BlackRock Funds III

N-CSR 1 d730558dncsr.htm BLACKROCK FUNDS III 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 LifePath^® Index 2025 Fund

BlackRock LifePath^® Index 2030 Fund

BlackRock LifePath^® Index 2035 Fund

BlackRock LifePath^® Index 2040 Fund

BlackRock LifePath^® Index 2045 Fund

BlackRock LifePath^® Index 2050 Fund

BlackRock LifePath^® Index 2055 Fund

BlackRock LifePath^® Index 2060 Fund

BlackRock LifePath^® Index 2065 Fund

BlackRock LifePath^® Index 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) 537-4942

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2023

2023 Annual Report

BlackRock Funds III

BlackRock LifePath^® Index Retirement Fund

BlackRock LifePath^® Index 2025 Fund

BlackRock LifePath^® Index 2030 Fund

BlackRock LifePath^® Index 2035 Fund

BlackRock LifePath^® Index 2040 Fund

BlackRock LifePath^® Index 2045 Fund

BlackRock LifePath^® Index 2050 Fund

BlackRock LifePath^® Index 2055 Fund

BlackRock LifePath^® Index 2060 Fund

BlackRock LifePath^® Index 2065 Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	8.04%	26.29%

U.S. small cap equities (Russell 2000^® Index)	8.18	16.93

International equities (MSCI Europe, Australasia, Far East Index)	5.88	18.24

Emerging market equities (MSCI Emerging Markets Index)	4.71	9.83

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.70	5.02

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.11	2.83

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37	5.53

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63	6.40

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65	13.44

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Fund Summary		4
About Fund Performance		25
Disclosure of Expenses		25
Derivative Financial Instruments		27
Financial Statements:
Schedules of Investments		28
Statements of Assets and Liabilities		48
Statements of Operations		54
Statements of Changes in Net Assets		57
Financial Highlights		62
Notes to Financial Statements		102
Report of Independent Registered Public Accounting Firm		117
Important Tax Information		118
Statement Regarding Liquidity Risk Management Program		120
Trustee and Officer Information		121
Additional Information		125
Glossary of Terms Used in this Report		127

LOGO


		3


Fund Summary as of December 31, 2023		BlackRock LifePath^® Index Funds

Portfolio Management Commentary

How did each Fund perform?

The BlackRock LifePath^® Index Retirement Fund along with the BlackRock LifePath^® Index Funds with target dates of 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and 2065 are referred to as the “LifePath^® Index Funds” or the “Funds”.

For the 12-month period ended December 31, 2023, with respect to the BlackRock LifePath^® Index Retirement Fund and the Lifepath^® Index Funds with vintages of 2030, 2035, 2045, 2055 and 2065, the Funds’ Institutional and Class K share classes performed in line with their respective custom benchmarks, while the Funds’ Investor A and Investor P shares underperformed.

For the Lifepath^® Index Funds with the vintages of 2025, 2040, 2050 and 2060, the Funds’ Class K Shares outperformed their respective custom benchmark, while the Funds’ Investor A and Investor P Shares underperformed. For the same period, the Funds’ Institutional Shares performed in line.

What factors influenced performance?

All asset classes made positive contributions to the Funds’ absolute performance, led by U.S. large/mid-cap equities and international equities. Given the robust returns for the financial markets in 2023, no asset class detracted from the Funds’ results.

Describe recent portfolio activity.

Each LifePath^® Index portfolio has its own time horizon, which affects its acceptable level of risk and, in turn, the strategic allocation of its holdings across asset classes. On a quarterly basis, the strategic allocation of each LifePath^® Index portfolio is systematically adjusted to reflect the shareholders’ remaining investment time horizon. During the period, the LifePath^® Index Funds were rebalanced in accordance with their updated strategic allocations.

Describe portfolio positioning at period end.

Each of the LifePath^® Index Funds was invested according to its respective strategic allocation benchmark within tolerance limits.

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

Glide Path Evolution

Under normal circumstances, the asset allocation of each LifePath Index Fund will change over time according to a predetermined “glide path” as each LifePath Index Fund approaches its respective target date. The glide path represents the shifting of asset classes over time. Each LifePath Index Fund’s asset allocations become more conservative prior to retirement as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of each LifePath Index Fund, which may be a primary source of income after retirement. As each LifePath Index Fund approaches its target date, its asset allocation will shift so that each LifePath Index Fund invests a greater percentage of its assets in fixed-income index funds. The asset allocation targets are established by the portfolio managers. The investment team, including the portfolio managers, meets regularly to assess market conditions, review the asset allocation targets of each LifePath Index Fund, and determine whether any changes are required to enable each LifePath Index Fund to achieve its investment objective. Because the BlackRock LifePath^® Index Retirement Fund is in its most conservative phase, its allocation generally does not become more conservative over time, although its allocation may change to maintain its risk profile.

Although the asset allocation targets listed for the glide path are general, long-term targets, BlackRock Fund Advisors (“BFA” or the “Manager”) may periodically adjust the proportion of equity index funds and fixed-income index funds in each LifePath Index Fund, based on an assessment of the current market conditions, the potential contribution of each asset class to the expected risk and return characteristics of each LifePath Index Fund, reallocations of each LifePath Index Fund’s composition to reflect intra-year movement along the glide path and other factors. In general, such adjustments will be limited; however, BFA may determine that a greater degree of variation is warranted to protect a LifePath Index Fund or achieve its investment objective.


4		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index Retirement Fund

Investment Objective

BlackRock LifePath^® Index Retirement Fund’s (“LifePath Index Retirement Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index Retirement Fund will be broadly diversified across global asset classes.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees and administration fees, if any. Institutional and Investor A Shares do not have a sales charge.

^(b)

The LifePath Index Retirement Fund compares its performance to that of a customized weighted index (the “LifePath Index Retirement Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index Retirement Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index Retirement Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		42.1	%		N/A			N/A			N/A			N/A			N/A			6.8	%		3.0	%		16.0	%		28.4	%		3.7	%
01/01/15 to 12/31/15.		40.4			N/A			N/A			N/A			N/A			N/A			6.7			3.3			16.9			29.3			3.4
01/01/16 to 12/31/16.		51.2			N/A			N/A			N/A			N/A			N/A			8.8			0.6			13.3			22.3			3.8
01/01/17 to 12/31/17.		51.2			N/A			N/A			N/A			N/A			N/A			8.8			0.5			13.3			21.8			4.4
01/01/18 to 12/31/18.		51.2			N/A			N/A			N/A			N/A			N/A			8.8			0.5			13.7			21.8			4.0
01/01/19 to 12/31/19.		52.0			N/A			N/A			N/A			N/A			N/A			8.0			2.2			12.3			22.1			3.4
01/01/20 to 12/31/20.		52.0			N/A			N/A			N/A			N/A			N/A			8.0			2.2			12.9			21.6			3.3
01/01/21 to 12/31/21.		52.0			N/A			N/A			N/A			N/A			N/A			8.0			2.2			13.3			20.9			3.6
01/01/22 to 12/31/22.		13.1			5.4	%		14.3	%		2.5	%		4.9	%		11.7	%		8.0			2.2			13.5			21.3			3.1
01/01/23 to 12/31/23.		N/A			9.7			18.1			2.1			7.0			15.2			8.0			2.2			12.4			22.6			2.7

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		5


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index Retirement Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		11.49	%		N/A			5.57	%		N/A			4.55	%		N/A
Investor A		11.22			N/A			5.31			N/A			4.29			N/A
Investor P		11.15			5.32	%		5.30			4.17	%		4.30			3.74	%
Class K		11.47			N/A			5.62			N/A			4.60			N/A
LifePath Index Retirement Fund Custom Benchmark		11.46			N/A			5.67			N/A			4.69			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A
Bloomberg U.S. Aggregate Bond Index		5.53			N/A			1.10			N/A			1.81			N/A

^(a)

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)

LifePath Index Retirement Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors who are currently withdrawing, or plan in the near future to begin withdrawing, a substantial portion of their investment.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Fixed-Income Funds		59.9	%
Equity Funds		40.1
Money Market Funds		0.4
Liabilities in Excess of Other Assets		(0.4	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		22.9	%
iShares U.S. Intermediate Government Bond Index Fund		19.1
iShares U.S. Securitized Bond Index Fund		15.0
iShares Core MSCI Total International Stock ETF		12.6
iShares U.S. Intermediate Credit Bond Index Fund		9.7
iShares TIPS Bond ETF		7.7
iShares U.S. Long Government Bond Index Fund		6.3
iShares Developed Real Estate Index Fund, Class K		2.3
Master Small Cap Index Series		2.3
iShares U.S. Long Credit Bond Index Fund		2.1


6		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2025 Fund

Investment Objective

BlackRock LifePath^® Index 2025 Fund’s (“LifePath Index 2025 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2025 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2025 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2025 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2025 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2025 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		34.5	%		N/A			N/A			N/A			N/A			N/A			5.4	%		4.9	%		18.5	%		33.4	%		3.3	%
01/01/15 to 12/31/15.		30.9			N/A			N/A			N/A			N/A			N/A			5.0			5.9			20.1			35.1			3.0
01/01/16 to 12/31/16.		32.4			N/A			N/A			N/A			N/A			N/A			5.3			5.8			19.8			33.8			2.9
01/01/17 to 12/31/17.		35.0			N/A			N/A			N/A			N/A			N/A			5.7			5.3			19.3			31.6			3.1
01/01/18 to 12/31/18.		36.5			N/A			N/A			N/A			N/A			N/A			5.9			4.5			19.3			30.7			3.1
01/01/19 to 12/31/19.		38.1			N/A			N/A			N/A			N/A			N/A			7.1			2.5			19.5			29.7			3.1
01/01/20 to 12/31/20.		40.9			N/A			N/A			N/A			N/A			N/A			7.3			2.4			18.5			28.0			2.9
01/01/21 to 12/31/21.		43.3			N/A			N/A			N/A			N/A			N/A			7.5			2.2			17.6			26.2			3.2
01/01/22 to 12/31/22.		11.3			5.1	%		10.9	%		2.9	%		5.1	%		10.4	%		7.6			2.1			16.4			25.3			2.9
01/01/23 to 12/31/23.		N/A			9.1			15.0			2.7			7.3			14.1			7.8			2.2			14.0			25.1			2.7

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		7


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2025 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		12.34	%		N/A			6.59	%		N/A			5.41	%		N/A
Investor A		12.07			N/A			6.33			N/A			5.15			N/A
Investor P		12.04			6.15	%		6.33			5.19	%		5.15			4.58	%
Class K		12.40			N/A			6.65			N/A			5.47			N/A
LifePath Index 2025 Fund Custom Benchmark		12.32			N/A			6.68			N/A			5.52			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2025 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2025.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Fixed-Income Funds		56.8	%
Equity Funds		43.1
Money Market Funds		0.2
Liabilities in Excess of Other Assets		(0.1	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		24.6	%
iShares U.S. Intermediate Government Bond Index Fund		15.6
iShares U.S. Securitized Bond Index Fund		14.0
iShares Core MSCI Total International Stock ETF		13.8
iShares U.S. Intermediate Credit Bond Index Fund		10.2
iShares TIPS Bond ETF		7.7
iShares U.S. Long Government Bond Index Fund		6.9
iShares U.S. Long Credit Bond Index Fund		2.4
Master Small Cap Index Series		2.4
iShares Developed Real Estate Index Fund, Class K		2.3


8		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2030 Fund

Investment Objective

BlackRock LifePath^® Index 2030 Fund’s (“LifePath Index 2030 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2030 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2030 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2030 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2030 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2030 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		27.7	%		N/A			N/A			N/A			N/A			N/A			4.1	%		6.6	%		20.9	%		37.8	%		2.9	%
01/01/15 to 12/31/15.		21.8			N/A			N/A			N/A			N/A			N/A			3.4			8.3			23.1			40.8			2.6
01/01/16 to 12/31/16.		23.4			N/A			N/A			N/A			N/A			N/A			3.6			8.3			22.9			39.3			2.5
01/01/17 to 12/31/17.		25.9			N/A			N/A			N/A			N/A			N/A			4.0			8.1			22.5			37.1			2.4
01/01/18 to 12/31/18.		27.2			N/A			N/A			N/A			N/A			N/A			4.2			7.5			22.5			36.1			2.5
01/01/19 to 12/31/19.		26.9			N/A			N/A			N/A			N/A			N/A			6.1			3.1			25.2			36.0			2.7
01/01/20 to 12/31/20.		29.9			N/A			N/A			N/A			N/A			N/A			6.2			3.0			23.9			34.5			2.5
01/01/21 to 12/31/21.		32.1			N/A			N/A			N/A			N/A			N/A			6.5			2.9			22.9			33.1			2.5
01/01/22 to 12/31/22.		8.5			3.7	%		6.7	%		3.6	%		4.0	%		7.8	%		6.7			2.7			21.1			32.9			2.3
01/01/23 to 12/31/23.		N/A			6.0			9.8			4.3			5.7			10.6			6.9			2.6			18.8			32.7			2.6

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		9


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2030 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		14.58	%		N/A			7.82	%		N/A			6.16	%		N/A
Investor A		14.29			N/A			7.57			N/A			5.90			N/A
Investor P		14.23			8.24	%		7.54			6.39	%		5.90			5.32	%
Class K		14.57			N/A			7.87			N/A			6.21			N/A
LifePath Index 2030 Fund Custom Benchmark		14.57			N/A			7.91			N/A			6.26			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2030 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2030.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		56.1	%
Fixed-Income Funds		43.8
Money Market Funds		0.3
Liabilities in Excess of Other Assets		(0.2	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		32.3	%
iShares Core MSCI Total International Stock ETF		18.6
iShares U.S. Securitized Bond Index Fund		10.5
iShares U.S. Intermediate Government Bond Index Fund		9.7
iShares U.S. Intermediate Credit Bond Index Fund		6.9
iShares TIPS Bond ETF		6.7
iShares U.S. Long Government Bond Index Fund		5.9
iShares U.S. Long Credit Bond Index Fund		4.1
iShares Developed Real Estate Index Fund, Class K		2.7
Master Small Cap Index Series		2.5


10		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2035 Fund

Investment Objective

BlackRock LifePath^® Index 2035 Fund’s (“LifePath Index 2035 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2035 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2035 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2035 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2035 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2035 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		21.6	%		N/A			N/A			N/A			N/A			N/A			2.9	%		8.1	%		23.0	%		41.8	%		2.6	%
01/01/15 to 12/31/15.		13.2			N/A			N/A			N/A			N/A			N/A			1.9			10.6			26.0			46.0			2.3
01/01/16 to 12/31/16.		14.7			N/A			N/A			N/A			N/A			N/A			2.2			10.7			25.7			44.6			2.1
01/01/17 to 12/31/17.		17.1			N/A			N/A			N/A			N/A			N/A			2.5			10.8			25.5			42.4			1.7
01/01/18 to 12/31/18.		18.4			N/A			N/A			N/A			N/A			N/A			2.7			10.3			25.5			41.3			1.8
01/01/19 to 12/31/19.		17.1			N/A			N/A			N/A			N/A			N/A			4.6			3.7			30.4			41.8			2.4
01/01/20 to 12/31/20.		19.7			N/A			N/A			N/A			N/A			N/A			4.9			3.6			29.1			40.6			2.1
01/01/21 to 12/31/21.		21.8			N/A			N/A			N/A			N/A			N/A			5.2			3.5			28.0			39.6			1.9
01/01/22 to 12/31/22.		5.9			2.6	%		3.6	%		3.4	%		2.9	%		5.4	%		5.5			3.3			25.5			40.0			1.9
01/01/23 to 12/31/23.		N/A			4.1			5.8			4.2			4.2			7.5			5.7			3.2			23.1			39.7			2.5

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		11


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2035 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		16.51	%		N/A			8.98	%		N/A			6.87	%		N/A
Investor A		16.26			N/A			8.71			N/A			6.60			N/A
Investor P		16.31			10.21	%		8.71			7.55	%		6.61			6.04	%
Class K		16.59			N/A			9.03			N/A			6.92			N/A
LifePath Index 2035 Fund Custom Benchmark		16.56			N/A			9.05			N/A			6.94			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2035 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2035.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		67.7	%
Fixed-Income Funds		32.2
Money Market Funds		0.4
Liabilities in Excess of Other Assets		(0.3	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		39.2	%
iShares Core MSCI Total International Stock ETF		22.6
iShares U.S. Securitized Bond Index Fund		7.5
iShares U.S. Intermediate Government Bond Index Fund		6.0
iShares TIPS Bond ETF		5.7
iShares U.S. Intermediate Credit Bond Index Fund		4.5
iShares U.S. Long Government Bond Index Fund		4.3
iShares U.S. Long Credit Bond Index Fund		4.2
iShares Developed Real Estate Index Fund, Class K		3.4
Master Small Cap Index Series		2.5


12		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2040 Fund

Investment Objective

BlackRock LifePath^® Index 2040 Fund’s (“LifePath Index 2040 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2040 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2040 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2040 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2040 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2040 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		16.3	%		N/A			N/A			N/A			N/A			N/A			1.6	%		9.5	%		24.9	%		45.3	%		2.4	%
01/01/15 to 12/31/15.		5.6			N/A			N/A			N/A			N/A			N/A			0.7			12.9			28.6			50.1			2.1
01/01/16 to 12/31/16.		6.9			N/A			N/A			N/A			N/A			N/A			0.9			12.9			28.5			48.9			1.9
01/01/17 to 12/31/17.		9.2			N/A			N/A			N/A			N/A			N/A			1.2			13.2			28.2			47.1			1.1
01/01/18 to 12/31/18.		10.3			N/A			N/A			N/A			N/A			N/A			1.4			12.8			28.3			45.9			1.3
01/01/19 to 12/31/19.		8.4			N/A			N/A			N/A			N/A			N/A			3.0			4.2			35.2			47.0			2.2
01/01/20 to 12/31/20.		10.8			N/A			N/A			N/A			N/A			N/A			3.2			4.1			33.9			46.2			1.8
01/01/21 to 12/31/21.		12.6			N/A			N/A			N/A			N/A			N/A			3.6			4.0			32.7			45.7			1.4
01/01/22 to 12/31/22.		3.5			1.2	%		1.2	%		3.3	%		1.8	%		3.3	%		4.0			3.9			29.7			46.7			1.4
01/01/23 to 12/31/23.		N/A			2.2			2.5			4.1			2.7			4.7			4.3			3.8			27.2			46.1			2.4

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		13


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2040 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		18.52	%		N/A			10.02	%		N/A			7.50	%		N/A
Investor A		18.20			N/A			9.74			N/A			7.22			N/A
Investor P		18.21			12.01	%		9.75			8.57	%		7.23			6.65	%
Class K		18.58			N/A			10.08			N/A			7.55			N/A
LifePath Index 2040 Fund Custom Benchmark		18.49			N/A			10.07			N/A			7.55			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2040 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2040.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		79.0	%
Fixed-Income Funds		21.0
Money Market Funds		0.4
Liabilities in Excess of Other Assets		(0.4	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		45.8	%
iShares Core MSCI Total International Stock ETF		26.6
iShares U.S. Securitized Bond Index Fund		4.8
iShares TIPS Bond ETF		4.3
iShares U.S. Long Credit Bond Index Fund		4.1
iShares Developed Real Estate Index Fund, Class K		4.0
iShares U.S. Long Government Bond Index Fund		2.8
Master Small Cap Index Series		2.6
iShares U.S. Intermediate Government Bond Index Fund		2.6
iShares U.S. Intermediate Credit Bond Index Fund		2.4


14		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2045 Fund

Investment Objective

BlackRock LifePath^® Index 2045 Fund’s (“LifePath Index 2045 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2045 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2045 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2045 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2045 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2045 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		12.6	%		N/A			N/A			N/A			N/A			N/A			N/A			10.7	%		26.4	%		48.1	%		2.2	%
01/01/15 to 12/31/15.		1.8			N/A			N/A			N/A			N/A			N/A			0.2	%		14.2			30.0			51.7			2.1
01/01/16 to 12/31/16.		2.3			N/A			N/A			N/A			N/A			N/A			0.2			14.6			30.2			50.8			1.9
01/01/17 to 12/31/17.		3.4			N/A			N/A			N/A			N/A			N/A			0.3			15.3			30.5			49.6			0.9
01/01/18 to 12/31/18.		4.0			N/A			N/A			N/A			N/A			N/A			0.4			15.0			30.7			48.8			1.1
01/01/19 to 12/31/19.		3.0			N/A			N/A			N/A			N/A			N/A			1.4			4.6			38.5			50.5			2.0
01/01/20 to 12/31/20.		4.3			N/A			N/A			N/A			N/A			N/A			1.6			4.5			37.6			50.5			1.5
01/01/21 to 12/31/21.		5.3			N/A			N/A			N/A			N/A			N/A			1.9			4.5			36.6			50.6			1.1
01/01/22 to 12/31/22.		1.6			0.0	%		0.0	%		3.0	%		0.4	%		1.5	%		2.2			4.4			33.3			52.5			1.1
01/01/23 to 12/31/23.		N/A			0.2			0.2			4.3			0.8			2.2			2.6			4.3			30.9			52.2			2.3

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		15


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2045 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		20.24	%		N/A			10.90	%		N/A			8.00	%		N/A
Investor A		19.93			N/A			10.62			N/A			7.73			N/A
Investor P		20.00			13.70	%		10.63			9.44	%		7.73			7.15	%
Class K		20.29			N/A			10.95			N/A			8.05			N/A
LifePath Index 2045 Fund Custom Benchmark		20.24			N/A			10.94			N/A			8.03			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2045 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2045.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		89.1	%
Fixed-Income Funds		10.8
Money Market Funds		0.4
Liabilities in Excess of Other Assets		(0.3	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		51.8	%
iShares Core MSCI Total International Stock ETF		30.1
iShares Developed Real Estate Index Fund, Class K		4.5
iShares U.S. Long Credit Bond Index Fund		4.4
Master Small Cap Index Series		2.7
iShares TIPS Bond ETF		2.6
iShares U.S. Securitized Bond Index Fund		2.3
iShares U.S. Long Government Bond Index Fund		0.9
iShares U.S. Intermediate Credit Bond Index Fund		0.4
BlackRock Cash Funds: Treasury, SL Agency Shares		0.3


16		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2050 Fund

Investment Objective

BlackRock LifePath^® Index 2050 Fund’s (“LifePath Index 2050 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2050 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2050 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2050 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2050 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2050 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		8.3	%		N/A			N/A			N/A			N/A			N/A			N/A			11.7	%		27.7	%		50.4	%		1.9	%
01/01/15 to 12/31/15.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			14.5			30.3			52.1			2.1
01/01/16 to 12/31/16.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			15.0			30.9			51.2			1.9
01/01/17 to 12/31/17.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			16.2			31.5			50.4			0.9
01/01/18 to 12/31/18.		1.2			N/A			N/A			N/A			N/A			N/A			N/A			16.0			31.7			50.1			1.0
01/01/19 to 12/31/19.		1.0			N/A			N/A			N/A			N/A			N/A			0.4	%		4.8			39.9			52.0			1.9
01/01/20 to 12/31/20.		1.3			N/A			N/A			N/A			N/A			N/A			0.5			4.7			39.5			52.7			1.3
01/01/21 to 12/31/21.		1.6			N/A			N/A			N/A			N/A			N/A			0.6			4.7			38.8			53.3			1.0
01/01/22 to 12/31/22.		0.6			0.0	%		0.0	%		1.4	%		0.0	%		0.0	%		0.8			4.7			35.6			55.9			1.0
01/01/23 to 12/31/23.		N/A			0.0			0.0			2.5			0.1			0.0			1.0			4.4			33.5			56.2			2.3

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		17


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2050 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		21.23	%		N/A			11.36	%		N/A			8.25	%		N/A
Investor A		21.00			N/A			11.08			N/A			7.98			N/A
Investor P		20.95			14.60	%		11.07			9.88	%		7.98			7.40	%
Class K		21.36			N/A			11.41			N/A			8.30			N/A
LifePath Index 2050 Fund Custom Benchmark		21.26			N/A			11.40			N/A			8.28			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2050 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2050.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		96.0	%
Fixed-Income Funds		3.9
Money Market Funds		0.3
Liabilities in Excess of Other Assets		(0.2	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		56.0	%
iShares Core MSCI Total International Stock ETF		32.7
iShares Developed Real Estate Index Fund, Class K		4.5
Master Small Cap Index Series		2.8
iShares U.S. Long Credit Bond Index Fund		2.7
iShares TIPS Bond ETF		1.1
BlackRock Cash Funds: Treasury, SL Agency Shares		0.3
iShares U.S. Long Government Bond Index Fund		0.1
BlackRock Cash Funds: Institutional, SL Agency Shares		—	^(a)

^(a)	Rounds to less than 0.1% of net assets.


