,527,346
9,481
3,536,827
Corporate Bonds
317,869,044
992,436
318,861,480
Floating Rate Loan Interests
688,571
688,571
Foreign Agency Obligations
21,842,210
21,842,210
Investment Companies
1,382,124
1,382,124
Municipal Bonds
4,384,989
4,384,989
Non-Agency Mortgage-Backed Securities
136,979,696
136,979,696
Preferred Securities
Capital Trusts
113,758
113,758
Preferred Stocks
46,035
46,035
U.S. Government Sponsored Agency Securities
454,894,684
454,894,684
U.S. Treasury Obligations
244,760,430
244,760,430
Short-Term Securities
Foreign Agency Obligations
83,166
83,166
Money Market Funds
236,362,684
236,362,684
U.S. Treasury Obligations
3,040,123
3,040,123
Options Purchased
Foreign Currency Exchange Contracts
24,034
24,034
Interest Rate Contracts
578
986,845
987,423
Liabilities
Investments
TBA Sale Commitments
(100,273,281
)
(100,273,281
)
$ 241,646,865
$ 1,153,580,910
$ 992,436
$ 1,396,220,211
Derivative Financial Instruments(a)
Assets
Credit Contracts
$ 
$ 35,760
$ 
$ 35,760
Foreign Currency Exchange Contracts
1,203,058
1,203,058
Interest Rate Contracts
3,875,368
4,894,392
8,769,760
Other Contracts
13,202
13,202
Liabilities
Credit Contracts
(214,096
)
(214,096
)
Equity Contracts
(164,177
)
(67,174
)
(231,351
)
Foreign Currency Exchange Contracts
(1,630,983
)
(1,630,983
)
Interest Rate Contracts
(1,274,914
)
(5,064,545
)
(6,339,459
)
Other Contracts
(47,603
)
(47,603
)
 
$ 2,436,277
$ (810,815
)
$ (67,174
)
$ 1,558,288
(a)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency
exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
See notes to financial statements.
Schedule of Investments
65

Statement of Assets and Liabilities (unaudited)
April 30, 2025
 
BlackRock
Diversified Fixed
Income Fund
ASSETS
Investments, at value — unaffiliated(a)(b)
$ 1,258,992,484
Investments, at value — affiliated(c)
237,501,008
Cash
92,625
Cash pledged:
Collateral — exchange-traded options written
611,000
Collateral — TBA commitments
16,000
Futures contracts
7,294,000
Centrally cleared swaps
13,034,645
Foreign currency, at value(d)
4,211,285
Receivables:
Investments sold
53,645,995
Securities lending income — affiliated
4,975
TBA sale commitments
100,002,938
Capital shares sold
15,872,237
Dividends — unaffiliated
1,020
Dividends — affiliated
687,379
Interest — unaffiliated
7,514,638
Principal paydowns
174
Variation margin on futures contracts
725,134
Variation margin on centrally cleared swaps
90,528
Swap premiums paid
24,734
Unrealized appreciation on:
Forward foreign currency exchange contracts
1,203,058
OTC swaps
13,438
Prepaid expenses
5,220
Total assets
1,701,544,515
LIABILITIES
Collateral on securities loaned
21,282,779
Options written, at value(e)
78,883
TBA sale commitments, at value(f)
100,273,281
Payables:
Investments purchased
323,399,111
Administration fees
55,668
Capital shares redeemed
111,327,921
Investment advisory fees
136,697
Trustees and Officers fees
2,724
Professional fees
16,050
Variation margin on futures contracts
463,578
Swap premiums received
9,193
Unrealized depreciation on:
Forward foreign currency exchange contracts
1,611,510
OTC swaps
968,021
Total liabilities
559,625,416
Commitments and contingent liabilities
NET ASSETS
$ 1,141,919,099
NET ASSETS CONSIST OF
Paid-in capital
$ 1,133,938,082
Accumulated earnings
7,981,017
NET ASSETS
$ 1,141,919,099
(a) Investments, at costunaffiliated
$1,249,375,669
(b) Securities loaned, at value
$20,393,342
(c) Investments, at costaffiliated
$237,521,640
(d) Foreign currency, at cost
$4,183,074
(e) Premiums received
$81,665
(f) Proceeds from TBA sale commitments
$100,002,938
66
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statement of Assets and Liabilities (unaudited) (continued)
April 30, 2025
 
BlackRock
Diversified Fixed
Income Fund
NET ASSETVALUE
Institutional
Net assets
$ 685,663,614
Shares outstanding
68,242,440
Net asset value
$ 10.05
Shares authorized
Unlimited
Par value
No par value
Class K
Net assets
$ 456,255,485
Shares outstanding
48,365,714
Net asset value
$ 9.43
Shares authorized
Unlimited
Par value
No par value
See notes to financial statements.
Statement of Assets and Liabilities
67

Statement of Operations (unaudited)
Six Months Ended April 30, 2025
 
BlackRock
Diversified Fixed
Income Fund
INVESTMENT INCOME
Dividends — unaffiliated
$11,117
Dividends — affiliated
3,621,430
Interest — unaffiliated
25,185,637
Securities lending income — affiliated — net
32,310
Foreign taxes withheld
(2,633
)
Total investment income
28,847,861
EXPENSES
Investment advisory
1,356,172
Administration — class specific
878,404
Professional
19,958
Trustees and Officer
9,569
Miscellaneous
4,135
Total expenses excluding interest expense
2,268,238
Interest expense — unaffiliated
592
Total expenses
2,268,830
Less:
Administration fees waived by the Administrator — class specific
(544,804
)
Fees waived and/or reimbursed by the Manager
(606,728
)
Fees waived and/or reimbursed by the Administrator/Manager
(29,527
)
Total expenses after fees waived and/or reimbursed
1,087,771
Net investment income
27,760,090
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)
(1,665,051
)
Investments — affiliated
(3,686
)
Forward foreign currency exchange contracts
329,835
Foreign currency transactions
21,302
Futures contracts
(2,863,540
)
Options written
103,313
Swaps
(1,339,112
)
 
(5,416,939
)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)
2,501,767
Investments — affiliated
(23,419
)
Forward foreign currency exchange contracts
(735,639
)
Foreign currency translations
76,419
Futures contracts
5,338,234
Options written
67,911
Short sales — unaffiliated
(3,025
)
Swaps
(290,717
)
 
6,931,531
Net realized and unrealized gain
1,514,592
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$29,274,682
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$114
(b) Net of reduction in deferred foreign capital gain tax of
$43
See notes to financial statements.
68
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Changes in Net Assets
 
BlackRock Diversified
Fixed Income Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$27,760,090
$41,969,362
Net realized gain (loss)
(5,416,939
)
18,136,482
Net change in unrealized appreciation (depreciation)
6,931,531
20,181,110
Net increase in net assets resulting from operations
29,274,682
80,286,954
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(23,684,252
)
(27,369,799
)
Class K
(13,984,017
)
(14,126,941
)
Decrease in net assets resulting from distributions to shareholders
(37,668,269
)
(41,496,740
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
189,937,644
295,893,560
NET ASSETS
Total increase in net assets
181,544,057
334,683,774
Beginning of period
960,375,042
625,691,268
End of period
$1,141,919,099
$960,375,042
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
69

Financial Highlights
(For a share outstanding throughout each period)
 
BlackRock Diversified Fixed Income Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Period from
09/19/23(a)
to 10/31/23
 
Net asset value, beginning of period
$10.17
$9.65
$10.00
Net investment income(b)
0.25
0.53
0.06
Net realized and unrealized gain (loss)
(0.01
)
0.51
(0.36
)
Net increase (decrease) from investment operations
0.24
1.04
(0.30
)
Distributions(c)
From net investment income
(0.25
)
(0.50
)
(0.05
)
From net realized gain
(0.11
)
(0.02
)
Total distributions
(0.36
)
(0.52
)
(0.05
)
Net asset value, end of period
$10.05
$10.17
$9.65
Total Return(d)
Based on net asset value
2.35
%(e)
10.92
%
(2.96
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.46
%(g)
0.46
%
0.45
%(g)
Total expenses after fees waived and/or reimbursed
0.24
%(g)
0.24
%
0.24
%(g)
Net investment income
5.06
%(g)
5.19
%
5.00
%(g)
Supplemental Data
Net assets, end of period (000)
$685,664
$670,181
$413,831
Portfolio turnover rate(h)
273
%
506
%
324
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Period from
09/19/23(a)
to 10/31/23
 
Portfolio turnover rate (excluding MDRs)
127
%
319
%
205
%
See notes to financial statements.
70
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock Diversified Fixed Income Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Period from
01/18/23(a)
to 10/31/23
 
Net asset value, beginning of period
$9.56
$9.06
$10.00
Net investment income(b)
0.24
0.51
0.35
Net realized and unrealized gain (loss)
(0.02
)
0.49
(0.96
)
Net increase (decrease) from investment operations
0.22
1.00
(0.61
)
Distributions(c)
From net investment income
(0.24
)
(0.48
)
(0.33
)
From net realized gain
(0.11
)
(0.02
)
Total distributions
(0.35
)
(0.50
)
(0.33
)
Net asset value, end of period
$9.43
$9.56
$9.06
Total Return(d)
Based on net asset value
2.29
%(e)
11.17
%
(6.21
)%(e)(f)
Ratios to Average Net Assets(g)
Total expenses
0.36
%(h)
0.36
%
0.37
%(h)
Total expenses after fees waived and/or reimbursed
0.14
%(h)
0.14
%
0.13
%(h)
Net investment income
5.15
%(h)
5.29
%
4.58
%(h)
Supplemental Data
Net assets, end of period (000)
$456,255
$290,194
$211,860
Portfolio turnover rate(i)
273
%
506
%
324
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Includes payment from an affiliate, which had no impact on the Funds total return.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Period from
01/18/23(a)
to 10/31/23
 
Portfolio turnover rate (excluding MDRs)
127
%
319
%
205
%
See notes to financial statements.
Financial Highlights
71

Notes to Financial Statements (unaudited)
1.
ORGANIZATION
BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust.BlackRock Diversified Fixed Income Fund (the “Fund”) is a series of the Trust.The Fund is classified as diversified.
TheFund offers multiple classes of shares.All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions. Institutional and Class K Shares are sold only to certain eligible investors.
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional and Class K Shares
No
No
None
The Fund, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
InvestmentTransactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign CurrencyTranslation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.TheFund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which theFund invests. These foreign taxes, if any, are paid by theFund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fundis obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions:Distributions from net investment income are declared daily and paid monthly.Distributions of capital gains are recorded on the ex-dividend dates and made at least monthly.The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
72
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other:Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds adoption of the new standard impacted financial statement disclosures only and did not affect theFunds 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 theFund. The CODM has concluded that theFund operates as a single operating segment since theFund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
InvestmentValuation Policies:The Funds 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 theTrust (the “Board”) has approved the designation of the Fund’s Manager  as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Funds assets and liabilities:
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments. 
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
Notes to Financial Statements
73

Notes to Financial Statements (unaudited) (continued)
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
74
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Zero-Coupon Bonds:Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Forward Commitments, When-Issued and Delayed Delivery Securities: The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate theFund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
Notes to Financial Statements
75

Notes to Financial Statements (unaudited) (continued)
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”).An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions:The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Short Sale Transactions: In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statement of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.
Securities Lending: TheFund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the FundsSchedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the  Statement of Assets and Liabilities as a component of investments at value – unaffiliatedand collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds securities on loan by counterparty which are subject to offset under an MSLA:
Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
Barclays Bank PLC
$ 2,333,954
$ (2,333,954
)
$ 
$ 
BMO Capital Markets Corp.
224,812
(224,812
)
HSBC Bank PLC
15,246
(15,246
)
J.P. Morgan Securities LLC
5,269,860
(5,269,860
)
Jefferies LLC
420,216
(420,216
)
Mitsubishi UFJ Securities Holdings Co., Ltd.
40,613
(40,613
)
Morgan Stanley
3,345,098
(3,345,098
)
RBC Capital Markets LLC
5,527,755
(5,527,755
)
Toronto-Dominion Bank
192,013
(192,013
)
UBS AG
2,289
(2,289
)
76
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
UBS Securities LLC
$ 360,905
$ (360,905
)
$ 
$ 
Wells Fargo Bank N.A.
1,558,241
(1,558,241
)
Wells Fargo Securities LLC
1,102,340
(1,102,340
)
 
$ 20,393,342
$ (20,393,342
)
$ 
$ 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s
Statement of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks,theFund benefits from a borrower default indemnity provided by BlackRock Finance, Inc..BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. TheFund 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 theFund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statementof Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statementof Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s)reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Fundsrisk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options: The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument
Notes to Financial Statements
77

Notes to Financial Statements (unaudited) (continued)
subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.
Swaptions — The Fund may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.
Foreign currency options — The Fund may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.
Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.
The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.
In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statementof  Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statementof Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fundsbasis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds counterparty on the swap. TheFund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, theFund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statementof Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of  Assets and Liabilities. Pursuant to the contract, theFund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Fundmay either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fundwill either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fundwill either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
78
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.
Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between theFund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, theFund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fundand the counterparty.
Cash collateral that has been pledged to cover obligations of the Fundand cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Scheduleof Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund.  Any additional required collateral is delivered to/pledged by the Fundon the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. TheFundgenerally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fundfrom the counterparties are not fully collateralized, theFundbears the risk of loss from counterparty non-performance. Likewise, to the extent theFundhasdelivered collateral to a counterparty and standsready to perform under the terms of itsagreement with such counterparty,  theFundbears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund doesnot offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of theFund, 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 the Funds portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, theFund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of theFund’s net assets:
Average Daily Net Assets
Investment
Advisory Fees
First $1 billion
0.25
% 
$1 billion – $3 billion
0.24
$3 billion – $5 billion
0.23
$5 billion – $10 billion
0.22
Greater than $10 billion
0.21
The Manager contractually agreed to waive 0.10% of its investment advisory fees through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2025, the Manager waived $544,804 pursuant to this agreement.
Notes to Financial Statements
79

Notes to Financial Statements (unaudited) (continued)
The Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and, effective February 28, 2025, BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL, for services they provide for that portion of the Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Administration:The Trust, on behalf of the Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund’s ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators.For such services, BAL charges each of the share classes an administration fee, which is shown as administration – class specific in the Statement of Operations, at an annual rate of 0.20% of the average daily net assets of the Fund’s Institutional Shares and 0.10% of the average daily net assets of the Funds Class K Shares.
For the six months ended April 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:
Fund Name
Institutional
Class K
Total
BlackRock Diversified Fixed Income Fund
$ 667,200
$ 211,204
$ 878,404
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. BAL contractually agreed to waive 0.10% of its administration fees for each of Institutional Shares and Class K Shares through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees,or by a vote of a majority of the outstanding voting securities of the Fund. These amounts waived by the Administrator are included in administration fees waived by the Administrator — class specific in the Statement of Operations. For the six months ended April 30, 2025, class specific expense waivers were as follows:
 
Administration Fees Waived by the Administrator-
Class Specific
Fund Name
Institutional
Class K
Total
BlackRock Diversified Fixed Income Fund
$ 333,600
$ 211,204
$ 544,804
ExpenseWaivers and Reimbursements:The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2025, the amount waived was $61,469.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of theFunds assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of theFund.This amount is included in fees waived and/or reimbursed by the Manager in the Statementof Operations.For the six months ended April 30, 2025, the Manager waived $455 in investment advisory fees pursuant to this arrangement.
The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. The Administrator and the Manager have contractually agreed to reimburse the Fund or provide an offsetting credit against the administration and/or investment advisory fees paid by the Fund in an amount equal to these independent expenses as applicable, through June 30, 2035. On July 1 of each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a perpetual ten year term. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. The amount waived is included in fees waived and/or reimbursed by the Administrator/Manager in the Statement of Operations. For the six months ended April 30, 2025, the amount waived was $29,527.
Securities Lending:The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market funds total net redemptions on a single day exceed 5% of the money market funds net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
80
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85%  of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70%  of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by theFund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended April 30, 2025, the Fundpaid BTC $10,938 for securities lending agent services.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund participated in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.
Trustees and Officers:Certain trustees and/or officers of the Trustare directors and/or officers of BlackRock or its affiliates.
7.
 PURCHASES AND SALES
For the six months ended April 30, 2025, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:
 
U.S. Government Securities
Other Securities
Fund Name
Purchases
Sales
Purchases
Sales
BlackRock Diversified Fixed Income Fund
$ 2,883,385,543
$ 2,780,920,915
$ 300,070,654
$ 223,022,106
For the six monthsended April 30, 2025, purchases and sales related to mortgage dollar rolls were $1,609,206,501 and $1,608,924,472, respectively.
8.
INCOME TAX INFORMATION
It is theFunds 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.
TheFund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on theFunds U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on theFunds state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds NAV.
As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
BlackRock Diversified Fixed Income Fund
$ 1,487,691,515
$ 27,092,168
$ (16,920,581
)
$ 10,171,587
9.
BANK BORROWINGS
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.During the six months ended April 30, 2025, the Fund did not borrow under the credit agreement.
Notes to Financial Statements
81