18		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2055 Fund

Investment Objective

BlackRock LifePath^® Index 2055 Fund’s (“LifePath Index 2055 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2055 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

^(b)

The LifePath Index 2055 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2055 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2055 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2055 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
01/01/14 to 12/31/14.		4.2	%		N/A			N/A			N/A			N/A			N/A			N/A			12.8	%		29.0	%		52.1	%		1.9	%
01/01/15 to 12/31/15.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			14.5			30.3			52.1			2.1
01/01/16 to 12/31/16.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			15.0			30.9			51.2			1.9
01/01/17 to 12/31/17.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			16.2			31.5			50.4			0.9
01/01/18 to 12/31/18.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			16.1			31.8			50.1			1.0
01/01/19 to 12/31/19.		0.9			N/A			N/A			N/A			N/A			N/A			0.1	%		4.8			40.2			52.0			2.0
01/01/20 to 12/31/20.		0.8			N/A			N/A			N/A			N/A			N/A			0.2			4.8			39.9			52.9			1.4
01/01/21 to 12/31/21.		0.9			N/A			N/A			N/A			N/A			N/A			0.2			4.8			39.3			53.8			1.0
01/01/22 to 12/31/22.		0.3			0.0	%		0.0	%		0.6	%		0.0	%		0.0	%		0.2			4.8			36.3			56.8			1.0
01/01/23 to 12/31/23.		N/A			0.0			0.0			0.7			0.0			0.0			0.3			4.4			34.5			57.8			2.3

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		19


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2055 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						10 Years

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		21.61	%		N/A			11.44	%		N/A			8.32	%		N/A
Investor A		21.31			N/A			11.17			N/A			8.05			N/A
Investor P		21.23			14.86	%		11.17			9.98	%		8.05			7.46	%
Class K		21.60			N/A			11.50			N/A			8.37			N/A
LifePath Index 2055 Fund Custom Benchmark		21.57			N/A			11.51			N/A			8.35			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.46			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			1.24			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.88			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			2.27			N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			1.43			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.42			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.57			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			3.97			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			11.80			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			7.16			N/A

^(a)

^(b)

LifePath Index 2055 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2055.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		98.7	%
Fixed-Income Funds		1.1
Money Market Funds		0.2
Liabilities in Excess of Other Assets		(—	)^(a)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		57.7	%
iShares Core MSCI Total International Stock ETF		33.7
iShares Developed Real Estate Index Fund, Class K		4.4
Master Small Cap Index Series		2.9
iShares U.S. Long Credit Bond Index Fund		0.8
iShares TIPS Bond ETF		0.3
BlackRock Cash Funds: Treasury, SL Agency Shares		0.2

^(a)	Rounds to more than (0.1)% of net assets.


20		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2060 Fund

Investment Objective

BlackRock LifePath^® Index 2060 Fund’s (“LifePath Index 2060 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2060 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

The LifePath Index Fund commenced operations on February 29, 2016.

^(a)

^(b)

The LifePath Index 2060 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2060 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2060 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2060 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period(a)	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
02/29/16 to 12/31/16.		1.0	%		N/A			N/A			N/A			N/A			N/A			N/A			15.0	%		30.9	%		51.2	%		1.9	%
01/01/17 to 12/31/17.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			16.2			31.5			50.4			0.9
01/01/18 to 12/31/18.		1.0			N/A			N/A			N/A			N/A			N/A			N/A			16.1			31.8			50.1			1.0
01/01/19 to 12/31/19.		0.9			N/A			N/A			N/A			N/A			N/A			0.1	%		4.8			40.2			52.0			2.0
01/01/20 to 12/31/20.		0.9			N/A			N/A			N/A			N/A			N/A			0.1			4.8			39.9			52.9			1.4
01/01/21 to 12/31/21.		0.9			N/A			N/A			N/A			N/A			N/A			0.1			4.8			39.3			53.9			1.0
01/01/22 to 12/31/22.		0.4			0.0	%		0.0	%		0.7	%		0.0	%		0.0	%		0.1			4.8			36.3			56.7			1.0
01/01/23 to 12/31/23.		N/A			0.0			0.0			0.9			0.0			0.0			0.1			4.4			34.5			57.8			2.3

^(a)

The LifePath Index Fund commenced operations on February 29, 2016.

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		21


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2060 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						5 Years						Since Inception^(c)

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		21.61	%		N/A			11.44	%		N/A			10.71	%		N/A
Investor A		21.30			N/A			11.17			N/A			10.44			N/A
Investor P		21.26			14.89	%		11.16			9.97	%		10.45			9.70	%
Class K		21.66			N/A			11.51			N/A			10.77			N/A
LifePath Index 2060 Fund Custom Benchmark		21.58			N/A			11.51			N/A			10.72			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			2.44			N/A			2.35			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			1.03			N/A			0.85			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			2.70			N/A			3.33			N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(1.23	)		N/A			(0.78	)		N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			0.37			N/A			0.69			N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			3.15			N/A			2.48			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			2.81			N/A			3.36			N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			7.18			N/A			7.37			N/A
Russell 1000^® Index		26.53			N/A			15.52			N/A			14.17			N/A
Russell 2000^® Index		16.93			N/A			9.97			N/A			10.48			N/A

^(a)

^(b)

LifePath Index 2060 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2060.

^(c)

The LifePath Index 2060 Fund commenced operations on February 29, 2016.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		98.7	%
Fixed-Income Funds		1.1
Money Market Funds		0.5
Liabilities in Excess of Other Assets		(0.3	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		57.8	%
iShares Core MSCI Total International Stock ETF		33.6
iShares Developed Real Estate Index Fund, Class K		4.4
Master Small Cap Index Series		2.9
iShares U.S. Long Credit Bond Index Fund		0.9
BlackRock Cash Funds: Institutional, SL Agency Shares		0.3
BlackRock Cash Funds: Treasury, SL Agency Shares		0.2
iShares TIPS Bond ETF		0.2


22		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


LifePath Index Fund Summary as of December 31, 2023		BlackRock LifePath^® Index 2065 Fund

Investment Objective

BlackRock LifePath^® Index 2065 Fund’s (“LifePath Index 2065 Fund” or the “LifePath Index Fund”) investment objective is to seek to provide for retirement outcomes based on quantitatively measured risk. In pursuit of this objective, LifePath Index 2065 Fund will be broadly diversified across global asset classes, with asset allocations becoming more conservative over time.

GROWTH OF $10,000 INVESTMENT

LOGO

The

LifePath Index Fund commenced operations on October 30, 2019.

^(a)

^(b)

The LifePath Index 2065 Fund compares its performance to that of a customized weighted index (the “LifePath Index 2065 Fund Custom Benchmark”) comprised of the indexes indicated below, which reflects the investment adviser’s changes to the benchmark’s weightings over time. The investment adviser adjusts the weightings of the indexes in the LifePath Index 2065 Fund Custom Benchmark periodically based upon its evaluation and adjustment of the LifePath Index 2065 Fund’s asset allocation strategy. The weightings are presented annually but they are adjusted quarterly.

The LifePath Index Fund’s custom benchmark consists of the following:


Period^(a)	Bloomberg U.S. Aggregate Bond Index			Bloomberg U.S. Intermediate Credit Bond Index			Bloomberg U.S. Intermediate Government Bond Index			Bloomberg U.S. Long Credit Bond Index			Bloomberg U.S. Long Government Bond Index			Bloomberg U.S. Securitized: MBS, ABS and CMBS Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI ACWI ex USA IMI Index			Russell 1000^® Index			Russell 2000^® Index
10/30/19 to 12/31/19.		1.0	%		N/A			N/A			N/A			N/A			N/A			0.0	%		4.8	%		40.2	%		52.0	%		2.0	%
01/01/20 to 12/31/20.		1.0			N/A			N/A			N/A			N/A			N/A			0.0			4.8			39.9			52.9			1.4
01/01/21 to 12/31/21.		1.1			N/A			N/A			N/A			N/A			N/A			0.0			4.8			39.3			53.8			1.0
01/01/22 to 12/31/22.		0.4			0.0	%		0.0	%		0.7	%		0.0	%		0.0	%		0.0			4.8			36.3			56.8			1.0
01/01/23 to 12/31/23.		N/A			0.0			0.0			0.9			0.0			0.0			0.1			4.4			34.5			57.8			2.3

^(a)

The LifePath Index Fund commenced operations on October 30, 2019.

See “About Fund Performance” for descriptions of the indexes.


F U N D S U M M A R Y		23


LifePath Index Fund Summary as of December 31, 2023 (continued)		BlackRock LifePath^® Index 2065 Fund

Performance


	Average Annual Total Returns^(a)(b)

	1 Year						Since Inception^(c)

	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		21.57	%		N/A			9.11	%		N/A
Investor A		21.33			N/A			8.85			N/A
Investor P		21.21			14.83	%		8.84			7.45	%
Class K		21.62			N/A			9.16			N/A
LifePath Index 2065 Fund Custom Benchmark		21.59			N/A			9.04			N/A
Bloomberg U.S. Intermediate Credit Bond Index		6.94			N/A			0.91			N/A
Bloomberg U.S. Intermediate Government Bond Index		4.30			N/A			0.04			N/A
Bloomberg U.S. Long Credit Bond Index		10.73			N/A			(1.41	)		N/A
Bloomberg U.S. Long Government Bond Index		3.11			N/A			(5.04	)		N/A
Bloomberg U.S. Securitized: MBS, ABS and CMBS Index		5.08			N/A			(0.92	)		N/A
Bloomberg U.S. TIPS Index (Series-L)		3.90			N/A			2.06			N/A
FTSE EPRA Nareit Developed Index		9.68			N/A			(1.54	)		N/A
MSCI ACWI ex USA IMI Index		15.62			N/A			5.05			N/A
Russell 1000^® Index		26.53			N/A			13.03			N/A
Russell 2000^® Index		16.93			N/A			7.73			N/A

^(a)

^(b)

LifePath Index 2065 Fund normally invests its assets in underlying funds according to an asset allocation strategy designed for investors planning to retire or begin withdrawing assets around the year 2065.

^(c)

The LifePath Index 2065 Fund commenced operations on October 30, 2019.

N/A — Not applicable as the share class and index do not have a sales charge.

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.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Equity Funds		98.7	%
Fixed-Income Funds		1.0
Money Market Funds		1.0
Liabilities in Excess of Other Assets		(0.7	)

TEN LARGEST HOLDINGS


Security	Percent of Net Assets
Large Cap Index Master Portfolio		57.8	%
iShares Core MSCI Total International Stock ETF		33.5
iShares Developed Real Estate Index Fund, Class K		4.5
Master Small Cap Index Series		2.9
iShares U.S. Long Credit Bond Index Fund		0.9
BlackRock Cash Funds: Institutional, SL Agency Shares		0.8
BlackRock Cash Funds: Treasury, SL Agency Shares		0.2
iShares TIPS Bond ETF		0.1


24		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries.

Investor P Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are only available to investors purchasing shares through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the LifePath Index Funds’ distributor to offer such shares. Except with respect to LifePath Index 2065 Fund, Investor P Shares performance shown prior to the Investor P Shares inception date of August 6, 2018 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor P Shares fees.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each LifePath Index Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Fund Advisors (“BFA” or the “Manager”) and BlackRock Advisors, LLC (“BAL” or the “Administrator”), each LifePath Index Fund’s Manager and Administrator respectively, have contractually agreed to waive and/or reimburse a portion of each LifePath Index Fund’s expenses. Without such waivers and/or reimbursements, each LifePath Index Fund’s performance would have been lower. With respect to each LifePath Index Fund’s contractual waivers, if any, the Manager and the Administrator are under no obligation to continue waiving and/or reimbursing their fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The LifePath Index Funds’ custom benchmarks are hypothetical representations of the performance of the respective LifePath Index Fund’s asset classes according to their weightings as of the most recent quarter-end. The weightings of the various indexes that are included in the LifePath Index Funds’ custom benchmarks are adjusted quarterly to reflect the LifePath Index Funds’ changing asset allocations over time. As of December 31, 2023, the following indexes are used to calculate the LifePath Index Funds’ custom benchmarks: Bloomberg U.S. Intermediate Credit Bond Index, Bloomberg U.S. Intermediate Government Bond Index, Bloomberg U.S. Long Credit Bond Index, Bloomberg U.S. Long Government Bond Index, Bloomberg U.S. Securitized: MBS, ABS and CMBS Index, Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI ACWI ex USA IMI Index, Russell 1000^® Index and Russell 2000^® Index.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Bloomberg U.S. Intermediate Credit Bond Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. The Bloomberg U.S. Intermediate Government Bond Index includes US dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures with a maturity greater 1 year and less than 10 years. The Bloomberg U.S. Long Credit Bond Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 10 years. The Bloomberg U.S. Long Government Bond Index includes US dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures with a maturity greater than 10 years. The Bloomberg U.S. Securitized: MBS, ABS and CMBS Index measures the performance of residential mortgage backed securities issued by Government Sponsored Enterprises, asset backed securities and commercial mortgage backed securities. The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) is an unmanaged index that measures the performance of the inflation-protected public obligations of the U.S. Treasury. The FTSE EPRA Nareit Developed Index is a global market capitalization weighted index composed of listed real estate securities from developed market countries in North America, Europe, and Asia. The MSCI ACWI ex USA IMI Index is a free float-adjusted market capitalization weighted index that measures the equity market performance of the developed (excluding the U.S.) and emerging investable market universe. The Russell 1000^® Index is an index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Index represents approximately 93% of the U.S. market. The Russell 2000^® Index is an index that measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

Disclosure of Expenses

Shareholders of each LifePath Index Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		25

Disclosure of Expenses (continued)

examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each LifePath Index Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their LifePath Index Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a LifePath Index Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these LifePath Index Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Expense Example


			Actual				Hypothetical 5% Return

	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period ^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
LifePath Index Retirement Fund
Institutional		$ 1,000.00		$ 1,046.40		$ 0.59		$ 1,000.00		$ 1,024.63		$ 0.58		0.11	%
Investor A		1,000.00		1,045.80		1.88		1,000.00		1,023.37		1.86		0.36
Investor P		1,000.00		1,045.10		1.88		1,000.00		1,023.37		1.86		0.36
Class K		1,000.00		1,046.70		0.33		1,000.00		1,024.88		0.33		0.06
LifePath Index 2025 Fund
Institutional		1,000.00		1,048.40		0.59		1,000.00		1,024.63		0.58		0.11
Investor A		1,000.00		1,047.00		1.88		1,000.00		1,023.37		1.86		0.36
Investor P		1,000.00		1,046.50		1.88		1,000.00		1,023.37		1.86		0.36
Class K		1,000.00		1,047.90		0.33		1,000.00		1,024.88		0.33		0.06
LifePath Index 2030 Fund
Institutional		1,000.00		1,054.00		0.58		1,000.00		1,024.64		0.57		0.11
Investor A		1,000.00		1,053.20		1.87		1,000.00		1,023.38		1.85		0.36
Investor P		1,000.00		1,052.60		1.87		1,000.00		1,023.38		1.85		0.36
Class K		1,000.00		1,054.30		0.32		1,000.00		1,024.89		0.32		0.06
LifePath Index 2035 Fund
Institutional		1,000.00		1,059.40		0.57		1,000.00		1,024.65		0.56		0.11
Investor A		1,000.00		1,058.10		1.87		1,000.00		1,023.39		1.84		0.36
Investor P		1,000.00		1,058.30		1.87		1,000.00		1,023.39		1.84		0.36
Class K		1,000.00		1,059.70		0.31		1,000.00		1,024.90		0.31		0.06
LifePath Index 2040 Fund
Institutional		1,000.00		1,064.70		0.57		1,000.00		1,024.65		0.56		0.11
Investor A		1,000.00		1,063.40		1.87		1,000.00		1,023.39		1.84		0.36
Investor P		1,000.00		1,063.50		1.87		1,000.00		1,023.39		1.84		0.36
Class K		1,000.00		1,065.00		0.31		1,000.00		1,024.90		0.31		0.06
LifePath Index 2045 Fund
Institutional		1,000.00		1,070.20		0.57		1,000.00		1,024.65		0.56		0.11
Investor A		1,000.00		1,068.50		1.88		1,000.00		1,023.39		1.84		0.36
Investor P		1,000.00		1,068.70		1.88		1,000.00		1,023.39		1.84		0.36
Class K		1,000.00		1,069.90		0.31		1,000.00		1,024.90		0.31		0.06
LifePath Index 2050 Fund
Institutional		1,000.00		1,072.90		0.58		1,000.00		1,024.64		0.57		0.11
Investor A		1,000.00		1,071.70		1.89		1,000.00		1,023.38		1.84		0.36
Investor P		1,000.00		1,071.80		1.89		1,000.00		1,023.38		1.84		0.36
Class K		1,000.00		1,073.20		0.32		1,000.00		1,024.90		0.31		0.06
LifePath Index 2055 Fund
Institutional		1,000.00		1,073.90		0.59		1,000.00		1,024.64		0.57		0.11
Investor A		1,000.00		1,072.20		1.89		1,000.00		1,023.38		1.85		0.36
Investor P		1,000.00		1,071.80		1.89		1,000.00		1,023.38		1.85		0.36
Class K		1,000.00		1,073.60		0.32		1,000.00		1,024.89		0.32		0.06
LifePath Index 2060 Fund
Institutional		1,000.00		1,073.50		0.59		1,000.00		1,024.64		0.57		0.11
Investor A		1,000.00		1,072.30		1.89		1,000.00		1,023.38		1.85		0.36
Investor P		1,000.00		1,072.40		1.89		1,000.00		1,023.38		1.85		0.36
Class K		1,000.00		1,074.40		0.33		1,000.00		1,024.89		0.32		0.06
LifePath Index 2065 Fund
Institutional		1,000.00		1,074.00		0.59		1,000.00		1,024.64		0.58		0.11
Investor A		1,000.00		1,072.90		1.89		1,000.00		1,023.38		1.85		0.36
Investor P		1,000.00		1,071.90		1.90		1,000.00		1,023.38		1.85		0.36
Class K		1,000.00		1,073.40		0.33		1,000.00		1,024.89		0.32		0.06

^(a)

For each class of the LifePath Index Funds, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).


26		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Derivative Financial Instruments

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


D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S		27

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index Retirement Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 40.1%
iShares Core MSCI Total International Stock ETF^(b)		14,534,295	$	943,711,774
iShares Developed Real Estate Index Fund, Class K		17,859,304		170,020,579
Large Cap Index Master Portfolio	$	1,709,963,882		1,709,963,882
Master Small Cap Index Series	$	169,246,417		169,246,417


				2,992,942,652

Fixed-Income Funds — 59.9%
iShares TIPS Bond ETF^(b)		5,373,307		577,576,769
iShares U.S. Intermediate Credit Bond Index Fund		72,959,994		725,951,944
iShares U.S. Intermediate Government Bond Index Fund		145,625,659		1,427,131,462
iShares U.S. Long Credit Bond Index Fund		16,654,294		159,548,136
iShares U.S. Long Government Bond Index Fund		54,830,980		466,063,329
iShares U.S. Securitized Bond Index Fund		118,105,747		1,123,185,653


				4,479,457,293


Security	Shares		Value

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		17,231,903	$	17,242,242
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		14,730,357		14,730,357


				31,972,599


Total Investments — 100.4% (Cost: $6,464,814,373)				7,504,372,544

Liabilities in Excess of Other Assets — (0.4)%				(28,616,762	)


Net Assets — 100.0%			$	7,475,755,782

^(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 LifePath Index Fund during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	17,241,427	^(a)	$	—		$	313		$	502	$	17,242,242		17,231,903	$	28,939	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,510,487		7,219,870	^(a)		—			—			—		14,730,357		14,730,357		394,357			—
iShares Core MSCI Total International Stock ETF		995,962,402		90,785,022			(257,812,208	)		17,552,735			97,223,823		943,711,774		14,534,295		29,424,216			—
iShares Developed Real Estate Index Fund, Class K		157,292,190		13,867,916			(12,064,062	)		(2,621,744	)		13,546,279		170,020,579		17,859,304		5,137,959			—
iShares TIPS Bond ETF		574,591,540		50,397,080			(52,725,687	)		(5,832,779	)		11,146,615		577,576,769		5,373,307		15,760,169			—
iShares U.S. Intermediate Credit Bond Index Fund		525,053,143		242,398,442			(61,033,004	)		(2,117,872	)		21,651,235		725,951,944		72,959,994		24,412,875			—
iShares U.S. Intermediate Government Bond Index Fund		1,376,377,175		313,199,921			(288,213,298	)		(9,908,255	)		35,675,919		1,427,131,462		145,625,659		31,748,788			—
iShares U.S. Long Credit Bond Index Fund		237,751,964		15,101,072			(105,961,529	)		(6,389,978	)		19,046,607		159,548,136		16,654,294		9,110,294			—
iShares U.S. Long Government Bond Index Fund		473,021,649		121,229,000			(128,546,863	)		(23,165,808	)		23,525,351		466,063,329		54,830,980		18,153,608			—
iShares U.S. Securitized Bond Index Fund		1,119,281,630		96,105,000			(108,662,352	)		(8,258,559	)		24,719,934		1,123,185,653		118,105,747		38,271,855			—
Large Cap Index Master Portfolio		1,489,719,648		—			(138,561,293	)^(a)(c)		1,493,342			357,312,185		1,709,963,882	$	1,709,963,882		26,131,537			—
Master Small Cap Index Series		222,346,539		—			(82,465,688	)^(a)(c)		8,619,201			20,746,365		169,246,417	$	169,246,417		3,485,420			—


									$	(30,629,404	)	$	624,594,815	$	7,504,372,544			$	202,060,017		$	—

^(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)

Inclusive of income and expense allocated from the Master Portfolio.


28		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index Retirement Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the LifePath Index Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the LifePath Index Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the LifePath Index Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,113,732,353	$	—	$	—	$	1,113,732,353
Fixed-Income Funds		4,479,457,293		—		—		4,479,457,293
Money Market Funds		31,972,599		—		—		31,972,599


	$	5,625,162,245	$	—	$	—		5,625,162,245


Investments Valued at NAV^(a)								1,879,210,299


							$	7,504,372,544

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2025 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 43.1%
iShares Core MSCI Total International Stock ETF		14,120,453	$	916,841,013
iShares Developed Real Estate Index Fund, Class K		16,255,207		154,749,575
Large Cap Index Master Portfolio	$	1,637,576,104		1,637,576,104
Master Small Cap Index Series	$	156,302,229		156,302,229

				2,865,468,921

Fixed-Income Funds — 56.8%
iShares TIPS Bond ETF		4,725,448		507,938,406
iShares U.S. Intermediate Credit Bond Index Fund		68,236,495		678,953,128
iShares U.S. Intermediate Government Bond Index Fund		105,968,703		1,038,493,290
iShares U.S. Long Credit Bond Index Fund		16,368,250		156,807,838
iShares U.S. Long Government Bond Index Fund		54,185,599		460,577,596
iShares U.S. Securitized Bond Index Fund		97,947,078		931,476,716

				3,774,246,974


Security	Shares		Value

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(b)		10,791,524	$	10,791,524

Total Investments — 100.1% (Cost: $5,776,935,615)				6,650,507,419


Liabilities in Excess of Other Assets — (0.1)%				(5,850,098	)


Net Assets — 100.0%			$	6,644,657,321

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates



Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	35,909,984	$	—	$	(35,911,978	)^(b)	$	2,711		$	(717	)	$	—		—	$	24,725	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		11,942,609		—		(1,151,085	)^(b)		—			—			10,791,524		10,791,524		375,185			—
iShares Core MSCI Total International Stock ETF		968,969,832		71,876,055		(234,508,954	)		8,136,055			102,368,025			916,841,013		14,120,453		29,194,908			—
iShares Developed Real Estate Index Fund, Class K		127,268,854		23,901,150		(6,663,047	)		(893,384	)		11,136,002			154,749,575		16,255,207		4,485,865			—
iShares TIPS Bond ETF		459,679,554		68,624,735		(24,773,289	)		(5,081,081	)		9,488,487			507,938,406		4,725,448		13,359,772			—
iShares U.S. Intermediate Credit Bond Index Fund		409,141,580		276,362,055		(22,789,999	)		(806,369	)		17,045,861			678,953,128		68,236,495		19,145,716			—
iShares U.S. Intermediate Government Bond Index Fund		885,229,488		221,304,164		(85,955,168	)		(3,333,391	)		21,248,197			1,038,493,290		105,968,703		22,513,001			—
iShares U.S. Long Credit Bond Index Fund		229,579,317		21,565,501		(105,816,335	)		(7,268,671	)		18,748,026			156,807,838		16,368,250		10,352,579			—
iShares U.S. Long Government Bond Index Fund		410,854,806		134,362,113		(86,592,188	)		(15,906,950	)		17,859,815			460,577,596		54,185,599		16,423,338			—
iShares U.S. Securitized Bond Index Fund		833,833,202		122,053,522		(38,074,191	)		(2,962,930	)		16,627,113			931,476,716		97,947,078		30,188,455			—
Large Cap Index Master Portfolio		1,462,658,023		—		(174,159,787	)^(b)(d)		(1,413,210	)		350,491,078			1,637,576,104	$	1,637,576,104		25,590,842			—
Master Small Cap Index Series		172,036,530		—		(40,658,191	)^(b)(d)		1,881,638			23,042,252			156,302,229	$	156,302,229		2,909,827			—


								$	(27,645,582	)	$	588,054,139		$	6,650,507,419			$	174,564,213		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

^(d)

Inclusive of income and expense allocated from the Master Portfolio.