Notes to Financial Statements (unaudited) (continued)
10.
PRINCIPAL RISKS
In the normal course of business, the Fundinvests in securities or other instruments and may enter into certain transactions, and such activities subject theFund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. TheFunds prospectus provides details of the risks to which theFund is subject.
TheFundmay be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk:TheFund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force theFund to reinvest in lower yielding securities. TheFundmay also be exposed to reinvestment risk, which is the risk that income from theFund’s portfolio will decline if theFund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below theFund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Funds valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. 
Counterparty Credit Risk:The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, theFund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent theFunddeposits collateral with its counterparty to a written option.
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Geographic/Asset Class Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
TheFund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds performance.
82
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
TheFund invests a significant portion of its assets in securities of issuers located in the United States.A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
TheFundinvestsa significant portion of  itsassets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows:
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
BlackRock Diversified Fixed Income Fund 
Institutional
Shares sold
$
31,107,580
$311,339,110
Shares issued in reinvestment of distributions
2,355,618
23,684,252
2,677,918
27,369,799
Shares redeemed
(10,793,000)
(109,528,346)
 
2,355,618
$23,684,252
22,992,498
$229,180,563
Class K
Shares sold
28,320,268
$263,597,295
5,519,558
$52,586,056
Shares issued in reinvestment of distributions
1,481,611
13,984,018
1,473,138
14,126,941
Shares redeemed
(11,805,718)
(111,327,921)
 
17,996,161
$166,253,392
6,992,696
$66,712,997
 
20,351,779
$189,937,644
29,985,194
$295,893,560
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in thefinancial statements.
Notes to Financial Statements
83

Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund for the Funds allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 537-4942 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
84
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Additional Information (continued)
Fund and Service Providers (continued)
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Fund
400 Howard Street
San Francisco, CA 94105
Additional Information
85

Disclosure of Investment Sub-Advisory Agreement
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds III (the “Trust”) met on February 19-21, 2025 (the “Meeting”) to consider the initial approval of the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) between BlackRock Fund Advisors (the “Manager”), the Trust’s investment advisor, and BlackRock (Singapore) Limited (the “Sub-Advisor”) with respect to BlackRock Diversified Fixed Income Fund (the “Fund”), a series of the Trust.
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), at the Meeting, the Board reviewed materials relating to its consideration of the Sub-Advisory Agreement. The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board previously met on May 16-17, 2024 (the “May 2024 Meeting”) to consider the approval of the continuation of the Trust’s advisory agreement (the “Advisory Agreement”) between the Trust and the Manager, on behalf of the Fund. At the May 2024 Meeting, the Board, including the Independent Board Members, approved the continuation of the Advisory Agreement for a one-year term ending June 30, 2025. A discussion of the basis for the Board’s approval of the Advisory Agreement at the May 2024 Meeting is included in the annual shareholder report for the Fund for the period ended October 31, 2024. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the Meeting with respect to approval of the Advisory Agreement.
Following discussion, the Board, including the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
86
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Glossary of Terms Used in these Financial Statements
Currency Abbreviation
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CNH
Chinese Yuan
CNY
Chinese Yuan
COP
Colombian Peso
CZK
Czech Koruna
EGP
Egyptian Pound
EUR
Euro
GBP
British Pound
HKD
Hong Kong Dollar
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
South Korean Won
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
NOK
Norwegian Krone
NZD
New Zealand Dollar
PEN
Peru Nuevo Sol
PHP
Philippine Peso
PLN
Polish Zloty
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
New Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
Portfolio Abbreviation
ABS
Asset-Backed Security
ARB
Airport Revenue Bonds
BAB
Build America Bond
BBR
Bank Bill Rate
BBSW
Bank Bill Swap Rate
BMO
BMO Capital Markets
BUBOR
Budapest Interbank Offered Rate
BZDIOVER
Overnight Brazil Interbank Deposit (CETIP)
CDC
Certificate of Deposit Rate
CLO
Collateralized Loan Obligation
CMT
Constant Maturity Treasury
COOIS
Columbia Overnight Interbank Reference Rate
CORRA
Overnight Bank of Canada Repo Rate
CPI
Consumer Price Index
CR
Custodian Receipt
CVR
Contingent Value Right
DAC
Designated Activity Company
ETF
Exchange-Traded Fund
EURIBOR
Euro Interbank Offered Rate
GO
General Obligation Bonds
GOL
General Obligation Ltd.
HIBOR
Hong Kong Interbank Offered Rate
JIBAR
Johannesburg Interbank Average Rate
MIBOR
Mumbai Interbank Offered Rate
MTA
Month Treasury Average
MTN
Medium-Term Note
PIK
Payment-in-Kind
PRIBOR
Prague Interbank Offer Rate
RB
Revenue Bonds
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
S&P
Standard & Poors
SAB
Special Assessment Bonds
SCA
Societe en Commandite par Actions
SG
Syncora Guarantee
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Interbank Average Rate
SORA
Singapore Overnight Rate Average
SPDR
Standard & Poor’s Depository Receipt
SSARON
Swiss Average Overnight Rate
STACR
Structured Agency Credit Risk
STIBOR
Stockholm Interbank Offered Rate
TAIBOR
Taipei Interbank Offered Rate
TBA
To-Be-Announced
THOR
Thai Overnight Repurchase Rate
TIIEFONDEO
MXN Overnight TIIE Funding Rate
UK RPI
United Kingdom Retail Price Index
WIBOR
Warsaw Interbank Offered Rate
Glossary of Terms Used in these Financial Statements
87

Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the 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.


April 30, 2025
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
BlackRock Funds III
BlackRock LifePath® ESG Index Retirement Fund
BlackRock LifePath® ESG Index 2030 Fund
BlackRock LifePath® ESG Index 2035 Fund
BlackRock LifePath® ESG Index 2040 Fund
BlackRock LifePath® ESG Index 2045 Fund
BlackRock LifePath® ESG Index 2050 Fund
BlackRock LifePath® ESG Index 2055 Fund
BlackRock LifePath® ESG Index 2060 Fund
BlackRock LifePath® ESG Index 2065 Fund
BlackRock LifePath® ESG Index 2070 Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents 
Page
3
23
26
29
34
64
77
79
2

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index Retirement Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 39.9%
iShares Developed Real Estate Index Fund, Class K
 
19,624
$ 158,365
iShares ESG Aware MSCI EAFE ETF
 
5,791
490,382
iShares ESG Aware MSCI EM ETF(b)
 
6,476
227,696
iShares ESG Aware MSCI USA ETF
 
13,334
1,614,481
iShares ESG Aware MSCI USA Small-Cap ETF
 
4,889
183,044
iShares MSCI Canada ETF(b)
 
1,533
65,076
iShares MSCI EAFE Small-Cap ETF(b)
 
1,245
82,792
iShares MSCI Emerging Markets Small-Cap ETF
 
613
35,051
 
2,856,887
Fixed-Income Funds — 59.9%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
78,262
3,713,532
iShares TIPS Bond ETF
 
5,189
573,488
 
4,287,020
Money Market Funds — 25.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
1,773,109
1,773,819
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
13,049
13,049
 
1,786,868
Total Investments — 124.8%
(Cost: $8,202,652)
8,930,775
Liabilities in Excess of Other Assets — (24.8)%
(1,772,312
)
Net Assets — 100.0%
$  7,158,463
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,620,395
$ 153,905
(a)
$ 
$ (601
)
$ 120
$ 1,773,819
1,773,109
$ 2,985
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
15,764
(2,715
)(a)
13,049
13,049
340
iShares Developed Real Estate Index Fund, Class K
170,453
1,807
(27,838
)
(5,127
)
19,070
158,365
19,624
(2,170
)
(16,847
)
iShares ESG Aware MSCI EAFE ETF
527,654
76,906
(141,643
)
(1,699
)
29,164
490,382
5,791
7,287
iShares ESG Aware MSCI EM ETF
235,999
35,759
(41,330
)
(2,201
)
(531
)
227,696
6,476
3,985
iShares ESG Aware MSCI USA ETF
1,682,733
333,537
(338,327
)
(15,532
)
(47,930
)
1,614,481
13,334
10,126
iShares ESG Aware MSCI USA Small-Cap ETF
219,584
33,971
(48,872
)
1,054
(22,693
)
183,044
4,889
1,458
iShares ESG Aware U.S. Aggregate Bond ETF
3,970,228
492,828
(763,972
)
(155,718
)
170,166
3,713,532
78,262
78,985
iShares MSCI Canada ETF
66,105
7,666
(10,978
)
(455
)
2,738
65,076
1,533
940
iShares MSCI EAFE Small-Cap ETF
85,608
9,492
(15,547
)
(638
)
3,877
82,792
1,245
1,745
iShares MSCI Emerging Markets Small-Cap ETF
40,188
4,632
(6,493
)
(772
)
(2,504
)
35,051
613
867
iShares TIPS Bond ETF
601,445
73,799
(113,330
)
(18,342
)
29,916
573,488
5,189
6,539
 
$ (200,031
)
$ 181,393
$ 8,930,775
$ 113,087
$ (16,847
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
3

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index Retirement Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 2,856,887
$ 
$ 
$ 2,856,887
Fixed-Income Funds
4,287,020
4,287,020
Money Market Funds
1,786,868
1,786,868
 
$8,930,775
$
$
$8,930,775
See notes to financial statements.
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2030 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 52.7%
iShares Developed Real Estate Index Fund, Class K
 
18,919
$ 152,676
iShares ESG Aware MSCI EAFE ETF(b)
 
7,029
595,216
iShares ESG Aware MSCI EM ETF(b)
 
7,665
269,501
iShares ESG Aware MSCI USA ETF(b)
 
15,471
1,873,229
iShares ESG Aware MSCI USA Small-Cap ETF
 
5,773
216,141
iShares MSCI Canada ETF
 
1,822
77,344
iShares MSCI EAFE Small-Cap ETF(b)
 
1,483
98,620
iShares MSCI Emerging Markets Small-Cap ETF
 
784
44,828
 
3,327,555
Fixed-Income Funds — 47.1%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
53,056
2,517,507
iShares TIPS Bond ETF(b)
 
4,119
455,232
 
2,972,739
Money Market Funds — 16.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
1,001,992
1,002,393
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
12,661
12,661
 
1,015,054
Total Investments — 115.9%
(Cost: $6,491,023)
7,315,348
Liabilities in Excess of Other Assets — (15.9)%
(1,003,162
)
Net Assets — 100.0%
$  6,312,186
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,108,703
$ 
$ (105,951
)(a)
$ (370
)
$ 11
$ 1,002,393
1,001,992
$ 2,204
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
12,661
(a)
12,661
12,661
457
iShares Developed Real Estate Index Fund, Class K
147,340
11,487
(22,078
)
(2,910
)
18,837
152,676
18,919
(2,386
)
(16,547
)
iShares ESG Aware MSCI EAFE ETF
591,629
124,987
(155,248
)
(1,319
)
35,167
595,216
7,029
8,229
iShares ESG Aware MSCI EM ETF
261,696
60,625
(52,178
)
(194
)
(448
)
269,501
7,665
4,493
iShares ESG Aware MSCI USA ETF
1,784,415
498,378
(362,255
)
21,874
(69,183
)
1,873,229
15,471
10,715
iShares ESG Aware MSCI USA Small-Cap ETF
220,330
50,415
(32,584
)
463
(22,483
)
216,141
5,773
1,560
iShares ESG Aware U.S. Aggregate Bond ETF
2,353,345
625,301
(473,588
)
(6,805
)
19,254
2,517,507
53,056
46,738
iShares MSCI Canada ETF
70,371
16,733
(12,802
)
(123
)
3,165
77,344
1,822
1,022
iShares MSCI EAFE Small-Cap ETF
95,825
16,881
(18,177
)
(470
)
4,561
98,620
1,483
1,985
iShares MSCI Emerging Markets Small-Cap ETF
46,518
8,160
(6,594
)
(340
)
(2,916
)
44,828
784
1,018
iShares TIPS Bond ETF
430,532
92,131
(76,174
)
(727
)
9,470
455,232
4,119
4,573
 
$ 9,079
$ (4,565
)
$ 7,315,348
$ 80,608
$ (16,547
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
5

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2030 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 3,327,555
$ 
$ 
$ 3,327,555
Fixed-Income Funds
2,972,739
2,972,739
Money Market Funds
1,015,054
1,015,054
 
$7,315,348
$
$
$7,315,348
See notes to financial statements.
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2035 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 64.7%
iShares Developed Real Estate Index Fund, Class K
 
21,152
$ 170,695
iShares ESG Aware MSCI EAFE ETF(b)
 
7,564
640,520
iShares ESG Aware MSCI EM ETF(b)
 
8,386
294,852
iShares ESG Aware MSCI USA ETF
 
16,526
2,000,968
iShares ESG Aware MSCI USA Small-Cap ETF
 
6,020
225,389
iShares MSCI Canada ETF
 
1,957
83,075
iShares MSCI EAFE Small-Cap ETF(b)
 
1,585
105,402
iShares MSCI Emerging Markets Small-Cap ETF
 
867
49,575
 
3,570,476
Fixed-Income Funds — 35.2%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
33,746
1,601,248
iShares TIPS Bond ETF
 
3,093
341,838
 
1,943,086
Money Market Funds — 13.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
709,690
709,973
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
10,878
10,878
 
720,851
Total Investments — 112.9%
(Cost: $5,608,939)
6,234,413
Liabilities in Excess of Other Assets — (12.9)%
(713,789
)
Net Assets — 100.0%
$ 5,520,624
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 797,970
$ 
$ (87,684
)(a)
$ (351
)
$ 38
$ 709,973
709,690
$ 2,178
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
8,666
2,212
(a)
10,878
10,878
424
iShares Developed Real Estate Index Fund, Class K
126,518
42,818
(10,159
)
(1,586
)
13,104
170,695
21,152
(1,348
)
(12,662
)
iShares ESG Aware MSCI EAFE ETF
492,918
224,091
(114,460
)
(1,084
)
39,055
640,520
7,564
8,148
iShares ESG Aware MSCI EM ETF
217,140
107,107
(29,103
)
(1,060
)
768
294,852
8,386
4,486
iShares ESG Aware MSCI USA ETF
1,483,108
754,223
(158,525
)
(3,447
)
(74,391
)
2,000,968
16,526
10,873
iShares ESG Aware MSCI USA Small-Cap ETF
176,621
85,918
(11,519
)
(1,019
)
(24,612
)
225,389
6,020
1,512
iShares ESG Aware U.S. Aggregate Bond ETF
1,152,907
553,959
(112,970
)
(24,499
)
31,851
1,601,248
33,746
26,929
iShares MSCI Canada ETF
62,205
28,343
(10,408
)
(364
)
3,299
83,075
1,957
1,053
iShares MSCI EAFE Small-Cap ETF
79,008
33,720
(12,070
)
(242
)
4,986
105,402
1,585
1,940
iShares MSCI Emerging Markets Small-Cap ETF
37,792
19,868
(4,784
)
(409
)
(2,892
)
49,575
867
985
iShares TIPS Bond ETF
247,163
113,413
(25,180
)
(4,207
)
10,649
341,838
3,093
3,206
 
$ (38,268
)
$ 1,855
$ 6,234,413
$ 60,386
$ (12,662
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
7

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2035 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 3,570,476
$ 
$ 
$ 3,570,476
Fixed-Income Funds
1,943,086
1,943,086
Money Market Funds
720,851
720,851
 
$6,234,413
$
$
$6,234,413
See notes to financial statements.
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2040 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 76.0%
iShares Developed Real Estate Index Fund, Class K
 
55,279
$ 446,100
iShares ESG Aware MSCI EAFE ETF(b)
 
19,659
1,664,724
iShares ESG Aware MSCI EM ETF
 
21,658
761,495
iShares ESG Aware MSCI USA ETF
 
42,509
5,146,990
iShares ESG Aware MSCI USA Small-Cap ETF
 
15,383
575,940
iShares MSCI Canada ETF(b)
 
5,073
215,349
iShares MSCI EAFE Small-Cap ETF
 
4,120
273,980
iShares MSCI Emerging Markets Small-Cap ETF
 
2,251
128,712
 
9,213,290
Fixed-Income Funds — 23.8%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
48,524
2,302,464
iShares TIPS Bond ETF(b)
 
5,294
585,092
 
2,887,556
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
515,678
515,884
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
23,968
23,968
 
539,852
Total Investments — 104.3%
(Cost: $11,289,621)
12,640,698
Liabilities in Excess of Other Assets — (4.3)%
(515,808
)
Net Assets — 100.0%
$ 12,124,890
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 2,744,377
$ 
$ (2,227,775
)(a)
$ (681
)
$ (37
)
$ 515,884
515,678
$ 5,370
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
22,323
1,645
(a)
23,968
23,968
856
iShares Developed Real Estate Index Fund, Class K
378,308
75,956
(41,433
)
(5,955
)
39,224
446,100
55,279
(3,741
)
(37,924
)
iShares ESG Aware MSCI EAFE ETF
1,447,524
465,052
(349,313
)
1,061
100,400
1,664,724
19,659
23,204
iShares ESG Aware MSCI EM ETF
639,647
228,619
(104,132
)
(3,337
)
698
761,495
21,658
12,816
iShares ESG Aware MSCI USA ETF
4,319,232
1,505,908
(454,035
)
(21,174
)
(202,941
)
5,146,990
42,509
30,769
iShares ESG Aware MSCI USA Small-Cap ETF
508,712
170,972
(32,421
)
(5,458
)
(65,865
)
575,940
15,383
4,229
iShares ESG Aware U.S. Aggregate Bond ETF
1,861,757
656,828
(229,110
)
(3,385
)
16,374
2,302,464
48,524
42,594
iShares MSCI Canada ETF
179,016
63,912
(35,166
)
(1,480
)
9,067
215,349
5,073
2,956
iShares MSCI EAFE Small-Cap ETF
231,248
69,321
(38,791
)
(541
)
12,743
273,980
4,120
5,529
iShares MSCI Emerging Markets Small-Cap ETF
109,688
45,696
(16,863
)
(1,715
)
(8,094
)
128,712
2,251
2,785
iShares TIPS Bond ETF
472,015
159,056
(58,399
)
345
12,075
585,092
5,294
5,895
 