30		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2025 Fund

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,071,590,588	$	—	$	—	$	1,071,590,588
Fixed-Income Funds		3,774,246,974		—		—		3,774,246,974
Money Market Funds		10,791,524		—		—		10,791,524


	$	4,856,629,086	$	—	$	—		4,856,629,086


Investments Valued at NAV^(a)								1,793,878,333


							$	6,650,507,419

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2030 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 56.1%
iShares Core MSCI Total International Stock ETF^(b)		33,865,633	$	2,198,895,551
iShares Developed Real Estate Index Fund, Class K		33,830,671		322,067,992
Large Cap Index Master Portfolio	$	3,830,413,454		3,830,413,454
Master Small Cap Index Series	$	294,405,688		294,405,688

				6,645,782,685

Fixed-Income Funds — 43.8%
iShares TIPS Bond ETF		7,392,216		794,589,298
iShares U.S. Intermediate Credit Bond Index Fund		81,936,715		815,270,319
iShares U.S. Intermediate Government Bond Index Fund		117,552,530		1,152,014,796
iShares U.S. Long Credit Bond Index Fund		50,932,113		487,929,647
iShares U.S. Long Government Bond Index Fund		81,526,919		692,978,811
iShares U.S. Securitized Bond Index Fund		131,397,816		1,249,593,226

				5,192,376,097


Security	Shares		Value

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		4,214,150	$	4,216,678
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		26,965,384		26,965,384

				31,182,062


Total Investments — 100.2% (Cost: $9,897,939,111)				11,869,340,844

Liabilities in Excess of Other Assets — (0.2)%				(18,389,462	)


Net Assets — 100.0%			$	11,850,951,382

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	4,212,674	^(a)	$	—		$	2,365		$	1,639	$	4,216,678		4,214,150	$	47,994	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,274,503		21,690,881	^(a)		—			—			—		26,965,384		26,965,384		831,204			—
iShares Core MSCI Total International Stock ETF		2,093,914,920		200,025,685			(342,950,685	)		5,352,609			242,553,022		2,198,895,551		33,865,633		68,446,805			—
iShares Developed Real Estate Index Fund, Class K		276,799,500		29,753,727			(5,030,881	)		(917,677	)		21,463,323		322,067,992		33,830,671		9,524,627			—
iShares TIPS Bond ETF		685,735,123		123,024,489			(20,978,490	)		(4,607,743	)		11,415,919		794,589,298		7,392,216		20,640,689			—
iShares U.S. Intermediate Credit Bond Index Fund		511,011,250		297,778,915			(13,023,468	)		(524,301	)		20,027,923		815,270,319		81,936,715		22,139,006			—
iShares U.S. Intermediate Government Bond Index Fund		924,843,207		259,820,881			(52,712,992	)		(2,665,617	)		22,729,317		1,152,014,796		117,552,530		25,532,861			—
iShares U.S. Long Credit Bond Index Fund		479,657,829		61,602,747			(83,013,832	)		(6,301,751	)		35,984,654		487,929,647		50,932,113		25,231,011			—
iShares U.S. Long Government Bond Index Fund		537,624,735		165,055,166			(12,834,780	)		(2,763,769	)		5,897,459		692,978,811		81,526,919		21,562,177			—
iShares U.S. Securitized Bond Index Fund		1,058,165,089		197,140,800			(24,118,612	)		(2,026,465	)		20,432,414		1,249,593,226		131,397,816		39,470,109			—


32		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2030 Fund



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
Large Cap Index Master Portfolio	$	3,269,247,166	$	—		$	(231,892,469	)^(a)(c)	$	(7,169,434	)	$	800,228,191	$	3,830,413,454	$	3,830,413,454	$	58,194,885	$	—
Master Small Cap Index Series		231,709,920		21,064,083	^(a)(c)		—			1,141,256			40,490,429		294,405,688	$	294,405,688		4,497,122		—

									$	(20,480,527	)	$	1,221,224,290	$	11,869,340,844			$	296,118,490	$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,520,963,543	$	—	$	—	$	2,520,963,543
Fixed-Income Funds		5,192,376,097		—		—		5,192,376,097
Money Market Funds		31,182,062		—		—		31,182,062


	$	7,744,521,702	$	—	$	—		7,744,521,702


Investments Valued at NAV^(a)								4,124,819,142


							$	11,869,340,844

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2035 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 67.7%
iShares Core MSCI Total International Stock ETF^(b)		30,598,265	$	1,986,745,346
iShares Developed Real Estate Index Fund, Class K		31,062,379		295,713,851
Large Cap Index Master Portfolio	$	3,440,282,293		3,440,282,293
Master Small Cap Index Series	$	224,095,551		224,095,551


				5,946,837,041

Fixed-Income Funds — 32.2%
iShares TIPS Bond ETF		4,682,863		503,360,944
iShares U.S. Intermediate Credit Bond Index Fund		39,130,278		389,346,265
iShares U.S. Intermediate Government Bond Index Fund		53,956,654		528,775,210
iShares U.S. Long Credit Bond Index Fund		38,703,639		370,780,858
iShares U.S. Long Government Bond Index Fund		44,735,558		380,252,240
iShares U.S. Securitized Bond Index Fund		69,190,933		658,005,770

				2,830,521,287


Security	Shares		Value

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		1,009,931	$	1,010,537
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		30,762,070		30,762,070


				31,772,607


Total Investments — 100.3% (Cost: $7,279,740,042)				8,809,130,935

Liabilities in Excess of Other Assets — (0.3)%				(26,197,312	)


Net Assets — 100.0%			$	8,782,933,623

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	131,684	$	865,501	^(a)	$	—		$	13,337		$	15	$	1,010,537		1,009,931	$	19,930	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,490,298		22,271,772	^(a)		—			—			—		30,762,070		30,762,070		801,068			—
iShares Core MSCI Total International Stock ETF		1,699,929,870		297,367,571			(218,629,053	)		(16,892,491	)		224,969,449		1,986,745,346		30,598,265		60,208,276			—
iShares Developed Real Estate Index Fund, Class K		227,780,329		55,068,216			(6,739,473	)		(1,699,844	)		21,304,623		295,713,851		31,062,379		8,515,568			—
iShares TIPS Bond ETF		378,439,543		128,209,553			(7,150,273	)		(1,588,791	)		5,450,912		503,360,944		4,682,863		12,205,556			—
iShares U.S. Intermediate Credit Bond Index Fund		241,059,275		141,578,394			(3,093,236	)		(154,779	)		9,956,611		389,346,265		39,130,278		10,879,087			—
iShares U.S. Intermediate Government Bond Index Fund		340,850,850		183,998,926			(4,550,605	)		(221,830	)		8,697,869		528,775,210		53,956,654		10,493,261			—
iShares U.S. Long Credit Bond Index Fund		313,040,066		69,373,427			(32,580,057	)		(2,584,630	)		23,532,052		370,780,858		38,703,639		17,282,628			—
iShares U.S. Long Government Bond Index Fund		268,644,814		113,083,506			(3,265,420	)		(863,928	)		2,653,268		380,252,240		44,735,558		11,316,095			—
iShares U.S. Securitized Bond Index Fund		500,015,858		154,152,214			(5,953,854	)		(605,575	)		10,397,127		658,005,770		69,190,933		19,781,437			—
Large Cap Index Master Portfolio		2,702,987,818		59,978,550	^(a)(c)		—			(10,081,226	)		687,397,151		3,440,282,293	$	3,440,282,293		49,965,726			—
Master Small Cap Index Series		123,113,851		72,235,088	^(a)(c)		—			45,834			28,700,778		224,095,551	$	224,095,551		2,836,715			—


									$	(34,633,923	)	$	1,023,059,855	$	8,809,130,935			$	204,305,347		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.


34		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2035 Fund

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,282,459,197	$	—	$	—	$	2,282,459,197
Fixed-Income Funds		2,830,521,287		—		—		2,830,521,287
Money Market Funds		31,772,607		—		—		31,772,607


	$	5,144,753,091	$	—	$	—		5,144,753,091


Investments Valued at NAV^(a)								3,664,377,844


							$	8,809,130,935

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2040 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 79.0%
iShares Core MSCI Total International Stock ETF^(b)		46,040,973	$	2,989,440,377
iShares Developed Real Estate Index Fund, Class K		47,002,082		447,459,821
Large Cap Index Master Portfolio	$	5,153,013,693		5,153,013,693
Master Small Cap Index Series	$	297,642,374		297,642,374

				8,887,556,265

Fixed-Income Funds — 21.0%
iShares TIPS Bond ETF^(b)		4,443,152		477,594,408
iShares U.S. Intermediate Credit Bond Index Fund		26,863,275		267,289,582
iShares U.S. Intermediate Government Bond Index Fund		29,989,120		293,893,372
iShares U.S. Long Credit Bond Index Fund		48,557,257		465,178,520
iShares U.S. Long Government Bond Index Fund		36,998,342		314,485,905
iShares U.S. Securitized Bond Index Fund		56,320,930		535,612,041

				2,354,053,828


Security	Shares		Value

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		17,522,889	$	17,533,403
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		29,141,565		29,141,565

				46,674,968


Total Investments — 100.4% (Cost: $8,760,500,454)				11,288,285,061

Liabilities in Excess of Other Assets — (0.4)%				(41,682,389	)


Net Assets — 100.0%			$	11,246,602,672

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	17,523,588	^(a)	$	—		$	4,576		$	5,239	$	17,533,403		17,522,889	$	61,147	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,930,447		19,211,118	^(a)		—			—			—		29,141,565		29,141,565		970,232			—
iShares Core MSCI Total International Stock ETF		2,566,076,287		355,014,677			(245,455,802	)		(8,160,418	)		321,965,633		2,989,440,377		46,040,973		90,811,707			—
iShares Developed Real Estate Index Fund, Class K		346,328,466		75,253,075			(3,786,897	)		(793,065	)		30,458,242		447,459,821		47,002,082		12,905,469			—
iShares TIPS Bond ETF		358,214,879		118,108,867			(2,435,840	)		(550,374	)		4,256,876		477,594,408		4,443,152		11,626,600			—
iShares U.S. Intermediate Credit Bond Index Fund		147,177,930		113,934,899			(422,186	)		(29,194	)		6,628,133		267,289,582		26,863,275		7,098,137			—
iShares U.S. Intermediate Government Bond Index Fund		150,198,746		140,229,920			(494,236	)		(31,447	)		3,990,389		293,893,372		29,989,120		5,465,393			—
iShares U.S. Long Credit Bond Index Fund		402,128,191		75,107,994			(38,300,663	)		(2,883,158	)		29,126,156		465,178,520		48,557,257		21,483,611			—
iShares U.S. Long Government Bond Index Fund		212,710,145		100,977,846			(515,003	)		(198,299	)		1,511,216		314,485,905		36,998,342		9,260,831			—
iShares U.S. Securitized Bond Index Fund		396,409,965		131,715,241			(935,270	)		(141,334	)		8,563,439		535,612,041		56,320,930		15,826,847			—


36		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2040 Fund



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
Large Cap Index Master Portfolio	$	4,136,964,921	$	—		$	(3,663,273	)^(a)(c)	$	(14,428,372	)	$	1,034,140,417	$	5,153,013,693	$	5,153,013,693	$	75,269,959	$	—
Master Small Cap Index Series		118,270,322		142,075,117	^(a)(c)		—			952,634			36,344,301		297,642,374	$	297,642,374		3,260,454		—

									$	(26,258,451	)	$	1,476,990,041	$	11,288,285,061			$	254,040,387	$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	3,436,900,198	$	—	$	—	$	3,436,900,198
Fixed-Income Funds		2,354,053,828		—		—		2,354,053,828
Money Market Funds		46,674,968		—		—		46,674,968


	$	5,837,628,994	$	—	$	—		5,837,628,994


Investments Valued at NAV^(a)								5,450,656,067


							$	11,288,285,061

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2045 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 89.1%
iShares Core MSCI Total International Stock ETF^(b)		34,661,134	$	2,250,547,431
iShares Developed Real Estate Index Fund, Class K		35,030,347		333,488,900
Large Cap Index Master Portfolio	$	3,866,914,226		3,866,914,226
Master Small Cap Index Series	$	202,484,078		202,484,078

				6,653,434,635

Fixed-Income Funds — 10.8%
iShares TIPS Bond ETF^(b)		1,833,488		197,081,625
iShares U.S. Intermediate Credit Bond Index Fund		2,886,432		28,720,000
iShares U.S. Intermediate Government Bond Index Fund		1,440,068		14,112,667
iShares U.S. Long Credit Bond Index Fund		34,439,195		329,927,491
iShares U.S. Long Government Bond Index Fund		7,608,369		64,671,133
iShares U.S. Securitized Bond Index Fund		17,817,443		169,443,881

				803,956,797


Security	Shares		Value

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		6,864,623	$	6,868,742
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		18,889,377		18,889,377

				25,758,119


Total Investments — 100.3% (Cost: $5,853,664,679)				7,483,149,551

Liabilities in Excess of Other Assets — (0.3)%				(19,422,656	)


Net Assets — 100.0%			$	7,463,726,895

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,604,324	$	—		$	(15,742,664	)^(a)	$	7,967		$	(885	)	$	6,868,742		6,864,623	$	38,090	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,963,435		15,925,942	^(a)		—			—			—			18,889,377		18,889,377		715,548			—
iShares Core MSCI Total International Stock ETF		1,773,193,506		407,061,261			(153,425,137	)		(18,663,940	)		242,381,741			2,250,547,431		34,661,134		66,929,413			—
iShares Developed Real Estate Index Fund, Class K		239,833,349		74,189,193			(2,220,124	)		(671,752	)		22,358,234			333,488,900		35,030,347		9,421,911			—
iShares TIPS Bond ETF		128,069,460		70,011,573			(2,270,450	)		(495,342	)		1,766,384			197,081,625		1,833,488		4,497,235			—
iShares U.S. Intermediate Credit Bond Index Fund		526,865		27,719,722			(38,623	)		(2,712	)		514,748			28,720,000		2,886,432		299,135			—
iShares U.S. Intermediate Government Bond Index Fund		—		13,885,553			(29,120	)		(1,283	)		257,517			14,112,667		1,440,068		146,745			—
iShares U.S. Long Credit Bond Index Fund		219,175,996		95,396,269			(672,331	)		(170,147	)		16,197,704			329,927,491		34,439,195		13,900,737			—
iShares U.S. Long Government Bond Index Fund		27,684,246		36,484,851			(131,064	)		(47,742	)		680,842			64,671,133		7,608,369		1,575,020			—
iShares U.S. Securitized Bond Index Fund		109,867,118		57,395,020			(360,177	)		(54,170	)		2,596,090			169,443,881		17,817,443		4,727,537			—


38		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2045 Fund



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
Large Cap Index Master Portfolio	$	2,879,759,331	$	253,418,838	^(a)(c)	$	—	$	(13,571,100	)	$	747,307,157	$	3,866,914,226	$	3,866,914,226	$	54,368,487	$	—
Master Small Cap Index Series		56,668,668		121,441,381	^(a)(c)		—		(93,284	)		24,467,313		202,484,078	$	202,484,078		1,876,350		—

								$	(33,763,505	)	$	1,058,526,845	$	7,483,149,551			$	158,496,208	$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,584,036,331	$	—	$	—	$	2,584,036,331
Fixed-Income Funds		803,956,797		—		—		803,956,797
Money Market Funds		25,758,119		—		—		25,758,119


	$	3,413,751,247	$	—	$	—		3,413,751,247


Investments Valued at NAV^(a)								4,069,398,304


							$	7,483,149,551

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2050 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 96.0%
iShares Core MSCI Total International Stock ETF^(b)		39,247,182	$	2,548,319,527
iShares Developed Real Estate Index Fund, Class K		36,535,448		347,817,462
Large Cap Index Master Portfolio	$	4,365,601,299		4,365,601,299
Master Small Cap Index Series	$	220,419,348		220,419,348

				7,482,157,636

Fixed-Income Funds — 3.9%
iShares TIPS Bond ETF		777,844		83,610,452
iShares U.S. Long Credit Bond Index Fund		22,409,699		214,684,913
iShares U.S. Long Government Bond Index Fund		865,096		7,353,312

				305,648,677


Security	Shares		Value

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		1,768,411	$	1,769,472
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		19,180,803		19,180,803

				20,950,275


Total Investments — 100.2% (Cost: $5,995,001,856)				7,808,756,588

Liabilities in Excess of Other Assets — (0.2)%				(13,277,557	)


Net Assets — 100.0%			$	7,795,479,031

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	48,366,043	$	—		$	(46,601,761	)^(a)	$	6,311		$	(1,121	) $		1,769,472		1,768,411	$	10,959	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,651,195		15,529,608	^(a)		—			—			—			19,180,803		19,180,803		767,022			—
iShares Core MSCI Total International Stock ETF		1,953,737,953		499,385,627			(154,429,527	)		(19,596,897	)		269,222,371			2,548,319,527		39,247,182		75,217,844			—
iShares Developed Real Estate Index Fund, Class K		264,508,436		76,682,068			(16,375,335	)		(3,603,046	)		26,605,339			347,817,462		36,535,448		10,073,484			—
iShares TIPS Bond ETF		47,070,961		39,428,124			(3,365,867	)		(708,253	)		1,185,487			83,610,452		777,844		1,826,025			—
iShares U.S. Long Credit Bond Index Fund		105,431,254		99,897,703			(263,336	)		(66,643	)		9,685,935			214,684,913		22,409,699		7,943,732			—
iShares U.S. Long Government Bond Index Fund		719,406		6,507,925			(8,127	)		(2,961	)		137,069			7,353,312		865,096		141,732			—
Large Cap Index Master Portfolio		3,168,904,503		380,340,298	^(a)(c)		—			(15,508,160	)		831,864,658			4,365,601,299	$	4,365,601,299		60,540,323			—
Master Small Cap Index Series		58,228,378		136,176,261	^(a)(c)		—			(996,036	)		27,010,745			220,419,348	$	220,419,348		1,894,823			—


									$	(40,475,685	)	$	1,165,710,483		$	7,808,756,588			$	158,415,944		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.


40		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2050 Fund

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,896,136,989	$	—	$	—	$	2,896,136,989
Fixed-Income Funds		305,648,677		—		—		305,648,677
Money Market Funds		20,950,275		—		—		20,950,275

	$	3,222,735,941	$	—	$	—		3,222,735,941

Investments Valued at NAV^(a)								4,586,020,647

							$	7,808,756,588

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2055 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 98.7%
iShares Core MSCI Total International Stock ETF		25,851,940	$	1,678,566,464
iShares Developed Real Estate Index Fund, Class K		23,168,395		220,563,126
Large Cap Index Master Portfolio	$	2,878,081,887		2,878,081,887
Master Small Cap Index Series	$	143,368,915		143,368,915

				4,920,580,392

Fixed-Income Funds — 1.1%
iShares TIPS Bond ETF		138,888		14,929,071
iShares U.S. Long Credit Bond Index Fund		4,007,238		38,389,336

				53,318,407


Security	Shares		Value

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(b)		9,994,833	$	9,994,833


Total Investments — 100.0% (Cost: $3,956,083,205)				4,983,893,632

Liabilities in Excess of Other Assets — 0.0%				(338,030	)


Net Assets — 100.0%			$	4,983,555,602

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer		Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	275,898,404	$	—		$	(275,925,704	)^(b)	$	27,343		$	(43	)	$	—		—	$	5,869	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,614,281		7,380,552	^(b)		—			—			—			9,994,833		9,994,833		531,847			—
iShares Core MSCI Total International Stock ETF		1,196,111,500		407,615,779			(83,504,588	)		(12,288,298	)		170,632,071			1,678,566,464		25,851,940		48,642,320			—
iShares Developed Real Estate Index Fund, Class K		161,393,638		55,949,013			(10,843,578	)		(2,833,037	)		16,897,090			220,563,126		23,168,395		6,284,596			—
iShares TIPS Bond ETF		7,798,114		7,021,735			(10,276	)		(2,653	)		122,151			14,929,071		138,888		319,248			—
iShares U.S. Long Credit Bond Index Fund		26,062,783		10,344,061			—			—			1,982,492			38,389,336		4,007,238		1,614,182			—
Large Cap Index Master Portfolio		1,940,060,778		418,649,119	^(b)(d)		—			(11,306,839	)		530,678,829			2,878,081,887	$	2,878,081,887		38,607,385			—
Master Small Cap Index Series		34,923,955		91,860,627	^(b)(d)		—			(1,322,449	)		17,906,782			143,368,915	$	143,368,915		1,189,294			—

									$	(27,725,933	)	$	738,219,372		$	4,983,893,632			$	97,194,741		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

^(d)

Inclusive of income and expense allocated from the Master Portfolio.


42		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2055 Fund

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,899,129,590	$	—	$	—	$	1,899,129,590
Fixed-Income Funds		53,318,407		—		—		53,318,407
Money Market Funds		9,994,833		—		—		9,994,833

	$	1,962,442,830	$	—	$	—		1,962,442,830

Investments Valued at NAV^(a)								3,021,450,802

							$	4,983,893,632

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2060 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies^(a)

Equity Funds — 98.7%
iShares Core MSCI Total International Stock ETF^(b)		13,787,718	$	895,236,530
iShares Developed Real Estate Index Fund, Class K		12,502,775		119,026,419
Large Cap Index Master Portfolio	$	1,540,066,537		1,540,066,537
Master Small Cap Index Series	$	76,711,374		76,711,374

				2,631,040,860

Fixed-Income Funds — 1.1%
iShares TIPS Bond ETF^(b)		35,388		3,803,856
iShares U.S. Long Credit Bond Index Fund		2,506,342		24,010,756

				27,814,612


Security	Shares		Value

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		9,213,808	$	9,219,336
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		5,240,870		5,240,870

				14,460,206


Total Investments — 100.3% (Cost: $2,243,044,251)				2,673,315,678

Liabilities in Excess of Other Assets — (0.3)%				(8,219,095	)


Net Assets — 100.0%			$	2,665,096,583

^(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


Affiliated Issuer		Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,637,400	$	7,577,060	^(a)	$	—		$	5,687		$	(811	)	$	9,219,336		9,213,808	$	11,071	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		862,982		4,377,888	^(a)		—			—			—			5,240,870		5,240,870		311,724			—
iShares Core MSCI Total International Stock ETF		565,695,620		292,231,273			(42,033,500	)		(7,103,490	)		86,446,627			895,236,530		13,787,718		25,183,671			—
iShares Developed Real Estate Index Fund, Class K		76,483,865		40,278,076			(5,435,339	)		(1,505,819	)		9,205,636			119,026,419		12,502,775		3,253,652			—
iShares TIPS Bond ETF		2,280,158		1,498,446			—			—			25,252			3,803,856		35,388		87,736			—
iShares U.S. Long Credit Bond Index Fund		13,732,900		9,025,704			—			—			1,252,152			24,010,756		2,506,342		929,444			—
Large Cap Index Master Portfolio		914,724,274		362,438,641	^(a)(c)		—			(6,654,947	)		269,558,569			1,540,066,537	$	1,540,066,537		19,534,528			—
Master Small Cap Index Series		16,406,516		51,502,874	^(a)(c)		—			(885,279	)		9,687,263			76,711,374	$	76,711,374		618,263			—

									$	(16,143,848	)	$	376,174,688		$	2,673,315,678			$	49,930,089		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.