$ (42,320
)
$ (86,356
)
$ 12,640,698
$ 133,262
$ (37,924
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
9

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2040 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 9,213,290
$ 
$ 
$ 9,213,290
Fixed-Income Funds
2,887,556
2,887,556
Money Market Funds
539,852
539,852
 
$12,640,698
$
$
$12,640,698
See notes to financial statements.
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2045 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 86.6%
iShares Developed Real Estate Index Fund, Class K
 
49,078
$ 396,061
iShares ESG Aware MSCI EAFE ETF(b)
 
17,380
1,471,739
iShares ESG Aware MSCI EM ETF
 
19,280
677,885
iShares ESG Aware MSCI USA ETF
 
37,280
4,513,862
iShares ESG Aware MSCI USA Small-Cap ETF
 
13,412
502,145
iShares MSCI Canada ETF(b)
 
4,487
190,473
iShares MSCI EAFE Small-Cap ETF
 
3,642
242,193
iShares MSCI Emerging Markets Small-Cap ETF
 
1,999
114,303
 
8,108,661
Fixed-Income Funds — 13.2%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
19,728
936,094
iShares TIPS Bond ETF
 
2,695
297,851
 
1,233,945
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
314,305
314,431
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
18,560
18,560
 
332,991
Total Investments — 103.4%
(Cost: $8,400,675)
9,675,597
Liabilities in Excess of Other Assets — (3.4)%
(317,642
)
Net Assets — 100.0%
$ 9,357,955
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,671,535
$ 
$ (1,356,053
)(a)
$ (1,078
)
$ 27
$ 314,431
314,305
$ 4,519
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
14,582
3,978
(a)
18,560
18,560
667
iShares Developed Real Estate Index Fund, Class K
298,232
94,712
(24,705
)
(4,097
)
31,919
396,061
49,078
(2,741
)
(29,705
)
iShares ESG Aware MSCI EAFE ETF
1,144,858
481,096
(245,931
)
936
90,780
1,471,739
17,380
18,644
iShares ESG Aware MSCI EM ETF
505,450
235,137
(63,819
)
(1,501
)
2,618
677,885
19,280
10,302
iShares ESG Aware MSCI USA ETF
3,396,619
1,592,323
(303,921
)
2,150
(173,309
)
4,513,862
37,280
24,734
iShares ESG Aware MSCI USA Small-Cap ETF
396,121
193,879
(32,837
)
(404
)
(54,614
)
502,145
13,412
3,309
iShares ESG Aware U.S. Aggregate Bond ETF
658,771
321,697
(49,463
)
(8,611
)
13,700
936,094
19,728
15,584
iShares MSCI Canada ETF
142,814
64,023
(23,585
)
(562
)
7,783
190,473
4,487
2,386
iShares MSCI EAFE Small-Cap ETF
182,955
75,642
(28,028
)
(74
)
11,698
242,193
3,642
4,498
iShares MSCI Emerging Markets Small-Cap ETF
86,706
45,615
(10,682
)
(825
)
(6,511
)
114,303
1,999
2,243
iShares TIPS Bond ETF
209,905
96,011
(13,862
)
(2,282
)
8,079
297,851
2,695
2,768
 
$ (16,348
)
$ (67,830
)
$ 9,675,597
$ 86,913
$ (29,705
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
11

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2045 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 8,108,661
$ 
$ 
$ 8,108,661
Fixed-Income Funds
1,233,945
1,233,945
Money Market Funds
332,991
332,991
 
$9,675,597
$
$
$9,675,597
See notes to financial statements.
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2050 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 94.5%
iShares Developed Real Estate Index Fund, Class K
 
50,573
$ 408,122
iShares ESG Aware MSCI EAFE ETF(b)
 
19,169
1,623,231
iShares ESG Aware MSCI EM ETF
 
21,262
747,572
iShares ESG Aware MSCI USA ETF
 
40,747
4,933,647
iShares ESG Aware MSCI USA Small-Cap ETF
 
14,712
550,817
iShares MSCI Canada ETF(b)
 
4,956
210,382
iShares MSCI EAFE Small-Cap ETF
 
4,027
267,796
iShares MSCI Emerging Markets Small-Cap ETF
 
2,214
126,597
 
8,868,164
Fixed-Income Funds — 5.3%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
7,578
359,576
iShares TIPS Bond ETF
 
1,257
138,924
 
498,500
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
139,730
139,785
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
18,617
18,617
 
158,402
Total Investments — 101.5%
(Cost: $7,952,986)
9,525,066
Liabilities in Excess of Other Assets — (1.5)%
(140,761
)
Net Assets — 100.0%
$ 9,384,305
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 2,062,270
$ 
$ (1,922,163
)(a)
$ (306
)
$ (16
)
$ 139,785
139,730
$ 3,977
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
17,382
1,235
(a)
18,617
18,617
586
iShares Developed Real Estate Index Fund, Class K
345,941
70,123
(41,118
)
(7,641
)
40,817
408,122
50,573
(4,151
)
(35,465
)
iShares ESG Aware MSCI EAFE ETF
1,427,686
453,908
(357,946
)
(560
)
100,143
1,623,231
19,169
21,761
iShares ESG Aware MSCI EM ETF
630,834
227,374
(110,264
)
(3,566
)
3,194
747,572
21,262
12,024
iShares ESG Aware MSCI USA ETF
4,200,729
1,482,544
(583,808
)
(21,222
)
(144,596
)
4,933,647
40,747
28,021
iShares ESG Aware MSCI USA Small-Cap ETF
491,544
186,401
(68,253
)
(3,756
)
(55,119
)
550,817
14,712
3,776
iShares ESG Aware U.S. Aggregate Bond ETF
279,094
107,581
(28,887
)
(3,408
)
5,196
359,576
7,578
6,212
iShares MSCI Canada ETF
175,197
63,766
(36,892
)
(1,145
)
9,456
210,382
4,956
2,765
iShares MSCI EAFE Small-Cap ETF
228,773
70,056
(43,469
)
(666
)
13,102
267,796
4,027
5,230
iShares MSCI Emerging Markets Small-Cap ETF
108,705
39,174
(12,582
)
(1,059
)
(7,641
)
126,597
2,214
2,619
iShares TIPS Bond ETF
106,360
41,072
(11,156
)
(1,315
)
3,963
138,924
1,257
1,320
 
$ (44,644
)
$ (31,501
)
$ 9,525,066
$ 84,140
$ (35,465
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
13

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2050 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 8,868,164
$ 
$ 
$ 8,868,164
Fixed-Income Funds
498,500
498,500
Money Market Funds
158,402
158,402
 
$9,525,066
$
$
$9,525,066
See notes to financial statements.
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2055 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 98.3%
iShares Developed Real Estate Index Fund, Class K
 
35,237
$ 284,362
iShares ESG Aware MSCI EAFE ETF(b)
 
14,009
1,186,282
iShares ESG Aware MSCI EM ETF
 
15,519
545,648
iShares ESG Aware MSCI USA ETF
 
29,685
3,594,260
iShares ESG Aware MSCI USA Small-Cap ETF
 
10,751
402,517
iShares MSCI Canada ETF(b)
 
3,603
152,947
iShares MSCI EAFE Small-Cap ETF
 
2,933
195,044
iShares MSCI Emerging Markets Small-Cap ETF
 
1,604
91,717
 
6,452,777
Fixed-Income Funds — 1.6%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
1,644
78,008
iShares TIPS Bond ETF
 
244
26,967
 
104,975
Money Market Funds — 6.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
388,106
388,261
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
8,431
8,431
 
396,692
Total Investments — 105.9%
(Cost: $5,919,440)
6,954,444
Liabilities in Excess of Other Assets — (5.9)%
(387,496
)
Net Assets — 100.0%
$ 6,566,948
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,501,262
$ 
$ (1,112,659
)(a)
$ (353
)
$ 11
$ 388,261
388,106
$ 3,047
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
11,499
(3,068
)(a)
8,431
8,431
569
iShares Developed Real Estate Index Fund, Class K
208,110
90,816
(33,564
)
(5,101
)
24,101
284,362
35,237
(1,229
)
(21,428
)
iShares ESG Aware MSCI EAFE ETF
895,730
475,261
(257,251
)
821
71,721
1,186,282
14,009
15,357
iShares ESG Aware MSCI EM ETF
395,223
235,716
(84,413
)
(2,438
)
1,560
545,648
15,519
8,484
iShares ESG Aware MSCI USA ETF
2,626,779
1,538,800
(397,300
)
(25,901
)
(148,118
)
3,594,260
29,685
20,446
iShares ESG Aware MSCI USA Small-Cap ETF
307,210
191,774
(45,209
)
(4,626
)
(46,632
)
402,517
10,751
2,764
iShares ESG Aware U.S. Aggregate Bond ETF
52,534
31,382
(6,351
)
(1,358
)
1,801
78,008
1,644
1,319
iShares MSCI Canada ETF
109,660
65,730
(27,477
)
(1,003
)
6,037
152,947
3,603
1,928
iShares MSCI EAFE Small-Cap ETF
142,848
75,302
(31,908
)
(257
)
9,059
195,044
2,933
3,696
iShares MSCI Emerging Markets Small-Cap ETF
67,964
45,386
(15,251
)
(1,314
)
(5,068
)
91,717
1,604
1,848
iShares TIPS Bond ETF
17,655
10,939
(2,156
)
(371
)
900
26,967
244
256
 
$ (41,901
)
$ (84,628
)
$ 6,954,444
$ 58,485
$ (21,428
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
15

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2055 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 6,452,777
$ 
$ 
$ 6,452,777
Fixed-Income Funds
104,975
104,975
Money Market Funds
396,692
396,692
 
$6,954,444
$
$
$6,954,444
See notes to financial statements.
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2060 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 98.8%
iShares Developed Real Estate Index Fund, Class K
 
36,493
$ 294,498
iShares ESG Aware MSCI EAFE ETF(b)
 
14,587
1,235,227
iShares ESG Aware MSCI EM ETF(b)
 
16,107
566,322
iShares ESG Aware MSCI USA ETF
 
30,895
3,740,767
iShares ESG Aware MSCI USA Small-Cap ETF
 
11,195
419,141
iShares MSCI Canada ETF(b)
 
3,740
158,763
iShares MSCI EAFE Small-Cap ETF(b)
 
3,053
203,024
iShares MSCI Emerging Markets Small-Cap ETF
 
1,668
95,376
 
6,713,118
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
1,243
58,980
iShares TIPS Bond ETF
 
111
12,268
 
71,248
Money Market Funds — 7.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
495,536
495,734
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
13,442
13,442
 
509,176
Total Investments — 107.3%
(Cost: $5,981,444)
7,293,542
Liabilities in Excess of Other Assets — (7.3)%
(496,195
)
Net Assets — 100.0%
$ 6,797,347
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 2,489,689
$ 
$ (1,993,414
)(a)
$ (512
)
$ (29
)
$ 495,734
495,536
$ 2,802
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
13,275
167
(a)
13,442
13,442
491
iShares Developed Real Estate Index Fund, Class K
263,253
25,734
(18,450
)
(3,207
)
27,168
294,498
36,493
(2,372
)
(26,127
)
iShares ESG Aware MSCI EAFE ETF
1,114,265
244,373
(200,406
)
1,651
75,344
1,235,227
14,587
16,389
iShares ESG Aware MSCI EM ETF
491,350
133,365
(57,945
)
(1,720
)
1,272
566,322
16,107
9,039
iShares ESG Aware MSCI USA ETF
3,272,009
817,148
(215,708
)
(11,063
)
(121,619
)
3,740,767
30,895
21,553
iShares ESG Aware MSCI USA Small-Cap ETF
381,648
109,017
(24,821
)
(1,397
)
(45,306
)
419,141
11,195
2,920
iShares ESG Aware U.S. Aggregate Bond ETF
50,976
10,502
(2,819
)
(582
)
903
58,980
1,243
1,098
iShares MSCI Canada ETF
136,557
36,313
(20,555
)
(522
)
6,970
158,763
3,740
2,066
iShares MSCI EAFE Small-Cap ETF
176,673
38,824
(21,931
)
(203
)
9,661
203,024
3,053
3,904
iShares MSCI Emerging Markets Small-Cap ETF
83,203
29,110
(10,226
)
(1,014
)
(5,697
)
95,376
1,668
1,920
iShares TIPS Bond ETF
9,748
2,479
(216
)
(38
)
295
12,268
111
121
 
$ (18,607
)
$ (51,038
)
$ 7,293,542
$ 59,931
$ (26,127
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
17

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2060 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 6,713,118
$ 
$ 
$ 6,713,118
Fixed-Income Funds
71,248
71,248
Money Market Funds
509,176
509,176
 
$7,293,542
$
$
$7,293,542
See notes to financial statements.
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2065 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 98.9%
iShares Developed Real Estate Index Fund, Class K
 
24,226
$ 195,502
iShares ESG Aware MSCI EAFE ETF(b)
 
9,676
819,364
iShares ESG Aware MSCI EM ETF
 
10,702
376,282
iShares ESG Aware MSCI USA ETF
 
20,489
2,480,808
iShares ESG Aware MSCI USA Small-Cap ETF
 
7,425
277,992
iShares MSCI Canada ETF(b)
 
2,482
105,361
iShares MSCI EAFE Small-Cap ETF(b)
 
2,026
134,729
iShares MSCI Emerging Markets Small-Cap ETF
 
1,107
63,298
 
4,453,336
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
985
46,738
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
174,319
174,389
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(c)
 
8,992
8,992
 
183,381
Total Investments — 104.0%
(Cost: $3,735,500)
4,683,455
Liabilities in Excess of Other Assets — (4.0)%
(178,163
)
Net Assets — 100.0%
$ 4,505,292
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,408,245
$ 
$ (1,233,668
)(a)
$ (193
)
$ 5
$ 174,389
174,319
$ 2,167
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
8,639
353
(a)
8,992
8,992
278
iShares Developed Real Estate Index Fund, Class K
174,961
16,670
(12,312
)
(1,583
)
17,766
195,502
24,226
(1,541
)
(17,316
)
iShares ESG Aware MSCI EAFE ETF
760,370
141,630
(133,725
)
1,060
50,029
819,364
9,676
10,811
iShares ESG Aware MSCI EM ETF
335,686
78,091
(37,428
)
(745
)
678
376,282
10,702
5,967
iShares ESG Aware MSCI USA ETF
2,230,021
481,626
(148,725
)
(406
)
(81,708
)
2,480,808
20,489
14,157
iShares ESG Aware MSCI USA Small-Cap ETF
260,888
65,056
(17,934
)
106
(30,124
)
277,992
7,425
1,918
iShares ESG Aware U.S. Aggregate Bond ETF
37,713
11,527
(2,824
)
(576
)
898
46,738
985
834
iShares MSCI Canada ETF
93,246
21,784
(13,986
)
(302
)
4,619
105,361
2,482
1,371
iShares MSCI EAFE Small-Cap ETF
121,209
21,435
(14,255
)
(79
)
6,419
134,729
2,026
2,584
iShares MSCI Emerging Markets Small-Cap ETF
57,517
16,890
(6,673
)
(578
)
(3,858
)
63,298
1,107
1,282
iShares TIPS Bond ETF(c)
3,899
325
(4,154
)
75
(145
)
17
 
$ (3,221
)
$ (35,421
)
$ 4,683,455
$ 39,845
$ (17,316
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
(c)
As of period end, the entity is no longer held.
Schedule of Investments
19

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2065 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 4,453,336
$ 
$ 
$ 4,453,336
Fixed-Income Funds
46,738
46,738
Money Market Funds
183,381
183,381
 
$4,683,455
$
$
$4,683,455
See notes to financial statements.
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Schedule of Investments (unaudited)
April 30, 2025
BlackRock LifePath® ESG Index 2070 Fund
(Percentages shown are based on Net Assets)

Security
 

Shares
Value
Investment Companies(a)
Equity Funds — 100.0%
iShares Developed Real Estate Index Fund, Class K
 
10,469
$ 84,484
iShares ESG Aware MSCI EAFE ETF
 
4,178
353,793
iShares ESG Aware MSCI EM ETF
 
4,634
162,931
iShares ESG Aware MSCI USA ETF
 
8,842
1,070,589
iShares ESG Aware MSCI USA Small-Cap ETF
 
3,204
119,958
iShares MSCI Canada ETF(b)
 
1,075
45,634
iShares MSCI EAFE Small-Cap ETF
 
877
58,320
iShares MSCI Emerging Markets Small-Cap ETF
 
481
27,504
 
1,923,213
Fixed-Income Funds — 1.1%
iShares ESG Aware U.S. Aggregate Bond ETF(b)
 
431
20,451
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(c)(d)
 
67,571
67,598
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%(c)
 