44		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2060 Fund

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,014,262,949	$	—	$	—	$	1,014,262,949
Fixed-Income Funds		27,814,612		—		—		27,814,612
Money Market Funds		14,460,206		—		—		14,460,206

	$	1,056,537,767	$	—	$	—		1,056,537,767

Investments Valued at NAV^(a)								1,616,777,911

							$	2,673,315,678

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments

December 31, 2023

BlackRock LifePath^® Index 2065 Fund

(Percentages shown are based on Net Assets)


Security	Shares/ Investment Value		Value

Investment Companies(a)

Equity Funds — 98.7%
iShares Core MSCI Total International Stock ETF^(b)		2,841,573	$	184,503,335
iShares Developed Real Estate Index Fund, Class K		2,570,609		24,472,199
Large Cap Index Master Portfolio	$	317,978,282		317,978,282
Master Small Cap Index Series	$	15,784,288		15,784,288


				542,738,104

Fixed-Income Funds — 1.0%
iShares TIPS Bond ETF		6,062		651,604
iShares U.S. Long Credit Bond Index Fund		522,601		5,006,516


				5,658,120


Security	Shares		Value

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)		4,462,553	$	4,465,231
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)		1,099,192		1,099,192


				5,564,423

Total Investments — 100.7% (Cost: $486,202,167)				553,960,647

Liabilities in Excess of Other Assets — (0.7)%				(3,804,122	)


Net Assets — 100.0%			$	550,156,525

^(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



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares/ Investment Value Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	4,465,253	^(a)	$	—	$	(3	)	$	(19	) $		4,465,231		4,462,553	$	810	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		832,979		266,213	^(a)		—		—			—			1,099,192		1,099,192		73,273			—

iShares Core MSCI Total International Stock ETF		88,900,207		88,800,726			(7,840,507)		(1,550,711	)		16,193,620			184,503,335		2,841,573		4,961,990			—

iShares Developed Real Estate Index Fund, Class K		12,057,092		12,127,149			(1,379,513)		(403,866	)		2,071,337			24,472,199		2,570,609		623,917			—

iShares TIPS Bond ETF		—		643,559			—		—			8,045			651,604		6,062		7,944			—

iShares U.S. Long Credit Bond Index Fund		2,576,847		2,181,151			—		—			248,518			5,006,516		522,601		189,921			—

Large Cap Index Master Portfolio		143,985,307		124,521,485	^(a)(c)		—		(1,306,212	)		50,777,702			317,978,282	$	317,978,282		3,622,631			—

Master Small Cap Index Series		2,524,461		11,417,417	^(a)(c)		—		(199,416	)		2,041,826			15,784,288	$	15,784,288		119,343			—

								$	(3,460,208	)	$	71,341,029		$	553,960,647			$	9,599,829		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

Inclusive of income and expense allocated from the Master Portfolio.


46		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2023

BlackRock LifePath^® Index 2065 Fund

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Investment Companies
Equity Funds	$	208,975,534	$	—	$	—	$	208,975,534
Fixed-Income Funds		5,658,120		—		—		5,658,120
Money Market Funds		5,564,423		—		—		5,564,423


	$	220,198,077	$	—	$	—		220,198,077


Investments Valued at NAV^(a)								333,762,570


							$	553,960,647

^(a)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		47

Statements of Assets and Liabilities

December 31, 2023


	BlackRock LifePath^® Index Retirement Fund		BlackRock LifePath^® Index 2025 Fund		BlackRock LifePath^® Index 2030 Fund		BlackRock LifePath^® Index 2035 Fund


ASSETS
Investments, at value — affiliated^(a)(b)	$	7,504,372,544	$	6,650,507,419	$	11,869,340,844	$	8,809,130,935
Receivables:
Investments sold		136,706,989		164,108,285		132,649,016		60,633,038
Securities lending income — affiliated		3,438		1,815		2,464		915
Capital shares sold		12,554,072		12,387,433		16,538,334		13,700,520
Dividends — affiliated		10,064,971		8,481,048		11,775,612		6,404,549


Total assets		7,663,702,014		6,835,486,000		12,030,306,270		8,889,869,957


LIABILITIES
Collateral on securities loaned		17,234,050		—		4,212,846		1,006,745
Payables:
Investments purchased		147,766,366		173,363,978		148,759,381		80,764,268
Administration fees		344,987		231,444		490,294		298,826
Capital shares redeemed		22,019,299		17,060,859		25,322,976		24,735,355
Investment advisory fees		98,480		80,269		98,385		44,962
Trustees’ and Officer’s fees		14,042		12,496		20,936		15,476
Professional fees		39,876		41,038		38,866		33,590
Service fees		429,132		38,595		411,204		37,112


Total liabilities		187,946,232		190,828,679		179,354,888		106,936,334


Commitments and contingent liabilities

NET ASSETS	$	7,475,755,782	$	6,644,657,321	$	11,850,951,382	$	8,782,933,623


NET ASSETS CONSIST OF
Paid-in capital	$	6,261,811,944	$	5,654,577,797	$	9,778,425,822	$	7,284,802,127
Accumulated earnings		1,213,943,838		990,079,524		2,072,525,560		1,498,131,496


NET ASSETS	$	7,475,755,782	$	6,644,657,321	$	11,850,951,382	$	8,782,933,623


^(a)Investments, at cost — affiliated	$	6,464,814,373	$	5,776,935,615	$	9,897,939,111	$	7,279,740,042
^(b)Securities loaned, at value	$	16,830,349	$	—	$	4,129,548	$	986,936


48		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

December 31, 2023


	BlackRock LifePath^® Index Retirement Fund		BlackRock LifePath^® Index 2025 Fund		BlackRock LifePath^® Index 2030 Fund		BlackRock LifePath^® Index 2035 Fund


NET ASSET VALUE

Institutional
Net assets	$	375,484,068	$	193,922,551	$	555,486,207	$	210,652,642

Shares outstanding		28,359,706		13,000,707		34,547,970		12,063,863

Net asset value	$	13.24	$	14.92	$	16.08	$	17.46

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Investor A
Net assets	$	148,579,234	$	89,103,129	$	175,082,163	$	128,043,394

Shares outstanding		11,234,498		5,980,096		10,890,349		7,351,955

Net asset value	$	13.23	$	14.90	$	16.08	$	17.42

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Investor P
Net assets	$	1,882,403,946	$	96,241,263	$	1,791,479,116	$	52,819,000

Shares outstanding		142,486,564		6,475,530		111,532,801		3,039,697

Net asset value	$	13.21	$	14.86	$	16.06	$	17.38

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Class K
Net assets	$	5,069,288,534	$	6,265,390,378	$	9,328,903,896	$	8,391,418,587

Shares outstanding		383,131,590		419,856,040		580,776,710		481,036,801

Net asset value	$	13.23	$	14.92	$	16.06	$	17.44

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


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

Statements of Assets and Liabilities (continued)

December 31, 2023


	BlackRock LifePath^® Index 2040 Fund		BlackRock LifePath^® Index 2045 Fund		BlackRock LifePath^® Index 2050 Fund		BlackRock LifePath^® Index 2055 Fund


ASSETS
Investments, at value — affiliated^(a)(b)	$	11,288,285,061	$	7,483,149,551	$	7,808,756,588	$	4,983,893,632
Receivables:
Investments sold		48,127,527		11,446,621		—		—
Securities lending income — affiliated		4,941		143		429		—
Capital shares sold		16,098,560		14,983,957		15,731,556		16,805,565
Dividends — affiliated		5,433,581		1,995,756		858,089		187,802


Total assets		11,357,949,670		7,511,576,028		7,825,346,662		5,000,886,999


LIABILITIES
Collateral on securities loaned		17,518,231		6,868,750		1,768,875		—
Payables:
Investments purchased		60,589,221		17,504,121		4,409,939		157,681
Administration fees		464,451		251,486		284,222		167,875
Capital shares redeemed		32,327,050		23,144,673		23,214,364		16,942,359
Investment advisory fees		31,254		9,577		9,027		6,607
Trustees’ and Officer’s fees		19,485		13,107		13,608		9,016
Professional fees		39,665		28,672		28,450		27,605
Service fees		357,641		28,747		139,146		20,254


Total liabilities		111,346,998		47,849,133		29,867,631		17,331,397


Commitments and contingent liabilities

NET ASSETS	$	11,246,602,672	$	7,463,726,895	$	7,795,479,031	$	4,983,555,602


NET ASSETS CONSIST OF
Paid-in capital	$	8,843,048,562	$	6,008,946,282	$	6,171,541,458	$	4,076,813,416
Accumulated earnings		2,403,554,110		1,454,780,613		1,623,937,573		906,742,186


NET ASSETS	$	11,246,602,672	$	7,463,726,895	$	7,795,479,031	$	4,983,555,602


^(a)Investments, at cost — affiliated	$	8,760,500,454	$	5,853,664,679	$	5,995,001,856	$	3,956,083,205
^(b)Securities loaned, at value	$	17,169,075	$	6,712,286	$	1,733,631	$	—


50		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

December 31, 2023


	BlackRock LifePath^® Index 2040 Fund		BlackRock LifePath^® Index 2045 Fund		BlackRock LifePath^® Index 2050 Fund		BlackRock LifePath^® Index 2055 Fund


NET ASSET VALUE

Institutional
Net assets	$	707,256,102	$	171,849,427	$	174,128,530	$	144,447,360

Shares outstanding		38,006,849		8,659,081		8,455,441		6,817,907

Net asset value	$	18.61	$	19.85	$	20.59	$	21.19

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Investor A
Net assets	$	147,636,829	$	115,974,909	$	117,251,152	$	85,659,372

Shares outstanding		7,948,793		5,856,880		5,708,541		4,052,719

Net asset value	$	18.57	$	19.80	$	20.54	$	21.14

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Investor P
Net assets	$	1,580,926,388	$	23,548,699	$	557,746,518	$	11,623,346

Shares outstanding		85,200,362		1,191,840		27,179,263		550,745

Net asset value	$	18.56	$	19.76	$	20.52	$	21.10

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


Class K
Net assets	$	8,810,783,353	$	7,152,353,860	$	6,946,352,831	$	4,741,825,524

Shares outstanding		473,559,542		360,064,621		337,364,536		223,759,610

Net asset value	$	18.61	$	19.86	$	20.59	$	21.19

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		No par value		No par value		No par value		No par value


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

Statements of Assets and Liabilities (continued)

December 31, 2023


	BlackRock LifePath^® Index 2060 Fund		BlackRock LifePath^® Index 2065 Fund


ASSETS
Investments, at value — affiliated^(a)(b)	$	2,673,315,678	$	553,960,647
Receivables:
Investments sold		—		21,911
Securities lending income — affiliated		1,793		102
Capital shares sold		10,559,511		3,922,337
Dividends — affiliated		115,452		26,204


Total assets		2,683,992,434		557,931,201


LIABILITIES
Collateral on securities loaned		9,215,930		4,465,250
Payables:
Investments purchased		2,598,340		1,103,721
Administration fees		86,232		15,865
Capital shares redeemed		6,948,355		2,175,170
Investment advisory fees		4,022		792
Trustees’ and Officer’s fees		5,544		2,027
Professional fees		28,904		9,872
Service fees		8,524		1,979


Total liabilities		18,895,851		7,774,676


Commitments and contingent liabilities

NET ASSETS	$	2,665,096,583	$	550,156,525


NET ASSETS CONSIST OF
Paid-in capital	$	2,301,539,316	$	505,248,289
Accumulated earnings		363,557,267		44,908,236


NET ASSETS	$	2,665,096,583	$	550,156,525


^(a)Investments, at cost — affiliated	$	2,243,044,251	$	486,202,167
^(b)Securities loaned, at value	$	9,006,405	$	4,376,282


52		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

December 31, 2023


	BlackRock LifePath^® Index 2060 Fund		BlackRock LifePath^® Index 2065 Fund


NET ASSET VALUE

Institutional
Net assets	$	58,803,738	$	20,101,572

Shares outstanding		3,109,393		1,512,548

Net asset value	$	18.91	$	13.29

Shares authorized		Unlimited		Unlimited

Par value		No par value		No par value


Investor A
Net assets	$	27,943,049	$	2,930,181

Shares outstanding		1,481,120		220,698

Net asset value	$	18.87	$	13.28

Shares authorized		Unlimited		Unlimited

Par value		No par value		No par value


Investor P
Net assets	$	15,926,294	$	7,199,575

Shares outstanding		844,990		542,453

Net asset value	$	18.85	$	13.27

Shares authorized		Unlimited		Unlimited

Par value		No par value		No par value


Class K
Net assets	$	2,562,423,502	$	519,925,197

Shares outstanding		135,450,267		39,116,550

Net asset value	$	18.92	$	13.29

Shares authorized		Unlimited		Unlimited

Par value		No par value		No par value

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Operations

Year Ended December 31, 2023


	BlackRock LifePath^® Index Retirement Fund			BlackRock LifePath^® Index 2025 Fund			BlackRock LifePath^® Index 2030 Fund			BlackRock LifePath^® Index 2035 Fund


INVESTMENT INCOME
Dividends — affiliated	$	172,414,121		$	146,038,819		$	233,378,489		$	151,482,976
Securities lending income — affiliated — net		28,939			24,725			47,994			19,930
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated		28,753,229			27,698,153			61,053,902			51,487,971
Interest — affiliated		1,482,509			1,398,110			2,943,676			2,414,830
Expenses		(635,686	)		(611,668	)		(1,339,833	)		(1,128,797	)
Fees waived		16,905			16,074			34,262			28,437


Total investment income		202,060,017			174,564,213			296,118,490			204,305,347


EXPENSES
Service — class specific		5,106,832			475,359			4,769,014			428,842
Administration — class specific		4,115,226			2,702,436			5,589,481			3,281,403
Investment advisory		3,629,887			3,140,159			5,459,877			3,870,372
Trustees and Officer		55,209			49,089			80,914			59,434
Professional		23,137			23,129			23,134			23,129
Miscellaneous		4,401			5,233			4,373			4,435


Total expenses		12,934,692			6,395,405			15,926,793			7,667,615
Less:
Fees waived and/or reimbursed by the Administrator/Manager		(2,643,362	)		(2,404,536	)		(4,695,574	)		(3,637,051	)


Total expenses after fees waived and/or reimbursed		10,291,330			3,990,869			11,231,219			4,030,564


Net investment income		191,768,687			170,573,344			284,887,271			200,274,783


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:
Investments — affiliated		(40,741,947	)		(28,114,010	)		(14,452,349	)		(24,598,531	)
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions allocated from the applicable affiliated Underlying Master Portfolio		10,112,543			468,428			(6,028,178	)		(10,035,392	)


		(30,629,404	)		(27,645,582	)		(20,480,527	)		(34,633,923	)


Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		246,536,265			214,520,809			380,505,670			306,961,926
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency translations allocated from the applicable affiliated Underlying Master Portfolio		378,058,550			373,533,330			840,718,620			716,097,929


		624,594,815			588,054,139			1,221,224,290			1,023,059,855


Net realized and unrealized gain		593,965,411			560,408,557			1,200,743,763			988,425,932


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	785,734,098		$	730,981,901		$	1,485,631,034		$	1,188,700,715

See notes to financial statements.


54		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (continued)

Year Ended December 31, 2023


	BlackRock LifePath^® Index 2040 Fund			BlackRock LifePath^® Index 2045 Fund			BlackRock LifePath^® Index 2050 Fund			BlackRock LifePath^® Index 2055 Fund


INVESTMENT INCOME
Dividends — affiliated	$	175,448,827		$	102,213,281		$	95,969,839		$	57,392,193
Securities lending income — affiliated — net		61,147			38,090			10,959			5,869
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated		76,638,417			54,922,869			60,981,305			38,872,410
Interest — affiliated		3,525,209			2,493,189			2,754,641			1,754,103
Expenses		(1,674,920	)		(1,200,941	)		(1,333,730	)		(850,844	)
Fees waived		41,707			29,720			32,930			21,010


Total investment income		254,040,387			158,496,208			158,415,944			97,194,741


EXPENSES
Administration — class specific		5,135,450			2,702,153			3,043,829			1,762,293
Investment advisory		4,991,871			3,195,292			3,315,641			2,063,296
Service — class specific		4,079,774			320,127			1,556,313			224,597
Trustees and Officer		74,773			50,292			51,988			34,772
Professional		23,134			23,129			23,134			23,129
Miscellaneous		5,321			4,423			4,486			2,919


Total expenses		14,310,323			6,295,416			7,995,391			4,111,006
Less:
Fees waived and/or reimbursed by the Administrator/Manager		(4,989,969	)		(3,331,158	)		(3,477,440	)		(2,166,787	)


Total expenses after fees waived and/or reimbursed		9,320,354			2,964,258			4,517,951			1,944,219


Net investment income		244,720,033			155,531,950			153,897,993			95,250,522


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized loss from:
Investments — affiliated		(12,782,713	)		(20,099,121	)		(23,971,489	)		(15,096,645	)
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions allocated from the applicable affiliated Underlying Master Portfolio		(13,475,738	)		(13,664,384	)		(16,504,196	)		(12,629,288	)


		(26,258,451	)		(33,763,505	)		(40,475,685	)		(27,725,933	)


Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		406,505,323			286,752,375			306,835,080			189,633,761
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency translations allocated from the applicable affiliated Underlying Master Portfolio		1,070,484,718			771,774,470			858,875,403			548,585,611


		1,476,990,041			1,058,526,845			1,165,710,483			738,219,372


Net realized and unrealized gain		1,450,731,590			1,024,763,340			1,125,234,798			710,493,439


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,695,451,623		$	1,180,295,290		$	1,279,132,791		$	805,743,961

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Operations (continued)

Year Ended December 31, 2023


	BlackRock LifePath^® Index 2060 Fund			BlackRock LifePath^® Index 2065 Fund


INVESTMENT INCOME
Dividends — affiliated	$	29,766,227		$	5,857,045
Securities lending income — affiliated — net		11,071			810
Net investment income allocated from the applicable affiliated Underlying Master Portfolio
Dividends — affiliated		19,684,996			3,655,067
Interest — affiliated		888,774			165,401
Expenses		(431,661	)		(80,495	)
Fees waived		10,682			2,001


Total investment income		49,930,089			9,599,829


EXPENSES
Investment advisory		1,043,626			193,359
Administration — class specific		878,228			166,480
Service — class specific		88,299			18,924
Professional		23,128			23,124
Trustees and Officer		20,793			8,991
Miscellaneous		2,565			397

Total expenses		2,056,639			411,275
Less:
Fees waived and/or reimbursed by the Administrator/Manager		(1,104,399	)		(227,265	)


Total expenses after fees waived and/or reimbursed		952,240			184,010


Net investment income		48,977,849			9,415,819


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — affiliated		(8,603,622	)		(1,954,580	)
Net realized gain (loss) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency transactions allocated from the applicable affiliated Underlying Master Portfolio		(7,540,226	)		(1,505,628	)


		(16,143,848	)		(3,460,208	)

Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		96,928,856			18,521,501
Net change in unrealized appreciation (depreciation) from investments, futures contracts, forward foreign currency exchange contracts and foreign currency translations allocated from the applicable affiliated Underlying Master Portfolio		279,245,832			52,819,528


		376,174,688			71,341,029

Net realized and unrealized gain		360,030,840			67,880,821


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	409,008,689		$	77,296,640

See notes to financial statements.


56		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	BlackRock LifePath^® Index Retirement Fund						BlackRock LifePath^® Index 2025 Fund

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	191,768,687		$	183,935,037		$	170,573,344		$	150,457,220
Net realized loss		(30,629,404	)		(74,917,766	)		(27,645,582	)		(82,535,033	)
Net change in unrealized appreciation (depreciation)		624,594,815			(1,491,872,975	)		588,054,139			(1,181,684,724	)


Net increase (decrease) in net assets resulting from operations		785,734,098			(1,382,855,704	)		730,981,901			(1,113,762,537	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(10,223,948	)		(10,520,771	)		(5,123,462	)		(4,584,259	)
Investor A		(3,848,742	)		(4,331,472	)		(2,330,354	)		(2,455,320	)
Investor P		(45,864,323	)		(48,257,638	)		(2,229,345	)		(2,000,705	)
Class K		(134,241,176	)		(130,483,386	)		(162,510,198	)		(141,953,512	)


Decrease in net assets resulting from distributions to shareholders		(194,178,189	)		(193,593,267	)		(172,193,359	)		(150,993,796	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(292,939,095	)		(331,626,403	)		124,607,650			243,809,939


NET ASSETS
Total increase (decrease) in net assets		298,616,814			(1,908,075,374	)		683,396,192			(1,020,946,394	)
Beginning of year		7,177,138,968			9,085,214,342			5,961,261,129			6,982,207,523


End of year	$	7,475,755,782		$	7,177,138,968		$	6,644,657,321		$	5,961,261,129

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Statements of Changes in Net Assets (continued)


	BlackRock LifePath^® Index 2030 Fund						BlackRock LifePath^® Index 2035 Fund

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	284,887,271		$	235,984,508		$	200,274,783		$	152,250,364
Net realized loss		(20,480,527	)		(126,802,345	)		(34,633,923	)		(108,454,870	)
Net change in unrealized appreciation (depreciation)		1,221,224,290			(2,036,513,282	)		1,023,059,855			(1,340,366,682	)


Net increase (decrease) in net assets resulting from operations		1,485,631,034			(1,927,331,119	)		1,188,700,715			(1,296,571,188	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(13,993,241	)		(12,609,861	)		(5,060,258	)		(3,971,857	)
Investor A		(4,228,293	)		(4,064,285	)		(2,787,538	)		(2,540,945	)
Investor P		(40,531,735	)		(38,598,312	)		(1,112,467	)		(861,635	)
Class K		(229,373,478	)		(191,709,058	)		(193,568,281	)		(150,431,754	)


Decrease in net assets resulting from distributions to shareholders		(288,126,747	)		(246,981,516	)		(202,528,544	)		(157,806,191	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		583,146,361			806,214,328			1,001,777,744			940,698,810


NET ASSETS
Total increase (decrease) in net assets		1,780,650,648			(1,368,098,307	)		1,987,949,915			(513,678,569	)
Beginning of year		10,070,300,734			11,438,399,041			6,794,983,708			7,308,662,277


End of year	$	11,850,951,382		$	10,070,300,734		$	8,782,933,623		$	6,794,983,708

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


58		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BlackRock LifePath^® Index 2040 Fund						BlackRock LifePath^® Index 2045 Fund

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	244,720,033		$	184,223,456		$	155,531,950		$	106,807,752
Net realized loss		(26,258,451	)		(143,156,782	)		(33,763,505	)		(107,887,793	)
Net change in unrealized appreciation (depreciation)		1,476,990,041			(1,826,531,801	)		1,058,526,845			(1,086,130,210	)


Net increase (decrease) in net assets resulting from operations		1,695,451,623			(1,785,465,127	)		1,180,295,290			(1,087,210,251	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(16,023,854	)		(13,282,237	)		(3,883,846	)		(2,767,676	)
Investor A		(3,179,228	)		(2,764,924	)		(2,323,774	)		(1,748,465	)
Investor P		(32,550,636	)		(28,834,129	)		(413,015	)		(220,096	)
Class K		(196,216,726	)		(150,192,476	)		(150,872,423	)		(101,390,471	)


Decrease in net assets resulting from distributions to shareholders		(247,970,444	)		(195,073,766	)		(157,493,058	)		(106,126,708	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		962,192,598			1,024,962,475			1,006,740,812			856,813,921


NET ASSETS
Total increase (decrease) in net assets		2,409,673,777			(955,576,418	)		2,029,543,044			(336,523,038	)
Beginning of year		8,836,928,895			9,792,505,313			5,434,183,851			5,770,706,889


End of year	$	11,246,602,672		$	8,836,928,895		$	7,463,726,895		$	5,434,183,851

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Statements of Changes in Net Assets (continued)


	BlackRock LifePath^® Index 2050 Fund						BlackRock LifePath^® Index 2055 Fund

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	153,897,993		$	101,248,157		$	95,250,522		$	58,992,108
Net realized loss		(40,475,685	)		(109,929,585	)		(27,725,933	)		(67,230,254	)
Net change in unrealized appreciation (depreciation)		1,165,710,483			(1,113,986,987	)		738,219,372			(637,831,027	)