2,219
2,219
 
69,817
Total Investments — 104.7%
(Cost: $2,080,127)
2,013,481
Liabilities in Excess of Other Assets — (4.7)%
(89,725
)
Net Assets — 100.0%
$ 1,923,756
(a)
Affiliate of the Fund.
(b)
All or a portion of this security is on loan.
(c)
Annualized 7-day yield as of period end.
(d)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at
10/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
(Expense)
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 
$ 67,665
(a)
$ 
$ (74
)
$ 7
$ 67,598
67,571
$ 522
(b)
$ 
BlackRock Cash Funds: Treasury, SL Agency Shares
3,764
(1,545
)(a)
2,219
2,219
725
iShares Developed Real Estate Index Fund, Class K
83,013
7,878
(13,203
)
(1,317
)
8,113
84,484
10,469
(254
)
(8,125
)
iShares ESG Aware MSCI EAFE ETF
365,128
23,690
(56,978
)
(1,987
)
23,940
353,793
4,178
4,828
iShares ESG Aware MSCI EM ETF
161,269
15,850
(14,008
)
(657
)
477
162,931
4,634
2,668
iShares ESG Aware MSCI USA ETF
1,070,774
82,345
(53,585
)
1,691
(30,636
)
1,070,589
8,842
6,251
iShares ESG Aware MSCI USA Small-Cap ETF
127,230
13,142
(8,618
)
504
(12,300
)
119,958
3,204
840
iShares ESG Aware U.S. Aggregate Bond ETF
19,871
1,128
(655
)
(27
)
134
20,451
431
394
iShares MSCI Canada ETF
43,433
5,677
(5,535
)
(57
)
2,116
45,634
1,075
592
iShares MSCI EAFE Small-Cap ETF
58,320
3,405
(6,147
)
(275
)
3,017
58,320
877
1,164
iShares MSCI Emerging Markets Small-Cap ETF
27,898
3,535
(1,926
)
(239
)
(1,764
)
27,504
481
582
 
$ (2,438
)
$ (6,896
)
$ 2,013,481
$ 18,312
$ (8,125
)
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Schedule of Investments
21

Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock LifePath® ESG Index 2070 Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Funds financial instruments into major categories is disclosed in the Schedule of Investments above.
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Investment Companies
Equity Funds
$ 1,923,213
$ 
$ 
$ 1,923,213
Fixed-Income Funds
20,451
20,451
Money Market Funds
69,817
69,817
 
$2,013,481
$
$
$2,013,481
See notes to financial statements.
22
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Assets and Liabilities (unaudited)
April 30, 2025
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 8,930,775
$ 7,315,348
$ 6,234,413
$ 12,640,698
Receivables:
Investments sold
39,132
10,922
28,229
74,329
Securities lending income — affiliated
842
582
439
1,459
Capital shares sold
2,749
4,432
1,416
4,661
Dividends — affiliated
39
72
2
96
From the Administrator
1,923
1,446
1,569
766
From the Manager
515
492
487
1,182
Total assets
8,975,975
7,333,294
6,266,555
12,723,191
LIABILITIES
Collateral on securities loaned
1,773,452
1,001,773
709,360
515,323
Payables:
Investments purchased
39,373
11,022
28,430
74,779
Trustees and Officers fees
1,783
1,094
1,088
1,168
Professional fees
2,781
6,947
6,952
6,945
Service fees
123
272
101
86
Total liabilities
1,817,512
1,021,108
745,931
598,301
Commitments and contingent liabilities
NET ASSETS
$ 7,158,463
$ 6,312,186
$ 5,520,624
$ 12,124,890
NET ASSETS CONSIST OF
Paid-in capital
$ 6,814,437
$ 5,688,374
$ 4,984,686
$ 10,971,478
Accumulated earnings
344,026
623,812
535,938
1,153,412
NET ASSETS
$ 7,158,463
$ 6,312,186
$ 5,520,624
$ 12,124,890
NET ASSETVALUE
Institutional
Net assets
$ 210,605
$ 119,880
$ 157,213
$ 435,659
Shares outstanding
20,255
10,622
12,987
34,293
Net asset value
$ 10.40
$ 11.29
$ 12.11
$ 12.70
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 552,131
$ 1,451,236
$ 551,015
$ 457,192
Shares outstanding
53,264
128,832
45,599
36,027
Net asset value
$ 10.37
$ 11.26
$ 12.08
$ 12.69
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 6,395,727
$ 4,741,070
$ 4,812,396
$ 11,232,039
Shares outstanding
614,976
419,988
397,611
884,230
Net asset value
$ 10.40
$ 11.29
$ 12.10
$ 12.70
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
(a) Investments, at costaffiliated
$8,202,652
$6,491,023
$5,608,939
$11,289,621
(b) Securities loaned, at value
$1,734,556
$979,062
$693,426
$503,863
See notes to financial statements.
Statements of Assets and Liabilities
23

Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2025
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 9,675,597
$ 9,525,066
$ 6,954,444
$ 7,293,542
Receivables:
Investments sold
66,924
68,443
46,597
44,339
Securities lending income — affiliated
1,203
1,224
513
527
Capital shares sold
1,506
4,232
5,579
4,690
Dividends — affiliated
523
4
1,040
872
From the Administrator
1,080
1,105
1,446
1,370
From the Manager
973
1,028
746
770
Total assets
9,747,806
9,601,102
7,010,365
7,346,110
LIABILITIES
Collateral on securities loaned
314,407
139,707
388,457
495,752
Payables:
Investments purchased
67,336
68,815
46,849
44,606
Capital shares redeemed
76
Trustees and Officers fees
1,082
1,169
1,109
1,098
Professional fees
6,733
6,947
6,952
6,949
Service fees
293
159
50
282
Total liabilities
389,851
216,797
443,417
548,763
Commitments and contingent liabilities
NET ASSETS
$ 9,357,955
$ 9,384,305
$ 6,566,948
$ 6,797,347
NET ASSETS CONSIST OF
Paid-in capital
$ 8,179,732
$ 7,936,023
$ 5,618,045
$ 5,559,683
Accumulated earnings
1,178,223
1,448,282
948,903
1,237,664
NET ASSETS
$ 9,357,955
$ 9,384,305
$ 6,566,948
$ 6,797,347
NET ASSETVALUE
Institutional
Net assets
$ 192,469
$ 215,629
$ 278,207
$ 377,432
Shares outstanding
14,213
15,572
19,973
27,012
Net asset value
$ 13.54
$ 13.85
$ 13.93
$ 13.97
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Investor A
Net assets
$ 1,562,980
$ 898,062
$ 271,240
$ 1,466,108
Shares outstanding
115,724
64,985
19,500
105,172
Net asset value
$ 13.51
$ 13.82
$ 13.91
$ 13.94
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
Class K
Net assets
$ 7,602,506
$ 8,270,614
$ 6,017,501
$ 4,953,807
Shares outstanding
561,391
597,304
432,035
354,366
Net asset value
$ 13.54
$ 13.85
$ 13.93
$ 13.98
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
No par value
No par value
No par value
No par value
(a) Investments, at costaffiliated
$8,400,675
$7,952,986
$5,919,440
$5,981,444
(b) Securities loaned, at value
$307,357
$136,638
$379,279
$484,160
See notes to financial statements.
24
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Assets and Liabilities (unaudited) (continued)
April 30, 2025
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
ASSETS
Investments, at value — affiliated(a)(b)
$ 4,683,455
$ 2,013,481
Receivables:
Investments sold
29,804
14,602
Securities lending income — affiliated
551
61
Capital shares sold
1,072
Dividends — affiliated
509
12
From the Administrator
1,671
1,543
From the Manager
505
220
Total assets
4,717,567
2,029,919
LIABILITIES
Collateral on securities loaned
174,043
67,666
Payables:
Investments purchased
29,983
14,708
Trustees and Officers fees
1,092
1,622
Professional fees
6,948
22,149
Service fees
209
18
Total liabilities
212,275
106,163
Commitments and contingent liabilities
NET ASSETS
$ 4,505,292
$ 1,923,756
NET ASSETS CONSIST OF
Paid-in capital
$ 3,596,852
$ 2,000,000
Accumulated earnings (loss)
908,440
(76,244)
NET ASSETS
$ 4,505,292
$ 1,923,756
NET ASSETVALUE
Institutional
Net assets
$ 149,894
$ 96,177
Shares outstanding
10,830
10,000
Net asset value
$ 13.84
$ 9.62
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Investor A
Net assets
$ 1,099,094
$ 96,098
Shares outstanding
79,581
10,000
Net asset value
$ 13.81
$ 9.61
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
Class K
Net assets
$ 3,256,304
$ 1,731,481
Shares outstanding
235,255
180,000
Net asset value
$ 13.84
$ 9.62
Shares authorized
Unlimited
Unlimited
Par value
No par value
No par value
(a) Investments, at costaffiliated
$3,735,500
$2,080,127
(b) Securities loaned, at value
$169,665
$66,085
See notes to financial statements.
Statements of Assets and Liabilities
25

Statements of Operations (unaudited)
Six Months Ended April 30, 2025
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
INVESTMENT INCOME
Dividends — affiliated
$110,103
$78,404
$58,208
$127,892
Securities lending income — affiliated — net
2,984
2,204
2,178
5,370
Total investment income
113,087
80,608
60,386
133,262
EXPENSES
Professional
6,498
8,228
8,228
8,228
Administration — class specific
6,011
4,872
3,835
9,128
Trustees and Officer
3,788
4,043
4,043
4,139
Investment advisory
1,911
1,496
1,235
2,974
Service — class specific
1,130
1,773
445
508
Miscellaneous
115
58
59
57
Total expenses
19,453
20,470
17,845
25,034
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(15,550
)
(16,798
)
(16,296
)
(22,670
)
Total expenses after fees waived and/or reimbursed
3,903
3,672
1,549
2,364
Net investment income
109,184
76,936
58,837
130,898
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated
(200,031
)
9,079
(38,268
)
(42,320
)
Capital gain distributions from underlying funds — affiliated
(16,847
)
(16,547
)
(12,662
)
(37,924
)
 
(216,878
)
(7,468
)
(50,930
)
(80,244
)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
181,393
(4,565
)
1,855
(86,356
)
 
181,393
(4,565
)
1,855
(86,356
)
Net realized and unrealized loss
(35,485
)
(12,033
)
(49,075
)
(166,600
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$73,699
$64,903
$9,762
$(35,702
)
See notes to financial statements.
26
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2025
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
INVESTMENT INCOME
Dividends — affiliated
$82,394
$80,163
$55,438
$57,129
Securities lending income — affiliated — net
4,519
3,977
3,047
2,802
Total investment income
86,913
84,140
58,485
59,931
EXPENSES
Professional
8,228
8,228
8,228
8,228
Administration — class specific
6,717
6,940
4,722
5,455
Trustees and Officer
4,043
4,139
4,043
4,043
Investment advisory
2,124
2,226
1,533
1,661
Service — class specific
1,493
1,055
329
1,893
Miscellaneous
55
58
56
58
Total expenses
22,660
22,646
18,911
21,338
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(20,038
)
(20,806
)
(18,171
)
(18,676
)
Total expenses after fees waived and/or reimbursed
2,622
1,840
740
2,662
Net investment income
84,291
82,300
57,745
57,269
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — affiliated
(16,348
)
(44,644
)
(41,901
)
(18,607
)
Capital gain distributions from underlying funds — affiliated
(29,705
)
(35,465
)
(21,428
)
(26,127
)
 
(46,053
)
(80,109
)
(63,329
)
(44,734
)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
(67,830
)
(31,501
)
(84,628
)
(51,038
)
 
(67,830
)
(31,501
)
(84,628
)
(51,038
)
Net realized and unrealized loss
(113,883
)
(111,610
)
(147,957
)
(95,772
)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
$(29,592
)
$(29,310
)
$(90,212
)
$(38,503
)
See notes to financial statements.
Statements of Operations
27

Statements of Operations (unaudited) (continued)
Six Months Ended April 30, 2025
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
INVESTMENT INCOME
Dividends — affiliated
$37,678
$17,790
Securities lending income — affiliated — net
2,167
522
Total investment income
39,845
18,312
EXPENSES
Professional
8,228
7,829
Trustees and Officer
4,043
5,324
Administration — class specific
3,600
1,509
Service — class specific
1,379
122
Investment advisory
1,096
487
Miscellaneous
56
56
Total expenses
18,402
15,327
Less:
Fees waived and/or reimbursed by the Administrator/Manager
(16,499
)
(15,043
)
Total expenses after fees waived and/or reimbursed
1,903
284
Net investment income
37,942
18,028
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — affiliated
(3,221
)
(2,438
)
Capital gain distributions from underlying funds — affiliated
(17,316
)
(8,125
)
 
(20,537
)
(10,563
)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated
(35,421
)
(6,896
)
 
(35,421
)
(6,896
)
Net realized and unrealized loss
(55,958
)
(17,459
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(18,016
)
$569
See notes to financial statements.
28
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Changes in Net Assets
 
BlackRock
LifePath® ESG
Index Retirement Fund
BlackRock
LifePath® ESG
Index 2030 Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$109,184
$105,181
$76,936
$165,077
Net realized gain (loss)
(216,878
)
8,583
(7,468
)
32,743
Net change in unrealized appreciation (depreciation)
181,393
365,578
(4,565
)
977,186
Net increase in net assets resulting from operations
73,699
479,342
64,903
1,175,006
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(2,946
)
(2,757
)
(6,871
)
(1,114
)
Investor A
(12,847
)
(10,412
)
(74,855
)
(12,649
)
Class K
(95,104
)
(85,805
)
(236,194
)
(44,380
)
Decrease in net assets resulting from distributions to shareholders
(110,897
)
(98,974
)
(317,920
)
(58,143
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(388,387
)
4,293,917
569,656
(390,704
)
NET ASSETS
Total increase (decrease) in net assets
(425,585
)
4,674,285
316,639
726,159
Beginning of period
7,584,048
2,909,763
5,995,547
5,269,388
End of period
$7,158,463
$7,584,048
$6,312,186
$5,995,547
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
29

Statements of Changes in Net Assets (continued)
 
BlackRock
LifePath® ESG
Index 2035 Fund
BlackRock
LifePath® ESG
Index 2040 Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$58,837
$94,889
$130,898
$215,329
Net realized gain (loss)
(50,930
)
11,049
(80,244
)
249,485
Net change in unrealized appreciation (depreciation)
1,855
664,420
(86,356
)
1,512,673
Net increase (decrease) in net assets resulting from operations
9,762
770,358
(35,702
)
1,977,487
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(4,353
)
(3,369
)
(19,649
)
(3,022
)
Investor A
(7,963
)
(2,908
)
(16,843
)
(2,751
)
Class K
(131,648
)
(39,920
)
(556,276
)
(64,614
)
Decrease in net assets resulting from distributions to shareholders
(143,964
)
(46,197
)
(592,768
)
(70,387
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,585,077
198,079
2,600,645
1,488,232
NET ASSETS
Total increase in net assets
1,450,875
922,240
1,972,175
3,395,332
Beginning of period
4,069,749
3,147,509
10,152,715
6,757,383
End of period
$5,520,624
$4,069,749
$12,124,890
$10,152,715
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
30
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Changes in Net Assets (continued)
 
BlackRock
LifePath® ESG
Index 2045 Fund
BlackRock
LifePath® ESG
Index 2050 Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$84,291
$135,588
$82,300
$145,704
Net realized gain (loss)
(46,053
)
50,481
(80,109
)
50,682
Net change in unrealized appreciation (depreciation)
(67,830
)
1,244,365
(31,501
)
1,475,702
Net increase (decrease) in net assets resulting from operations
(29,592
)
1,430,434
(29,310
)
1,672,088
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(4,451
)
(1,300
)
(4,998
)
(1,320
)
Investor A
(24,918
)
(8,290
)
(18,119
)
(8,100
)
Class K
(180,876
)
(33,855
)
(202,357
)
(39,423
)
Decrease in net assets resulting from distributions to shareholders
(210,245
)
(43,445
)
(225,474
)
(48,843
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
2,577,337
1,497,967
1,644,607
1,694,223
NET ASSETS
Total increase in net assets
2,337,500
2,884,956
1,389,823
3,317,468
Beginning of period
7,020,455
4,135,499
7,994,482
4,677,014
End of period
$9,357,955
$7,020,455
$9,384,305
$7,994,482
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
31

Statements of Changes in Net Assets (continued)
 
BlackRock
LifePath® ESG
Index 2055 Fund
BlackRock
LifePath® ESG
Index 2060 Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$57,745
$88,023
$57,269
$108,113
Net realized gain (loss)
(63,329
)
32,579
(44,734
)
41,928
Net change in unrealized appreciation (depreciation)
(84,628
)
954,540
(51,038
)
1,193,872
Net increase (decrease) in net assets resulting from operations
(90,212
)
1,075,142
(38,503
)
1,343,913
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional
(5,122
)
(1,607
)
(8,569
)
(2,070
)
Investor A
(5,310
)
(1,745
)
(32,062
)
(10,426
)
Class K
(136,620
)
(28,037
)
(116,592
)
(27,225
)
Decrease in net assets resulting from distributions to shareholders
(147,052
)
(31,389
)
(157,223
)
(39,721
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,985,165
684,937
914,950
938,853
NET ASSETS
Total increase in net assets
1,747,901
1,728,690
719,224
2,243,045
Beginning of period
4,819,047
3,090,357
6,078,123
3,835,078
End of period
$6,566,948
$4,819,047
$6,797,347
$6,078,123
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
32
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Statements of Changes in Net Assets (continued)
 
BlackRock
LifePath® ESG
Index 2065 Fund
BlackRock
LifePath® ESG
Index 2070 Fund
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Six Months Ended
04/30/25
(unaudited)
Period from
09/24/24(a)
to 10/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$37,942
$73,210
$18,028
$6,844
Net realized gain (loss)
(20,537
)
26,512
(10,563
)
11,032
Net change in unrealized appreciation (depreciation)
(35,421
)
820,538
(6,896
)
(59,750
)
Net increase (decrease) in net assets resulting from operations
(18,016
)
920,260
569
(41,874
)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Institutional
(3,764
)
(1,705
)
(1,738
)
Investor A
(25,317
)
(8,760
)
(1,671
)
Class K
(82,518
)
(31,915
)
(31,530
)
Decrease in net assets resulting from distributions to shareholders
(111,599
)
(42,380
)
(34,939
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
566,366
512,874
2,000,000
NET ASSETS
Total increase (decrease) in net assets
436,751
1,390,754
(34,370
)
1,958,126
Beginning of period
4,068,541
2,677,787
1,958,126
End of period
$4,505,292
$4,068,541
$1,923,756
$1,958,126
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
33

Financial Highlights
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index Retirement Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$10.39
$9.00
$8.89
$11.11
$9.79
$10.00
Net investment income(b)
0.14
0.29
0.25
0.22
0.17
0.02
Net realized and unrealized gain (loss)
0.01
1.38
0.09
(2.09
)
1.32
(0.22
)
Net increase (decrease) from investment operations
0.15
1.67
0.34
(1.87
)
1.49
(0.20
)
Distributions(c)
From net investment income
(0.10
)
(0.28
)
(0.23
)
(0.21
)
(0.17
)
(0.01
)
From net realized gain
(0.04
)
(0.14
)
(0.00
)(d)
Total distributions
(0.14
)
(0.28
)
(0.23
)
(0.35
)
(0.17
)
(0.01
)
Net asset value, end of period
$10.40
$10.39
$9.00
$8.89
$11.11
$9.79
Total Return(e)
Based on net asset value
1.51
%(f)
18.55
%
3.78
%
(17.14
)%
15.30
%
(1.97
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.52
%(h)
4.90
%(i)
1.19
%
1.31
%
1.35
%
1.98
%(h)(j)
Total expenses after fees waived and/or reimbursed
0.12
%(h)
0.11
%
0.11
%
0.11
%
0.12
%
0.05
%(h)
Net investment income
2.81
%(h)
2.82
%
2.64
%
2.21
%
1.57
%
1.17
%(h)
Supplemental Data
Net assets, end of period (000)
$211
$210
$90
$89
$111
$98
Portfolio turnover rate
14
%
11
%
12
%
17
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.86% respectively.
(j)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
34
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index Retirement Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$10.37
$9.00
$8.89
$11.11
$9.79
$10.00
Net investment income(b)
0.14
0.24
0.22
0.20
0.14
0.02
Net realized and unrealized gain (loss)
0.00
(c)
1.40
0.10
(2.09
)
1.32
(0.22
)
Net increase (decrease) from investment operations
0.14
1.64
0.32
(1.89
)
1.46
(0.20
)
Distributions(d)
From net investment income
(0.10
)
(0.27
)
(0.21
)
(0.19
)
(0.14
)
(0.01
)
From net realized gain
(0.04
)
(0.14
)
(0.00
)(e)
Total distributions
(0.14
)
(0.27
)
(0.21
)
(0.33
)
(0.14
)
(0.01
)
Net asset value, end of period
$10.37
$10.37
$9.00
$8.89
$11.11
$9.79
Total Return(f)
Based on net asset value
1.35
%(g)
18.30
%
3.50
%
(17.34
)%
15.02
%
(2.00
)%(g)
Ratios to Average Net Assets(h)
Total expenses
0.76
%(i)
5.05
%(j)
1.44
%
1.57
%
1.60
%
2.22
%(i)(k)
Total expenses after fees waived and/or reimbursed
0.37
%(i)
0.36
%
0.36
%
0.36
%
0.37
%
0.29
%(i)
Net investment income
2.69
%(i)
2.38
%
2.39
%
1.98
%
1.32
%
0.94
%(i)
Supplemental Data
Net assets, end of period (000)
$552
$960
$134
$148
$129
$98
Portfolio turnover rate
14
%
11
%
12
%
17
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Amount is less than $0.005 per share.
(d)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)
Amount is greater than $(0.005) per share.
(f)
Where applicable, assumes the reinvestment of distributions.
(g)
Not annualized.
(h)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i)
Annualized.
(j)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 1.03% respectively.
(k)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
Financial Highlights
35

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index Retirement Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$10.39
$9.00
$8.89
$11.11
$9.79
$10.00
Net investment income(b)
0.15
0.29
0.26
0.23
0.17
0.02
Net realized and unrealized gain (loss)
0.00
(c)
1.38
0.09
(2.09
)
1.32
(0.22
)
Net increase (decrease) from investment operations
0.15
1.67
0.35
(1.86
)
1.49
(0.20
)
Distributions(d)
From net investment income
(0.10
)
(0.28
)
(0.24
)
(0.22
)
(0.17
)
(0.01
)
From net realized gain
(0.04
)
(0.14
)
(0.00
)(e)
Total distributions
(0.14
)
(0.28
)
(0.24
)
(0.36
)
(0.17
)
(0.01
)
Net asset value, end of period
$10.40
$10.39
$9.00
$8.89
$11.11
$9.79
Total Return(f)
Based on net asset value
1.52
%(g)
18.60
%
3.84
%
(17.10
)%
15.35
%
(1.96
)%(g)
Ratios to Average Net Assets(h)
Total expenses
0.47
%(i)
4.85
%(j)
1.10
%
1.26
%
1.30
%
1.93
%(i)(k)
Total expenses after fees waived and/or reimbursed
0.07
%(i)
0.06
%
0.06
%
0.06
%
0.07
%
%(i)
Net investment income
2.88
%(i)
2.87
%
2.76
%
2.26
%
1.62
%
1.23
%(i)
Supplemental Data
Net assets, end of period (000)
$6,396
$6,414
$2,686
$1,615
$2,000
$1,763
Portfolio turnover rate
14
%
11
%
12
%
17
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Amount is less than $0.005 per share.
(d)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)
Amount is greater than $(0.005) per share.
(f)
Where applicable, assumes the reinvestment of distributions.
(g)
Not annualized.
(h)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i)
Annualized.
(j)
Includes non-recurring expenses of reorganization costs. Without these costs, total expenses would have been 0.81% respectively.
(k)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
36
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2030 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$11.80
$9.78
$9.48
$11.92
$9.73
$10.00
Net investment income(b)
0.15
0.31
0.24
0.25
0.17
0.02
Net realized and unrealized gain (loss)
(0.01
)
1.81
0.28
(2.39
)
2.19
(0.27
)
Net increase (decrease) from investment operations
0.14
2.12
0.52
(2.14
)
2.36
(0.25
)
Distributions(c)
From net investment income
(0.35
)
(0.10
)
(0.22
)
(0.24
)
(0.17
)
(0.02
)
From net realized gain
(0.30
)
(0.06
)
(0.00
)(d)
Total distributions
(0.65
)
(0.10
)
(0.22
)
(0.30
)
(0.17
)
(0.02
)
Net asset value, end of period
$11.29
$11.80
$9.78
$9.48
$11.92
$9.73
Total Return(e)
Based on net asset value
1.18
%(f)
21.83
%
5.48
%
(18.24
)%
24.34
%
(2.55
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.66
%(h)
0.61
%
0.92
%
0.92
%
1.05
%
1.98
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.10
%(h)
0.10
%
0.09
%
0.09
%
0.08
%
0.05
%(h)
Net investment income
2.60
%(h)
2.73
%
2.40
%
2.32
%
1.47
%
1.10
%(h)
Supplemental Data
Net assets, end of period (000)
$120
$125
$104
$101
$253
$97
Portfolio turnover rate
20
%
50
%
31
%
16
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
Financial Highlights
37

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2030 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$11.77
$9.77
$9.47
$11.91
$9.72
$10.00
Net investment income(b)
0.13
0.28
0.21
0.21
0.15
0.02
Net realized and unrealized gain (loss)
(0.02
)
1.82
0.28
(2.38
)
2.19
(0.29
)
Net increase (decrease) from investment operations
0.11
2.10
0.49
(2.17
)
2.34
(0.27
)
Distributions(c)
From net investment income
(0.32
)
(0.10
)
(0.19
)
(0.21
)
(0.15
)
(0.01
)
From net realized gain
(0.30
)
(0.06
)
(0.00
)(d)
Total distributions
(0.62
)
(0.10
)
(0.19
)
(0.27
)
(0.15
)
(0.01
)
Net asset value, end of period
$11.26
$11.77
$9.77
$9.47
$11.91
$9.72
Total Return(e)
Based on net asset value
0.95
%(f)
21.59
%
5.16
%
(18.44
)%
24.17
%
(2.68
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.91
%(h)
0.86
%
1.17
%
1.19
%
1.25
%
2.23
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.35
%(h)
0.35
%
0.34
%
0.34
%
0.33
%
0.30
%(h)
Net investment income
2.34
%(h)
2.49
%
2.08
%
2.01
%
1.31
%
0.85
%(h)
Supplemental Data
Net assets, end of period (000)
$1,451
$1,414
$1,109
$1,018
$1,246
$97
Portfolio turnover rate
20
%
50
%
31
%
16
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
38
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2030 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$11.80
$9.78
$9.48
$11.92
$9.73
$10.00
Net investment income(b)
0.15
0.30
0.25
0.25
0.18
0.02
Net realized and unrealized gain (loss)
(0.01
)
1.83
0.28
(2.39
)
2.18
(0.27
)
Net increase (decrease) from investment operations
0.14
2.13
0.53
(2.14
)
2.36
(0.25
)
Distributions(c)
From net investment income
(0.35
)
(0.11
)
(0.23
)
(0.24
)
(0.17
)
(0.02
)
From net realized gain
(0.30
)
(0.06
)
(0.00
)(d)
Total distributions
(0.65
)
(0.11
)
(0.23
)
(0.30
)
(0.17
)
(0.02
)
Net asset value, end of period
$11.29
$11.80
$9.78
$9.48
$11.92
$9.73
Total Return(e)
Based on net asset value
1.21
%(f)
21.84
%
5.55
%
(18.18
)%
24.40
%
(2.55
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.61
%(h)
0.56
%
0.86
%
0.89
%
1.01
%
1.93
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.05
%(h)
0.05
%
0.04
%
0.04
%
0.04
%
%(h)
Net investment income
2.64
%(h)
2.72
%
2.50
%
2.31
%
1.60
%
1.16
%(h)
Supplemental Data
Net assets, end of period (000)
$4,741
$4,456
$4,057
$1,756
$2,146
$1,751
Portfolio turnover rate
20
%
50
%
31
%
16
%
11
%
1
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
Financial Highlights
39

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2035 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$12.32
$10.02
$9.67
$12.34
$9.69
$10.00
Net investment income(b)
0.14
0.30
0.24
0.26
0.20
0.02
Net realized and unrealized gain (loss)
(0.02
)
2.15
0.37
(2.53
)
2.65
(0.31
)
Net increase (decrease) from investment operations
0.12
2.45
0.61
(2.27
)
2.85
(0.29
)
Distributions(c)
From net investment income
(0.24
)
(0.11
)
(0.23
)
(0.25
)
(0.20
)
(0.02
)
From net realized gain
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(d)
Total distributions
(0.33
)
(0.15
)
(0.26
)
(0.40
)
(0.20
)
(0.02
)
Net asset value, end of period
$12.11
$12.32
$10.02
$9.67
$12.34
$9.69
Total Return(e)
Based on net asset value
0.98
%(f)
24.57
%
6.32
%
(18.79
)%
29.53
%
(2.94
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.75
%(h)
0.86
%
1.02
%
1.17
%
1.26
%
1.98
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.09
%(h)
0.09
%
0.08
%
0.08
%
0.07
%
0.05
%(h)
Net investment income
2.34
%(h)
2.59
%
2.29
%
2.37
%
1.70
%
1.10
%(h)
Supplemental Data
Net assets, end of period (000)
$157
$161
$232
$117
$148
$97
Portfolio turnover rate
10
%
17
%
14
%
12
%
11
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
40
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2035 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$12.29
$10.02
$9.66
$12.34
$9.69
$10.00
Net investment income(b)
0.11
0.27
0.21
0.23
0.17
0.02
Net realized and unrealized gain (loss)
(0.01
)
2.14
0.39
(2.53
)
2.65
(0.32
)
Net increase (decrease) from investment operations
0.10
2.41
0.60
(2.30
)
2.82
(0.30
)
Distributions(c)
From net investment income
(0.22
)
(0.10
)
(0.21
)
(0.23
)
(0.17
)
(0.01
)
From net realized gain
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(d)
Total distributions
(0.31
)
(0.14
)
(0.24
)
(0.38
)
(0.17
)
(0.01
)
Net asset value, end of period
$12.08
$12.29
$10.02
$9.66
$12.34
$9.69
Total Return(e)
Based on net asset value
0.79
%(f)
24.19
%
6.16
%
(19.07
)%
29.24
%
(2.97
)%(f)
Ratios to Average Net Assets(g)
Total expenses
1.00
%(h)
1.10
%
1.27
%
1.42
%
1.50
%
2.23
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.34
%(h)
0.34
%
0.33
%
0.33
%
0.32
%
0.30
%(h)
Net investment income
1.88
%(h)
2.28
%
2.07
%
2.14
%
1.47
%
0.85
%(h)
Supplemental Data
Net assets, end of period (000)
$551
$311
$209
$167
$161
$97
Portfolio turnover rate
10
%
17
%
14
%
12
%
11
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
Financial Highlights
41

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2035 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$12.33
$10.02
$9.67
$12.34
$9.69
$10.00
Net investment income(b)
0.15
0.30
0.25
0.26
0.20
0.02
Net realized and unrealized gain (loss)
(0.04
)
2.16
0.37
(2.52
)
2.65
(0.31
)
Net increase (decrease) from investment operations
0.11
2.46
0.62
(2.26
)
2.85
(0.29
)
Distributions(c)
From net investment income
(0.25
)
(0.11
)
(0.24
)
(0.26
)
(0.20
)
(0.02
)
From net realized gain
(0.09
)
(0.04
)
(0.03
)
(0.15
)
(0.00
)(d)
Total distributions
(0.34
)
(0.15
)
(0.27
)
(0.41
)
(0.20
)
(0.02
)
Net asset value, end of period
$12.10
$12.33
$10.02
$9.67
$12.34
$9.69
Total Return(e)
Based on net asset value
0.91
%(f)
24.68
%
6.36
%
(18.74
)%
29.59
%
(2.94
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.70
%(h)
0.81
%
0.97
%
1.12
%
1.22
%
1.93
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.04
%(h)
0.04
%
0.03
%
0.03
%
0.02
%
%(h)
Net investment income
2.42
%(h)
2.59
%
2.37
%
2.43
%
1.75
%
1.16
%(h)
Supplemental Data
Net assets, end of period (000)
$4,812
$3,597
$2,706
$2,049
$2,222
$1,744
Portfolio turnover rate
10
%
17
%
14
%
12
%
11
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
42
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2040 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.24
$10.50
$9.91
$12.73
$9.65
$10.00
Net investment income(b)
0.13
0.30
0.24
0.26
0.19
0.02
Net realized and unrealized gain (loss)
(0.05
)
2.55
0.57
(2.70
)
3.09
(0.35
)
Net increase (decrease) from investment operations
0.08
2.85
0.81
(2.44
)
3.28
(0.33
)
Distributions(c)
From net investment income
(0.26
)
(0.11
)
(0.22
)
(0.26
)
(0.20
)
(0.02
)
From net realized gain
(0.36
)
(0.12
)
(0.00
)(d)
Total distributions
(0.62
)
(0.11
)
(0.22
)
(0.38
)
(0.20
)
(0.02
)
Net asset value, end of period
$12.70
$13.24
$10.50
$9.91
$12.73
$9.65
Total Return(e)
Based on net asset value
0.55
%(f)
27.24
%
8.15
%
(19.53
)%
34.16
%
(3.34
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.46
%(h)
0.50
%
0.85
%
1.08
%
1.20
%
1.98
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.08
%(h)
0.08
%
0.07
%
0.06
%
0.06
%
0.05
%(h)
Net investment income
2.10
%(h)
2.38
%
2.23
%
2.36
%
1.60
%
1.06
%(h)
Supplemental Data
Net assets, end of period (000)
$436
$417
$296
$264
$305
$97
Portfolio turnover rate
11
%
55
%
22
%
13
%
10
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
Financial Highlights
43