Net increase (decrease) in net assets resulting from operations		1,279,132,791			(1,122,668,415	)		805,743,961			(646,069,173	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(3,702,022	)		(2,472,803	)		(3,025,753	)		(2,021,394	)
Investor A		(2,286,356	)		(1,758,287	)		(1,609,664	)		(1,184,877	)
Investor P		(10,347,919	)		(8,272,052	)		(196,417	)		(112,278	)
Class K		(139,758,220	)		(95,603,262	)		(91,608,848	)		(59,146,049	)


Decrease in net assets resulting from distributions to shareholders		(156,094,517	)		(108,106,404	)		(96,440,682	)		(62,464,598	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,074,339,524			966,629,172			904,445,659			744,042,079


NET ASSETS
Total increase (decrease) in net assets		2,197,377,798			(264,145,647	)		1,613,748,938			35,508,308
Beginning of year		5,598,101,233			5,862,246,880			3,369,806,664			3,334,298,356


End of year	$	7,795,479,031		$	5,598,101,233		$	4,983,555,602		$	3,369,806,664

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


60		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BlackRock LifePath^® Index 2060 Fund						BlackRock LifePath^® Index 2065 Fund

		Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	48,977,849		$	26,202,621		$	9,415,819		$	3,527,628
Net realized loss		(16,143,848	)		(29,104,526	)		(3,460,208	)		(18,622,727	)
Net change in unrealized appreciation (depreciation)		376,174,688			(269,179,609	)		71,341,029			(16,169,628	)


Net increase (decrease) in net assets resulting from operations		409,008,689			(272,081,514	)		77,296,640			(31,264,727	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(1,174,119	)		(589,785	)		(376,163	)		(153,389	)
Investor A		(467,483	)		(264,596	)		(40,465	)		(11,976	)
Investor P		(264,158	)		(134,218	)		(117,538	)		(55,022	)
Class K		(47,430,629	)		(25,102,756	)		(8,949,590	)		(3,302,893	)


Decrease in net assets resulting from distributions to shareholders		(49,336,389	)		(26,091,355	)		(9,483,756	)		(3,523,280	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		715,605,350			537,957,371			232,390,864			150,818,250


NET ASSETS
Total increase in net assets		1,075,277,650			239,784,502			300,203,748			116,030,243
Beginning of year		1,589,818,933			1,350,034,431			249,952,777			133,922,534


End of year	$	2,665,096,583		$	1,589,818,933		$	550,156,525		$	249,952,777

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


FI N A N C I A L S T A T E M E N T S		61

Financial Highlights

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index Retirement Fund

	Institutional

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	12.20		$	14.79		$	14.24		$	13.05		$	11.55

Net investment income^(a)		0.34			0.31			0.31			0.26			0.37
Net realized and unrealized gain (loss)		1.05			(2.57	)		0.66			1.30			1.44

Net increase (decrease) from investment operations		1.39			(2.26	)		0.97			1.56			1.81


Distributions^(b)
From net investment income		(0.35	)		(0.31	)		(0.31	)		(0.27	)		(0.30	)
From net realized gain		—			(0.02	)		(0.11	)		(0.10	)		(0.01	)

Total distributions		(0.35	)		(0.33	)		(0.42	)		(0.37	)		(0.31	)


Net asset value, end of year	$	13.24		$	12.20		$	14.79		$	14.24		$	13.05


Total Return^(c)
Based on net asset value		11.49	%		(15.31	)%		6.86	%		12.16	%		15.84	%


Ratios to Average Net Assets^(d)
Total expenses		0.15	%		0.16	%		0.17	%		0.18	%		0.17	%^(e)

Total expenses after fees waived and/or reimbursed		0.11	%		0.11	%		0.11	%		0.11	%		0.12	%^(e)

Net investment income		2.67	%		2.35	%		2.11	%		1.98	%		2.92	%


Supplemental Data
Net assets, end of year (000)	$	375,484		$	380,959		$	533,068		$	546,055		$	532,913

Portfolio turnover rate		16	%^(f)		71	%^(f)		9	%^(f)		20	%^(g)		13	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes reorganization cost. Without this cost, total expenses and total expenses after fees waived and/or reimbursed would have been 0.17% and 0.12%, respectively.

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

From January 1, 2020 through March 1, 2020, the rate includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and the Underlying Master Portfolios. Beginning March 2, 2020, the rate includes the LifePath Index Fund’s purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


62		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index Retirement Fund (continued)

	Investor A

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	12.19		$	14.77		$	14.22		$	13.04		$	11.54

Net investment income^(a)		0.30			0.27			0.27			0.23			0.34
Net realized and unrealized gain (loss)		1.05			(2.55	)		0.67			1.29			1.45

Net increase (decrease) from investment operations		1.35			(2.28	)		0.94			1.52			1.79


Distributions^(b)
From net investment income		(0.31	)		(0.28	)		(0.28	)		(0.24	)		(0.28	)
From net realized gain		—			(0.02	)		(0.11	)		(0.10	)		(0.01	)

Total distributions		(0.31	)		(0.30	)		(0.39	)		(0.34	)		(0.29	)


Net asset value, end of year	$	13.23		$	12.19		$	14.77		$	14.22		$	13.04


Total Return^(c)
Based on net asset value		11.22	%		(15.48	)%		6.60	%		11.81	%		15.60	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.42	%		0.43	%		0.47	%^(e)

Total expenses after fees waived and/or reimbursed		0.36	%		0.36	%		0.36	%		0.36	%		0.37	%^(e)

Net investment income		2.40	%		2.10	%		1.85	%		1.72	%		2.67	%


Supplemental Data
Net assets, end of year (000)	$	148,579		$	171,553		$	232,876		$	256,714		$	306,254

Portfolio turnover rate		16	%^(f)		71	%^(f)		9	%^(f)		20	%^(g)		13	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes reorganization cost. Without this cost, total expenses and total expenses after fees waived and/or reimbursed would have been 0.47% and 0.37%, respectively.

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		63

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index Retirement Fund (continued)

	Investor P

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	12.18		$	14.76		$	14.21		$	13.02		$	11.53

Net investment income^(a)		0.31			0.27			0.27			0.23			0.34
Net realized and unrealized gain (loss)		1.03			(2.55	)		0.67			1.30			1.43

Net increase (decrease) from investment operations		1.34			(2.28	)		0.94			1.53			1.77


Distributions^(b)
From net investment income		(0.31	)		(0.28	)		(0.28	)		(0.24	)		(0.27	)
From net realized gain		—			(0.02	)		(0.11	)		(0.10	)		(0.01	)

Total distributions		(0.31	)		(0.30	)		(0.39	)		(0.34	)		(0.28	)


Net asset value, end of year	$	13.21		$	12.18		$	14.76		$	14.21		$	13.02


Total Return^(c)
Based on net asset value		11.15	%		(15.49	)%		6.61	%		11.90	%		15.52	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.42	%		0.43	%		0.42	%^(e)

Total expenses after fees waived and/or reimbursed		0.36	%		0.36	%		0.36	%		0.36	%		0.37	%^(e)

Net investment income		2.42	%		2.11	%		1.86	%		1.73	%		2.67	%


Supplemental Data
Net assets, end of year (000)	$	1,882,404		$	1,912,268		$	2,580,045		$	2,590,635		$	2,547,420

Portfolio turnover rate		16	%^(f)		71	%^(f)		9	%^(f)		20	%^(g)		13	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes reorganization cost. Without this cost, total expenses and total expenses after fees waived and/or reimbursed would have been 0.41% and 0.37%, respectively.

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


64		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index Retirement Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	12.20		$	14.78		$	14.23		$	13.04		$	11.54

Net investment income^(a)		0.35			0.32			0.32			0.27			0.38
Net realized and unrealized gain (loss)		1.03			(2.56	)		0.66			1.30			1.44

Net increase (decrease) from investment operations		1.38			(2.24	)		0.98			1.57			1.82


Distributions^(b)
From net investment income		(0.35	)		(0.32	)		(0.32	)		(0.28	)		(0.31	)
From net realized gain		—			(0.02	)		(0.11	)		(0.10	)		(0.01	)

Total distributions		(0.35	)		(0.34	)		(0.43	)		(0.38	)		(0.32	)


Net asset value, end of year	$	13.23		$	12.20		$	14.78		$	14.23		$	13.04


Total Return^(c)
Based on net asset value		11.47	%		(15.20	)%		6.92	%		12.22	%		15.90	%


Ratios to Average Net Assets^(d)
Total expenses		0.10	%		0.11	%		0.12	%		0.12	%		0.11	%^(e)

Total expenses after fees waived and/or reimbursed		0.06	%		0.06	%		0.06	%		0.06	%		0.07	%^(e)

Net investment income		2.73	%		2.43	%		2.17	%		2.03	%		2.96	%


Supplemental Data
Net assets, end of year (000)	$	5,069,289		$	4,712,358		$	5,739,227		$	5,307,443		$	4,462,412

Portfolio turnover rate		16	%^(f)		71	%^(f)		9	%^(f)		20	%^(g)		13	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes reorganization cost. Without this cost, total expenses and total expenses after fees waived and/or reimbursed would have been 0.11% and 0.07%, respectively.

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2025 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	13.64		$	16.61		$	15.64		$	14.24		$	12.35

Net investment income^(a)		0.38			0.34			0.35			0.28			0.37
Net realized and unrealized gain (loss)		1.29			(2.96	)		1.03			1.46			1.94

Net increase (decrease) from investment operations		1.67			(2.62	)		1.38			1.74			2.31


Distributions^(b)
From net investment income		(0.39	)		(0.34	)		(0.34	)		(0.28	)		(0.36	)
From net realized gain		—			(0.01	)		(0.07	)		(0.06	)		(0.06	)

Total distributions		(0.39	)		(0.35	)		(0.41	)		(0.34	)		(0.42	)


Net asset value, end of year	$	14.92		$	13.64		$	16.61		$	15.64		$	14.24


Total Return^(c)
Based on net asset value		12.34	%		(15.81	)%		8.89	%		12.44	%		18.84	%


Ratios to Average Net Assets^(d)
Total expenses		0.15	%		0.16	%		0.17	%		0.17	%		0.16	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.11	%		0.11	%		0.10	%		0.11	%

Net investment income		2.67	%		2.35	%		2.12	%		1.94	%		2.69	%


Supplemental Data
Net assets, end of year (000)	$	193,923		$	183,575		$	227,070		$	220,702		$	189,202

Portfolio turnover rate		16	%^(e)		64	%^(e)		11	%^(e)		16	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


66		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2025 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	13.62		$	16.58		$	15.62		$	14.22		$	12.33

Net investment income^(a)		0.34			0.30			0.30			0.24			0.32
Net realized and unrealized gain (loss)		1.29			(2.95	)		1.03			1.47			1.96

Net increase (decrease) from investment operations		1.63			(2.65	)		1.33			1.71			2.28


Distributions^(b)
From net investment income		(0.35	)		(0.30	)		(0.30	)		(0.25	)		(0.33	)
From net realized gain		—			(0.01	)		(0.07	)		(0.06	)		(0.06	)

Total distributions		(0.35	)		(0.31	)		(0.37	)		(0.31	)		(0.39	)


Net asset value, end of year	$	14.90		$	13.62		$	16.58		$	15.62		$	14.22


Total Return^(c)
Based on net asset value		12.07	%		(16.01	)%		8.55	%		12.18	%		18.59	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.42	%		0.41	%		0.42	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.36	%		0.36	%		0.35	%		0.36	%

Net investment income		2.39	%		2.07	%		1.84	%		1.69	%		2.37	%


Supplemental Data
Net assets, end of year (000)	$	89,103		$	105,643		$	148,954		$	167,418		$	157,606

Portfolio turnover rate		16	%^(e)		64	%^(e)		11	%^(e)		16	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2025 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	13.59		$	16.55		$	15.59		$	14.20		$	12.32

Net investment income^(a)		0.34			0.31			0.31			0.24			0.35
Net realized and unrealized gain (loss)		1.28			(2.96	)		1.03			1.46			1.93

Net increase (decrease) from investment operations		1.62			(2.65	)		1.34			1.70			2.28


Distributions^(b)
From net investment income		(0.35	)		(0.30	)		(0.31	)		(0.25	)		(0.34	)
From net realized gain		—			(0.01	)		(0.07	)		(0.06	)		(0.06	)

Total distributions		(0.35	)		(0.31	)		(0.38	)		(0.31	)		(0.40	)


Net asset value, end of year	$	14.86		$	13.59		$	16.55		$	15.59		$	14.20


Total Return^(c)
Based on net asset value		12.04	%		(16.03	)%		8.60	%		12.15	%		18.60	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.42	%		0.42	%		0.41	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.36	%		0.36	%		0.35	%		0.36	%

Net investment income		2.42	%		2.11	%		1.93	%		1.72	%		2.59	%


Supplemental Data
Net assets, end of year (000)	$	96,241		$	87,150		$	100,306		$	63,916		$	34,190

Portfolio turnover rate		16	%^(e)		64	%^(e)		11	%^(e)		16	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


68		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2025 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	13.64		$	16.61		$	15.64		$	14.25		$	12.35

Net investment income^(a)		0.39			0.35			0.36			0.29			0.36
Net realized and unrealized gain (loss)		1.28			(2.96	)		1.03			1.45			1.97

Net increase (decrease) from investment operations		1.67			(2.61	)		1.39			1.74			2.33


Distributions^(b)
From net investment income		(0.39	)		(0.35	)		(0.35	)		(0.29	)		(0.37	)
From net realized gain		—			(0.01	)		(0.07	)		(0.06	)		(0.06	)

Total distributions		(0.39	)		(0.36	)		(0.42	)		(0.35	)		(0.43	)


Net asset value, end of year	$	14.92		$	13.64		$	16.61		$	15.64		$	14.25


Total Return^(c)
Based on net asset value		12.40	%		(15.77	)%		8.94	%		12.42	%		18.98	%


Ratios to Average Net Assets^(d)
Total expenses		0.10	%		0.11	%		0.12	%		0.12	%		0.10	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.06	%		0.06	%		0.05	%		0.06	%

Net investment income		2.73	%		2.41	%		2.19	%		2.00	%		2.68	%


Supplemental Data
Net assets, end of year (000)	$	6,265,390		$	5,584,893		$	6,505,877		$	5,458,799		$	4,134,270

Portfolio turnover rate		16	%^(e)		64	%^(e)		11	%^(e)		16	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2030 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	14.40		$	17.68		$	16.30		$	14.72		$	12.57

Net investment income^(a)		0.40			0.35			0.37			0.28			0.37
Net realized and unrealized gain (loss)		1.68			(3.27	)		1.47			1.60			2.25

Net increase (decrease) from investment operations		2.08			(2.92	)		1.84			1.88			2.62


Distributions^(b)
From net investment income		(0.40	)		(0.34	)		(0.37	)		(0.28	)		(0.38	)
From net realized gain		—			(0.02	)		(0.09	)		(0.02	)		(0.09	)

Total distributions		(0.40	)		(0.36	)		(0.46	)		(0.30	)		(0.47	)


Net asset value, end of year	$	16.08		$	14.40		$	17.68		$	16.30		$	14.72


Total Return^(c)
Based on net asset value		14.58	%		(16.49	)%		11.35	%		13.05	%		21.00	%


Ratios to Average Net Assets^(d)
Total expenses		0.15	%		0.16	%		0.16	%		0.16	%		0.17	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.11	%		0.10	%		0.10	%		0.11	%

Net investment income		2.60	%		2.26	%		2.14	%		1.91	%		2.66	%


Supplemental Data
Net assets, end of year (000)	$	555,486		$	504,974		$	661,550		$	610,774		$	561,902

Portfolio turnover rate		10	%^(e)		50	%^(e)		9	%^(e)		14	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


70		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2030 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	14.40		$	17.68		$	16.29		$	14.72		$	12.56

Net investment income^(a)		0.35			0.31			0.32			0.24			0.33
Net realized and unrealized gain (loss)		1.69			(3.27	)		1.48			1.60			2.26

Net increase (decrease) from investment operations		2.04			(2.96	)		1.80			1.84			2.59


Distributions^(b)
From net investment income		(0.36	)		(0.30	)		(0.32	)		(0.25	)		(0.34	)
From net realized gain		—			(0.02	)		(0.09	)		(0.02	)		(0.09	)

Total distributions		(0.36	)		(0.32	)		(0.41	)		(0.27	)		(0.43	)


Net asset value, end of year	$	16.08		$	14.40		$	17.68		$	16.29		$	14.72


Total Return^(c)
Based on net asset value		14.29	%		(16.71	)%		11.13	%		12.70	%		20.81	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.41	%		0.42	%		0.47	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.36	%

Net investment income		2.33	%		1.99	%		1.85	%		1.65	%		2.36	%


Supplemental Data
Net assets, end of year (000)	$	175,082		$	180,699		$	235,293		$	251,040		$	343,033

Portfolio turnover rate		10	%^(e)		50	%^(e)		9	%^(e)		14	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2030 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	14.39		$	17.66		$	16.28		$	14.71		$	12.56

Net investment income^(a)		0.36			0.31			0.32			0.24			0.33
Net realized and unrealized gain (loss)		1.67			(3.26	)		1.47			1.60			2.25

Net increase (decrease) from investment operations		2.03			(2.95	)		1.79			1.84			2.58


Distributions^(b)
From net investment income		(0.36	)		(0.30	)		(0.32	)		(0.25	)		(0.34	)
From net realized gain		—			(0.02	)		(0.09	)		(0.02	)		(0.09	)

Total distributions		(0.36	)		(0.32	)		(0.41	)		(0.27	)		(0.43	)


Net asset value, end of year	$	16.06		$	14.39		$	17.66		$	16.28		$	14.71


Total Return^(c)
Based on net asset value		14.23	%		(16.68	)%		11.08	%		12.70	%		20.72	%


Ratios to Average Net Assets^(d)
Total expenses		0.40	%		0.41	%		0.41	%		0.41	%		0.41	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.36	%

Net investment income		2.35	%		2.00	%		1.88	%		1.66	%		2.35	%


Supplemental Data
Net assets, end of year (000)	$	1,791,479		$	1,683,132		$	2,196,216		$	2,104,701		$	2,003,430

Portfolio turnover rate		10	%^(e)		50	%^(e)		9	%^(e)		14	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


72		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2030 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	14.39		$	17.66		$	16.28		$	14.71		$	12.56

Net investment income^(a)		0.41			0.36			0.38			0.29			0.38
Net realized and unrealized gain (loss)		1.67			(3.26	)		1.47			1.59			2.25

Net increase (decrease) from investment operations		2.08			(2.90	)		1.85			1.88			2.63


Distributions^(b)
From net investment income		(0.41	)		(0.35	)		(0.38	)		(0.29	)		(0.39	)
From net realized gain		—			(0.02	)		(0.09	)		(0.02	)		(0.09	)

Total distributions		(0.41	)		(0.37	)		(0.47	)		(0.31	)		(0.48	)


Net asset value, end of year	$	16.06		$	14.39		$	17.66		$	16.28		$	14.71


Total Return^(c)
Based on net asset value		14.57	%		(16.41	)%		11.42	%		13.05	%		21.08	%


Ratios to Average Net Assets^(d)
Total expenses		0.10	%		0.11	%		0.11	%		0.11	%		0.10	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.06	%		0.05	%		0.05	%		0.06	%

Net investment income		2.67	%		2.34	%		2.22	%		1.97	%		2.70	%


Supplemental Data
Net assets, end of year (000)	$	9,328,904		$	7,701,495		$	8,345,340		$	6,511,647		$	4,892,278

Portfolio turnover rate		10	%^(e)		50	%^(e)		9	%^(e)		14	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		73

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2035 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.36		$	18.96		$	17.07		$	15.33		$	12.88

Net investment income^(a)		0.41			0.36			0.40			0.28			0.40
Net realized and unrealized gain (loss)		2.10			(3.59	)		1.94			1.76			2.55

Net increase (decrease) from investment operations		2.51			(3.23	)		2.34			2.04			2.95


Distributions^(b)
From net investment income		(0.41	)		(0.35	)		(0.39	)		(0.28	)		(0.39	)
From net realized gain		—			(0.02	)		(0.06	)		(0.02	)		(0.11	)

Total distributions		(0.41	)		(0.37	)		(0.45	)		(0.30	)		(0.50	)


Net asset value, end of year	$	17.46		$	15.36		$	18.96		$	17.07		$	15.33


Total Return^(c)
Based on net asset value		16.51	%		(17.06	)%		13.78	%		13.58	%		23.08	%


Ratios to Average Net Assets^(d)
Total expenses		0.16	%		0.16	%		0.16	%		0.16	%		0.15	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		2.53	%		2.18	%		2.17	%		1.89	%		2.73	%


Supplemental Data
Net assets, end of year (000)	$	210,653		$	176,179		$	197,919		$	164,602		$	148,827

Portfolio turnover rate		8	%^(e)		39	%^(e)		9	%^(e)		10	%^(f)		13	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


74		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2035 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.32		$	18.91		$	17.03		$	15.29		$	12.85

Net investment income^(a)		0.37			0.31			0.34			0.25			0.35
Net realized and unrealized gain (loss)		2.10			(3.57	)		1.94			1.76			2.56

Net increase (decrease) from investment operations		2.47			(3.26	)		2.28			2.01			2.91


Distributions^(b)
From net investment income		(0.37	)		(0.31	)		(0.34	)		(0.25	)		(0.36	)
From net realized gain		—			(0.02	)		(0.06	)		(0.02	)		(0.11	)

Total distributions		(0.37	)		(0.33	)		(0.40	)		(0.27	)		(0.47	)


Net asset value, end of year	$	17.42		$	15.32		$	18.91		$	17.03		$	15.29


Total Return^(c)
Based on net asset value		16.26	%		(17.27	)%		13.46	%		13.34	%		22.77	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.26	%		1.91	%		1.83	%		1.64	%		2.45	%


Supplemental Data
Net assets, end of year (000)	$	128,043		$	119,861		$	154,072		$	168,305		$	158,773

Portfolio turnover rate		8	%^(e)		39	%^(e)		9	%^(e)		10	%^(f)		13	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		75

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2035 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.28		$	18.88		$	17.00		$	15.27		$	12.84

Net investment income^(a)		0.38			0.32			0.37			0.26			0.42
Net realized and unrealized gain (loss)		2.09			(3.59	)		1.92			1.74			2.49

Net increase (decrease) from investment operations		2.47			(3.27	)		2.29			2.00			2.91


Distributions^(b)
From net investment income		(0.37	)		(0.31	)		(0.35	)		(0.25	)		(0.37	)
From net realized gain		—			(0.02	)		(0.06	)		(0.02	)		(0.11	)

Total distributions		(0.37	)		(0.33	)		(0.41	)		(0.27	)		(0.48	)


Net asset value, end of year	$	17.38		$	15.28		$	18.88		$	17.00		$	15.27


Total Return^(c)
Based on net asset value		16.31	%		(17.34	)%		13.52	%		13.32	%		22.79	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.43	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.30	%		1.95	%		2.02	%		1.72	%		2.85	%


Supplemental Data
Net assets, end of year (000)	$	52,819		$	41,439		$	42,291		$	24,416		$	12,054

Portfolio turnover rate		8	%^(e)		39	%^(e)		9	%^(e)		10	%^(f)		13	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


76		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2035 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.34		$	18.95		$	17.06		$	15.31		$	12.87

Net investment income^(a)		0.42			0.37			0.41			0.30			0.40
Net realized and unrealized gain (loss)		2.10			(3.60	)		1.94			1.76			2.55

Net increase (decrease) from investment operations		2.52			(3.23	)		2.35			2.06			2.95


Distributions^(b)
From net investment income		(0.42	)		(0.36	)		(0.40	)		(0.29	)		(0.40	)
From net realized gain		—			(0.02	)		(0.06	)		(0.02	)		(0.11	)

Total distributions		(0.42	)		(0.38	)		(0.46	)		(0.31	)		(0.51	)


Net asset value, end of year	$	17.44		$	15.34		$	18.95		$	17.06		$	15.31


Total Return^(c)
Based on net asset value		16.59	%		(17.07	)%		13.84	%		13.72	%		23.08	%


Ratios to Average Net Assets^(d)
Total expenses		0.11	%		0.11	%		0.11	%		0.11	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.05	%		0.05	%

Net investment income		2.60	%		2.24	%		2.24	%		1.97	%		2.74	%


Supplemental Data
Net assets, end of year (000)	$	8,391,419		$	6,457,504		$	6,914,380		$	5,157,576		$	3,758,092

Portfolio turnover rate		8	%^(e)		39	%^(e)		9	%^(e)		10	%^(f)		13	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		77