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2040 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.21
$10.49
$9.91
$12.73
$9.65
$10.00
Net investment income(b)
0.11
0.27
0.21
0.23
0.17
0.02
Net realized and unrealized gain (loss)
(0.04
)
2.55
0.57
(2.70
)
3.08
(0.36
)
Net increase (decrease) from investment operations
0.07
2.82
0.78
(2.47
)
3.25
(0.34
)
Distributions(c)
From net investment income
(0.23
)
(0.10
)
(0.20
)
(0.23
)
(0.17
)
(0.01
)
From net realized gain
(0.36
)
(0.12
)
(0.00
)(d)
Total distributions
(0.59
)
(0.10
)
(0.20
)
(0.35
)
(0.17
)
(0.01
)
Net asset value, end of period
$12.69
$13.21
$10.49
$9.91
$12.73
$9.65
Total Return(e)
Based on net asset value
0.46
%(f)
27.01
%
7.78
%
(19.73
)%
33.83
%
(3.36
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.71
%(h)
0.75
%
1.10
%
1.32
%
1.48
%
2.24
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.33
%(h)
0.33
%
0.32
%
0.31
%
0.31
%
0.30
%(h)
Net investment income
1.80
%(h)
2.14
%
1.98
%
2.07
%
1.43
%
0.81
%(h)
Supplemental Data
Net assets, end of period (000)
$457
$372
$248
$233
$180
$116
Portfolio turnover rate
11
%
55
%
22
%
13
%
10
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.93%.
See notes to financial statements.
44
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2040 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.24
$10.50
$9.91
$12.73
$9.65
$10.00
Net investment income(b)
0.14
0.30
0.26
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.05
)
2.55
0.56
(2.70
)
3.07
(0.35
)
Net increase (decrease) from investment operations
0.09
2.85
0.82
(2.43
)
3.28
(0.33
)
Distributions(c)
From net investment income
(0.27
)
(0.11
)
(0.23
)
(0.27
)
(0.20
)
(0.02
)
From net realized gain
(0.36
)
(0.12
)
(0.00
)(d)
Total distributions
(0.63
)
(0.11
)
(0.23
)
(0.39
)
(0.20
)
(0.02
)
Net asset value, end of period
$12.70
$13.24
$10.50
$9.91
$12.73
$9.65
Total Return(e)
Based on net asset value
0.62
%(f)
27.26
%
8.22
%
(19.49
)%
34.20
%
(3.33
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.41
%(h)
0.45
%
0.77
%
1.02
%
1.18
%
1.93
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.03
%(h)
0.03
%
0.02
%
0.01
%
0.01
%
%(h)
Net investment income
2.22
%(h)
2.40
%
2.38
%
2.44
%
1.74
%
1.11
%(h)
Supplemental Data
Net assets, end of period (000)
$11,232
$9,364
$6,213
$2,254
$2,292
$1,737
Portfolio turnover rate
11
%
55
%
22
%
13
%
10
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
Financial Highlights
45

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2045 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.80
$10.75
$10.13
$13.06
$9.62
$10.00
Net investment income(b)
0.13
0.29
0.23
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.06
)
2.87
0.61
(2.85
)
3.43
(0.38
)
Net increase (decrease) from investment operations
0.07
3.16
0.84
(2.58
)
3.64
(0.36
)
Distributions(c)
From net investment income
(0.25
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
(0.02
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.33
)
(0.11
)
(0.22
)
(0.35
)
(0.20
)
(0.02
)
Net asset value, end of period
$13.54
$13.80
$10.75
$10.13
$13.06
$9.62
Total Return(d)
Based on net asset value
0.45
%(e)
29.51
%
8.29
%
(20.08
)%
38.08
%
(3.63
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.54
%(g)
0.61
%
0.81
%
0.99
%
1.21
%
1.98
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.07
%(g)
0.07
%
0.06
%
0.05
%
0.05
%
0.05
%(g)
Net investment income
1.92
%(g)
2.22
%
2.06
%
2.36
%
1.72
%
1.06
%(g)
Supplemental Data
Net assets, end of period (000)
$192
$184
$127
$105
$131
$96
Portfolio turnover rate
9
%
18
%
15
%
15
%
11
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
46
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2045 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.75
$10.74
$10.12
$13.05
$9.62
$10.00
Net investment income(b)
0.11
0.26
0.20
0.24
0.17
0.02
Net realized and unrealized gain (loss)
(0.05
)
2.85
0.62
(2.84
)
3.44
(0.39
)
Net increase (decrease) from investment operations
0.06
3.11
0.82
(2.60
)
3.61
(0.37
)
Distributions(c)
From net investment income
(0.22
)
(0.10
)
(0.20
)
(0.25
)
(0.18
)
(0.01
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.30
)
(0.10
)
(0.20
)
(0.33
)
(0.18
)
(0.01
)
Net asset value, end of period
$13.51
$13.75
$10.74
$10.12
$13.05
$9.62
Total Return(d)
Based on net asset value
0.39
%(e)
29.09
%
8.03
%
(20.27
)%
37.74
%
(3.66
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.79
%(g)
0.87
%
1.06
%
1.23
%
1.42
%
2.23
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.32
%(g)
0.32
%
0.31
%
0.30
%
0.30
%
0.30
%(g)
Net investment income
1.62
%(g)
2.04
%
1.81
%
2.11
%
1.40
%
0.81
%(g)
Supplemental Data
Net assets, end of period (000)
$1,563
$1,025
$803
$693
$365
$96
Portfolio turnover rate
9
%
18
%
15
%
15
%
11
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
Financial Highlights
47

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2045 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$13.81
$10.75
$10.13
$13.06
$9.62
$10.00
Net investment income(b)
0.14
0.28
0.24
0.28
0.21
0.02
Net realized and unrealized gain (loss)
(0.07
)
2.89
0.61
(2.85
)
3.44
(0.38
)
Net increase (decrease) from investment operations
0.07
3.17
0.85
(2.57
)
3.65
(0.36
)
Distributions(c)
From net investment income
(0.26
)
(0.11
)
(0.23
)
(0.28
)
(0.21
)
(0.02
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.34
)
(0.11
)
(0.23
)
(0.36
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.54
$13.81
$10.75
$10.13
$13.06
$9.62
Total Return(d)
Based on net asset value
0.44
%(e)
29.62
%
8.34
%
(20.03
)%
38.15
%
(3.63
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.49
%(g)
0.56
%
0.76
%
0.93
%
1.16
%
1.93
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.02
%(g)
0.02
%
0.01
%
%
%
%(g)
Net investment income
2.05
%(g)
2.20
%
2.12
%
2.49
%
1.77
%
1.11
%(g)
Supplemental Data
Net assets, end of period (000)
$7,603
$5,812
$3,205
$2,574
$2,351
$1,732
Portfolio turnover rate
9
%
18
%
15
%
15
%
11
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
48
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2050 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.16
$10.90
$10.21
$13.22
$9.61
$10.00
Net investment income(b)
0.13
0.28
0.22
0.27
0.20
0.02
Net realized and unrealized gain (loss)
(0.10
)
3.09
0.69
(2.93
)
3.61
(0.39
)
Net increase (decrease) from investment operations
0.03
3.37
0.91
(2.66
)
3.81
(0.37
)
Distributions(c)
From net investment income
(0.26
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
(0.02
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.34
)
(0.11
)
(0.22
)
(0.35
)
(0.20
)
(0.02
)
Net asset value, end of period
$13.85
$14.16
$10.90
$10.21
$13.22
$9.61
Total Return(d)
Based on net asset value
0.16
%(e)
31.03
%
8.84
%
(20.46
)%
39.90
%
(3.73
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.53
%(g)
0.57
%
0.77
%
1.01
%
1.21
%
1.98
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.06
%(g)
0.06
%
0.06
%
0.05
%
0.05
%
0.05
%(g)
Net investment income
1.83
%(g)
2.10
%
1.97
%
2.31
%
1.68
%
1.05
%(g)
Supplemental Data
Net assets, end of period (000)
$216
$204
$131
$108
$132
$96
Portfolio turnover rate
14
%
16
%
15
%
14
%
8
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
Financial Highlights
49

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2050 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.12
$10.88
$10.21
$13.21
$9.61
$10.00
Net investment income(b)
0.11
0.26
0.20
0.22
0.17
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.08
0.66
(2.90
)
3.61
(0.40
)
Net increase (decrease) from investment operations
3.34
0.86
(2.68
)
3.78
(0.38
)
Distributions(c)
From net investment income
(0.22
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
(0.01
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.30
)
(0.10
)
(0.19
)
(0.32
)
(0.18
)
(0.01
)
Net asset value, end of period
$13.82
$14.12
$10.88
$10.21
$13.21
$9.61
Total Return(d)
Based on net asset value
(0.04
)%(e)
30.84
%
8.42
%
(20.58
)%
39.49
%
(3.76
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.78
%(g)
0.83
%
1.01
%
1.26
%
1.44
%
2.23
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.31
%(g)
0.31
%
0.31
%
0.30
%
0.30
%
0.30
%(g)
Net investment income
1.58
%(g)
1.99
%
1.75
%
1.92
%
1.41
%
0.81
%(g)
Supplemental Data
Net assets, end of period (000)
$898
$851
$679
$263
$243
$96
Portfolio turnover rate
14
%
16
%
15
%
14
%
8
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
50
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2050 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.17
$10.90
$10.21
$13.22
$9.61
$10.00
Net investment income(b)
0.13
0.28
0.23
0.28
0.21
0.02
Net realized and unrealized gain (loss)
(0.10
)
3.10
0.68
(2.94
)
3.61
(0.39
)
Net increase (decrease) from investment operations
0.03
3.38
0.91
(2.66
)
3.82
(0.37
)
Distributions(c)
From net investment income
(0.27
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
(0.02
)
From net realized gain
(0.08
)
(0.08
)
Total distributions
(0.35
)
(0.11
)
(0.22
)
(0.35
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.85
$14.17
$10.90
$10.21
$13.22
$9.61
Total Return(d)
Based on net asset value
0.15
%(e)
31.14
%
8.89
%
(20.41
)%
39.96
%
(3.72
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.48
%(g)
0.52
%
0.72
%
0.94
%
1.16
%
1.93
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.01
%(g)
0.01
%
0.01
%
%
%
%(g)
Net investment income
1.88
%(g)
2.11
%
2.04
%
2.46
%
1.74
%
1.11
%(g)
Supplemental Data
Net assets, end of period (000)
$8,271
$6,939
$3,867
$3,027
$2,379
$1,730
Portfolio turnover rate
14
%
16
%
15
%
14
%
8
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
Financial Highlights
51

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2055 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.24
$10.90
$10.21
$13.25
$9.61
$10.00
Net investment income(b)
0.12
0.27
0.21
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.18
0.71
(2.93
)
3.63
(0.39
)
Net increase (decrease) from investment operations
0.01
3.45
0.92
(2.66
)
3.84
(0.37
)
Distributions(c)
From net investment income
(0.23
)
(0.11
)
(0.22
)
(0.27
)
(0.20
)
(0.02
)
From net realized gain
(0.09
)
(0.00
)(d)
(0.01
)
(0.11
)
Total distributions
(0.32
)
(0.11
)
(0.23
)
(0.38
)
(0.20
)
(0.02
)
Net asset value, end of period
$13.93
$14.24
$10.90
$10.21
$13.25
$9.61
Total Return(e)
Based on net asset value
0.03
%(f)
31.80
%
8.91
%
(20.47
)%
40.22
%
(3.73
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.66
%(h)
0.77
%
1.00
%
1.11
%
1.22
%
1.98
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.06
%(h)
0.06
%
0.06
%
0.05
%
0.05
%
0.05
%(h)
Net investment income
1.74
%(h)
2.05
%
1.86
%
2.33
%
1.69
%
1.06
%(h)
Supplemental Data
Net assets, end of period (000)
$278
$222
$158
$106
$133
$96
Portfolio turnover rate
15
%
13
%
14
%
15
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
52
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2055 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.21
$10.90
$10.20
$13.25
$9.60
$10.00
Net investment income(b)
0.11
0.24
0.19
0.24
0.18
0.02
Net realized and unrealized gain (loss)
(0.12
)
3.17
0.71
(2.94
)
3.65
(0.41
)
Net increase (decrease) from investment operations
(0.01
)
3.41
0.90
(2.70
)
3.83
(0.39
)
Distributions(c)
From net investment income
(0.20
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
(0.01
)
From net realized gain
(0.09
)
(0.00
)(d)
(0.01
)
(0.11
)
Total distributions
(0.29
)
(0.10
)
(0.20
)
(0.35
)
(0.18
)
(0.01
)
Net asset value, end of period
$13.91
$14.21
$10.90
$10.20
$13.25
$9.60
Total Return(e)
Based on net asset value
(0.11
)%(f)
31.45
%
8.76
%
(20.74
)%
40.05
%
(3.86
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.91
%(h)
1.02
%
1.25
%
1.36
%
1.47
%
2.23
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.31
%(h)
0.31
%
0.31
%
0.30
%
0.30
%
0.30
%(h)
Net investment income
1.50
%(h)
1.83
%
1.67
%
2.06
%
1.44
%
0.81
%(h)
Supplemental Data
Net assets, end of period (000)
$271
$252
$185
$148
$175
$96
Portfolio turnover rate
15
%
13
%
14
%
15
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
Financial Highlights
53

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2055 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.24
$10.90
$10.21
$13.25
$9.61
$10.00
Net investment income(b)
0.13
0.27
0.22
0.28
0.21
0.02
Net realized and unrealized gain (loss)
(0.10
)
3.18
0.70
(2.93
)
3.64
(0.39
)
Net increase (decrease) from investment operations
0.03
3.45
0.92
(2.65
)
3.85
(0.37
)
Distributions(c)
From net investment income
(0.25
)
(0.11
)
(0.22
)
(0.28
)
(0.21
)
(0.02
)
From net realized gain
(0.09
)
(0.00
)(d)
(0.01
)
(0.11
)
Total distributions
(0.34
)
(0.11
)
(0.23
)
(0.39
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.93
$14.24
$10.90
$10.21
$13.25
$9.61
Total Return(e)
Based on net asset value
0.11
%(f)
31.82
%
8.97
%
(20.43
)%
40.29
%
(3.72
)%(f)
Ratios to Average Net Assets(g)
Total expenses
0.60
%(h)
0.72
%
0.95
%
1.06
%
1.18
%
1.93
%(h)(i)
Total expenses after fees waived and/or reimbursed
0.01
%(h)
0.01
%
0.01
%
%
%
%(h)
Net investment income
1.91
%(h)
2.05
%
1.98
%
2.43
%
1.74
%
1.11
%(h)
Supplemental Data
Net assets, end of period (000)
$6,018
$4,345
$2,748
$2,296
$2,385
$1,729
Portfolio turnover rate
15
%
13
%
14
%
15
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Amount is greater than $(0.005) per share.
(e)
Where applicable, assumes the reinvestment of distributions.
(f)
Not annualized.
(g)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)
Annualized.
(i)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
54
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2060 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.31
$10.95
$10.24
$13.25
$9.61
$10.00
Net investment income(b)
0.12
0.27
0.22
0.27
0.20
0.02
Net realized and unrealized gain (loss)
(0.12
)
3.19
0.70
(2.95
)
3.65
(0.39
)
Net increase (decrease) from investment operations
3.46
0.92
(2.68
)
3.85
(0.37
)
Distributions(c)
From net investment income
(0.26
)
(0.10
)
(0.21
)
(0.26
)
(0.21
)
(0.02
)
From net realized gain
(0.08
)
(0.07
)
Total distributions
(0.34
)
(0.10
)
(0.21
)
(0.33
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.97
$14.31
$10.95
$10.24
$13.25
$9.61
Total Return(d)
Based on net asset value
(0.08
)%(e)
31.78
%
8.96
%
(20.53
)%
40.24
%
(3.73
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.62
%(g)
0.67
%
0.90
%
1.04
%
1.19
%
1.98
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.06
%(g)
0.06
%
0.06
%
0.05
%
0.05
%
0.05
%(g)
Net investment income
1.67
%(g)
2.04
%
1.94
%
2.31
%
1.66
%
1.05
%(g)
Supplemental Data
Net assets, end of period (000)
$377
$345
$216
$159
$196
$96
Portfolio turnover rate
9
%
14
%
14
%
20
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
Financial Highlights
55

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2060 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.26
$10.93
$10.23
$13.24
$9.60
$10.00
Net investment income(b)
0.10
0.25
0.18
0.24
0.18
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.18
0.71
(2.94
)
3.64
(0.41
)
Net increase (decrease) from investment operations
(0.01
)
3.43
0.89
(2.70
)
3.82
(0.39
)
Distributions(c)
From net investment income
(0.23
)
(0.10
)
(0.19
)
(0.24
)
(0.18
)
(0.01
)
From net realized gain
(0.08
)
(0.07
)
Total distributions
(0.31
)
(0.10
)
(0.19
)
(0.31
)
(0.18
)
(0.01
)
Net asset value, end of period
$13.94
$14.26
$10.93
$10.23
$13.24
$9.60
Total Return(d)
Based on net asset value
(0.18
)%(e)
31.52
%
8.68
%
(20.75
)%
40.02
%
(3.86
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.87
%(g)
0.92
%
1.15
%
1.30
%
1.41
%
2.23
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.31
%(g)
0.31
%
0.31
%
0.30
%
0.30
%
0.30
%(g)
Net investment income
1.47
%(g)
1.87
%
1.58
%
2.05
%
1.42
%
0.81
%(g)
Supplemental Data
Net assets, end of period (000)
$1,466
$1,504
$859
$222
$351
$96
Portfolio turnover rate
9
%
14
%
14
%
20
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
56
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2060 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.32
$10.95
$10.24
$13.25
$9.61
$10.00
Net investment income(b)
0.13
0.28
0.22
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.12
)
3.20
0.71
(2.94
)
3.64
(0.39
)
Net increase (decrease) from investment operations
0.01
3.48
0.93
(2.67
)
3.85
(0.37
)
Distributions(c)
From net investment income
(0.27
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
(0.02
)
From net realized gain
(0.08
)
(0.07
)
Total distributions
(0.35
)
(0.11
)
(0.22
)
(0.34
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.98
$14.32
$10.95
$10.24
$13.25
$9.61
Total Return(d)
Based on net asset value
(0.03
)%(e)
31.89
%
9.01
%
(20.48
)%
40.30
%
(3.72
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.57
%(g)
0.62
%
0.85
%
0.99
%
1.15
%
1.93
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.01
%(g)
0.01
%
0.01
%
%
%
%(g)
Net investment income
1.81
%(g)
2.08
%
1.98
%
2.37
%
1.75
%
1.11
%(g)
Supplemental Data
Net assets, end of period (000)
$4,954
$4,229
$2,761
$2,370
$2,385
$1,729
Portfolio turnover rate
9
%
14
%
14
%
20
%
9
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
Financial Highlights
57

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2065 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.19
$10.90
$10.21
$13.25
$9.61
$10.00
Net investment income(b)
0.12
0.27
0.22
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.18
0.71
(2.93
)
3.64
(0.39
)
Net increase (decrease) from investment operations
0.01
3.45
0.93
(2.66
)
3.85
(0.37
)
Distributions(c)
From net investment income
(0.26
)
(0.11
)
(0.22
)
(0.27
)
(0.21
)
(0.02
)
From net realized gain
(0.10
)
(0.05
)
(0.02
)
(0.11
)
Total distributions
(0.36
)
(0.16
)
(0.24
)
(0.38
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.84
$14.19
$10.90
$10.21
$13.25
$9.61
Total Return(d)
Based on net asset value
(0.01
)%(e)
31.91
%
9.03
%
(20.46
)%
40.24
%
(3.73
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.81
%(g)
0.87
%
1.17
%
1.18
%
1.22
%
1.98
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.06
%(g)
0.06
%
0.06
%
0.05
%
0.05
%
0.05
%(g)
Net investment income
1.74
%(g)
2.06
%
1.96
%
2.31
%
1.70
%
1.04
%(g)
Supplemental Data
Net assets, end of period (000)
$150
$149
$114
$103
$132
$96
Portfolio turnover rate
9
%
11
%
15
%
15
%
10
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.
See notes to financial statements.
58
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2065 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.15
$10.89
$10.21
$13.24
$9.60
$10.00
Net investment income(b)
0.10
0.23
0.18
0.24
0.17
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.19
0.71
(2.92
)
3.65
(0.41
)
Net increase (decrease) from investment operations
(0.01
)
3.42
0.89
(2.68
)
3.82
(0.39
)
Distributions(c)
From net investment income
(0.23
)
(0.11
)
(0.19
)
(0.24
)
(0.18
)
(0.01
)
From net realized gain
(0.10
)
(0.05
)
(0.02
)
(0.11
)
Total distributions
(0.33
)
(0.16
)
(0.21
)
(0.35
)
(0.18
)
(0.01
)
Net asset value, end of period
$13.81
$14.15
$10.89
$10.21
$13.24
$9.60
Total Return(d)
Based on net asset value
(0.15
)%(e)
31.60
%
8.71
%
(20.59
)%
39.95
%
(3.85
)%(e)
Ratios to Average Net Assets(f)
Total expenses
1.06
%(g)
1.11
%
1.41
%
1.43
%
1.47
%
2.23
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.31
%(g)
0.31
%
0.31
%
0.30
%
0.30
%
0.30
%(g)
Net investment income
1.46
%(g)
1.74
%
1.64
%
2.05
%
1.43
%
0.80
%(g)
Supplemental Data
Net assets, end of period (000)
$1,099
$1,057
$463
$160
$155
$96
Portfolio turnover rate
9
%
11
%
15
%
15
%
10
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.
See notes to financial statements.
Financial Highlights
59

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2065 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Year Ended
10/31/24
Year Ended
10/31/23
Year Ended
10/31/22
Year Ended
10/31/21
Period from
08/18/20(a)
to 10/31/20
 
Net asset value, beginning of period
$14.19
$10.90
$10.21
$13.25
$9.61
$10.00
Net investment income(b)
0.13
0.28
0.23
0.27
0.21
0.02
Net realized and unrealized gain (loss)
(0.11
)
3.17
0.70
(2.92
)
3.64
(0.39
)
Net increase (decrease) from investment operations
0.02
3.45
0.93
(2.65
)
3.85
(0.37
)
Distributions(c)
From net investment income
(0.27
)
(0.11
)
(0.22
)
(0.28
)
(0.21
)
(0.02
)
From net realized gain
(0.10
)
(0.05
)
(0.02
)
(0.11
)
Total distributions
(0.37
)
(0.16
)
(0.24
)
(0.39
)
(0.21
)
(0.02
)
Net asset value, end of period
$13.84
$14.19
$10.90
$10.21
$13.25
$9.61
Total Return(d)
Based on net asset value
0.05
%(e)
31.92
%
9.08
%
(20.42
)%
40.31
%
(3.72
)%(e)
Ratios to Average Net Assets(f)
Total expenses
0.76
%(g)
0.82
%
1.12
%
1.13
%
1.17
%
1.93
%(g)(h)
Total expenses after fees waived and/or reimbursed
0.01
%(g)
0.01
%
0.01
%
%
%
%(g)
Net investment income
1.83
%(g)
2.12
%
2.01
%
2.36
%
1.75
%
1.10
%(g)
Supplemental Data
Net assets, end of period (000)
$3,256
$2,863
$2,101
$1,881
$2,385
$1,729
Portfolio turnover rate
9
%
11
%
15
%
15
%
10
%
3
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)
Where applicable, assumes the reinvestment of distributions.
(e)
Not annualized.
(f)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)
Annualized.
(h)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.
See notes to financial statements.
60
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2070 Fund
 
Institutional
 
Six Months Ended
04/30/25
(unaudited)
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$9.79
$10.00
Net investment income(b)
0.09
0.03
Net realized and unrealized loss
(0.08
)
(0.24
)
Net increase (decrease) from investment operations
0.01
(0.21
)
Distributions
From net investment income
(0.12
)
From net realized gain
(0.06
)
Total distributions
(0.18
)
Net asset value, end of period
$9.62
$9.79
Total Return(c)
Based on net asset value
(0.01
)%(d)
(2.10
)%(d)
Ratios to Average Net Assets(e)
Total expenses
1.61
%(f)
1.27
%(f)(g)
Total expenses after fees waived and/or reimbursed
0.06
%(f)
0.06
%(f)
Net investment income
1.82
%(f)
3.27
%(f)
Supplemental Data
Net assets, end of period (000)
$96
$98
Portfolio turnover rate
8
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.65%.
See notes to financial statements.
Financial Highlights
61

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2070 Fund (continued)
 
Investor A
 
Six Months Ended
04/30/25
(unaudited)
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$9.79
$10.00
Net investment income(b)
0.08
0.03
Net realized and unrealized loss
(0.09
)
(0.24
)
Net decrease from investment operations
(0.01
)
(0.21
)
Distributions
From net investment income
(0.11
)
From net realized gain
(0.06
)
Total distributions
(0.17
)
Net asset value, end of period
$9.61
$9.79
Total Return(c)
Based on net asset value
(0.18
)%(d)
(2.10
)%(d)
Ratios to Average Net Assets(e)
Total expenses
1.86
%(f)
1.52
%(f)(g)
Total expenses after fees waived and/or reimbursed
0.31
%(f)
0.30
%(f)
Net investment income
1.57
%(f)
3.02
%(f)
Supplemental Data
Net assets, end of period (000)
$96
$98
Portfolio turnover rate
8
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.90%.
See notes to financial statements.
62
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Financial Highlights (continued)
(For a share outstanding throughout each period)
 
BlackRock LifePath® ESG Index 2070 Fund (continued)
 
Class K
 
Six Months Ended
04/30/25
(unaudited)
Period from
09/24/24(a)
to 10/31/24
 
Net asset value, beginning of period
$9.79
$10.00
Net investment income(b)
0.09
0.03
Net realized and unrealized loss
(0.08
)
(0.24
)
Net increase (decrease) from investment operations
0.01
(0.21
)
Distributions
From net investment income
(0.12
)
From net realized gain
(0.06
)
Total distributions
(0.18
)
Net asset value, end of period
$9.62
$9.79
Total Return(c)
Based on net asset value
0.01
%(d)
(2.10
)%(d)
Ratios to Average Net Assets(e)
Total expenses
1.56
%(f)
1.23
%(f)(g)
Total expenses after fees waived and/or reimbursed
0.01
%(f)
0.01
%(f)
Net investment income
1.87
%(f)
3.31
%(f)
Supplemental Data
Net assets, end of period (000)
$1,731
$1,762
Portfolio turnover rate
8
%
2
%
(a)
Commencement of operations.
(b)
Based on average shares outstanding.
(c)
Where applicable, assumes the reinvestment of distributions.
(d)
Not annualized.
(e)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)
Annualized.
(g)
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 7.60%.
See notes to financial statements.
Financial Highlights
63

Notes to Financial Statements (unaudited)
1.
ORGANIZATION
BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust.The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
Fund Name
Herein Referred To As
Diversification
Classification
BlackRock LifePath® ESG Index Retirement Fund
LifePath ESG Index Retirement Fund
Diversified
BlackRock LifePath® ESG Index 2030 Fund
LifePath ESG Index 2030 Fund
Diversified
BlackRock LifePath® ESG Index 2035 Fund
LifePath ESG Index 2035 Fund
Diversified
BlackRock LifePath® ESG Index 2040 Fund
LifePath ESG Index 2040 Fund
Diversified
BlackRock LifePath® ESG Index 2045 Fund
LifePath ESG Index 2045 Fund
Diversified
BlackRock LifePath® ESG Index 2050 Fund
LifePath ESG Index 2050 Fund
Diversified
BlackRock LifePath® ESG Index 2055 Fund
LifePath ESG Index 2055 Fund
Diversified
BlackRock LifePath® ESG Index 2060 Fund
LifePath ESG Index 2060 Fund
Diversified
BlackRock LifePath® ESG Index 2065 Fund
LifePath ESG Index 2065 Fund
Diversified
BlackRock LifePath® ESG Index 2070 Fund
LifePath ESG Index 2070 Fund
Diversified
The Funds will generally invest in other registered investment companies (each, an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds.
EachFund offers multiple classes of shares.All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares.Institutional and Class K Shares are sold only to certain eligible investors.Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
Share Class
Initial Sales Charge
CDSC
Conversion Privilege
Institutional, Investor A and Class K Shares
No
No
None
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
Prior Year Reorganization: The Board of LifePath ESG Index Retirement Fund (the “Acquiring Fund”) and the Board of BlackRock LifePath ESG Index 2025 Fund (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued shares of the Acquiring Fund.
Each shareholder of the Target Fund received shares of the Acquiring Fund in an amount equal to the aggregate net asset value (“NAV”) of such shareholder’s Target Fund shares, as determined at the close of business on October 4, 2024, less the costs of the Target Fund’s reorganization.
The reorganization was accomplished by a tax-free exchange of shares of the Acquiring Fund in the following amounts and at the following conversion ratios:
Target Funds Share Class
 
Shares Prior to
Reorganization
Conversion
Ratio
Acquiring Funds
Share
Class
Shares of
the Acquiring Fund
Institutional
10,000
1.02552467
Institutional
10,255
Investor A
39,521
1.02705827
InvestorA
40,590
Class K
289,762
1.02514510
ClassK
297,048
The Target Fund’s net assets and composition of net assets on October 4, 2024, the valuation date of the reorganization, were as follows:
 
Target Fund
Net assets
$3,679,264
Paid-in-capital
3,414,526
Accumulated earnings
264,738
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $3,960,440. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $7,639,704. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows:
Target Fund
 
Fair Value of
Investments
Cost of Investments
LifePath ESG Index 2025 Fund
$ 3,693,120
$ 3,280,613
64
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. The reorganization was a tax-free event and was effective on October 7, 2024.
Assuming the reorganization had been completed on November 1, 2023, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the year ended October 31, 2024, were as follows:
• Net investment income (loss): $ 231,172
• Net realized and change in unrealized gain/loss on investments: $ 919,138
• Net increase/decrease in net assets resulting from operations: $ 1,150,310
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since October 7, 2024.
Reorganization costs incurred by LifePath ESG Index Retirement Fund in connection with the reorganization were expensed by LifePath ESG Index Retirement Fund. The Manager reimbursed the Fund $150,000, which is included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
InvestmentTransactions 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 Fundsare obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Distributions:Distributions paid by the Funds are recorded on the ex-dividend dates.Distributions of capital gains are recorded on the ex-dividend dates and made at least annually.The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other:Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds adoption of the new standard impacted financial statement disclosures only and did not affect eachFunds 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 eachFund. The CODM has concluded that eachFund operates as a single operating segment since eachFund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
InvestmentValuation Policies:Each Funds 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 eachFund (the “Board”) has approved the designation of each Fund’s Manager  as the valuation designee for each Fund.  Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Notes to Financial Statements
65

Notes to Financial Statements (unaudited) (continued)
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Funds assets and liabilities:
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Securities Lending: CertainFunds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the FundsSchedules 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 – affiliatedand collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
66
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
As of period end, the following table is a summary of the Funds securities on loan by counterparty which are subject to offset under an MSLA:
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
LifePath ESG Index Retirement Fund
Barclays Bank PLC
$ 137,605
$ (137,605
)
$ 
$ 
BofA Securities, Inc.
1,193,090
(1,193,090
)
J.P. Morgan Securities LLC
227,696
(227,696
)
Pershing LLC
340
(340
)
Wells Fargo Bank N.A.
133
(133
)
Wells Fargo Securities LLC
175,692
(175,692
)
 
$ 1,734,556
$ (1,734,556
)
$ 
$ 
LifePath ESG Index 2030 Fund
Barclays Bank PLC
$ 360,099
$ (360,099
)
$ 
$ 
BNP Paribas SA
176,832
(176,832
)
Citigroup Global Markets, Inc.
26,505
(26,505
)
J.P. Morgan Securities LLC
198,935
(198,935
)
Wells Fargo Bank N.A.
204,583
(204,583
)
Wells Fargo Securities LLC
12,108
(12,108
)
 
$ 979,062
$ (979,062
)
$ 
$ 
LifePath ESG Index 2035 Fund
Barclays Bank PLC
$ 52,100
$ (52,100
)
$ 
$ 
BofA Securities, Inc.
70,273
(70,273
)
Citigroup Global Markets, Inc.
342,446
(342,446
)
J.P. Morgan Securities LLC
228,540
(228,540
)
Wells Fargo Bank N.A.
67
(67
)
 
$ 693,426
$ (693,426
)
$ 
$ 
LifePath ESG Index 2040 Fund
Barclays Bank PLC
$ 279,444
$ (279,444
)
$ 
$ 
BNP Paribas SA
187,884
(187,884
)
BofA Securities, Inc.
8,083
(8,083
)
Citigroup Global Markets, Inc.
28,452
(28,452
)
 
$ 503,863
$ (503,863
)
$ 
$ 
LifePath ESG Index 2045 Fund
Barclays Bank PLC
$ 267,078
$ (267,078
)
$ 
$ 
BofA Securities, Inc.
14,342
(14,342
)
Citigroup Global Markets, Inc.
2,286
(2,286
)
Pershing LLC
13,117
(13,117
)
Wells Fargo Bank N.A.
10,534
(10,534
)
 
$ 307,357
$ (307,357
)
$ 
$ 
LifePath ESG Index 2050 Fund
Barclays Bank PLC
$ 99,645
$ (99,645
)
$ 
$ 
BofA Securities, Inc.
25,561
(25,561
)
Citigroup Global Markets, Inc.
11,432
(11,432
)
 
$ 136,638
$ (136,638
)
$ 
$ 
LifePath ESG Index 2055 Fund
Barclays Bank PLC
$ 204,695
$ (204,695
)
$ 
$ 
BofA Securities, Inc.
174,584
(174,584
)
 
$ 379,279
$ (379,279
)
$ 
$ 
LifePath ESG Index 2060 Fund
Barclays Bank PLC
$ 57,463
$ (57,463
)
$ 
$ 
BofA Securities, Inc.
160,281
(160,281
)
Citigroup Global Markets, Inc.
6,097
(6,097
)
J.P. Morgan Securities LLC
258,989
(258,989
)
Wells Fargo Bank N.A.
1,330
(1,330
)
 
$ 484,160
$ (484,160
)
$ 
$ 
LifePath ESG Index 2065 Fund
Barclays Bank PLC
$ 3,843
$ (3,843
)
$ 
$ 
BofA Securities, Inc.
20,423
(20,423
)
Citigroup Global Markets, Inc.
10,670
(10,670
)
Wells Fargo Bank N.A.
134,729
(134,729
)
 