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2040 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.08		$	19.99		$	17.66		$	15.78		$	13.07

Net investment income^(a)		0.42			0.35			0.41			0.29			0.40
Net realized and unrealized gain (loss)		2.53			(3.89	)		2.40			1.89			2.84

Net increase (decrease) from investment operations		2.95			(3.54	)		2.81			2.18			3.24


Distributions^(b)
From net investment income		(0.42	)		(0.35	)		(0.41	)		(0.29	)		(0.42	)
From net realized gain		—			(0.02	)		(0.07	)		(0.01	)		(0.11	)

Total distributions		(0.42	)		(0.37	)		(0.48	)		(0.30	)		(0.53	)


Net asset value, end of year	$	18.61		$	16.08		$	19.99		$	17.66		$	15.78


Total Return^(c)
Based on net asset value		18.52	%		(17.70	)%		15.99	%		14.04	%		24.95	%


Ratios to Average Net Assets^(d)
Total expenses		0.16	%		0.16	%		0.16	%		0.16	%		0.17	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		2.44	%		2.05	%		2.14	%		1.87	%		2.67	%


Supplemental Data
Net assets, end of year (000)	$	707,256		$	592,121		$	733,350		$	646,477		$	577,303

Portfolio turnover rate		7	%^(e)		29	%^(e)		7	%^(e)		9	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


78		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2040 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.05		$	19.95		$	17.63		$	15.75		$	13.05

Net investment income^(a)		0.38			0.30			0.35			0.25			0.36
Net realized and unrealized gain (loss)		2.52			(3.88	)		2.40			1.89			2.83

Net increase (decrease) from investment operations		2.90			(3.58	)		2.75			2.14			3.19


Distributions^(b)
From net investment income		(0.38	)		(0.30	)		(0.36	)		(0.25	)		(0.38	)
From net realized gain		—			(0.02	)		(0.07	)		(0.01	)		(0.11	)

Total distributions		(0.38	)		(0.32	)		(0.43	)		(0.26	)		(0.49	)


Net asset value, end of year	$	18.57		$	16.05		$	19.95		$	17.63		$	15.75


Total Return^(c)
Based on net asset value		18.20	%		(17.90	)%		15.67	%		13.78	%		24.62	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.42	%		0.45	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.17	%		1.77	%		1.84	%		1.61	%		2.45	%


Supplemental Data
Net assets, end of year (000)	$	147,637		$	138,977		$	179,444		$	176,175		$	240,112

Portfolio turnover rate		7	%^(e)		29	%^(e)		7	%^(e)		9	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		79

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2040 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.04		$	19.94		$	17.61		$	15.74		$	13.04

Net investment income^(a)		0.38			0.31			0.36			0.25			0.35
Net realized and unrealized gain (loss)		2.52			(3.89	)		2.40			1.88			2.84

Net increase (decrease) from investment operations		2.90			(3.58	)		2.76			2.13			3.19


Distributions^(b)
From net investment income		(0.38	)		(0.30	)		(0.36	)		(0.25	)		(0.38	)
From net realized gain		—			(0.02	)		(0.07	)		(0.01	)		(0.11	)

Total distributions		(0.38	)		(0.32	)		(0.43	)		(0.26	)		(0.49	)


Net asset value, end of year	$	18.56		$	16.04		$	19.94		$	17.61		$	15.74


Total Return^(c)
Based on net asset value		18.21	%		(17.91	)%		15.75	%		13.73	%		24.63	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.18	%		1.79	%		1.89	%		1.62	%		2.39	%


Supplemental Data
Net assets, end of year (000)	$	1,580,926		$	1,411,638		$	1,794,746		$	1,621,834		$	1,499,042

Portfolio turnover rate		7	%^(e)		29	%^(e)		7	%^(e)		9	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


80		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2040 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.08		$	19.99		$	17.66		$	15.78		$	13.07

Net investment income^(a)		0.43			0.36			0.43			0.30			0.41
Net realized and unrealized gain (loss)		2.53			(3.90	)		2.39			1.88			2.84

Net increase (decrease) from investment operations		2.96			(3.54	)		2.82			2.18			3.25


Distributions^(b)
From net investment income		(0.43	)		(0.35	)		(0.42	)		(0.29	)		(0.43	)
From net realized gain		—			(0.02	)		(0.07	)		(0.01	)		(0.11	)

Total distributions		(0.43	)		(0.37	)		(0.49	)		(0.30	)		(0.54	)


Net asset value, end of year	$	18.61		$	16.08		$	19.99		$	17.66		$	15.78


Total Return^(c)
Based on net asset value		18.58	%		(17.65	)%		16.05	%		14.10	%		25.01	%


Ratios to Average Net Assets^(d)
Total expenses		0.11	%		0.11	%		0.11	%		0.11	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.05	%		0.05	%

Net investment income		2.51	%		2.13	%		2.23	%		1.95	%		2.77	%


Supplemental Data
Net assets, end of year (000)	$	8,810,783		$	6,694,192		$	7,084,966		$	5,352,212		$	3,849,265

Portfolio turnover rate		7	%^(e)		29	%^(e)		7	%^(e)		9	%^(f)		14	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		81

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2045 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.89		$	21.04		$	18.29		$	16.25		$	13.33

Net investment income^(a)		0.43			0.35			0.43			0.29			0.42
Net realized and unrealized gain (loss)		2.96			(4.16	)		2.81			2.05			3.04

Net increase (decrease) from investment operations		3.39			(3.81	)		3.24			2.34			3.46


Distributions^(b)
From net investment income		(0.43	)		(0.34	)		(0.43	)		(0.29	)		(0.43	)
From net realized gain		—			(0.00	)^(c)		(0.06	)		(0.01	)		(0.11	)

Total distributions		(0.43	)		(0.34	)		(0.49	)		(0.30	)		(0.54	)


Net asset value, end of year	$	19.85		$	16.89		$	21.04		$	18.29		$	16.25


Total Return^(d)
Based on net asset value		20.24	%		(18.10	)%		17.76	%		14.67	%		26.14	%


Ratios to Average Net Assets^(e)
Total expenses		0.16	%		0.16	%		0.16	%		0.16	%		0.15	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		2.35	%		1.94	%		2.16	%		1.87	%		2.78	%


Supplemental Data
Net assets, end of year (000)	$	171,849		$	146,616		$	159,947		$	132,688		$	116,727

Portfolio turnover rate		6	%^(f)		16	%^(f)		7	%^(f)		7	%^(g)		12	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

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

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


82		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2045 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.85		$	20.99		$	18.25		$	16.22		$	13.30

Net investment income^(a)		0.39			0.30			0.36			0.25			0.39
Net realized and unrealized gain (loss)		2.95			(4.15	)		2.81			2.04			3.03

Net increase (decrease) from investment operations		3.34			(3.85	)		3.17			2.29			3.42


Distributions^(b)
From net investment income		(0.39	)		(0.29	)		(0.37	)		(0.25	)		(0.39	)
From net realized gain		—			(0.00	)^(c)		(0.06	)		(0.01	)		(0.11	)

Total distributions		(0.39	)		(0.29	)		(0.43	)		(0.26	)		(0.50	)


Net asset value, end of year	$	19.80		$	16.85		$	20.99		$	18.25		$	16.22


Total Return^(d)
Based on net asset value		19.93	%		(18.31	)%		17.44	%		14.35	%		25.91	%


Ratios to Average Net Assets^(e)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.41	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.11	%		1.68	%		1.81	%		1.62	%		2.56	%


Supplemental Data
Net assets, end of year (000)	$	115,975		$	102,379		$	121,865		$	129,106		$	120,718

Portfolio turnover rate		6	%^(f)		16	%^(f)		7	%^(f)		7	%^(g)		12	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

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

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		83

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2045 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.81		$	20.95		$	18.22		$	16.20		$	13.29

Net investment income^(a)		0.40			0.31			0.40			0.28			0.44
Net realized and unrealized gain (loss)		2.94			(4.15	)		2.77			2.01			2.98

Net increase (decrease) from investment operations		3.34			(3.84	)		3.17			2.29			3.42


Distributions^(b)
From net investment income		(0.39	)		(0.30	)		(0.38	)		(0.26	)		(0.40	)
From net realized gain		—			(0.00	)^(c)		(0.06	)		(0.01	)		(0.11	)

Total distributions		(0.39	)		(0.30	)		(0.44	)		(0.27	)		(0.51	)


Net asset value, end of year	$	19.76		$	16.81		$	20.95		$	18.22		$	16.20


Total Return^(d)
Based on net asset value		20.00	%		(18.33	)%		17.44	%		14.34	%		25.91	%


Ratios to Average Net Assets^(e)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.49	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.19	%		1.75	%		1.98	%		1.75	%		2.87	%


Supplemental Data
Net assets, end of year (000)	$	23,549		$	14,413		$	12,722		$	8,154		$	3,376

Portfolio turnover rate		6	%^(f)		16	%^(f)		7	%^(f)		7	%^(g)		12	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


84		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2045 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	16.90		$	21.05		$	18.30		$	16.27		$	13.34

Net investment income^(a)		0.45			0.36			0.45			0.31			0.42
Net realized and unrealized gain (loss)		2.95			(4.16	)		2.80			2.03			3.06

Net increase (decrease) from investment operations		3.40			(3.80	)		3.25			2.34			3.48


Distributions^(b)
From net investment income		(0.44	)		(0.35	)		(0.44	)		(0.30	)		(0.44	)
From net realized gain		—			(0.00	)^(c)		(0.06	)		(0.01	)		(0.11	)

Total distributions		(0.44	)		(0.35	)		(0.50	)		(0.31	)		(0.55	)


Net asset value, end of year	$	19.86		$	16.90		$	21.05		$	18.30		$	16.27


Total Return^(d)
Based on net asset value		20.29	%		(18.05	)%		17.81	%		14.64	%		26.25	%


Ratios to Average Net Assets^(e)
Total expenses		0.11	%		0.11	%		0.11	%		0.11	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.05	%		0.05	%

Net investment income		2.44	%		1.99	%		2.24	%		1.96	%		2.80	%


Supplemental Data
Net assets, end of year (000)	$	7,152,354		$	5,170,776		$	5,476,173		$	3,948,559		$	2,720,014

Portfolio turnover rate		6	%^(f)		16	%^(f)		7	%^(f)		7	%^(g)		12	%^(h)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

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

^(f)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(g)

^(h)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		85

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2050 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.36		$	21.69		$	18.68		$	16.55		$	13.51

Net investment income^(a)		0.43			0.34			0.44			0.30			0.43
Net realized and unrealized gain (loss)		3.23			(4.32	)		3.04			2.13			3.15

Net increase (decrease) from investment operations		3.66			(3.98	)		3.48			2.43			3.58


Distributions^(b)
From net investment income		(0.43	)		(0.32	)		(0.43	)		(0.29	)		(0.44	)
From net realized gain		—			(0.03	)		(0.04	)		(0.01	)		(0.10	)

Total distributions		(0.43	)		(0.35	)		(0.47	)		(0.30	)		(0.54	)


Net asset value, end of year	$	20.59		$	17.36		$	21.69		$	18.68		$	16.55


Total Return^(c)
Based on net asset value		21.23	%		(18.32	)%		18.69	%		14.98	%		26.71	%


Ratios to Average Net Assets^(d)
Total expenses		0.16	%		0.16	%		0.16	%		0.16	%		0.15	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		2.28	%		1.82	%		2.14	%		1.88	%		2.78	%


Supplemental Data
Net assets, end of year (000)	$	174,129		$	132,970		$	161,630		$	132,633		$	111,105

Portfolio turnover rate		5	%^(e)		11	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


86		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2050 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.31		$	21.63		$	18.63		$	16.51		$	13.48

Net investment income^(a)		0.38			0.29			0.37			0.26			0.39
Net realized and unrealized gain (loss)		3.23			(4.30	)		3.04			2.12			3.14

Net increase (decrease) from investment operations		3.61			(4.01	)		3.41			2.38			3.53


Distributions^(b)
From net investment income		(0.38	)		(0.28	)		(0.37	)		(0.25	)		(0.40	)
From net realized gain		—			(0.03	)		(0.04	)		(0.01	)		(0.10	)

Total distributions		(0.38	)		(0.31	)		(0.41	)		(0.26	)		(0.50	)


Net asset value, end of year	$	20.54		$	17.31		$	21.63		$	18.63		$	16.51


Total Return^(c)
Based on net asset value		21.00	%		(18.54	)%		18.38	%		14.67	%		26.40	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.44	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.02	%		1.56	%		1.81	%		1.62	%		2.53	%


Supplemental Data
Net assets, end of year (000)	$	117,251		$	102,124		$	119,705		$	112,240		$	138,397

Portfolio turnover rate		5	%^(e)		11	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		87

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2050 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.30		$	21.61		$	18.62		$	16.50		$	13.47

Net investment income^(a)		0.38			0.29			0.38			0.26			0.37
Net realized and unrealized gain (loss)		3.22			(4.29	)		3.02			2.12			3.16

Net increase (decrease) from investment operations		3.60			(4.00	)		3.40			2.38			3.53


Distributions^(b)
From net investment income		(0.38	)		(0.28	)		(0.37	)		(0.25	)		(0.40	)
From net realized gain		—			(0.03	)		(0.04	)		(0.01	)		(0.10	)

Total distributions		(0.38	)		(0.31	)		(0.41	)		(0.26	)		(0.50	)


Net asset value, end of year	$	20.52		$	17.30		$	21.61		$	18.62		$	16.50


Total Return^(c)
Based on net asset value		20.95	%		(18.51	)%		18.35	%		14.67	%		26.40	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.42	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%

Net investment income		2.02	%		1.55	%		1.87	%		1.62	%		2.41	%


Supplemental Data
Net assets, end of year (000)	$	557,747		$	470,795		$	592,827		$	522,176		$	473,345

Portfolio turnover rate		5	%^(e)		11	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


88		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2050 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.35		$	21.69		$	18.68		$	16.55		$	13.51

Net investment income^(a)		0.45			0.35			0.46			0.31			0.43
Net realized and unrealized gain (loss)		3.23			(4.33	)		3.03			2.13			3.16

Net increase (decrease) from investment operations		3.68			(3.98	)		3.49			2.44			3.59


Distributions^(b)
From net investment income		(0.44	)		(0.33	)		(0.44	)		(0.30	)		(0.45	)
From net realized gain		—			(0.03	)		(0.04	)		(0.01	)		(0.10	)

Total distributions		(0.44	)		(0.36	)		(0.48	)		(0.31	)		(0.55	)


Net asset value, end of year	$	20.59		$	17.35		$	21.69		$	18.68		$	16.55


Total Return^(c)
Based on net asset value		21.36	%		(18.33	)%		18.75	%		15.04	%		26.77	%


Ratios to Average Net Assets^(d)
Total expenses		0.11	%		0.11	%		0.11	%		0.11	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.05	%		0.05	%

Net investment income		2.35	%		1.88	%		2.23	%		1.97	%		2.81	%


Supplemental Data
Net assets, end of year (000)	$	6,946,353		$	4,892,212		$	4,988,085		$	3,567,402		$	2,388,475

Portfolio turnover rate		5	%^(e)		11	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		89

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2055 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.80		$	22.24		$	19.12		$	16.93		$	13.77

Net investment income^(a)		0.44			0.34			0.46			0.31			0.42
Net realized and unrealized gain (loss)		3.38			(4.43	)		3.11			2.19			3.24

Net increase (decrease) from investment operations		3.82			(4.09	)		3.57			2.50			3.66


Distributions^(b)
From net investment income		(0.43	)		(0.33	)		(0.43	)		(0.30	)		(0.44	)
From net realized gain		—			(0.02	)		(0.02	)		(0.01	)		(0.06	)

Total distributions		(0.43	)		(0.35	)		(0.45	)		(0.31	)		(0.50	)


Net asset value, end of year	$	21.19		$	17.80		$	22.24		$	19.12		$	16.93


Total Return^(c)
Based on net asset value		21.61	%		(18.38	)%		18.76	%		15.03	%		26.75	%


Ratios to Average Net Assets^(d)
Total expenses		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.09	%		0.09	%

Net investment income		2.25	%		1.79	%		2.15	%		1.89	%		2.70	%


Supplemental Data
Net assets, end of year (000)	$	144,447		$	111,511		$	114,774		$	89,290		$	76,250

Portfolio turnover rate		4	%^(e)		10	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio

See notes to financial statements.


90		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2055 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.76		$	22.19		$	19.07		$	16.89		$	13.74

Net investment income^(a)		0.39			0.29			0.38			0.26			0.40
Net realized and unrealized gain (loss)		3.37			(4.42	)		3.14			2.19			3.22

Net increase (decrease) from investment operations		3.76			(4.13	)		3.52			2.45			3.62


Distributions^(b)
From net investment income		(0.38	)		(0.28	)		(0.38	)		(0.26	)		(0.41	)
From net realized gain		—			(0.02	)		(0.02	)		(0.01	)		(0.06	)

Total distributions		(0.38	)		(0.30	)		(0.40	)		(0.27	)		(0.47	)


Net asset value, end of year	$	21.14		$	17.76		$	22.19		$	19.07		$	16.89


Total Return^(c)
Based on net asset value		21.31	%		(18.59	)%		18.51	%		14.72	%		26.46	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.41	%		0.43	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.34	%		0.34	%

Net investment income		1.98	%		1.53	%		1.82	%		1.61	%		2.57	%


Supplemental Data
Net assets, end of year (000)	$	85,659		$	72,842		$	84,965		$	78,100		$	78,919

Portfolio turnover rate		4	%^(e)		10	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		91

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2055 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.74		$	22.16		$	19.05		$	16.88		$	13.73

Net investment income^(a)		0.39			0.29			0.42			0.28			0.47
Net realized and unrealized gain (loss)		3.36			(4.41	)		3.09			2.16			3.15

Net increase (decrease) from investment operations		3.75			(4.12	)		3.51			2.44			3.62


Distributions^(b)
From net investment income		(0.39	)		(0.28	)		(0.38	)		(0.26	)		(0.41	)
From net realized gain		—			(0.02	)		(0.02	)		(0.01	)		(0.06	)

Total distributions		(0.39	)		(0.30	)		(0.40	)		(0.27	)		(0.47	)


Net asset value, end of year	$	21.10		$	17.74		$	22.16		$	19.05		$	16.88


Total Return^(c)
Based on net asset value		21.23	%		(18.55	)%		18.50	%		14.69	%		26.54	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.42	%		0.59	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.34	%		0.34	%

Net investment income		2.01	%		1.56	%		1.97	%		1.74	%		2.99	%


Supplemental Data
Net assets, end of year (000)	$	11,623		$	7,427		$	6,407		$	3,826		$	1,866

Portfolio turnover rate		4	%^(e)		10	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio

See notes to financial statements.


92		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2055 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	17.81		$	22.25		$	19.12		$	16.94		$	13.77

Net investment income^(a)		0.45			0.35			0.48			0.32			0.45
Net realized and unrealized gain (loss)		3.37			(4.44	)		3.11			2.18			3.23

Net increase (decrease) from investment operations		3.82			(4.09	)		3.59			2.50			3.68


Distributions^(b)
From net investment income		(0.44	)		(0.33	)		(0.44	)		(0.31	)		(0.45	)
From net realized gain		—			(0.02	)		(0.02	)		(0.01	)		(0.06	)

Total distributions		(0.44	)		(0.35	)		(0.46	)		(0.32	)		(0.51	)


Net asset value, end of year	$	21.19		$	17.81		$	22.25		$	19.12		$	16.94


Total Return^(c)
Based on net asset value		21.60	%		(18.33	)%		18.87	%		15.02	%		26.89	%


Ratios to Average Net Assets^(d)
Total expenses		0.11	%		0.11	%		0.11	%		0.11	%		0.09	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.04	%		0.04	%

Net investment income		2.32	%		1.85	%		2.24	%		1.98	%		2.86	%


Supplemental Data
Net assets, end of year (000)	$	4,741,826		$	3,178,027		$	3,128,153		$	2,124,200		$	1,344,554

Portfolio turnover rate		4	%^(e)		10	%^(e)		6	%^(e)		6	%^(f)		12	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		93

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2060 Fund

	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.88		$	19.82		$	17.02		$	15.06		$	12.19

Net investment income^(a)		0.40			0.31			0.42			0.29			0.44
Net realized and unrealized gain (loss)		3.01			(3.96	)		2.77			1.93			2.80

Net increase (decrease) from investment operations		3.41			(3.65	)		3.19			2.22			3.24

Distributions from net investment income^(b)		(0.38	)		(0.29	)		(0.39	)		(0.26	)		(0.37	)


Net asset value, end of year	$	18.91		$	15.88		$	19.82		$	17.02		$	15.06


Total Return^(c)
Based on net asset value		21.61	%		(18.42	)%		18.81	%		15.02	%		26.78	%


Ratios to Average Net Assets^(d)
Total expenses		0.16	%		0.16	%		0.16	%		0.18	%		0.29	%

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.10	%		0.09	%		0.09	%

Net investment income		2.28	%		1.81	%		2.23	%		1.96	%		3.11	%


Supplemental Data
Net assets, end of year (000)	$	58,804		$	37,045		$	38,667		$	22,343		$	11,132

Portfolio turnover rate		3	%^(e)		9	%^(e)		6	%^(e)		6	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


94		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2060 Fund (continued)

	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.85		$	19.77		$	16.98		$	15.03		$	12.17

Net investment income^(a)		0.35			0.25			0.35			0.25			0.37
Net realized and unrealized gain (loss)		3.01			(3.93	)		2.78			1.93			2.83

Net increase (decrease) from investment operations		3.36			(3.68	)		3.13			2.18			3.20

Distributions from net investment income^(b)		(0.34	)		(0.24	)		(0.34	)		(0.23	)		(0.34	)


Net asset value, end of year	$	18.87		$	15.85		$	19.77		$	16.98		$	15.03


Total Return^(c)
Based on net asset value		21.30	%		(18.58	)%		18.50	%		14.71	%		26.46	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.44	%		0.57	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.34	%		0.34	%

Net investment income		2.02	%		1.50	%		1.88	%		1.71	%		2.66	%


Supplemental Data
Net assets, end of year (000)	$	27,943		$	18,405		$	20,045		$	14,564		$	11,358

Portfolio turnover rate		3	%^(e)		9	%^(e)		6	%^(e)		6	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		95

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2060 Fund (continued)

	Investor P
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.84		$	19.76		$	16.97		$	15.03		$	12.17

Net investment income^(a)		0.35			0.26			0.38			0.25			0.42
Net realized and unrealized gain (loss)		3.00			(3.93	)		2.75			1.92			2.79

Net increase (decrease) from investment operations		3.35			(3.67	)		3.13			2.17			3.21

Distributions from net investment income^(b)		(0.34	)		(0.25	)		(0.34	)		(0.23	)		(0.35	)


Net asset value, end of year	$	18.85		$	15.84		$	19.76		$	16.97		$	15.03


Total Return^(c)
Based on net asset value		21.26	%		(18.57	)%		18.53	%		14.65	%		26.51	%


Ratios to Average Net Assets^(d)
Total expenses		0.41	%		0.41	%		0.41	%		0.44	%		0.65	%

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.35	%		0.34	%		0.34	%

Net investment income		2.04	%		1.57	%		1.99	%		1.74	%		2.97	%


Supplemental Data
Net assets, end of year (000)	$	15,926		$	9,663		$	7,993		$	4,675		$	2,039

Portfolio turnover rate		3	%^(e)		9	%^(e)		6	%^(e)		6	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


96		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2060 Fund (continued)

	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Net asset value, beginning of year	$	15.89		$	19.82		$	17.03		$	15.07		$	12.19

Net investment income^(a)		0.41			0.31			0.43			0.29			0.42
Net realized and unrealized gain (loss)		3.01			(3.94	)		2.76			1.94			2.84

Net increase (decrease) from investment operations		3.42			(3.63	)		3.19			2.23			3.26

Distributions from net investment income^(b)		(0.39	)		(0.30	)		(0.40	)		(0.27	)		(0.38	)


Net asset value, end of year	$	18.92		$	15.89		$	19.82		$	17.03		$	15.07


Total Return^(c)
Based on net asset value		21.66	%		(18.32	)%		18.80	%		15.06	%		26.92	%


Ratios to Average Net Assets^(d)
Total expenses		0.11	%		0.11	%		0.11	%		0.13	%		0.15	%

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.05	%		0.04	%		0.04	%

Net investment income		2.35	%		1.87	%		2.28	%		2.02	%		2.98	%


Supplemental Data
Net assets, end of year (000)	$	2,562,424		$	1,524,706		$	1,283,329		$	769,397		$	386,113

Portfolio turnover rate		3	%^(e)		9	%^(e)		6	%^(e)		6	%^(f)		11	%^(g)

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

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

^(e)	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(f)

^(g)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series, Total International ex U.S. Index Master Portfolio and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		97

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2065 Fund

	Institutional
		Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 10/30/19 to 12/31/19	^(a)

Net asset value, beginning of period	$	11.16		$	13.90		$	11.92		$	10.48		$	10.00

Net investment income^(b)		0.29			0.22			0.33			0.23			0.11
Net realized and unrealized gain (loss)		2.10			(2.77	)		1.90			1.36			0.46

Net increase (decrease) from investment operations		2.39			(2.55	)		2.23			1.59			0.57

Distributions from net investment income^(c)		(0.26	)		(0.19	)		(0.25	)		(0.15	)		(0.09	)


Net asset value, end of period	$	13.29		$	11.16		$	13.90		$	11.92		$	10.48


Total Return^(d)
Based on net asset value		21.57	%		(18.30	)%		18.74	%		15.43	%		5.71	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.17	%		0.17	%		0.21	%		0.50	%		13.00	%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.11	%		0.10	%		0.09	%		0.08	%		0.11	%^(g)

Net investment income		2.37	%		1.89	%		2.50	%		2.23	%		6.26	%^(g)


Supplemental Data
Net assets, end of period (000)	$	20,102		$	10,487		$	6,545		$	1,360		$	52

Portfolio turnover rate		3	%⁽ⁱ⁾		8	%⁽ⁱ⁾		9	%⁽ⁱ⁾		48	%^(j)		1	%^(k)

^(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, offering and organization costs were not annualized in the calculation of expense ratios. If these expenses were annualized, the total expenses would have been 44.41%.