$ 169,665
$ (169,665
)
$ 
$ 
Notes to Financial Statements
67

Notes to Financial Statements (unaudited) (continued)
Fund Name/Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount
LifePath ESG Index 2070 Fund
BofA Securities, Inc.
$ 66,085
$ (66,085
)
$ 
$ 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, eachFund benefits from a borrower default indemnity provided by BlackRock Finance, Inc.BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. EachFund 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 eachFund.
5.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Funds portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, eachFund pays the Manager a monthly fee at an annual rate equal to 0.05% of the average daily value of eachFund’s net assets.
Service Fees:The Trust, on behalf of eachFund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Funds Investor A Shares.
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Funds. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.
For the six months ended April 30, 2025, the following table shows the class specific service fees borne directly by each share class of each Fund:
Fund Name
Investor A
LifePath ESG Index Retirement Fund
$ 1,130
LifePath ESG Index 2030 Fund
1,773
LifePath ESG Index 2035 Fund
445
LifePath ESG Index 2040 Fund
508
LifePath ESG Index 2045 Fund
1,493
LifePath ESG Index 2050 Fund
1,055
LifePath ESG Index 2055 Fund
329
LifePath ESG Index 2060 Fund
1,893
LifePath ESG Index 2065 Fund
1,379
LifePath ESG Index 2070 Fund
122
Administration:The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), an indirect, wholly-owned subsidiary of BlackRock, which has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Funds’ ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.20% based on the average daily net assets of each Fund’s Institutional and Investor A Shares and 0.15% of the average daily net assets of each Fund’s Class K Shares.
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance.
68
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
For the six months ended April 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:
Fund Name
Institutional
Investor A
Class K
Total
LifePath ESG Index Retirement Fund
$ 209
$ 904
$ 4,898
$ 6,011
LifePath ESG Index 2030 Fund
121
1,418
3,333
4,872
LifePath ESG Index 2035 Fund
159
355
3,321
3,835
LifePath ESG Index 2040 Fund
422
406
8,300
9,128
LifePath ESG Index 2045 Fund
188
1,195
5,334
6,717
LifePath ESG Index 2050 Fund
210
844
5,886
6,940
LifePath ESG Index 2055 Fund
231
263
4,228
4,722
LifePath ESG Index 2060 Fund
367
1,515
3,573
5,455
LifePath ESG Index 2065 Fund
149
1,103
2,348
3,600
LifePath ESG Index 2070 Fund
97
97
1,315
1,509
Transfer Agent:Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.For the six months ended April 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.
ExpenseWaivers and Reimbursements:With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of aFund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts waived were as follows:
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 7
LifePath ESG Index 2030 Fund
9
LifePath ESG Index 2035 Fund
9
LifePath ESG Index 2040 Fund
17
LifePath ESG Index 2045 Fund
15
LifePath ESG Index 2050 Fund
13
LifePath ESG Index 2055 Fund
12
LifePath ESG Index 2060 Fund
10
LifePath ESG Index 2065 Fund
5
LifePath ESG Index 2070 Fund
2
The Manager and the Administrator have contractually agreed to reimburse each Fund for acquired fund fees and expenses up to a maximum amount equal to the combined investment advisory fee and administration fee of each share class through June 30, 2026. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the amounts waived were as follows:
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 5,256
LifePath ESG Index 2030 Fund
4,518
LifePath ESG Index 2035 Fund
4,016
LifePath ESG Index 2040 Fund
10,286
LifePath ESG Index 2045 Fund
7,752
LifePath ESG Index 2050 Fund
8,426
LifePath ESG Index 2055 Fund
5,888
LifePath ESG Index 2060 Fund
6,395
LifePath ESG Index 2065 Fund
4,223
LifePath ESG Index 2070 Fund
1,888
The fees and expenses of the Funds’ Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Funds. Each of BAL and BFA have contractually agreed to reimburse the Funds or provide an offsetting credit for such Independent Expenses through June 30, 2035. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the six months ended April 30, 2025, the Funds waived the following amounts:
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index Retirement Fund
$ 10,287
LifePath ESG Index 2030 Fund
12,271
LifePath ESG Index 2035 Fund
12,271
LifePath ESG Index 2040 Fund
12,367
LifePath ESG Index 2045 Fund
12,271
Notes to Financial Statements
69

Notes to Financial Statements (unaudited) (continued)
Fund Name
Fees Waived and/or Reimbursed
by the Administrator/Manager
LifePath ESG Index 2050 Fund
$ 12,367
LifePath ESG Index 2055 Fund
12,271
LifePath ESG Index 2060 Fund
12,271
LifePath ESG Index 2065 Fund
12,271
LifePath ESG Index 2070 Fund
13,153
Securities Lending:The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market funds total net redemptions on a single day exceed 5% of the money market funds net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85%  of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70%  of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended April 30, 2025, each Fund paid BTC the following amounts for securities lending agent services:
Fund Name
Amounts
LifePath ESG Index Retirement Fund
$ 941
LifePath ESG Index 2030 Fund
741
LifePath ESG Index 2035 Fund
708
LifePath ESG Index 2040 Fund
1,742
LifePath ESG Index 2045 Fund
1,405
LifePath ESG Index 2050 Fund
1,266
LifePath ESG Index 2055 Fund
964
LifePath ESG Index 2060 Fund
896
LifePath ESG Index 2065 Fund
695
LifePath ESG Index 2070 Fund
164
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund participated in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers:Certain trusteesand/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions:Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.
70
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
6.
 PURCHASES AND SALES
For the six months ended April 30, 2025, purchases and sales of investments in the Underlying Funds, excluding short-term securities, were as follows:
Fund Name
Purchases
Sales
LifePath ESG Index Retirement Fund
$1,090,570
$1,508,330
LifePath ESG Index 2030 Fund
1,525,082
1,211,678
LifePath ESG Index 2035 Fund
1,978,698
489,178
LifePath ESG Index 2040 Fund
3,487,013
1,359,663
LifePath ESG Index 2045 Fund
3,235,967
796,833
LifePath ESG Index 2050 Fund
2,784,570
1,294,375
LifePath ESG Index 2055 Fund
2,786,857
900,880
LifePath ESG Index 2060 Fund
1,478,322
573,077
LifePath ESG Index 2065 Fund
875,888
392,016
LifePath ESG Index 2070 Fund
156,650
151,677
7.
INCOME TAX INFORMATION
It is eachFunds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds NAV.
As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
LifePath ESG Index Retirement Fund
$ 8,411,829
$ 758,732
$ (239,786
)
$ 518,946
LifePath ESG Index 2030 Fund
6,705,591
824,325
(214,568
)
609,757
LifePath ESG Index 2035 Fund
5,665,454
660,491
(91,532
)
568,959
LifePath ESG Index 2040 Fund
11,437,414
1,351,077
(147,793
)
1,203,284
LifePath ESG Index 2045 Fund
8,468,385
1,274,922
(67,710
)
1,207,212
LifePath ESG Index 2050 Fund
8,007,152
1,572,080
(54,166
)
1,517,914
LifePath ESG Index 2055 Fund
5,951,338
1,035,734
(32,628
)
1,003,106
LifePath ESG Index 2060 Fund
6,016,902
1,314,416
(37,776
)
1,276,640
LifePath ESG Index 2065 Fund
3,758,073
950,259
(24,877
)
925,382
LifePath ESG Index 2070 Fund
2,080,127
7,411
(74,057
)
(66,646
)
8.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.During the six months ended April 30, 2025, the Funds did not borrow under the credit agreement.
9.
PRINCIPAL RISKS
In the normal course of business, the Fundsinvest in securities or other instruments and may enter into certain transactions, and such activities subject eachFund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;
Notes to Financial Statements
71

Notes to Financial Statements (unaudited) (continued)
(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. EachFunds prospectus provides details of the risks to which eachFund is subject.
The Manager uses an indexing approach to try to achieve each Fund’s investment objective. The Fundsare not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
TheFundsmay be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Counterparty Credit Risk:The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Geographic/Asset Class Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
TheFunds invest a significant portion of their assets in securities of issuers located in the United States.A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
10.
 CAPITAL SHARE TRANSACTIONS 
Transactions in capital shares for each class were as follows:
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index Retirement Fund 
Institutional
Shares issued in reorganization
$
10,255
$108,480
 
$
10,255
$108,480
Investor A
Shares sold
584
$5,911
38,973
$418,432
Shares issued in reinvestment of distributions
974
10,027
726
7,673
Shares issued in reorganization
40,590
428,430
Shares redeemed
(40,876)
(404,724)
(2,574)
(25,977)
 
(39,318)
$(388,786)
77,715
$828,558
Class K
Shares sold
70,991
$749,905
33,766
$343,185
Shares issued in reinvestment of distributions
4,033
41,580
3,413
35,298
Shares issued in reorganization
297,048
3,142,354
Shares redeemed
(77,220)
(791,086)
(15,483)
(163,958)
 
(2,196)
$399
318,744
$3,356,879
 
(41,514)
$(388,387)
406,714
$4,293,917
72
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2030 Fund 
Institutional
Shares sold
$
911
$9,959
Shares issued in reinvestment of distributions
33
383
6
66
Shares redeemed
(1)
(14)
(955)
(11,259)
 
32
$369
(38)
$(1,234)
Investor A
Shares sold
2,552
$28,803
19,204
$202,774
Shares issued in reinvestment of distributions
6,084
68,628
1,070
11,543
Shares redeemed
(5)
(60)
(13,518)
(146,399)
 
8,631
$97,371
6,756
$67,918
Class K
Shares sold
118,718
$1,359,803
210,247
$2,300,363
Shares issued in reinvestment of distributions
10,516
118,721
2,341
25,258
Shares redeemed
(86,765)
(1,006,608)
(249,978)
(2,783,009)
 
42,469
$471,916
(37,390)
$(457,388)
 
51,132
$569,656
(30,672)
$(390,704)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2035 Fund 
Institutional
Shares sold
$
909
$11,000
Shares issued in reinvestment of distributions
84
1,029
172
1,915
Shares redeemed
(190)
(2,300)
(11,149)
(126,083)
 
(106)
$(1,271)
(10,068)
$(113,168)
Investor A
Shares sold
19,890
$238,162
4,290
$49,927
Shares issued in reinvestment of distributions
401
4,874
137
1,521
Shares redeemed
(5)
(60)
(23)
(265)
 
20,286
$242,976
4,404
$51,183
Class K
Shares sold
120,191
$1,513,860
46,832
$543,085
Shares issued in reinvestment of distributions
5,713
69,590
1,215
13,486
Shares redeemed
(20,085)
(240,078)
(26,224)
(296,507)
 
105,819
$1,343,372
21,823
$260,064
 
125,999
$1,585,077
16,159
$198,079
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2040 Fund 
Institutional
Shares sold
1,433
$18,097
9,757
$120,150
Shares issued in reinvestment of distributions
1,525
19,649
166
1,953
Shares redeemed
(144)
(1,844)
(6,596)
(79,500)
 
2,814
$35,902
3,327
$42,603
Investor A
Shares sold
6,570
$84,573
5,318
$60,518
Shares issued in reinvestment of distributions
1,309
16,843
149
1,746
Shares redeemed
(12)
(159)
(983)
(12,249)
 
7,867
$101,257
4,484
$50,015
Notes to Financial Statements
73

Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name / Share Class(continued)
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2040 Fund (continued)
Class K
Shares sold
211,159
$2,869,174
466,724
$5,641,097
Shares issued in reinvestment of distributions
43,223
556,276
3,840
45,118
Shares redeemed
(77,342)
(961,964)
(355,319)
(4,290,601)
 
177,040
$2,463,486
115,245
$1,395,614
 
187,721
$2,600,645
123,056
$1,488,232
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2045 Fund 
Institutional
Shares sold
797
$10,977
1,497
$19,177
Shares issued in reinvestment of distributions
85
1,175
18
224
Shares redeemed
(10)
(139)
(14)
(176)
 
872
$12,013
1,501
$19,225
Investor A
Shares sold
39,928
$539,350
12,431
$148,199
Shares issued in reinvestment of distributions
1,592
21,920
602
7,281
Shares redeemed
(298)
(4,045)
(13,346)
(161,051)
 
41,222
$557,225
(313)
$(5,571)
Class K
Shares sold
150,975
$2,148,521
175,002
$2,164,058
Shares issued in reinvestment of distributions
8,710
120,200
1,175
14,227
Shares redeemed
(19,263)
(260,622)
(53,230)
(693,972)
 
140,422
$2,008,099
122,947
$1,484,313
 
182,516
$2,577,337
124,135
$1,497,967
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2050 Fund 
Institutional
Shares sold
1,061
$14,968
2,445
$31,780
Shares issued in reinvestment of distributions
112
1,594
21
256
Shares redeemed
(35)
(497)
(23)
(300)
 
1,138
$16,065
2,443
$31,736
Investor A
Shares sold
6,995
$94,673
25,159
$299,217
Shares issued in reinvestment of distributions
1,065
15,096
576
7,093
Shares redeemed
(3,339)
(47,251)
(27,898)
(350,636)
 
4,721
$62,518
(2,163)
$(44,326)
Class K
Shares sold
161,164
$2,305,929
182,813
$2,355,023
Shares issued in reinvestment of distributions
9,832
139,518
1,623
20,015
Shares redeemed
(63,544)
(879,423)
(49,467)
(668,225)
 
107,452
$1,566,024
134,969
$1,706,813
 
113,311
$1,644,607
135,249
$1,694,223
74
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2055 Fund 
Institutional
Shares sold
4,244
$56,962
1,083
$14,430
Shares issued in reinvestment of distributions
132
1,890
41
509
Shares redeemed
(14)
(202)
(23)
(311)
 
4,362
$58,650
1,101
$14,628
Investor A
Shares sold
1,620
$22,597
2,678
$34,961
Shares issued in reinvestment of distributions
167
2,387
58
721
Shares redeemed
(11)
(160)
(1,954)
(24,179)
 
1,776
$24,824
782
$11,503
Class K
Shares sold
165,551
$2,433,130
90,718
$1,166,130
Shares issued in reinvestment of distributions
5,345
76,492
648
7,998
Shares redeemed
(43,891)
(607,931)
(38,399)
(515,322)
 
127,005
$1,901,691
52,967
$658,806
 
133,143
$1,985,165
54,850
$684,937
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2060 Fund 
Institutional
Shares sold
3,301
$47,531
4,400
$58,806
Shares issued in reinvestment of distributions
362
5,194
83
1,025
Shares redeemed
(788)
(10,657)
(49)
(660)
 
2,875
$42,068
4,434
$59,171
Investor A
Shares sold
4,025
$56,301
51,136
$634,853
Shares issued in reinvestment of distributions
2,025
29,038
761
9,430
Shares redeemed
(6,336)
(88,933)
(24,989)
(317,544)
 
(286)
$(3,594)
26,908
$326,739
Class K
Shares sold
66,850
$980,124
69,835
$920,813
Shares issued in reinvestment of distributions
3,799
54,590
657
8,154
Shares redeemed
(11,659)
(158,238)
(27,190)
(376,024)
 
58,990
$876,476
43,302
$552,943
 
61,579
$914,950
74,644
$938,853
 
Six Months Ended
04/30/25
Year Ended
10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2065 Fund 
Institutional
Shares sold
325
$4,509
434
$6,071
Shares issued in reinvestment of distributions
13
182
6
75
Shares redeemed
(8)
(121)
(393)
(5,523)
 
330
$4,570
47
$623
Investor A
Shares sold
6,252
$89,434
47,404
$586,780
Shares issued in reinvestment of distributions
1,552
22,046
584
7,181
Shares redeemed
(2,932)
(39,777)
(15,813)
(205,031)
 
4,872
$71,703
32,175
$388,930
Notes to Financial Statements
75

Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
04/30/25
Year Ended
10/31/24
Fund Name / Share Class(continued)
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2065 Fund (continued)
Class K
Shares sold
37,269
$543,873
19,293
$254,307
Shares issued in reinvestment of distributions
1,153
16,391
187
2,298
Shares redeemed
(4,857)
(70,171)
(10,472)
(133,284)
 
33,565
$490,093
9,008
$123,321
 
38,767
$566,366
41,230
$512,874
 
Six Months Ended
04/30/25
Period from
09/24/24(a)
to 10/31/24
FundName / Share Class
Shares
Amounts
Shares
Amounts
LifePath ESG Index 2070 Fund 
Institutional
Shares sold
$
10,010
$100,100
Shares redeemed
(10)
(100)
 
$
10,000
$100,000
Investor A
Shares sold
$
10,010
$100,100
Shares redeemed
(10)
(100)
 
$
10,000
$100,000
Class K
Shares sold
$
180,010
$1,800,100
Shares redeemed
(10)
(100)
 
$
180,000
$1,800,000
 
$
200,000
$2,000,000
(a)
Commencement of operations.
As of April 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:
Fund Name
Institutional
Investor A
Class K
LifePath ESG Index Retirement Fund
20,255
20,271
364,526
LifePath ESG Index 2030 Fund
10,000
10,000
180,000
LifePath ESG Index 2035 Fund
10,000
10,000
180,000
LifePath ESG Index 2040 Fund
10,483
10,458
188,820
LifePath ESG Index 2045 Fund
10,000
10,000
180,000
LifePath ESG Index 2050 Fund
10,000
10,000
180,000
LifePath ESG Index 2055 Fund
10,000
10,000
180,000
LifePath ESG Index 2060 Fund
10,000
10,000
180,000
LifePath ESG Index 2065 Fund
10,000
10,000
180,000
LifePath ESG Index 2070 Fund
10,000
10,000
180,000
11.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in thefinancial statements.
76
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Funds for the Funds allocable portion of the fees and expenses of the independent trustees of the Trust, counsel to such independent trustees and the independent registered public accounting firm.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
Additional Information
77

Additional Information (continued)
Fund and Service Providers
Investment Adviser
BlackRock Fund Advisors
San Francisco, CA 94105
Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Funds
400 Howard Street
San Francisco, CA 94105
78
2025 BlackRock Semi-Annual Financial Statements and Additional Information

Glossary of Terms Used in this Report
Portfolio Abbreviation 
ETF
Exchange-Traded Fund
MSCI
Morgan Stanley Capital International
Glossary of Terms Used in this Report
79

Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.


Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(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.

 

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(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

(b) Section 906 Certifications are attached

 


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds III

 

 

By:

    

/s/ John M. Perlowski        

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Funds III

Date: June 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

    

/s/ John M. Perlowski        

      

John M. Perlowski

      

Chief Executive Officer (principal executive officer) of

      

BlackRock Funds III

Date: June 24, 2025

 

 

By:

    

/s/ Trent Walker          

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Funds III

Date: June 24, 2025