⁽ⁱ⁾	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(j)

^(k)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


98		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2065 Fund (continued)

	Investor A
		Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 10/30/19 to 12/31/19	^(a)

Net asset value, beginning of period	$	11.15		$	13.90		$	11.92		$	10.48		$	10.00

Net investment income^(b)		0.27			0.19			0.28			0.22			0.11
Net realized and unrealized gain (loss)		2.10			(2.77	)		1.92			1.35			0.46

Net increase (decrease) from investment operations		2.37			(2.58	)		2.20			1.57			0.57

Distributions from net investment income^(c)		(0.24	)		(0.17	)		(0.22	)		(0.13	)		(0.09	)


Net asset value, end of period	$	13.28		$	11.15		$	13.90		$	11.92		$	10.48


Total Return^(d)
Based on net asset value		21.33	%		(18.56	)%		18.48	%		15.14	%		5.67	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.42	%		0.42	%		0.46	%		2.02	%		13.24	%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.34	%		0.34	%		0.36	%^(g)

Net investment income		2.24	%		1.61	%		2.08	%		2.10	%		6.03	%^(g)


Supplemental Data
Net assets, end of period (000)	$	2,930		$	1,068		$	523		$	123		$	53

Portfolio turnover rate		3	%⁽ⁱ⁾		8	%⁽ⁱ⁾		9	%⁽ⁱ⁾		48	%^(j)		1	%^(k)

^(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, offering and organization costs were not annualized in the calculation of expense ratios. If these expenses were annualized, the total expenses would have been 44.60%.

⁽ⁱ⁾	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(j)

^(k)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		99

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2065 Fund (continued)

	Investor P
		Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 10/30/19 to 12/31/19	^(a)

Net asset value, beginning of period	$	11.15		$	13.89		$	11.91		$	10.48		$	10.00

Net investment income^(b)		0.25			0.19			0.36			0.20			0.11
Net realized and unrealized gain (loss)		2.10			(2.76	)		1.84			1.36			0.46

Net increase (decrease) from investment operations		2.35			(2.57	)		2.20			1.56			0.57

Distributions from net investment income^(c)		(0.23	)		(0.17	)		(0.22	)		(0.13	)		(0.09	)


Net asset value, end of period	$	13.27		$	11.15		$	13.89		$	11.91		$	10.48


Total Return^(d)
Based on net asset value		21.21	%		(18.51	)%		18.52	%		15.12	%		5.67	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.42	%		0.42	%		0.46	%		1.00	%		13.25	%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.36	%		0.35	%		0.34	%		0.33	%		0.36	%^(g)

Net investment income		2.06	%		1.61	%		2.68	%		1.86	%		6.01	%^(g)


Supplemental Data
Net assets, end of period (000)	$	7,200		$	4,283		$	3,022		$	532		$	52

Portfolio turnover rate		3	%⁽ⁱ⁾		8	%⁽ⁱ⁾		9	%⁽ⁱ⁾		48	%^(j)		1	%^(k)

^(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, excludes the effects of any sales charges and 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, offering and organization costs were not annualized in the calculation of expense ratios. If these expenses were annualized, the total expenses would have been 44.67%.

⁽ⁱ⁾	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(j)

^(k)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


100		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock LifePath^® Index 2065 Fund (continued)

	Class K
		Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 10/30/19 to 12/31/19	^(a)

Net asset value, beginning of period	$	11.16		$	13.91		$	11.92		$	10.48		$	10.00

Net investment income^(b)		0.30			0.22			0.36			0.24			0.12
Net realized and unrealized gain (loss)		2.10			(2.77	)		1.88			1.36			0.45

Net increase (decrease) from investment operations		2.40			(2.55	)		2.24			1.60			0.57

Distributions from net investment income^(c)		(0.27	)		(0.20	)		(0.25	)		(0.16	)		(0.09	)


Net asset value, end of period	$	13.29		$	11.16		$	13.91		$	11.92		$	10.48


Total Return^(d)
Based on net asset value		21.62	%		(18.32	)%		18.87	%		15.47	%		5.72	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.12	%		0.12	%		0.16	%		0.79	%		11.12	%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.06	%		0.05	%		0.04	%		0.03	%		0.06	%^(g)

Net investment income		2.44	%		1.92	%		2.67	%		2.32	%		7.08	%^(g)


Supplemental Data
Net assets, end of period (000)	$	519,925		$	234,115		$	123,833		$	23,104		$	1,940

Portfolio turnover rate		3	%⁽ⁱ⁾		8	%⁽ⁱ⁾		9	%⁽ⁱ⁾		48	%^(j)		1	%^(k)

^(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, offering and organization costs were not annualized in the calculation of expense ratios. If these expenses were annualized, the total expenses would have been 35.79%.

⁽ⁱ⁾	Includes the purchases and sales of the underlying funds and the Underlying Master Portfolios.

^(j)

^(k)	Includes the LifePath Index Master Portfolio’s purchases and sales of the underlying funds and Large Cap Index Master Portfolio, Master Small Cap Index Series and U.S. Total Bond Index Master Portfolio.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		101

Notes to Financial Statements

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^® Index Retirement Fund	LifePath Index Retirement Fund	Diversified
BlackRock LifePath^® Index 2025 Fund	LifePath Index 2025 Fund	Diversified
BlackRock LifePath^® Index 2030 Fund	LifePath Index 2030 Fund	Diversified
BlackRock LifePath^® Index 2035 Fund	LifePath Index 2035 Fund	Diversified
BlackRock LifePath^® Index 2040 Fund	LifePath Index 2040 Fund	Diversified
BlackRock LifePath^® Index 2045 Fund	LifePath Index 2045 Fund	Diversified
BlackRock LifePath^® Index 2050 Fund	LifePath Index 2050 Fund	Diversified
BlackRock LifePath^® Index 2055 Fund	LifePath Index 2055 Fund	Diversified
BlackRock LifePath^® Index 2060 Fund	LifePath Index 2060 Fund	Diversified
BlackRock LifePath^® Index 2065 Fund	LifePath Index 2065 Fund	Diversified

As of period end, the investment of LifePath Index Retirement Fund, LifePath Index 2025 Fund, LifePath Index 2030 Fund, LifePath Index 2035 Fund, LifePath Index 2040 Fund, LifePath Index 2045 Fund, LifePath Index 2050 Fund, LifePath Index 2055 Fund, LifePath Index 2060 Fund and LifePath Index 2065 Fund in Large Cap Index Master Portfolio represented 22.9%, 24.6%, 32.3%, 39.2%, 45.8%, 51.8%, 56.0%, 57.7%, 57.8% and 57.8%, respectively, of net assets. As such, financial statements of Large Cap Index Master Portfolio, including the Schedules of Investments, should be read in conjunction with each respective Fund’s financial statements. Large Cap Index Master Portfolio’s financial statements are available, without charge, on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at sec.gov.

The Funds will generally invest in other registered investment companies (each, an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds. The Funds may also invest in other master portfolios (“Underlying Master Portfolios”) that are managed by subsidiaries of BlackRock.

The value of a Fund’s investment in Large Cap Index Master Portfolio and Master Small Cap Index Series reflects that Fund’s proportionate interest in the net assets of that master portfolio. As of period end, the Funds held interests in Underlying Master Portfolios as follows:




Fund Name	Large Cap Index Master Portfolio			Master Small Cap Index Series

LifePath Index Retirement Fund		5.7	%		3.7	%
LifePath Index 2025 Fund		5.5			3.4
LifePath Index 2030 Fund		12.9			6.4
LifePath Index 2035 Fund		11.6			4.9
LifePath Index 2040 Fund		17.3			6.5
LifePath Index 2045 Fund		13.0			4.4
LifePath Index 2050 Fund		14.7			4.8
LifePath Index 2055 Fund		9.7			3.1
LifePath Index 2060 Fund		5.2			1.7
LifePath Index 2065 Fund		1.1			0.3

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with the Fund’s distributor to offer such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.



Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Investor A and Class K Shares	No		No		None
Investor P Shares	Yes		No	^(a)	None

^(a)

Investor P Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

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

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


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Notes to Financial Statements (continued)

could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

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

Each Fund records daily its proportionate share of the Large Cap Index Master Portfolio and Master Small Cap Index Series income, expenses and realized and unrealized gains and losses.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. Distributions from net investment income are declared and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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 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 published net asset value (“NAV”).

•

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and


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Notes to Financial Statements (continued)

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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.

As of December 31, 2023, certain investments of the Funds were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.

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

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




LifePath Index Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


LifePath Index Retirement Fund
BNP Paribas SA	$	97,395	$	(97,395	)	$	—		$	—
J.P. Morgan Securities LLC		15,790,976		(15,790,976)			—			—
Wells Fargo Bank N.A.		941,978		(941,978	)		—			—


	$	16,830,349	$	(16,830,349	)	$	—		$	—


LifePath Index 2030 Fund
Morgan Stanley	$	4,129,548	$	(4,129,548	)	$	—		$	—

LifePath Index 2035 Fund
Morgan Stanley	$	655,793	$	(655,793	)	$	—		$	—
UBS AG		331,143		(331,143	)		—			—


	$	986,936	$	(986,936)		$	—		$	—


LifePath Index 2040 Fund
BNP Paribas SA	$	389,580	$	(389,580	)	$	—		$	—
Morgan Stanley		16,693,503		(16,693,503)			—			—
Wells Fargo Securities LLC		85,992		(85,992	)		—			—


	$	17,169,075	$	(17,169,075)		$	—		$	—


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Notes to Financial Statements (continued)




LifePath Index Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


LifePath Index 2045 Fund
BNP Paribas SA	$	12,986	$	(12,986	)	$	—		$	—
BofA Securities, Inc.		6,699,300		(6,699,300	)		—			—


	$	6,712,286	$	(6,712,286	)	$	—		$	—


LifePath Index 2050 Fund
Morgan Stanley	$	1,408,981	$	(1,408,981	)	$	—		$	—
Wells Fargo Bank N.A.		324,650		(324,650	)		—			—


	$	1,733,631	$	(1,733,631	)	$	—		$	—


LifePath Index 2060 Fund
Barclays Bank PLC	$	3,799,019	$	(3,799,019	)	$	—		$	—
Barclays Capital, Inc.		1,136,275		(1,136,275	)		—			—
J.P. Morgan Securities LLC		3,882,814		(3,882,814)			—			—
Morgan Stanley		188,297		(188,297	)		—			—


	$	9,006,405	$	(9,006,405	)	$	—		$	—


LifePath Index 2065 Fund
J.P. Morgan Securities LLC	$	4,246,422	$	(4,246,422)		$	—		$	—
Wells Fargo Bank N.A.		129,860		(129,860	)		—			—


	$	4,376,282	$	(4,376,282	)	$	—		$	—

^(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, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with BFA, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to 0.05% of the average daily value of each Fund’s net assets.

Service Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”),an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Fund’s Investor A and Investor P Shares.

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

For the year ended December 31, 2023, the following table shows the class specific service fees borne directly by each share class of each Fund:



Fund Name	Investor A		Investor P		Total
LifePath Index Retirement Fund	$	405,348	$	4,701,484	$	5,106,832
LifePath Index 2025 Fund		249,132		226,227		475,359
LifePath Index 2030 Fund		456,657		4,312,357		4,769,014
LifePath Index 2035 Fund		310,107		118,735		428,842
LifePath Index 2040 Fund		364,719		3,715,055		4,079,774
LifePath Index 2045 Fund		274,625		45,502		320,127
LifePath Index 2050 Fund		280,429		1,275,884		1,556,313
LifePath Index 2055 Fund		200,924		23,673		224,597
LifePath Index 2060 Fund		57,378		30,921		88,299
LifePath Index 2065 Fund		4,347		14,577		18,924

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, 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


N O T E S T O F I N A N C I A L S T A T E M E N T S		105

Notes to Financial Statements (continued)

transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee of 0.09% based on the average daily net assets of each Fund’s Institutional, Investor A and Investor P Shares and 0.04% of the average daily net assets of each Fund’s Class K Shares.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance. BAL may delegate certain of its administration duties to sub-administrators.

For the year ended December 31, 2023, the following table shows the class specific administration fees borne directly by each share class of each Fund:



Fund Name	Institutional		Investor A		Investor P		Class K		Total
LifePath Index Retirement Fund	$	341,910	$	145,925	$	1,692,534	$	1,934,857	$	4,115,226
LifePath Index 2025 Fund		171,426		89,688		81,442		2,359,880		2,702,436
LifePath Index 2030 Fund		481,999		164,396		1,552,449		3,390,637		5,589,481
LifePath Index 2035 Fund		178,806		111,639		42,745		2,948,213		3,281,403
LifePath Index 2040 Fund		586,797		131,299		1,337,420		3,079,934		5,135,450
LifePath Index 2045 Fund		147,409		98,865		16,381		2,439,498		2,702,153
LifePath Index 2050 Fund		144,097		100,954		459,318		2,339,460		3,043,829
LifePath Index 2055 Fund		120,127		72,332		8,522		1,561,312		1,762,293
LifePath Index 2060 Fund		46,200		20,656		11,132		800,240		878,228
LifePath Index 2065 Fund		14,414		1,565		5,248		145,253		166,480

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 year ended December 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

Other Fees: For the year ended December 31, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor P Shares as follows:



Fund Name	Investor P
LifePath Index Retirement Fund	$	72,094
LifePath Index 2025 Fund		17,965
LifePath Index 2030 Fund		99,936
LifePath Index 2035 Fund		16,285
LifePath Index 2040 Fund		103,488
LifePath Index 2045 Fund		8,895
LifePath Index 2050 Fund		55,399
LifePath Index 2055 Fund		6,566
LifePath Index 2060 Fund		6,041
LifePath Index 2065 Fund		3,588

For the year ended December 31, 2023, affiliates received CDSCs as follows:



Fund Name	Investor P
LifePath Index Retirement Fund	$	1,028
LifePath Index 2025 Fund		12
LifePath Index 2030 Fund		24
LifePath Index 2035 Fund		458
LifePath Index 2040 Fund		119
LifePath Index 2045 Fund		5
LifePath Index 2050 Fund		70

Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to BFA indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Funds. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived were as follows:



Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath Index Retirement Fund	$	8,097
LifePath Index 2025 Fund		7,979
LifePath Index 2030 Fund		8,852
LifePath Index 2035 Fund		11,090
LifePath Index 2040 Fund		10,780
LifePath Index 2045 Fund		9,385
LifePath Index 2050 Fund		5,104


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Notes to Financial Statements (continued)



Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath Index 2055 Fund	$	6,435
LifePath Index 2060 Fund		2,008
LifePath Index 2065 Fund		834

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, 2024. 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 Funds. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



LifePath Index Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath Index Retirement Fund	$	2,556,919
LifePath Index 2025 Fund		2,324,339
LifePath Index 2030 Fund		4,582,674
LifePath Index 2035 Fund		3,543,398
LifePath Index 2040 Fund		4,881,282
LifePath Index 2045 Fund		3,248,352
LifePath Index 2050 Fund		3,397,214
LifePath Index 2055 Fund		2,102,451
LifePath Index 2060 Fund		1,058,470
LifePath Index 2065 Fund		194,316

The fees and expenses of the Funds’ Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Funds. Each of BAL and BFA has contractually agreed to reimburse the Funds or provide an offsetting credit for such independent expenses through June 30, 2033. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived were as follows:



Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath Index Retirement Fund	$	78,346
LifePath Index 2025 Fund		72,218
LifePath Index 2030 Fund		104,048
LifePath Index 2035 Fund		82,563
LifePath Index 2040 Fund		97,907
LifePath Index 2045 Fund		73,421
LifePath Index 2050 Fund		75,122
LifePath Index 2055 Fund		57,901
LifePath Index 2060 Fund		43,921
LifePath Index 2065 Fund		32,115

Securities Lending: The SEC has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a 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 a specified threshold, 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.


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Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2023, each Fund paid BTC the following amounts for securities lending agent services:



Fund Name	Amounts
LifePath Index Retirement Fund	$	10,115
LifePath Index 2025 Fund		9,145
LifePath Index 2030 Fund		17,490
LifePath Index 2035 Fund		7,001
LifePath Index 2040 Fund		21,512
LifePath Index 2045 Fund		13,042
LifePath Index 2050 Fund		3,804
LifePath Index 2055 Fund		2,021
LifePath Index 2060 Fund		3,566
LifePath Index 2065 Fund		290

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended December 31, 2023, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.

6.	*PURCHASES AND SALES*

For the year ended December 31, 2023, purchases and sales of investments in the Underlying Funds and the Underlying Master Portfolios, excluding short-term securities, were as follows:



LifePath Index Fund Name	Purchases		Sales
LifePath Index Retirement Fund	$	1,192,262,418	$	1,514,412,203
LifePath Index 2025 Fund		1,109,311,966		1,017,418,460
LifePath Index 2030 Fund		1,649,216,183		1,142,760,528
LifePath Index 2035 Fund		1,555,541,229		615,042,989
LifePath Index 2040 Fund		1,571,951,847		693,900,721
LifePath Index 2045 Fund		1,315,126,574		373,463,503
LifePath Index 2050 Fund		1,341,761,089		340,220,421
LifePath Index 2055 Fund		1,015,861,817		158,576,602
LifePath Index 2060 Fund		759,213,761		69,860,379
LifePath Index 2065 Fund		237,838,112		11,108,619

7.	*INCOME TAX INFORMATION*

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2023, 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.


108		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:




Fund Name	Year Ended 12/31/23		Year Ended 12/31/22


LifePath Index Retirement Fund
Ordinary income	$	194,178,189	$	182,042,140
Long-term capital gains		—		11,551,127


	$	194,178,189	$	193,593,267

LifePath Index 2025 Fund
Ordinary income	$	172,193,359	$	148,841,260
Long-term capital gains		—		2,152,536


	$	172,193,359	$	150,993,796

LifePath Index 2030 Fund
Ordinary income	$	288,126,747	$	234,391,038
Long-term capital gains		—		12,590,478


	$	288,126,747	$	246,981,516

LifePath Index 2035 Fund
Ordinary income	$	202,528,544	$	151,313,926
Long-term capital gains		—		6,492,265


	$	202,528,544	$	157,806,191

LifePath Index 2040 Fund
Ordinary income	$	247,970,444	$	183,767,426
Long-term capital gains		—		11,306,340


	$	247,970,444	$	195,073,766

LifePath Index 2045 Fund
Ordinary income	$	157,493,058	$	106,126,708


LifePath Index 2050 Fund
Ordinary income	$	156,094,517	$	102,970,542
Long-term capital gains		—		5,135,862


	$	156,094,517	$	108,106,404

LifePath Index 2055 Fund
Ordinary income	$	96,440,682	$	60,106,403
Long-term capital gains		—		2,358,195


	$	96,440,682	$	62,464,598

LifePath Index 2060 Fund
Ordinary income	$	49,336,389	$	26,091,355


LifePath Index 2065 Fund
Ordinary income	$	9,483,756	$	3,523,280

As of December 31, 2023, the tax components of accumulated earnings (loss) were as follows:



Fund Name		Undistributed Ordinary Income		Non-Expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)		Total

LifePath Index Retirement Fund	$	1,425,161	$	(10,861,701	)	$	1,223,380,378	$	1,213,943,838
LifePath Index 2025 Fund		1,154,459		(52,549,894	)		1,041,474,959		990,079,524
LifePath Index 2030 Fund		1,888,491		(57,811,832	)		2,128,448,901		2,072,525,560
LifePath Index 2035 Fund		1,159,467		(54,739,328	)		1,551,711,357		1,498,131,496
LifePath Index 2040 Fund		1,798,276		(50,087,438	)		2,451,843,272		2,403,554,110
LifePath Index 2045 Fund		1,069,279		(58,379,615	)		1,512,090,949		1,454,780,613
LifePath Index 2050 Fund		1,095,566		(30,643,841	)		1,653,485,848		1,623,937,573
LifePath Index 2055 Fund		605,837		(18,947,009	)		925,083,358		906,742,186
LifePath Index 2060 Fund		33,875		(20,389,316	)		383,912,708		363,557,267
LifePath Index 2065 Fund		635		(17,156,303	)		62,063,904		44,908,236

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis net unrealized gains was attributable primarily to tax deferral of losses on wash sales, the timing and recognition of partnership income and the timing and recognition of realized gains (losses) for tax purposes.


N O T E S T O F I N A N C I A L S T A T E M E N T S		109

Notes to Financial Statements (continued)

During the year ended December 31, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



LifePath Index Fund Name	Amounts
LifePath Index Retirement Fund	$	9,311,825
LifePath Index 2030 Fund		7,613,621

As of December 31, 2023, 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 Index Retirement Fund	$	6,273,563,657	$	1,362,819,039	$	(132,010,152	)	$	1,230,808,887
LifePath Index 2025 Fund		5,624,259,827		1,157,527,266		(131,279,674	)		1,026,247,592
LifePath Index 2030 Fund		9,752,056,366		2,316,371,458		(199,086,980	)		2,117,284,478
LifePath Index 2035 Fund		7,271,079,431		1,643,138,824		(105,087,320	)		1,538,051,504
LifePath Index 2040 Fund		8,844,666,172		2,538,044,867		(94,425,978	)		2,443,618,889
LifePath Index 2045 Fund		5,973,288,245		1,535,455,876		(25,594,570	)		1,509,861,306
LifePath Index 2050 Fund		6,155,515,268		1,657,886,560		(4,645,240	)		1,653,241,320
LifePath Index 2055 Fund		4,058,838,210		926,661,041		(1,605,619	)		925,055,422
LifePath Index 2060 Fund		2,289,475,968		384,188,182		(348,472	)		383,839,710
LifePath Index 2065 Fund		491,897,241		62,063,425		(19	)		62,063,406

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, $2.50 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 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2023, the Funds did not borrow under the credit agreement.

9.	*PRINCIPAL RISKS*

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

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

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

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

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


110		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index Retirement Fund

Institutional

Shares sold		3,593,886		$	45,806,759			3,322,518		$	43,530,873

Shares issued in reinvestment of distributions		798,536			10,223,795			846,945			10,520,725

Shares redeemed		(7,250,471	)		(92,452,592	)		(9,000,036	)		(119,357,990	)

		(2,858,049	)	$	(36,422,038	)		(4,830,573	)	$	(65,306,392	)


Investor A

Shares sold		1,935,874		$	24,569,018			3,605,143		$	46,130,749

Shares issued in reinvestment of distributions		299,399			3,828,940			348,501			4,316,056

Shares redeemed		(5,075,154	)		(64,407,913	)		(5,647,114	)		(72,248,031	)

		(2,839,881	)	$	(36,009,955	)		(1,693,470	)	$	(21,801,226	)


Investor P

Shares sold		4,472,481		$	56,637,601			5,940,386		$	78,449,437

Shares issued in reinvestment of distributions		3,588,477			45,854,100			3,898,016			48,248,020

Shares redeemed		(22,609,173	)		(285,928,107	)		(27,659,511	)		(356,120,953	)

		(14,548,215	)	$	(183,436,406	)		(17,821,109	)	$	(229,423,496	)


Class K

Shares sold		76,456,518		$	969,874,080			81,626,120		$	1,082,601,220

Shares issued in reinvestment of distributions		10,475,396			134,045,376			10,505,243			130,316,225

Shares redeemed		(90,199,922	)		(1,140,990,152	)		(94,074,425	)		(1,228,012,734	)

		(3,268,008	)	$	(37,070,696	)		(1,943,062	)	$	(15,095,289	)

		(23,514,153	)	$	(292,939,095	)		(26,288,214	)	$	(331,626,403	)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2025 Fund

Institutional

Shares sold		3,107,129		$	44,306,587			2,914,599		$	42,322,635

Shares issued in reinvestment of distributions		355,633			5,123,462			331,529			4,584,259

Shares redeemed		(3,923,166	)		(56,180,832	)		(3,459,810	)		(50,862,950	)

		(460,404	)	$	(6,750,783	)		(213,682	)	$	(3,956,056	)


Investor A

Shares sold		941,666		$	13,429,144			1,121,924		$	16,522,275

Shares issued in reinvestment of distributions		161,978			2,330,021			177,710			2,455,027

Shares redeemed		(2,878,939	)		(41,231,113	)		(2,526,356	)		(37,060,750	)

		(1,775,295	)	$	(25,471,948	)		(1,226,722	)	$	(18,083,448	)


Investor P

Shares sold		999,217		$	14,126,700			1,662,719		$	24,849,590

Shares issued in reinvestment of distributions		154,852			2,224,108			145,042			1,996,089

Shares redeemed		(1,091,506	)		(15,436,033	)		(1,456,618	)		(20,953,206	)

		62,563		$	914,775			351,143		$	5,892,473


N O T E S T O F I N A N C I A L S T A T E M E N T S		111

Notes to Financial Statements (continued)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath Index 2025 Fund (continued)

Class K

Shares sold		83,332,155		$	1,189,501,710			85,855,261		$	1,260,937,785

Shares issued in reinvestment of distributions		11,269,208			162,412,334			10,257,345			141,861,605

Shares redeemed		(84,105,295	)		(1,195,998,438	)		(78,400,268	)		(1,142,842,420	)

		10,496,068		$	155,915,606			17,712,338		$	259,956,970

		8,322,932		$	124,607,650			16,623,077		$	243,809,939



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2030 Fund

Institutional

Shares sold		4,524,763		$	68,914,528			4,157,741		$	63,924,543

Shares issued in reinvestment of distributions		904,928			13,988,352			867,050			12,609,861

Shares redeemed		(5,946,756	)		(91,059,743	)		(7,374,492	)		(118,297,753	)

		(517,065	)	$	(8,156,863	)		(2,349,701	)	$	(41,763,349	)


Investor A

Shares sold		2,344,132		$	35,633,205			2,949,627		$	45,073,937

Shares issued in reinvestment of distributions		272,895			4,219,197			278,850			4,050,078

Shares redeemed		(4,276,237	)		(65,424,169	)		(3,990,230	)		(61,098,454	)

		(1,659,210	)	$	(25,571,767	)		(761,753	)	$	(11,974,439	)


Investor P

Shares sold		4,550,836		$	68,966,535			4,935,905		$	76,741,580

Shares issued in reinvestment of distributions		2,621,949			40,526,492			2,660,021			38,593,592

Shares redeemed		(12,631,230	)		(191,444,157	)		(14,951,026	)		(229,599,930	)

		(5,458,445	)	$	(81,951,130	)		(7,355,100	)	$	(114,264,758	)


Class K

Shares sold		119,698,908		$	1,823,567,071			121,463,311		$	1,883,996,167

Shares issued in reinvestment of distributions		14,843,032			229,328,596			13,205,336			191,673,950

Shares redeemed		(89,072,733	)		(1,354,069,546	)		(71,788,403	)		(1,101,453,243	)

		45,469,207		$	698,826,121			62,880,244		$	974,216,874

		37,834,487		$	583,146,361			52,413,690		$	806,214,328



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2035 Fund

Institutional

Shares sold		3,310,253		$	54,068,654			2,753,122		$	45,228,753

Shares issued in reinvestment of distributions		302,321			5,060,245			257,378			3,971,855

Shares redeemed		(3,021,852	)		(49,926,404	)		(1,974,197	)		(32,963,307	)

		590,722		$	9,202,495			1,036,303		$	16,237,301


Investor A

Shares sold		1,457,962		$	23,828,977			1,748,081		$	28,952,854

Shares issued in reinvestment of distributions		166,817			2,787,538			165,138			2,540,944

Shares redeemed		(2,098,152	)		(34,334,597	)		(2,233,800	)		(36,590,795	)

		(473,373	)	$	(7,718,082	)		(320,581	)	$	(5,096,997	)


Investor P

Shares sold		831,859		$	13,521,688			886,096		$	14,864,811

Shares issued in reinvestment of distributions		66,359			1,107,224			55,923			857,070

Shares redeemed		(569,752	)		(9,317,251	)		(471,153	)		(7,608,330	)

		328,466		$	5,311,661			470,866		$	8,113,551


112		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath Index 2035 Fund (continued)

Class K

Shares sold		108,784,884		$	1,784,933,880			99,466,782		$	1,642,593,394

Shares issued in reinvestment of distributions		11,566,640			193,519,098			9,760,185			150,380,730

Shares redeemed		(60,244,577	)		(983,471,308	)		(53,246,888	)		(871,529,169	)

		60,106,947		$	994,981,670			55,980,079		$	921,444,955

		60,552,762		$	1,001,777,744			57,166,667		$	940,698,810



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2040 Fund

Institutional

Shares sold		4,862,690		$	84,258,270			3,980,851		$	68,817,594

Shares issued in reinvestment of distributions		899,014			15,996,190			824,339			13,278,142

Shares redeemed		(4,572,993	)		(79,752,144	)		(4,669,829	)		(84,499,843	)

		1,188,711		$	20,502,316			135,361		$	(2,404,107	)


Investor A

Shares sold		1,889,229		$	32,606,768			2,431,747		$	41,365,509

Shares issued in reinvestment of distributions		178,319			3,169,460			171,835			2,759,877

Shares redeemed		(2,776,310	)		(48,393,513	)		(2,939,625	)		(50,274,558	)

		(708,762	)	$	(12,617,285	)		(336,043	)	$	(6,149,172	)


Investor P

Shares sold		3,953,121		$	68,183,320			4,253,821		$	73,608,165

Shares issued in reinvestment of distributions		1,832,361			32,545,427			1,797,985			28,829,663

Shares redeemed		(8,604,068	)		(148,259,925	)		(8,061,637	)		(138,737,403	)

		(2,818,586	)	$	(47,531,178	)		(2,009,831	)	$	(36,299,575	)


Class K

Shares sold		98,973,568		$	1,719,084,057			96,958,558		$	1,681,275,525

Shares issued in reinvestment of distributions		11,025,421			196,199,501			9,331,202			150,176,717

Shares redeemed		(52,756,920	)		(913,444,813	)		(44,419,515	)		(761,636,913	)

		57,242,069		$	1,001,838,745			61,870,245		$	1,069,815,329

		54,903,432		$	962,192,598			59,659,732		$	1,024,962,475



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2045 Fund

Institutional

Shares sold		2,626,659		$	47,822,547			2,369,625		$	42,552,614

Shares issued in reinvestment of distributions		205,207			3,883,846			164,210			2,767,676

Shares redeemed		(2,855,628	)		(52,855,798	)		(1,454,300	)		(26,565,926	)

		(23,762	)	$	(1,149,405	)		1,079,535		$	18,754,364


Investor A

Shares sold		1,350,124		$	24,634,820			1,442,972		$	25,997,776

Shares issued in reinvestment of distributions		122,793			2,323,751			104,093			1,748,465

Shares redeemed		(1,692,416	)		(31,126,686	)		(1,276,785	)		(22,802,370	)

		(219,499	)	$	(4,168,115	)		270,280		$	4,943,871


Investor P

Shares sold		458,431		$	8,326,925			332,033		$	5,964,077

Shares issued in reinvestment of distributions		21,530			407,826			12,925			216,147

Shares redeemed		(145,296	)		(2,598,778	)		(95,012	)		(1,689,100	)

		334,665		$	6,135,973			249,946		$	4,491,124


N O T E S T O F I N A N C I A L S T A T E M E N T S		113

Notes to Financial Statements (continued)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath Index 2045 Fund (continued)

Class K

Shares sold		83,903,890		$	1,547,101,175			75,212,536		$	1,362,339,830

Shares issued in reinvestment of distributions		7,953,679			150,858,532			6,009,379			101,367,050

Shares redeemed		(37,758,481	)		(692,037,348	)		(35,353,975	)		(635,082,318	)

		54,099,088		$	1,005,922,359			45,867,940		$	828,624,562

		54,190,492		$	1,006,740,812			47,467,701		$	856,813,921



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2050 Fund

Institutional

Shares sold		2,727,572		$	51,532,783			2,549,671		$	47,196,152

Shares issued in reinvestment of distributions		188,467			3,702,022			142,969			2,472,803

Shares redeemed		(2,122,096	)		(40,941,679	)		(2,483,297	)		(49,523,550	)

		793,943		$	14,293,126			209,343		$	145,405


Investor A

Shares sold		1,358,536		$	25,671,327			1,642,174		$	30,560,874

Shares issued in reinvestment of distributions		116,256			2,281,677			101,874			1,755,763

Shares redeemed		(1,665,321	)		(31,888,529	)		(1,378,442	)		(25,187,158	)

		(190,529	)	$	(3,935,525	)		365,606		$	7,129,479


Investor P

Shares sold		1,890,512		$	35,588,809			1,976,270		$	36,586,198

Shares issued in reinvestment of distributions		527,481			10,342,903			480,520			8,268,056

Shares redeemed		(2,457,773	)		(46,177,645	)		(2,665,469	)		(49,477,023	)

		(39,780	)	$	(245,933	)		(208,679	)	$	(4,622,769	)


Class K

Shares sold		82,915,378		$	1,578,978,177			77,649,004		$	1,444,251,749

Shares issued in reinvestment of distributions		7,112,887			139,749,307			5,528,115			95,596,203

Shares redeemed		(34,592,915	)		(654,499,628	)		(31,260,519	)		(575,870,895	)

		55,435,350		$	1,064,227,856			51,916,600		$	963,977,057

		55,998,984		$	1,074,339,524			52,282,870		$	966,629,172



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2055 Fund

Institutional

Shares sold		2,282,942		$	44,185,997			2,009,247		$	38,207,124

Shares issued in reinvestment of distributions		149,648			3,025,754			113,929			2,021,394

Shares redeemed		(1,878,248	)		(37,491,546	)		(1,019,871	)		(19,744,592	)

		554,342		$	9,720,205			1,103,305		$	20,483,926


Investor A

Shares sold		1,332,795		$	25,957,038			1,291,592		$	24,562,840

Shares issued in reinvestment of distributions		79,611			1,609,459			67,032			1,184,678

Shares redeemed		(1,460,605	)		(28,739,909	)		(1,086,906	)		(20,502,064	)

		(48,199	)	$	(1,173,412	)		271,718		$	5,245,454


Investor P

Shares sold		227,294		$	4,395,722			182,330		$	3,471,328

Shares issued in reinvestment of distributions		9,473			191,473			6,154			108,363

Shares redeemed		(104,739	)		(2,037,435	)		(58,828	)		(1,144,957	)

		132,028		$	2,549,760			129,656		$	2,434,734


114		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath Index 2055 Fund (continued)

Class K

Shares sold		64,206,328		$	1,257,787,277			56,009,618		$	1,063,826,989

Shares issued in reinvestment of distributions		4,527,115			91,604,149			3,334,326			59,140,706

Shares redeemed		(23,448,540	)		(456,042,320	)		(21,483,115	)		(407,089,730	)

		45,284,903		$	893,349,106			37,860,829		$	715,877,965

		45,923,074		$	904,445,659			39,365,508		$	744,042,079



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2060 Fund

Institutional

Shares sold		1,510,482		$	26,120,779			1,165,233		$	19,757,610

Shares issued in reinvestment of distributions		64,968			1,173,994			37,260			589,744

Shares redeemed		(798,216	)		(14,329,544	)		(821,676	)		(14,856,646	)

		777,234		$	12,965,229			380,817		$	5,490,708


Investor A

Shares sold		584,345		$	10,149,244			611,741		$	10,432,997

Shares issued in reinvestment of distributions		25,839			467,225			16,739			264,515

Shares redeemed		(290,312	)		(5,057,412	)		(481,250	)		(8,096,533	)

		319,872		$	5,559,057			147,230		$	2,600,979


Investor P

Shares sold		300,295		$	5,253,478			242,109		$	4,067,449

Shares issued in reinvestment of distributions		14,338			259,231			8,303			130,624

Shares redeemed		(79,828	)		(1,389,770	)		(44,815	)		(760,572	)

		234,805		$	4,122,939			205,597		$	3,437,501


Class K

Shares sold		52,187,751		$	911,661,500			42,004,196		$	708,721,150

Shares issued in reinvestment of distributions		2,620,965			47,426,211			1,586,196			25,099,571

Shares redeemed		(15,316,436	)		(266,129,586	)		(12,378,777	)		(207,392,538	)

		39,492,280		$	692,958,125			31,211,615		$	526,428,183

		40,824,191		$	715,605,350			31,945,259		$	537,957,371



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath Index 2065 Fund

Institutional

Shares sold		889,800		$	10,769,155			625,634		$	7,469,198

Shares issued in reinvestment of distributions		29,468			374,850			13,729			152,414

Shares redeemed		(346,489	)		(4,309,092	)		(170,329	)		(2,015,415	)

		572,779		$	6,834,913			469,034		$	5,606,197


Investor A

Shares sold		147,856		$	1,830,576			65,917		$	775,993

Shares issued in reinvestment of distributions		3,066			39,286			1,006			11,133

Shares redeemed		(25,944	)		(320,301	)		(8,793	)		(104,679	)

		124,978		$	1,549,561			58,130		$	682,447


Investor P

Shares sold		242,668		$	2,958,718			206,328		$	2,453,467

Shares issued in reinvestment of distributions		9,145			116,372			4,901			54,187

Shares redeemed		(93,571	)		(1,177,040	)		(44,565	)		(532,125	)

		158,242		$	1,898,050			166,664		$	1,975,529


N O T E S T O F I N A N C I A L S T A T E M E N T S		115

Notes to Financial Statements (continued)



	Year Ended 12/31/23						Year Ended 12/31/22

LifePath Index Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath Index 2065 Fund (continued)

Class K

Shares sold		21,899,500		$	267,708,432			14,667,722		$	173,015,046

Shares issued in reinvestment of distributions		700,627			8,926,637			296,267			3,285,680

Shares redeemed		(4,460,339	)		(54,526,729	)		(2,892,871	)		(33,746,649	)

		18,139,788		$	222,108,340			12,071,118		$	142,554,077

		18,995,787		$	232,390,864			12,764,946		$	150,818,250

As of December 31, 2023, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:


Fund Name	Institutional		Investor A		Investor P		Class K
LifePath Index Retirement Fund		—		—		32,483		—
LifePath Index 2025 Fund		—		—		14,948		—
LifePath Index 2030 Fund		—		—		14,524		—
LifePath Index 2035 Fund		—		—		14,025		—
LifePath Index 2040 Fund		—		—		13,661		—
LifePath Index 2045 Fund		—		—		13,289		—
LifePath Index 2050 Fund		—		—		13,072		—
LifePath Index 2055 Fund		—		—		12,821		—
LifePath Index 2060 Fund		—		—		14,482		—
LifePath Index 2065 Fund		5,000		5,000		5,000		85,000

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 the financial statements.


116		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds III and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the series constituting BlackRock Funds III, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

BlackRock LifePath^® Index Retirement Fund

BlackRock LifePath^® Index 2025 Fund

BlackRock LifePath^® Index 2030 Fund

BlackRock LifePath^® Index 2035 Fund

BlackRock LifePath^® Index 2040 Fund

BlackRock LifePath^® Index 2045 Fund

BlackRock LifePath^® Index 2050 Fund

BlackRock LifePath^® Index 2055 Fund

BlackRock LifePath^® Index 2060 Fund

BlackRock LifePath^® Index 2065 Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, accounting agent of the Large Cap Index Master Portfolio and Master Small Cap Index Series, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 22, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		117

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Qualified Dividend Income

LifePath Index Retirement Fund	$	49,525,332

LifePath Index 2025 Fund		48,023,965

LifePath Index 2030 Fund		110,539,959

LifePath Index 2035 Fund		96,033,582

LifePath Index 2040 Fund		143,640,237

LifePath Index 2045 Fund		100,343,736

LifePath Index 2050 Fund		111,520,092

LifePath Index 2055 Fund		71,708,228

LifePath Index 2060 Fund		36,592,505

LifePath Index 2065 Fund		6,947,016

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Qualified Business Income

LifePath Index Retirement Fund	$	1,921,190

LifePath Index 2025 Fund		1,718,336

LifePath Index 2030 Fund		3,513,734

LifePath Index 2035 Fund		2,875,156

LifePath Index 2040 Fund		4,165,018

LifePath Index 2045 Fund		2,930,353

LifePath Index 2050 Fund		3,166,799

LifePath Index 2055 Fund		1,988,641

LifePath Index 2060 Fund		966,279

LifePath Index 2065 Fund		165,124

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Foreign Source Income Earned		Foreign Taxes Paid

LifePath Index Retirement Fund	$	28,593,301	$	2,364,164

LifePath Index 2025 Fund		28,380,898		2,346,602

LifePath Index 2030 Fund		67,803,202		5,610,843

LifePath Index 2035 Fund		59,869,054		5,001,600

LifePath Index 2040 Fund		89,755,400		7,498,042

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Federal Obligation Interest

LifePath Index Retirement Fund	$	29,859,540

LifePath Index 2025 Fund		25,589,021

LifePath Index 2030 Fund		34,968,124

LifePath Index 2035 Fund		19,113,271

LifePath Index 2040 Fund		16,511,124

LifePath Index 2045 Fund		5,444,991

LifePath Index 2050 Fund		1,841,690

LifePath Index 2055 Fund		531,794

LifePath Index 2060 Fund		204,270

LifePath Index 2065 Fund		32,406

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.


118		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Important Tax Information (unaudited) (continued)

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2023 qualified for the dividends-received deduction for corporate shareholders:



LifePath Index Fund Name	Dividends-Received Deduction

LifePath Index Retirement Fund		10.07	%

LifePath Index 2025 Fund		10.92

LifePath Index 2030 Fund		14.30

LifePath Index 2035 Fund		17.06

LifePath Index 2040 Fund		20.63

LifePath Index 2045 Fund		23.98

LifePath Index 2050 Fund		26.87

LifePath Index 2055 Fund		27.72

LifePath Index 2060 Fund		27.44

LifePath Index 2065 Fund		26.51

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Interest Dividends

LifePath Index Retirement Fund	$	128,320,013

LifePath Index 2025 Fund		107,758,751

LifePath Index 2030 Fund		147,142,615

LifePath Index 2035 Fund		80,219,086

LifePath Index 2040 Fund		68,978,267

LifePath Index 2045 Fund		25,909,479

LifePath Index 2050 Fund		11,375,291

LifePath Index 2055 Fund		3,209,108

LifePath Index 2060 Fund		1,703,272

LifePath Index 2065 Fund		340,305

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023:



LifePath Index Fund Name	Interest- Related Dividends

LifePath Index Retirement Fund	$	123,094,805

LifePath Index 2025 Fund		103,181,799

LifePath Index 2030 Fund		140,474,469

LifePath Index 2035 Fund		76,335,486

LifePath Index 2040 Fund		65,365,955

LifePath Index 2045 Fund		24,297,168

LifePath Index 2050 Fund		10,494,070

LifePath Index 2055 Fund		3,028,531

LifePath Index 2060 Fund		1,599,187

LifePath Index 2065 Fund		319,033


I M P O R T A N T T A X I N F O R M A T I O N		119

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Funds III (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock LifePath^® Index Retirement Fund, BlackRock LifePath^® Index 2025 Fund, BlackRock LifePath^® Index 2030 Fund, BlackRock LifePath^® Index 2035 Fund, BlackRock LifePath^® Index 2040 Fund, BlackRock LifePath^® Index 2045 Fund, BlackRock LifePath^® Index 2050 Fund, BlackRock LifePath^® Index 2055 Fund, BlackRock LifePath^® Index 2060 Fund and BlackRock LifePath^® Index 2065 Fund (each, a “Fund” and collectively, the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


120		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information


Independent Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 166 Portfolios	None

Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management from 2016 to 2018; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023.	28 RICs consisting of 166 Portfolios	None

Collette Chilton 1958	Trustee (Since 2015)	Senior advisor, Insignia since 2024; Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 166 Portfolios	None

Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 166 Portfolios	None

Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Pioneer Public Interest Law Center since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 166 Portfolios	None


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		121

Trustee and Officer Information (continued)


Independent Trustees^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022.	28 RICs consisting of 166 Portfolios	GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021.

Cynthia A. Montgomery 1952	Trustee (Since 2009)	Professor, Harvard Business School since 1989.	28 RICs consisting of 166 Portfolios	None

Donald C. Opatrny 1952	Trustee (Since 2019)	Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; Member of Affordable Housing Supply Board of Jackson, Wyoming from 2017 to 2022; Member, Investment Funds Committee, State of Wyoming from 2017 to 2023; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014.	28 RICs consisting of 166 Portfolios	None

Kenneth L. Urish 1951	Trustee (Since 2009)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 166 Portfolios	None

Claire A. Walton 1957	Trustee (Since 2016)	Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022.	28 RICs consisting of 166 Portfolios	None


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Trustee and Officer Information (continued)


Independent Trustees^(a)(d)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years

Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	97 RICs consisting of 268 Portfolios	None

John M. Perlowski^(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	99 RICs consisting of 270 Portfolios	None

^(a)	The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)	Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

^(c)

In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

^(d)	Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(e)	Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.

Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Jay M. Fife 1970	Treasurer (Since 2009)	Managing Director of BlackRock, Inc. since 2007.

Aaron Wasserman 1974	Chief Compliance Officer (Since 2023)	Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.

Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		123

Trustee and Officer Information (continued)


Officers Who Are Not Trustees^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)	Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust.


124		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

Quarterly performance, semi-annual and annual reports, 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.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

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.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.


A D D I T I O N A L I N F O R M A T I O N		125

Additional Information (continued)

BlackRock Privacy Principles (continued)

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

LifePath Index 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


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Glossary of Terms Used in this Report


Portfolio Abbreviation

ETF		Exchange-Traded Fund

MSCI		Morgan Stanley Capital International


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		127

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.

LPindex-12/23-AR

(b) Not Applicable

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 –

Audit Committee Financial Expert –The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:


	(a) Audit Fees		(b) Audit-Related Fees¹		(c) Tax Fees²		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year ~~End~~	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock LifePath Index 2025 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2030 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2035 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2040 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2045 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2050 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0


BlackRock LifePath Index 2055 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2060 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index 2065 Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0
BlackRock LifePath Index Retirement Fund	$23,100	$22,000	$0	$0	$10,750	$10,750	$0	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$0	$0

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the registrant’s Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the

Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:


Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock LifePath Index 2025 Fund	$10,750	$10,750
BlackRock LifePath Index 2030 Fund	$10,750	$10,750
BlackRock LifePath Index 2035 Fund	$10,750	$10,750
BlackRock LifePath Index 2040 Fund	$10,750	$10,750
BlackRock LifePath Index 2045 Fund	$10,750	$10,750
BlackRock LifePath Index 2050 Fund	$10,750	$10,750
BlackRock LifePath Index 2055 Fund	$10,750	$10,750
BlackRock LlifePath Index 2060 Fund	$10,750	$10,750
BlackRock LifePath Index 2065 Fund	$10,750	$10,750
BlackRock LifePath Index Retirement Fund	$10,750	$10,750

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

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 Report to Stockholders filed under Item 1(a) 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 –

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

Item 8 –

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

Item 9 –

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

Item 10 –

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

Item 11 –

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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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 12 –

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

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) 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: February 22, 2024

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: February 22, 2024


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

Date: February 22, 2024